Over its full-year, to 31 July 2020, Fidelity Asian Values (FAS) delivered a total NAV return of (16.7%) and a share price total return of (24.8%). In doing so, FAS underperformed the 2.7% delivered by its comparative index, the MSCI all countries Asia ex-Japan small-cap index. FAS’s manager, Nitin Bajaj, deploys a value approach geared […]
Hipgnosis Songs (SONG) announce the appointment of Grammy Award-winning songwriter, producer and music executive, L.A. Reid, to the advisory board of its manager, The Family (Music) Limited, in addition to the acquisition of 100% of the publishing interests and writers share of income in his catalogue comprising 162 songs. Boyz II Men and Bobby Brown L.A. Reid’s songwriting and production […]
Invesco Perpetual UK Smaller Companies (IPU) delivered total NAV and share price returns of (23%) and (34%) over its interim results period to 31 July 2020. By comparison, the benchmark Numis Smaller Companies Index (excluding Investment Companies) returned (21.2%). IPU notes that income levels are currently at half the level they would ordinarily expect. Since the period-end […]
In QuotedData’s morning briefing 14 October 2020 – Gresham House Energy Storage (GRID) announced that it has raised approximately £15.0m through the issuance of a mixture of short-term and medium-term secured power bonds. The majority of the proceeds will be used to acquire an operating asset which is in the final stages of due diligence with an agreement […]
Civitas Social Housing has responded to notices served on two of its tenants by the Regulator of Social Housing. Westmoreland Supported Housing and Trinity Housing Association have been issued regulatory notices declaring them in breach of the Rent Standard. Specialist supported housing (which Civitas owns) is exempt from Rent Standard requirements because it has been designed […]
Derwent London, owner and developer of some of the biggest offices in London, has collected 80% of rents for the current quarter (billed on 29 September). This was far higher than the June and March quarter payment days at the equivalent time (70% and 73% respectively). The majority of the outstanding rent comes from the […]
Round Hill Music Royalty IPO – Round Hill Music Royalty Fund Limited has announced its intention to launch an initial public offering (IPO) on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of a placing and offer for subscription targeting the issue of 375m ordinary shares at an issue […]
In QuotedData’s morning briefing 13 October 2020 Seneca’s manager changing hands – Seneca Global Income & Growth says Momentum Global Investment Management plans to buy Seneca Investment Managers. The board is happy with this move as the two share a similar investment approach. SDCL Energy Efficiency has launched an £80m placing – it hopes to issue […]
Logistics focused property companies Tritax Big Box REIT and LondonMetric Property both announced positive rent collection figures today. Tritax Big Box REIT said it had received 89% of rent for the fourth quarter, with a further 10% expected by the end of November (through upfront monthly payments). The remaining 1% of rent is on payment […]
Central London office developers and owners Great Portland Estates and Helical have announced rent collection levels for the final quarter of 2020. Great Portland Estates Great Portland Estates, which has developed and owned some of the best located offices in the capital, has received 65% of rent due for this quarter. The majority of the […]
In QuotedData’s morning briefing 12 October 2020: Henderson Alternative Strategies reports that cash accounts for about 74% of the portfolio as at 9 October 2020. The manager expects that the cash level will rise to about 79% by mid-November 2020. Given the high percentage of cash in the portfolio, the current intention is to put forward […]
In QuotedData’s weekly news show 9 October 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: Fundraising in the sector including success for Home REIT and disappointment for Tellworth Investment Company’s plans for the future Jupiter US […]
Premier Global Infra shareholders reject name change – in a surprise move, at today’s meeting shareholders in Premier Global Infrastructure voted heavily against the proposal to change its remit and defeated the proposal to change its name. The ordinary resolution to amend the investment policy so that the portfolio consists primarily of investments in companies […]
Time to back unloved Britain? One bit of disappointing news this week was that the UK’s economic growth in August was 2.1%, below expectations and leaving economic activity still well-below pre-pandemic levels. The apparent second wave is triggering renewed restrictions and seems set to act as a brake on growth over the winter. On top […]
There has been much debate about the future of the office, most of which has been conjecture and speculation. But finally, there is some actual concrete transactional evidence that points to a brighter future for the central London market than most have portrayed. International investors, always the bellwether for the health of the central London […]
The two listed real estate giants – British Land and Land Securities – both published rent collection figures today that sum up the division in the property market. Both companies own London offices as well as large retail portfolios. On the offices front, both received a large majority of rent billed for the final quarter […]
Secured Income Fund (SSIF) has announced its annual results for the year ended 30 June 2020, during which it says that all loans underwritten since April 2017 are performing as expected. However, the impact of Covid-19 has meant that SSIF has needed to relax some covenants, defer interest and extend the maturity of some loans. […]
Jupiter US Smaller Companies has announced that Robert Siddles (pictured), the fund manager of the Company since 2001, has, for family reasons, decided to retire with effect from April 2021. As a result of Robert’s retirement, JUS’s Board has said that it will review options for the future management of the trust and will make […]
In QuotedData’s morning briefing 9 October 2020: Aquila European Renewables Income Fund has announced the results of its equity raise – €127.5m before expenses. the fund is issuing 122,902,772 ordinary shares at €1.0375 per share. This represents a premium of 5.2% to the company’s NAV as at 30 June 2020. JPMorgan Multi-Asset Trust (MATE) has […]
A plethora of real estate companies have posted encouraging rent collection figures for the current quarter (payment day for which is typically on or around 29 September). Here we have rounded up the announcements. Urban Logistics REIT Urban Logistics REIT announced it had collected 99% of rent due for the quarter to December, with the remaining 1% […]
Home REIT has raised just over £240.5m from its initial public offering (IPO). The company, that will invest in a portfolio of homeless accommodation across the UK, will trade on the premium segment of the main market of the London Stock Exchange on 12 October 2020. It is targeting inflation-protected income and capital returns through the […]
TR European let down by widening discount – TR European Growth has published results for the year ended 30 June 2020. Over the period it delivered a return on NAV of 3.0%, ahead of the 0.3% return posted by its benchmark (Euromoney European Smaller Companies (ex UK) Index), but the share price fell as the discount […]
Sharp widening of JPEL’s discount – JPEL Private Equity has announced results for the year ended 30 June 2020. COVID and other factors pushed the NAV down by 5.3% to $1.61, but the share price fell from $1.43 to $1.08, meaning that the discount widened from 15.9% to 32.9% and it is now 35.2%. JPEL […]
JZ Capital breaches debt covenant – JZ Capital has confirmed that it has not yet reached final agreement with its lenders as to the amended terms of its senior facility with Guggenheim Partners and is therefore in breach of its minimum asset coverage ratio and in default under the facility. The company is in discussions and […]
Investment Company has rethink – The board of The Investment Company Plc has published a circular in advance of a meeting at which shareholders will be asked to change the investment objective and investment policy of the company. New objective The current focus is on income generation. The board says “In recent years this has […]
In QuotedData’s morning briefing 8 October 2020: Schroder UK Public Private Trust (formerly Woodford Patient Capital) acknowledges the potential uplift to its NAV to come from the merger of Seedrs and Crowdcube. Like Augmentum, Schroder UK Public Private is an investor in Seedrs. Hg Capital Trust has secured a £200m multicurrency revolving credit facility. this boosts available […]
Sirius Real Estate, the owner and operator of business parks in Germany, has provided a strong trading update for the six months April to September. The highlights includes collecting 97.2% of rents in the period, letting enquiries up 17.4% on the same period in 2019, a 1.1% like-for-like increase in average rent to €6.03 per […]
Over the year to 31 August 2020, Baillie Gifford Japan’s (BGFD) NAV increased by 6.8% in total return terms, compared to a (0.1%) fall in the benchmark TOPIX index. BGFD’s shares rose by 3.7% over the year. Performance led by Softbank Approximately 33% of the portfolio is in internet-related businesses and a further 14% in automation […]
Merian Chrysalis’s (MERI) share placing raised £95m, ahead of the £50m it had initially targeted. MERI recently said that it was now substantially fully invested. The capital raised will be used to execute its investment in You & Mr Jones, announced on 1 October 2020, together with other pipeline and follow-on investments. Richard Watts, portfolio manager, commented: […]
Supermarket Income (SUPR) raised £200m in an oversubscribed issue. In the announcement this morning, it said that the initial size of the issue had been increased and that notwithstanding this, demand exceeded the proceeds raised. This resulted in the undertaking of a scaling back exercise. You can read more on the issue by accessing our […]
