Pantheon Infrastructure’s annual results cover the year ended 31 December 2024. It was a good year for the trust with a NAV return of 14.3% and a share price return of 11.5%. The dividend was raised to 4.2p from 4.0p. That was not covered by cash flow – cash cover was 0.7x [but that reflects […]
In QuotedData’s morning briefing 1 April 2025: AVI Japan Opportunity (AJOT) has expanded its debt facility with the Bank of Nova Scotia to JPY 6.6bn (about £34.5m) from JPY 2.93bn. Maximum gearing is expected to be approximately 15% of its net assets, based on the total net assets as of 28 March 2025, and within […]
Petershill Partners (PHLL), the listed GP-stakes platform operated by Goldman Sachs Asset Management, has published robust results for the year ended 31 December 2024. Partner distributable earnings rose by 11% to US$323m, driven by strong fee-related income, realisations at premiums to carrying value, and an active year for capital allocation. The company completed four acquisitions […]
BlackRock Latin American Investment Trust (BRLA) has reported annual results for the year ended 31 December 2024, reflecting a particularly tough year for Latin American markets. The trust’s NAV total return fell by 35.7% in US dollar terms, underperforming its MSCI EM Latin America Index benchmark, which declined 26.4% over the period. The share price […]
RTW Biotech Opportunities (RTW) has reported strong full-year results for the year ended 31 December 2024. Its NAV rose from US$399m to US$607m, marking a year of substantial portfolio growth, positive clinical milestones, and a number of key capital markets events. Despite a -4.6% NAV per share movement over the year (due to share issuance […]
3i Infrastructure (3IN) has released a pre-close trading update for the year ending 31 March 2025, reporting strong portfolio earnings momentum, successful refinancing activity, and income well ahead of expectations. The company remains on track to deliver its dividend target of 12.65p per share for its 2025 financial year, a 6.3% increase over the prior […]
SDCL Energy Efficiency Income Trust (SEIT) has published a trading update for the period from 1 September 2024 to 31 March 2025, reporting stable operational performance across its portfolio and confirming that the company remains on track to deliver its target dividend of 6.32p per share, representing a double-digit yield at current share price levels. […]
Foresight Environmental Infrastructure (FGEN) has announced a £10m increase to its ongoing share repurchase programme, taking the total maximum consideration to £30m. The original £20m programme, launched in August 2024, is now largely complete. The extension will be funded from the company’s own resources and is consistent with FGEN’s stated capital allocation policy. The buyback […]
Hg, the manager of HgCapital Trust plc (HGT), has announced a further investment in Personal & Informatik AG (P&I), as part of a recapitalisation of the business valuing the company at €5.5bn. The investment sees Hg acquire a minority stake from Permira, which will fully exit its position, having first backed the company in 2016. […]
In QuotedData’s morning briefing 31 March 2025: Rockwood Strategic (RKW) has announced that its investment management agreement has been novated from Harwood Capital LLP to Rockwood Asset Management (RAM), effective 31 March 2025. RAM is a trading name of Harwood Private Capital LLP, another FCA-authorised entity within the Harwood group. The change will see RAM […]
It has been a dramatic turn of events for the US over the past month. Having long defied the recession bells, which have been ringing for the majority of the world’s developed markets, growth expectations in the US have dropped significantly as President Trump’s scattergun trade polices begin to torpedo the economy. Multiple large US […]
Urban Logistics REIT has announced the acquisition of two logistics assets for £21.1m, as it looks to demonstrate the strengths of its strategy amid an activist shareholder revolt. The assets in Liverpool and Leeds were bought at a blended net initial yield (NIY) of 7.34% and a blended reversionary yield of 7.64%. These were funded […]
The onward march of clean technologies will continue, despite polarisation on climate issues, creating opportunities for rational investors who can see through the fog of political rhetoric Executive summary Politics aside, asset owners’ interest in the economic opportunities and risks arising from climate-driven trends will continue to shape how capital is allocated Investors need to […]
The Board of Directors of DP Aircraft I Limited (the “Group”) is pleased to announce that its two new subsidiaries DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited (the “New Subsidiaries”) have entered into new 12-year lease agreements with LOT Polish Airlines (“LOT”), Poland’s state-owned airline, for the Group’s two […]
LMS Capital (LMS) has announced its final results for the year ended 31 December 2024, reporting a 12.4% decline in NAV and a decision by the board to pursue a managed wind-down of its portfolio (announced on 13 March 2025). This strategic pivot follows a challenging year marked by losses across several legacy fund positions […]
BH Macro (BHMG/BHMU) has published its annual results for the year ended 31 December 2024, reporting a NAV total return of 5.86% for the sterling share class and 4.92% for the US dollar share class. Share price returns were stronger, at 10.63% and 10.61% respectively, as the board executed a share buyback programme that helped […]
JPMorgan US Smaller Companies (JUSC) has published its final results for the year ended 31 December 2024, reporting a net asset value (NAV) total return of 11.3%, modestly behind its benchmark, which it says returned 13.3% in sterling terms. Despite the slight underperformance on NAV, the trust’s share price total return was 18.7%, reflecting a […]
CT Private Equity Trust (CTPE) has announced its unaudited results for the year ended 31 December 2024, posting a share price total return of 10.9% and a NAV total return of 4.6%. Realisations surged by 76% year-on-year to £108.6m, signalling a recovery in exit activity after a muted period for private markets. CTPE’s performance fee […]
Schroders Capital Global Innovation Trust (INOV) has published its annual results for the year ended 31 December 2024. The period marked a pivotal shift in strategy, with shareholders voting overwhelmingly in favour of a managed wind-down at a general meeting in February 2025. The trust’s NAV fell by 21.2% over the year to 19.94p per […]
BBGI Global Infrastructure (BBGI) has published its annual results for the year ended 31 December 2024, delivering a NAV total return of 2.1% in a year marked by solid portfolio performance but constrained capital deployment. Despite macroeconomic headwinds and continued discount-related challenges, BBGI’s globally diversified portfolio of 56 availability-style social infrastructure assets maintained a high […]
In QuotedData’s morning briefing 28 March 2025: Baillie Gifford Japan Trust (BGFD) has reported its unaudited interim results for the six months to 28 February 2025. During the period, the trust delivered a net asset value (NAV) total return of 1.5%, while the share price total return came in at 2.9%, both comfortably ahead of […]
The board of Urban Logistics REIT has urged shareholders to vote against all of the proposals made by Achilles Investment Company in its requisition request, as a war of words hots up between the two companies. Achilles has requested the immediate replacement of chairman Nigel Rich and director Heather Hancock as well as the removal […]
LondonMetric has agreed a deal to acquire TISE-listed Highcroft, a UK REIT which owns a portfolio of real estate assets weighted towards logistics (52%) and retail warehousing (27%). The recommended all-share offer will see Highcroft shareholders receive 4.65 new LondonMetric shares for each Highcroft share. On the basis of the closing price per LondonMetric share of 181.1p […]
The board of Warehouse REIT has announced that it would be minded to recommend Blackstone’s cash offer for the company. Blackstone made a final offer earlier this week at 115.0p per share, valuing the company at £489m. It said that it would engage in discussions with Blackstone in relation to terms and to allow Blackstone […]
India Capital Growth’s results for the 12 months ended 31 December 2024 show an NAV return of 16% and share price return of 11.3% (as the discount widened from 3.9% to 7.9%). [The chair describes 2024 as a strong year for the company – which it was in absolute terms – but while the chair’s […]
Fidelity Japan’s results for 2024 show marked underperformance of its benchmark, with a NAV return of -1.8% and share price return of -5.7% against +10.0% for the TOPIX. The chair says “this now means that the three and five year returns for the company are disappointingly behind the Index and have also lagged competitor funds.” […]
Montanaro European Smaller Companies has announced three strategic initiatives designed to strengthen the investment proposition and deliver value for all shareholders. These are: Regular 5% tender offers targeted at improving liquidity Active share buy back policy aimed at reducing the volatility of the discount Reduced management fees Regular tender offers to improve liquidity: Conscious of […]
M&G Credit Income delivered a return of 8.08% over 2024, compared to a benchmark return of 9.50%. The share price total return was 14.6%, however, as the shares moved from trading on a 4.2% discount to a 1.6% premium. The dividend was upped from 7.96p to 8.53p. Some of that came from capital as the […]
Henderson High Income’s results for 2024 show an NAV return of 9.4% and share price return of 10.8%, both ahead of the company’s benchmark (80% of the FTSE All-Share Index (total return) and 20% of the ICE BofA Sterling Non-Gilts Index) which returned 7.9%. The dividend rose from 10.35p to 10.60p (making it 12 years […]
International Public Partnerships has announced results for the year to 31 December 2024. The NAV per share decreased to 144.7p (31 December 2023: 152.6p) primarily driven by an increase in discount rates, reflecting the sharp rise in underlying government bond yields during the period. As a result, the weighted average discount rate has increased from […]
