Syncona success overshadowed by Autolus price fall – Syncona reports that for the year ended 31 March 2020, its NAV fell by 13.3% from 216.8p to 185.6p. An 81% fall in the price of Autolus weighed heavily on the NAV. Since the year end, Autolus’s share price has climbed by 131%, which should have added about […]
HICL Infrastructure (HICL) has completed investments worth £103m in the following: 1.) the acquisition of a further 74% interest in Holdfast Training Services (a PPP project that supports the Royal School of Military Engineering) and 2.) the acquisition of the transmission assets associated with the Walney Extension Offshore Windfarm (located in the Irish Sea). The investments have been […]
Logistics landlord SEGRO has raised £680m in a share placing “to take advantage of ecommerce trends that are accelerating as a result of the covid-19 pandemic”. A total of almost 83 million shares were placed at a price of 820 pence, representing a discount of 4.5% to the closing price on 9 June 2020. The share […]
Shaftesbury has posted a 7.9% drop in the value of its West End portfolio in half-year results as the impact of the covid-19 lockdown bites. The company’s portfolio was valued at £3.5bn at 31 March 2019. The fall in value of the portfolio resulted in a 10.6% drop in net asset value (NAV) to 878p […]
Over March, we looked at Alcentra European Floating Rate Income (AEFS), after it announced its intention to wind-up – you can access the story here. This morning, the fund has released a market commentary report, covering performance over May: “The fund was up 2.83% (gross) in May, behind both the Credit Suisse Western European Leveraged Loan […]
LondonMetric has made a host of lettings totalling 213,000 sq ft across its portfolio. The company has let a 141,000 sq ft distribution unit at its Stoke development to Pets At Home, at a rent of £6 per sq ft or £0.8m per annum. At Birmingham, the company has let a 38,000 sq ft unit […]
LondonMetric has reported a dip in net asset value (NAV) following the £455m acquisition of A&J Mucklow last year. The group, which owns a portfolio of logistics assets, said EPRA NAV at 31 March 2020 was 171.7p per share (March 2019: 174.9p). The fall was mainly due to the Mucklow acquisition, which accounted for 2.5p. […]
JPMorgan Multi Asset Trust will maintain dividend – JPMorgan Multi Asset Trust has published results covering the year ended 29 February 2020. At that point, the trust had delivered a 5.3% return, about 0.1% less than the return on its benchmark. Shareholders had made 6.1% on their investment over the year. Since then, the NAV has […]
Schroder Real Estate Investment Trust has reported a fall in net asset value (NAV) of 13.1% in the year to the end of March 2020. The group, which owns a diverse portfolio of property across the UK, posted a NAV per share of 59.7p (March 2019: 68.7p). The decrease reflects an 11.8% drop in the […]
McKay Securities has reported a slight increase in net asset value (NAV) of 0.9% in full year results. The company, which owns office, industrial and logistics property in the South East of England, posted an EPRA NAV of 329p per share at 31 March 2020 (March 2019: 326p). Its portfolio was valued at £510m, up […]
Self-storage specialist Big Yellow Group has posted a 3.1% rise in revenue for the year to the end of March 2020. The group, which has remained operational during the covid-19 pandemic, reported revenue of £129.3m in the year (2019: £125.4m). The increase was mainly due to a 2.7% year-on-year rise in its average rent. Occupancy, […]
Odyssean navigates crisis well – Odyssean Investment Trust held up relatively well when the market collapsed in February and March. Over the year ended 31 March 2020, the trust returned -5.7% in NAV terms against -23.2% for the Numis Smaller Companies Index ex Investment Companies plus AIM Index. The trust’s performance over the period was boosted […]
In QuotedData’s morning briefing 9 June 2020: Aberdeen Standard Asia Focus has entered into a new two year multicurrency revolving loan facility of £20 million with The Royal Bank of Scotland International Limited (“RBSI”), which replaces the Company’s $25m loan facility with RBSI, which matured on 5 June 2020. £18.2 million of the loan has been drawn […]
Chenavari Toro Income (TORO), the debt – structured finance company. announced the implementation of a series of new initiatives aimed at narrowing the share price discount to NAV. The initiatives are listed as: “An enhanced dividend policy: The Company is targeting a quarterly dividend yield of 2.5 per cent. (by reference to NAV) equating to […]
CEIBA Investments (CBA), the real estate company focused on Cuba, has released a trading statement, in which it look at the state of the pandemic in the country, Cuba’s role in helping other countries, and the current state of the company’s trading, operations and investments. Cuba close to a staged reopening of the tourism industry and […]
The State of Play Gaming has come a long way since the days when it was (unfairly, in our view) regarded as a niche form of entertainment for a niche demographic. Video games have gone mainstream and, somewhat under the radar, become the largest and fastest growing form of media. NewZoo estimates that the global […]
Baillie Gifford-managed Edinburgh Worldwide (EWI) delivered an NAV return of 16.4%, over the six-month interim period to 30 April 2020 (the shares increased by 21.7%). Over the same period, EWI’s comparative index, the S&P global small cap index, declined by 12,9%. The top-five holdings at the period-end were: The top allocations by sector were as […]
As per the announcement made on 30 April, the board of SQN Asset Finance Income (SQN) has announced the appointment of KKV Investment Management (KKV) as portfolio manager of the company and the appointment of International Fund Management as the company’s AIFM. KKV is a newly formed investment management company, majority owned by Kvika Securities, the […]
If you manage a UK equity income fund, you certainly have your work cut out at the moment. Many companies have suspended or slashed their dividends and it feels as though the only stocks that are performing are the FAANGs (Facebook, Amazon and the like) none of which is based in the UK. At the […]
The subject of turnover rents resurfaced this week with reports that high street fashion chain New Look was in crunch talks with landlords about restructuring its leases to turnover-based rents. The proposals reflect a fast-growing trend in the retail sector, but how do they work and what does it mean for landlords? Turnover rents link […]
Templeton Emerging Markets (TEM) has announced that, following a review, the management fee arrangements with Franklin Templeton are changing and shareholders will benefit from a modest fee reduction. The current annual management fee is 1% of net assets up to £1 billion and 0.85% of net assets above that level. With effect from 1 July 2020, the fee […]
Workspace Group has announced its annual results for the year ended 31 March 2020. Graham Clemett, Workspace’s CEO, describes the results as strong, but notes that this has been overshadowed by the dramatic impact of the Covid-19 pandemic. He also comments that Freehold ownership of its properties means that Workspace can quickly adapt these to […]
Yew Grove, the Itrish commercial property REIT, has provided an update on rent collections in the second quarter 2020. This follows a statement from the company, on 15 April, in which it said that it expected to collect at least 95% of second quarter 2020 rents. As at 4 June, Yew Grove says that it […]
Travelodge updates from LXI and Secure Income Following on from our earlier stories, LXI REIT says it owns 12 hotels let or pre-let to Travelodge, representing 10% of the annual contracted rents, including contracted rents under agreements for lease. Two of these hotels are under construction and benefit from cash-backed developer licence fees and a further […]
RTW Venture invests in Athira Pharma – RTW Venture Fund has confirmed that it participated in an $85 million Series B financing for Athira Pharma. The extent of RTW’s contribution to this financing has not been disclosed. Athira is a privately-held clinical-stage company developing innovative first-in-class regenerative therapies with the potential to restore brain function. It […]
In QuotedData’s morning briefing 4 June 2020: Securities Trust of Scotland served notice on Martin Currie after it found out that Mark Whitehead (the portfolio manager) had resigned from Martin Currie – he leaves on 1 December 2020. “The board will be undertaking a review of its management arrangements, which process will include Martin Currie, and […]
London office developer Helical has seen the value of its portfolio jump 5.9% in the year to 31 March 2020. Despite the uncertainty caused by covid-19, the group’s property portfolio has increased in value to £949.3m on a see-through basis. This has resulted in its EPRA net asset value (NAV) increasing 6.0% during the year to […]
Dramatic year for Biotech Growth – as its chairman says “as a result of the COVID-19 pandemic the year to 31 March 2020 proved to be one of the most dramatic in the history of the company since its inception in 1997.” For the year to 31 March 2020, the net asset value per share […]
Worldwide Healthcare results for the year ended 31 March 2020 show an NAV return of 6.5%, ahead of the benchmark’s 5.7%. The premium edged a little higher to 1.8% from 0.3%, giving shareholders a return of 8.0%. The dividend has fallen to 25p from 26.5p – but this trust is not about dividends. The NAV […]
Fidelity China shrugs off virus – Fidelity China Special Situations’ annual report for the year ended 31 March 2020 shows an NAV return of -5.9% and a return to shareholders of -6.5%. MSCI China returned -1.0% over that period. The dividend has been upped by 10.4% to 4.25p. Markets had started to recover from the worst […]
