International Biotechnology Trust (IBT) expressed its optimism for the future after emerging from a highly volatile year to 31 August with an underlying investment return of just 0.7%. Kate Cornish-Bowden, chair of the £267m investment trust, said the flat net asset value (NAV) result, which underpinned a 3.5% total shareholder return, belied a sharp fall […]
The £439m JPMorgan Global Emerging Markets Income Trust (JEMI) reported strong results for the year to 31 July with an underlying net asset value (NAV) total return of 14.1%, outperforming its MSCI Emerging Markets index benchmark, which returned 13.7% in sterling terms, and underpinned a total shareholder return of 16.8%. The trust stands on a […]
The worst fears around the wind-down of Hydrogen Capital Growth (HGEN) have begun to be realised after the collapse of Bramble Energy, one of the investment company’s largest holdings. In a statement after markets closed last night, HGEN said Bramble, a hydrogen fuel cell producer in which the company is a 12.5% shareholder, had appointed […]
Fidelity Special Values (FSV), the best performer in the admittedly small pool of UK All Companies investment trusts, underlined its supremacy today with annual results showing a 14.3% underlying investment return in the year to 31 August. Good blue chip stock picks and sector positioning in banks, tobacco and life insurers by Fidelity fund managers […]
NB Private Equity (NBPE), a £676m co-investor in unquoted companies in North America and Europe, attempted to generate some excitement over its shares today as it accelerated buybacks and laid out plans for at least $100m of new investments. With the shares standing on a wide 26% discount and yielding 4.8%, NBPE signalled its confidence in the portfolio of 71 companies by saying it was ready to expand the $120m, three-year share […]
Octopus Infrastructure (ORIT) and GCP Infrastructure (GCP) have sought to reassure investors about the “limited” potential impact of the government’s proposals to change the inflation measure used in legacy renewable obligation (RO) and feed-in-tariff (FIT) subsidies. ORIT, a £300m investment trust whose shares labour under a 42% discount to net asset value and offer an […]
HgCapital Trust (HGT), the £2.2bn private equity fund specialising in IT services, grew net asset value (NAV) by 2.4% in the third quarter with NAV per share of 550p at 30 September compared to the current 473.5p share price, putting the shares on a 14% discount. The share price slipped 2.7% in the period although […]
Busy activist hedge fund Saba Capital has expanded its investment company interests with a new 5% holding in RTW Biotech Opportunities (RTW). A stock exchange filing this afternoon shows the New York-based firm owns 2.3% of the £587m investment company through shares with the remaining 2.7% in derivatives, or total return swaps. This makes RTW […]
Government proposals to change the inflation link in existing clean energy incentives have intensified the gloom over the embattled renewables fund sector. Shares in listed renewable energy infrastructure funds slid this week before making a partial recovery after the Department of Net Zero and Energy Security launched a consultation last Friday on changes to the inflation indexation calculation used in the renewables obligation (RO) and feed-in-tariffs (FIT) schemes. […]
BlackRock Greater Europe (BRGE) risked an accusation of style drift today after it accepted the appointment of a new co-manager, Brian Hall, to bring in some “value” stock picking skills after its “growth” approach severely underperformed in its latest financial year. In the 12 months to 31 August the £556m investment trust’s net asset value dropped 6.1%, 17% behind the 10.9% gain in the FTSE World Europe […]
Bluefield Solar Income (BSIF) and its fund manager Bluefield Partners have put themselves up for sale after a majority of the investment company’s shareholders objected to a proposal floated last month for them to merge. The £414m renewables fund has launched a “coordinated” strategic review and formal sales process after shareholders stated their clear preference […]
International Public Partnerships (INPP), the FTSE 250 infrastructure investment company, has reached financial close on its £254.3m equity investment in the construction of Sizewell C, the first new UK nuclear plant to be procured under a regulated asset base model. As announced in July, the £2.3bn Amber Infrastructure managed company will invest £50m a year […]
Asset Value Investors (AVI) has reopened hostilities with Symphony International (SIHL), four years after the activist fund manager unsuccessfully sought to remove its board. In a new broadside, AVI accused the Asian private equity fund of pocketing $10m (£7.7m) in annual management fees while doing nothing to help investors stuck with shares languishing 60% below […]
Mobius (MMIT), the £167m emerging markets smaller companies investment trust, has suffered a setback after investors sold 43.1% of its shares in a three-yearly redemption facility. Valid redemption requests were received for over 49.7m shares by yesterday’s deadline, said the company, which was co-founded by pioneering emerging markets fund manager Mark Mobius seven years ago. […]
Chrysalis Investments (CHRY) is weighing proposals for its future after the growth capital fund found investors split on the investment company’s next step. A six-month consultation by investment bank Rothschild & Co with holders of 58% of Chrysalis shares found “widespread agreement” that the £613m pre-flotation, private equity fund holds attractive investments, such as Starling […]
Life Science REIT summmons shareholders to a meeting to approve its managed wind-down and Partners Group Private Equity reports a good gain in September. Life Science REIT (LABS) is calling shareholders to a general meeting in London on 24 November to approve a change in its investment policy in order for the company to begin […]
PRS REIT (PRSR) has finalised its takeover by Waypoint Asset Management on behalf of four UK local authority pension schemes. Shares in the family rental home provider jumped 2.7%, or 3p, to 114.4p this afternoon as the real estate investment trust announced it had secured essentially the same terms outlined by the two sides seven weeks ago, adjusted for changes in […]
A drop in the number of Chinese students has hit Empiric Student Property (ESP), 10 weeks after shareholders approved its £634m takeover by Unite (UTG). In a trading update, the student accommodation provider warned that since 9 September a slowdown in reservations across the university sector meant that just 89% of its rooms were booked for the current academic year, down from 95% last October, although it had seen […]
Ecofin US Renewables (RNEW), the £33m infrastructure fund that began a managed wind-down last December, has agreed to sell “Whirlwind”, its troubled 59.8MW wind project in Texas, for a maximum of $30m. Although that is in line with the asset’s $29.9m valuation at 30 June only $12m of the payment will be upfront upon completion […]
Ocean Wilsons (OCN) says “adverse weather conditions resulting from the proximity of Hurricane Melissa to Bermuda” have delayed the court sanction hearing into shareholder Arnhold’s objections to its merger with Hansa Investment Company (HANA). The hearing started on Thursday but due to reduced court time will continue this week. Ocean Wilsons will make a further […]
Baron Rothschild once advocated investing when there was ‘blood on the streets’. It may be a gruesome metaphor, but there is wisdom in buying investments when they appear a little scary. It suggests the risks are well understood, and the price may be appealing. This Halloween, we look at three investment trusts that may seem […]
Golden Prospect Precious Metals (GPM) has reminded shareholders of their annual right to buy one new share for every five they own with next month’s subscription offer looking attractive after the share price soared 127% this year on the back of the gold rally. The company’s policy is to allow shareholders to buy the new […]
Octopus Renewables Infrastructure Trust (ORIT) says Kansai Electric Power Company of Japan is buying an 80% stake in the offshore wind development arm of portfolio company Simply Blue Holdings. The transaction is in line with the latest holding value of Simply Blue, which ORIT wrote down by 25% in August. Proceeds will be used in […]
Home REIT (HOME), the suspended former homeless accommodation provider, says “due diligence is progressing” on the non-binding offers it received for the portfolio in February and anticipates the sale process will conclude by the end of the year although it cautions that timing and outcome are uncertain. Meanwhile fund manager AEW continues to prepare properties […]
Bellevue Healthcare (BBH) is seeking shareholder approval to replace its fund manager Bellevue Asset Management with Columbia Threadneedle, rename itself CT Healthcare Trust and drop the zero discount policy that has contributed to the investment trust’s decline in the past three years. Concluding a three-month strategic review prompted by the trust’s poor performance and shrinking […]
Murray Income (MUT), the £916m UK equity income trust managed by Aberdeen’s Charles Luke, says it is in the final stages of its strategic review having met a short list of companies offering to merge with or run its portfolio. It will announce its decision by the end of the year but not in time […]
Christopher Samuel, chair of Scottish Mortgage Trust (SMT), will take charge of Oakley Capital Investments (OCI) next March. The former chief executive of Ignis Asset Management will join the £954m listed private equity fund as a non-executive director on 17 November and become its chair after a four-month transition when interim chair Steve Pearce steps […]
Primary Health Properties (PHP) has gained the Competition and Markets Authority’s approval for its acquisition of Assura (AGR), with the regulator concluding the creation of a £6bn healthcare real estate investment trust raised no competition concerns. PHP said it would turn its full attention to integrating the two businesses and realising the full benefits of […]
Aberdeen Group (ABDN) is to acquire full ownership of logistics specialist Tritax Management over the next four years, lifting its current 60% stake to 80% next April and then 100% in 2029. The fund management group bought its initial majority holding in Tritax in 2020 with an option to increase the position in future. It […]
Saba Capital has re-established a 5% position in Montanaro UK Smaller Companies (MTU) seven months after the £125m investment trust bought out the activist hedge fund’s then 12% holding with a purchase of 19.9m shares. Yesterday Saba disclosed it held over 6.3 voting rights in the listed fund managed by Charles Montanaro. This comes as […]
