Over the six-month period ended 31 January 2020, the NAV of Fidelity Asian Values (FAS) fell by 13.2%, compared with a decline of 3.6% for the MSCI all countries Asia ex Japan index total return. Over the same period, the company’s share price decreased by 15.0%. The company performed poorly before the covid-19 outbreak. Exposure […]
Acorn Income (AIF), the UK-focused small-cap equity and fixed-income trust, released its annual performance figures today. Over the year to 31 December 2019, AIF delivere a total return on gross assets, which measures the return on the portfolio including all income and costs, amounted to 19.2%, while the total return on net assets, enhanced by […]
Barclays reported first quarter results this morning. It announced a sharp increase in its provisions for bad loans, anticipating a series of defaults from its corporate and retail clients. British Airways is to reduce its workforce of 42,000 by nearly 30%. Its parent company, IAG, does not expect passenger numbers to return to 2019 levels […]
CEIBA Investments (CBA), the real estate company focused on Cuba, has reported a slight increase in its net asset value (NAV) in full year results to the end of December 2019. The company, which owns four hotels and an office complex in the Caribbean island, saw its NAV per share increase to $1.50 from $1.49 […]
Aberdeen Standard European Logistics Income (ASLI) has committed to its quarterly dividend but has put the payment level under review. The company, which owns 14 logistics asset across Europe, said it would continue to monitor rent collection closely, the evolution of covid-19 and its impact on its tenants. As at 24 April 2020, the company had […]
ICG Enterprise dipping into its debt facility – this article has been updated following a conversation with the managers ICG Enterprise delivered an 11.2% return on NAV for the year ended 31 January 2020 (a bit ahead of the return on the All Share) a narrowing discount gave shareholders a return of 20.5%. The dividend […]
Aquila sees opportunities for expansion – In its first set of results, Aquila European Renewables Income reports an NAV of €158.9m, 4.8% higher than the NAV at IPO in June 2019. Two 0.75 cent dividends were announced, in line with forecasts. The company is targeting a dividend of 4.0 cents in relation to the year ending […]
In QuotedData’s morning briefing 28 April 2020: Supermarket Income REIT raised £139.8m (versus an original £75m target) in a heavily oversubscribed issue of 135,748,028 new ordinary shares at 103p. This is an amazing result, especially in the current environment, and demonstrates investors’ need for certainty of income at this time. Picton Property has cut its quarterly […]
In a monthly update release, BlackRock Throgmorton (THRG), the UK-smaller companies sector fund, said that its NAV was down by (24.7) over the month of March 2020. This was cushioned by the trust’s short book, one of THRG’s defining features. At the time of writing, the shares are up over 10%, over the month of April. […]
Renewable energy infrastructure company, Gresham House Energy Storage (GRID), reported its first set of annual results since its launch in November 2018. Performance highlights Net Asset Value of £205.9m, up 6.48% on a total return basis. Driven by portfolio cash generation, improved revenue forecasts and project-level value enhancements. Total dividends for the year of 4.5p […]
Greencoat UK Wind (UKW) announced that it struck an agreement with Vattenfall Wind Power (Vattenfall) to acquire South Kyle wind farm for a headline consideration of £320m, which it says will be due upon completion, scheduled for Q1 2023, once the wind farm begins commercial operation. South Kyle is located 5km to the east of […]
International Biotechnology Trust’s (IBT) has reported interim results, to 29 February 2020. The pandemic’s sustained impact on financials markets began in March, so the impact on IBT’s portfolio over this results period, was negligible. Over the interim period, the company’s NAV per share returned 3.6%. By comparison, the NASDAQ biotechnology index (NBI) returned 6.0% and […]
UK Commercial Property REIT (UKCM) has committed to paying a quarterly dividend at a reduced rate of 50%. The company, which owns a diverse portfolio of 40 commercial properties in the UK, said it has put future dividends under review. It said: “The board has taken the decision to maintain a quarterly dividend, due in […]
Golden Prospect Precious Metals (GPM) was the best performing investment company in 2019 (we covered this in our earlier annual review, which you can access here), following a resurgence in gold. The company has reported annual results this morning, to 31 December 2019. NAV per share rose by 64.2% with the ordinary share while the shares […]
SQN Secured Income (SSIF) will hold its continuation vote on 19 June, following a delay to the Q1 2020 timetable, as a result of covid-19: “As notified on 23 January, the company’s NAV at the end of December 2019 was £50m which was below the £250m targeted when management of the company’s portfolio was assumed […]
Miton UK MicroCap (MINI) said the following this morning: Gervais Williams and Martin Turner remain as managers “The directors of the company wish to announce that Premier Portfolio Managers Limited, has replaced Miton Trust Managers Limited as AIFM to the fund The AIFM is authorised and regulated by the Financial Conduct Authority. The change of […]
European markets have followed Asia in starting the week on the front foot, reflecting the prospect of further central bank support. Meanwhile, New Zealand’s Prime Minister, Jacinda Ardern said the virus was “currently” eliminated, with new reported cases in single figures over a number of days (as reported by the BBC). Norwegian, has said its fleet […]
Covid-19 has obliterated the property market with tenants across all sectors struggling with cash flow problems as various measures to restrict the spread of the disease have been stepped up in most countries. This has had a devastating effect on the rental income of property companies, which have in some cases received as little as […]
This week, I was fortunate to catch up with SV Health Investors, managers of the unquoted investments within International Biotechnology Trust. The discussion centred on COVID-19 and how it is affecting the healthcare industry. One UK-based member of the team, Kate Bingham, is a member of the UK Government’s Vaccine Taskforce. The majority of the […]
Alternative Income REIT (AIRE) has committed to paying a quarterly dividend for its financial year ending 30 June 2020. The group (previously named AEW UK Long Lease REIT – AEWL), which owns a diversified portfolio of 19 UK commercial property assets let on long leases, said it expected to continue paying a quarterly dividend but warned a prolonged […]
Merchants Trust (MRCH) has reported final results to 31 January 2020. The landscape has changed considerably since the period-end. Over the annual results period, the performance highlights include: 18.7% increase in the NAV total return against 10.7% benchmark return; 18.6% rise in the share price; 4.2% increase in the dividend; 38th successive year of dividend growth; […]
CVC Credit Partners European Opportunities (CCPG) has reset the company’s dividend target to 4p per sterling share/4c per euro share for the next 12 months. “As noted in the annual financial report for the year ended 31 December 2019, the board set the medium-term total return target at 8% per annum, which it regards as […]
Vietnam Enterprise’s (VEIL) USD NAV per share rose 3.0% in total return terms, over its full-year period to 31 December 2019, underperforming its benchmark, the VN index, on a relative basis by 6.8%. VEIL’s share price discount to NAV narrowed from 11.3% at the end of 2018 to 7.0% at the end of 2019, reflecting strong interest […]
Globalworth Real Estate, which owns a portfolio of predominantly offices in Poland and Romania, has provided a covid-19 update. The group said its office assets in the two countries, which have both adopted measures similar to those seen in the UK, has yet to see a significant impact. It added, it was in discussions with several […]
Standard Life Investments Property Income Trust (SLI) has provided a covid-19 update in which it has reaffirmed its first quarter dividend. The company, which owns a diverse portfolio of UK property heavily weighted towards the industrial sector, confirmed that it intends to pay a quarterly dividend of 1.19p per share, in respect of the three month […]
US Solar (USF) provided the following update this morning: Summary – no material impact expected and dividend set to commence as planned USF does not expect covid-19 to materially impact construction timelines or operating cashflows; USF’s acquired portfolio consists of 37 projects with total capacity of 383 MWDC. A further four projects totaling 61 MWDC are […]
Riverstone Energy NAV goes up in smoke – As of 31 December 2019, Riverstone Energy had a NAV per share of $9.66 (GBP7.36), representing a decrease in USD and GBP of over 46 and 48 per cent., respectively, compared to the 31 December 2018 NAV. The statement says that Hammerhead, Centennial and Liberty II were the […]
Syncona ups SwanBio investment – Syncona Ltd has made a $51.0m new commitment in a $77.0m expanded Series A financing by SwanBio Therapeutics. This new commitment takes Syncona’s total commitment to this business to $74.0m. Syncona has invested $19.6m now, and the holding is now valued (at cost) at £34.3m. This expanded Series A financing will […]
Hipgnosis bags Mark Ronson catalogue – Hipgnosis Songs Fund Limited has acquired 70% of the music publishing catalogue (of 315 songs) of seven time Grammy Award winning, Academy Award winning and Golden Globe winning songwriter, artist and producer Mark Ronson. Best known for his collaborations with internationally successful artists including Amy Winehouse, Lady Gaga, Adele, Lily […]
North American Income built revenue reserve ahead of crisis – North American Income Trust’s performance lagged that of the Russell 1000 Index over the 12 months ended 31 January 2020. The trust returned 6.2% in NAV terms against 14.6% for the reference index. The dividend was increased from 8.5p to 9.5p from revenue of 11.4p, which […]
