Aberdeen Standard European Logistics Income (ASLI) has posted a 6.1% jump in net asset value (NAV) for the first quarter of 2020. The company, which owns a portfolio of 14 logistics assets across Europe, reported NAV per share of 99.92p (112.7c) at 31 March 2020, up from 94.21p (111.0c) on 31 December 2019. The increase […]
In QuotedData’s morning briefing 26 May 2020, as the lockdown begins to ease: FastForward Innovations says its medicinal cannabis investment, Emmac Life Sciences will manufacture product for a clinical trial as part of a Consortium led by the University of Valencia. The clinical trial in COVID-19 patients will use the T12 molecule to prevent disease progression […]
SQN Secured Income board says vote against continuation – SQN Secured Income promised investors a continuation vote if it failed to grow beyond £250m of assets by 31 December 2019. Well here it is. “Over the past few months, the board has been considering the future of the company, and consulting with larger shareholders, and […]
India Capital Growth wants time to recover – This morning, India Capital Growth has announced that it will hold a continuation vote on 12 June. A vote looked likely to be triggered later this year as the fund has failed to beat its benchmark over the period since 30 June 2017. The manager has been […]
It was announced today that UK retail sales fell almost 20% in April as strict lockdown measures took hold. In the clothing retail sector, the impact of lockdown was even bleaker. Sales volumes plummeted over 50% when compared to March, which had already fallen by 34.9% on the previous month. With lockdown measures gradually being […]
Yesterday, Stephen Paice, co-manager of Baillie Gifford European Growth Trust, was one of the presenters at a webinar we held for professional investors centred on funds that have adopted a growth style of investing. Stephen was asked a few times yesterday about the macroeconomic influences on his portfolio – interest rates, inflation rates, trade wars […]
Marwyn Value Investors’ announces manager payday as discount languishes – Marwyn Value Investors (MVI) is a rather strange and complicated beast. It has brief periods of spectacularly good performance interspersed with long periods of rather dull returns. many shareholders appear to have become disillusioned, there is a perceived overhang of shares and it trades on a […]
In QuotedData’s morning briefing 22 May 2020 DP Aircraft has ended up with a 5.02% stake in Norwegian Air Shuttle as part of a debt for equity swap. It could sell some of this in August and October but the whole holding can be sold in December. River and Mercantile UK Micro Cap (RMMC) has released […]
Regional REIT has now collected 93.9% of rent for the current quarter, it announced in a trading update. The group, which owns office and industrial assets in regional UK cities, said the figure was ahead of that collected at the same point last year (92.7%). It said it will pay a dividend of 1.90 pence […]
Assura has reported strong full year results in which net asset value (NAV) increased 1.1%. The company, which owns a portfolio of 576 GP surgeries and medical centres, posted a diluted EPRA NAV per share of 53.9p. The group’s portfolio jumped in value by 8.1% in the year to £2.14bn due to acquisitions. On a […]
In QuotedData’s morning briefing 21 May 2020, as the UK government issues three-year debt with a negative yield: Electra NAV dives to 373p from 548p, hit by fall in value of Hotter Shoes and TGI Fridays. Hotter Shoes is looking to “right size the retail estate” – shut shops – once the lockdown eases. TGI Fridays […]
VPC Specialty Lending seems to be coping fairly well (apart from its wide discount) – VPC Specialty Lending’s return on NAV for 2019 was 11.3%. The dividend was increased from 6.8p to 8p. Despite buying back 12.5% of the company’s shares (helping to facilitate the sale of Woodford’s stake in the company), the discount widened from […]
Great Portland Estates has posted a 1.8% rise in net asset value (NAV) in full year results to the end of March 2020. The central London office developer reported an EPRA NAV per share of 868p. Its portfolio valuation was stable, with a slight decrease of 0.3% to £2,624.1m. The increase in NAV was due to […]
As of 31 March 2020, Riverstone Energy (RSE) had a NAV per share of $5.31 – this compares with $9.66 as at 31 December 2019 (click here to read more on this). RSE released an interim update this morning, covering the quarter-ending 31 March. Key unaudited financial highlights from the period include: NAV as at 31 March 2020 […]
Great Portland Estates (GPOR) has secured a 40,000 sq ft pre-let at its office development on Oxford Street. The deal is a significant boost to the central London office market as fears around a drop off in demand for office space mount amid the coronavirus crisis. GPOR has signed up Exane BNP Paribas, which will […]
Flexible investment sector company, Livermore (LIV), has published annual results to end-December 2019. NAV per share remained broadly stable at $0.99 (2018: $1.00). Given the December year-end, much of the commentary was inevitably around 2019 themes. We have therefore included LIV’s post-period views on covid-19 first: Covid-19 update LIV’s manager notes included the following: “In March […]
Over the year-ended 31 March 2020, HICL Infrastructure (HICL) delivered an NAV total return of 1.9% (2019:10.8%). The company says that the target dividend of 8.25p has been declared and is fully cash covered. In terms of its balance sheet, over the year, HICL strengthened it by raising £117m in two capital raises while it also refinanced the […]
Rolls-Royce says it will shed 9,000 jobs in response to the covid-19 crisis – it expects any recovery in the airline industry to take several years (click here to read more). JPMorgan Asia Growth & Income (JAGI) reported interim results to end-March with the total market return coming in at (6.6%) compared with (9.3%) for the […]
Two new directors for IBT – International Biotechnology Trust has two new non-executive directors. Kate Cornish-Bowden and Patrick Magee take up their roles today. They will replace two existing directors. John Aston intends to retire from the Board at the conclusion of the AGM to be held in December 2020 and it is expected that Dr […]
In QuotedData’s morning briefing 19 May 2020 The Renewables Infrastructure Group is planning a fundraise through an issue of shares at 120p (a 5.8% discount to the share price and a 4.3% premium to NAV – more if you adjust for the 5p per share hit from power price falls discussed on 22 April). As usual, […]
The near £700m market cap Asia fund, Schroder AsiaPacific (SDP) has reported interim results to 31 March 2020. Between them, China and Hong Kong account for nearly 80% of its allocation by geography and its three largest sectoral exposures are technology, financial services and consumer cyclical. During the six month period ended 31 March 2020, SDP’s […]
BlackRock World Mining’s (BRWM) NAV increased by 18.1% over the month of April (the shares were up 17%) – driven by gold. BRWM’s portfolio, as at 30 April 2020, was as follows: Exposure % Total Diversified 32.0 Gold 30.9 Copper 16.8 Silver & Diamonds 4.9 Nickel 3.6 Industrial Minerals 3.4 Platinum Group Metals 2.1 Iron […]
Invesco Enhanced Income (formerly Invesco Perpetual Enhanced Income) (IPE) predominantly invests in high yielding corporate and government bonds. The company has this morning reported interim results to 31 March 2020. IPE delivered a total NAV return of (13.4%), which compares to 3 month LIBOR of +0.4%. The share price premium decreased from 1.3% to a discount of (9.2%). […]
Over Adamas Finance Asia’s (ADAM) full-year results period to 31 December 2019, the company’s NAV increased by 8% year-on-year driven mostly by a new investment which was acquired in exchange for the issue of the company’s shares. Highlights from post period-end activity include: Whilst the covid-19 pandemic continues to create global uncertainty, ADAM says it remains […]
LXi REIT has reported an 8.5% jump in net asset value (NAV) in full year results. The company, which owns a portfolio of inflation-protected very long income assets, saw NAV per share rise to 124.3p at the end of March 2020, compared to 114.6p last year. The jump is mainly attributable to acquisitions over the year […]
Alternative Income REIT (AIRE) has appointed M7 Real Estate as its new investment adviser. AIRE, which owns a diverse portfolio of 19 UK commercial property assets let on long leases, has made the appointment after the previous manager departed in February. M7, which is a leading specialist in the pan-European, regional, multi-let real estate market, will undertake a […]
US-focused Polar Capital Global Healthcare (PCGH), reported interim results this morning, covering the six months to 31 March 2020. The portfolio’s NAV total return over the period was (5.97%), compared to a 0.34% return from the benchmark MSCI ACWI/Healthcare index PCGH noted that the early part of the period was challenging for fundamental investors, as we […]
Baillie Gifford European Growth (BGEU) has posted interim results to 31 March 2020. Over the six month period, the company’s NAV total return was (10.0)% compared to a total return of (17.0)% for the FTSE Europe ex UK index, in sterling terms. The share price total return for the same period was (0.9)%. Over the four […]
In a trading update, ahead of its annual results (to be published on or around 15 June), Jonathan Maxwell, the CEO of SDCL Energy Efficiency Income (SEIT)’s manager, noted: “In spite of the unprecedented global situation around covid-19, the portfolio continues to perform in line with expectations and deliver cheaper, cleaner and more reliable energy […]
What’s Goin’ On with Hipgnosis? Hipgnosis Songs is trading at 105p, an 8.5% premium to its NAV according to Morningstar. Its main attraction is an income stream uncorrelated with equity markets. The 5p per share annual dividend, paid in quarterly instalments, is enough to get income investors excited. The last dividend announcement said that the dividend […]
