The five best performing investment companies over the past year in NAV terms are Golden Prospect Precious Metals, Biotech Growth, Pershing Square, JPMorgan China Growth and Income and Scottish Mortgage. It’s an eclectic bunch and illustrative of just how hard it is to navigate the market in the current turmoil. Golden Prospect is soaring because […]
Capital & Counties this week confirmed it was in talks to buy a 26.3% stake in rival West End landlord Shaftesbury in what would be the first steps in a long-mooted merger of the two groups. Capco, which owns huge swathes of Covent Garden, is in discussions to buy Hong Kong billionaire Samuel Tak Lee’s […]
BMO UK High Income (BHI) reported annual results to 31 March 2020, this morning. Performance highlights include: Total distributions increased by 3.4% to 5.21p per share compared to the prior year. Distribution yield of 7.5% on ordinary shares and 7.7% on B shares at 31 March 2020, compared to the yield on the FTSE all-share index […]
Urban Logistics REIT saw the value of its portfolio rise 4.6% on a like-for-like basis in the year to the end of March, as the sub-sector continues to perform strongly despite the impact of covid-19. The company reported a flat net asset value (NAV), of 137.9p per share, taking into account a £136m fundraise in […]
We have included the following outlook extract from Schroder Oriental Income (SOI)’s management report, as part of its interim results released this morning (to 29 February 2020). ‘The economic impact of covid-19 has made the global financial crisis of 2008 seem like a mild inconvenience’ “It would have been difficult to imagine events that could leave […]
West End property landlord Capital & Counties (Capco) is in talks to acquire a 26.3% stake in rival Shaftesbury, potentially paving the way for a multi-billion pound takeover. Capco, which owns a vast chunk of Covent Garden, confirmed it was in discussions to buy the stake from Hong Kong billionaire Samuel Tak Lee following a […]
GCP Infra trims dividend target to reflect market yields – In its half-year statement, released this morning, GCP Infrastructure has announced that it will trim its dividend target from 7.6p per year to 7p per year. This still leaves it trading on a yield of 5.9%, based on last night’s closing price. 10 years after […]
AVI Global’s (AGT) NAV and shares declined by 24.7% and 24.3% (both in total return terms) over the six-month period to 31 March 2020. AVI targets companies whose shares stand at a discount to their estimated underlying NAV. These can include investment holding companies, investment trusts and other companies. In her outlook statement, chair, Susan Noble, noted: “Having experienced […]
In QuotedData’s morning briefing 29 May 2020: The balance between re-opening economies around the world and minimising new cases of covid-19 is delicate. South Korea has closed schools, just a day after re-opening, after recording its highest total of new cases in two-months, yesterday. Templeton Emerging (TEM) has received a tax windfall from HMRC. £26.5m or […]
In QuotedData’s morning briefing 28 May 2020: Aberdeen Standard European Logistics Income (ASLI) posted a NAV total return of 8.6% in 2019 it reported today in full year results. IFRS earnings per share for the year was 9.6 euro cents, covering a dividend of 5.75 euro cents. Earlier this week ASLI made a NAV announcement for […]
Honeycomb let down by widening discount – For the year ended 31 December 2019, Honeycomb Investment Trust reported a return on NAV of 7.8%, a little down from the 8.4% generated in 2018. Shareholders were left with a loss for the year, however, as the shares moved from trading at an 11.3% premium to a […]
US Solar makes fifth purchase – US Solar Fund has signed binding agreements for its fifth purchase. The is buying cash equity interests in an approximately 61MWDC portfolio of four mechanically-complete utility-scale solar power projects located in Oregon. The deal should complete in the near future, simultaneous with financial close of tax equity financing and a […]
British Land has reported a 10.1% drop in the value of its property property as the covid-19 pandemic takes its toll on the group’s retail portfolio. For the year ending 31 March 2020, British Land’s portfolio valuation plummeted by £1.2bn, from £12.3bn to £11.1bn. The FTSE 100 REIT said that the drop was driven by […]
Hammerson chief executive David Atkins has stepped down from the role. Atkins will remain in position until spring 2021 at the latest, while the board conducts a search for his successor, the company announced today. Hammerson, which owns a portfolio of shopping centres, retail parks and outlet centres across the UK and Europe, has suffered […]
Supermarket Income REIT (SUPR) has acquired a 25.5% stake in a portfolio of Sainsbury’s supermarkets in a joint venture (JV) with British Airways Pension Fund. The JV has acquired the stake in the 26 stores from British Land for £102m. SUPR’s contribution to the JV is £51m, excluding costs, which will be satisfied from its existing […]
In a quarterly update, the growth capital trust, Merian Chrysalis (MERI), noted the trend that digitally-enabled businesses have typically experienced less of an impact on trading performances than “offline” peers over the period affected by covid-19. MERI also said that a number of its shareholdings contain downside protection, often in the form of preference structures, […]
Capital Gearing Trust (CGT) has reported annual results covering the year to 5 April 2020. Total NAV and share price returns came in at +0.1 and +0.5%, respectively, while the premium rose from +2.2% to +2.6%. Investment review – portfolio came through March turmoil well CGT’s managers, Peter Spiller, Alastair Laing and Christopher Clothier, provided the […]
Latin America is now the centre of the pandemic. While Brazil has been in the headlines most, there are concerns that Venezuela is particularly unprepared to cope, were cases to escalate. The BBC reports that on a per capita basis, Ecuador is the worst affected country in the region. Flexible investment company, Caledonia (CLDN), reported […]
An urgent video message from the chairman, Elisabeth Scott A message from the Chairman from India Capital on Vimeo. Additionally: Join one of their two webinars; Read our research note India Capital Growth – Needs more time; And David Cornell, of the manager Ocean Dial will be on our weekly show Friday at 11am (normally […]
AEW UK REIT has sold its largest asset for £18.8m. The car park asset at Geddington Road, Corby, was acquired in February 2018 for £12.4m and is fully let to Gefco UK for just over one year. AEW UK said it had not invested any capital expenditure in the asset during its hold period, which has […]
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 […]
