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 […]
The dispute between Travelodge and its landlords took another turn this week with the budget hotel operator threatening to pursue a company voluntary arrangement (CVA) if rent cuts of up to 80% for 18 months was not agreed. In a letter sent to landlords, Travelodge said it had already lost the equivalent of several months […]
In a statement on its website, Invesco has announced that Mark Barnet has left the company with immediate effect. Mark spent 24 years with Invesco. The announcement came following Invesco’s review of its UK equity product range and investment management team, overseen by chief investment officer Stephanie Butcher. She was appointed at the beginning of 2020. Mark spent […]
Scottish Mortgage (SMT) has announced its annual results for the year ended 31 March 2020, which suggest that the trust has provided an effective shelter against the storm of covid-19. During the year, the trust provided Nav and share price total returns of 13.7% and 12.7% respectively, which are very respectable given the unfortunate timing […]
Aberdeen Asian Income (AAIF) has announced its annual results for the year ended 31 December 2019, during which it benefited from exposure to tech companies and businesses that rely on Chinese consumption growth. During 2019, AAIF provided an NAV total return of 10.5%, which was broadly in line with the MSCI All Countries Asia Pacific […]
Further to its announcement on 27 March 2020, Strategic Equity Capital (SEC) has announced that it has entered into an investment management agreement with Gresham House Asset Management Limited (GHAM) as the Company’s new investment manager and alternative investment fund manager (AIFM), which will become effective from 21 May 2020. At this point, GVQ Investment […]
The Renewables Infrastructure Group (TRIG) has announced that it has completed the acquisition of an approximate 36% equity interest in Merkur, a 396MW operational offshore wind farm in the German North Sea. This follows the exchange of contracts to acquire the Project announced in December 2019, and receipt of German foreign investment approvals and EU […]
In QuotedData’s morning briefing 15 May 2020 Having collected 100% of rents due at the end of March, Triple Point Social Housing REIT has raised its dividend target for the year ended 31 December 2020 to 5.18p, 1.7p up on the figure for 2019. It has also appointed Stifel Nicolaus Europe Limited as sole corporate broker and […]
Sirius Real Estate has reaffirmed its dividend policy after reporting high levels of rent collection in April as lockdown measures in Germany ease. The company, which owns a portfolio of business parks in Germany, said it received 98.8% of normal levels of rent and service charge for April and no significant reduction in the first two […]
In QuotedData’s morning briefing 14 May 2020: Symphony International has reported a 38.4% fall in NAV to 60.4 cents over the first quarter of 2020. It sold the remainder of its stake in IHH Healthcare, freeing up $4.6m, got $7.5m in from its sale of land in Niseko (the Japanese ski resort) and, over 2020, sold […]
Aurora manager’s payday creeps closer – Aurora had a great 2019, beating the All-Share by 10.8% with a return on NAV of 29.9%. This included a dividend of 4.5p (up from 4p for 2018). The good performance encouraged the shares to trade at a premium and allowed the trust to expand in 2019, issuing £22.5m worth of […]
