Apax Global Alpha (APAX) announced its annual results for the year ended 31 December 2024. The company delivered a NAV total return of 0.8% (or 3.0% in constant currency) with negative impacts from the decrease in its private equity portfolio and retail investments weighing on returns. The three core sectors of Tech, Services, and Internet/Consumer […]
Supermarket Income REIT is proposing to internalise its management function, with the board and its current manager Atrato Group reaching agreement on a £19.7m deal. The board said that it believes the move delivers a number of compelling financial and strategic benefits, including: Significant cost savings of at least £4m per annum, equivalent to a yield […]
Warehouse REIT has received an offer for the company from private equity houses Blackstone and Sixth Street Partners valuing the company at around £470m. The consortium said that it made the offer (its fourth indicative all cash proposal) to the board of Warehouse REIT on 23 February 2025. The offer price of 110.5p per share […]
In QuotedData’s morning briefing 4 March 2025: Alternative Income REIT (AIRE) posted a 1.3% uplift in NAV to 81.94p per share in the six months to 31 December 2024. This reflected a 3.4% increase in the value of its portfolio. The company’s share price increased 7.0% over the period, with the discount to NAV narrowing […]
Following the publication of an ‘interim update statement’ this morning (covered in our morning briefing), HICL Infrastructure has announced that it is expanding its share buyback programme by a further £100m (its initial £50m share buyback programme completed last week). HICL says that the programme will commence today and end no later than 31 December […]
Aquila Energy Efficiency Trust (AEET) has agreed to realise its Bio-LNG investment in Germany and the majority of its Italian Superbonus investments for a combined gross consideration of €31.84m. AEET’s board says that it will make a significant distribution to shareholders following receipt of these realisations and that a further announcement will be made in […]
RIT Capital Partners posted a NAV total return of 9.4% in its 2024 annual results, with all three investment pillars – quoted equities, private investments, and uncorrelated strategies – delivering positive returns. Click here to read our result analysis research note and here to watch RCP’s manager Maggie Fanari detail the results. NAV was up […]
Martin Currie Global Portfolio (MNP) has agreed with its manager that, with effect from 1 March 2025, the investment management fee will be amended to 0.40% of net asset value per annum – down from 0.45%. MNP’s chair, Christopher Metcalfe, says “The Board is confident that the new fee level will maintain a competitive ongoing […]
Results season has been a depressingly gloomy affair over the last two or three years for property analysts, but a series of 2024 reports posted this week show that the clouds are parting and the light is starting to peer through for real estate. In the main, 2024 was a very positive year for the […]
BlackRock American Income (BRAI) – formerly BlackRock Sustainable American Income Trust – has announced its results for the year ended 31 October 2024, during which its net asset value per share (NAV) returned 16.0% and the share price returned 13.8%, both underperforming its benchmark, the Russell 1000 Value Index, which it says returned 23.2% (all […]
Riverstone Energy (RSE) has published its annual results for the 12 months ended 31 December 2024. Both sectors of the portfolio saw drops in 2024. The conventional assets decreased in value by US$31m or 12%, and the decarbonisation portfolio decreased in value by US$50m or 44% These downturns in portfolio NAV resulted in a reduction […]
Further to its announcement on 20 December 2024 that it was proposing a managed wind down and return of cash to shareholders, Menhaden resource Efficiency (MHN) has publish a circular in relation to these proposals and is convening a general meeting on 25 March 2025, seeking approval for the trust to be placed into members’ […]
BlackRock American Income (BRAI) has published a circular this morning in which it has announced proposals for a change in investment policy and a tender offer. These proposals are being made in advance of a continuation vote that is due at its AGM this year (separately, BRAI has published its full-year results this morning). Shareholder […]
Tritax Big Box REIT delivered a NAV total return of 9.0% over 2024, its largest annual return since 2021, as the logistics property market rebounds. The company’s EPRA net tangible assets (NTA) were up 4.7% over the year to 185.56p per share, while the company paid dividends of 7.66p (up 4.9% on 2023). These were […]
Scottish Mortgage manager Tom Slater talks with Co-Founder and CEO of Blockchain.com, Peter Smith, on how his company has emerged through the crypto storm in a stronger position. As with any investment, your capital is at risk. A good reputation is always an asset, but its importance is hard to exaggerate in the world of […]
Primary Health Properties (PHP) continues its impressive run of dividend growth and values have hit an “inflexion point”. In annual results for 2024 the company said that adjusted earnings were up 2.9% to 7.0p per share, fully covering its dividend in the year of 6.9p. It intends to up its 2025 dividend to 7.1p – […]
Apax Global Alpha says that it expects to invest approximately €35m in CohnReznick LLP on a look-through basis. This will be through its commitment to the Apax XI Fund which announced on 26 February that it has agreed to invest in CohnReznick, which it describes as one of the leading advisory, assurance, and tax firms […]
In QuotedData’s morning briefing 28 February 2025: JPMorgan Global Growth & Income (JGGI) has published its interim results for the six-months ended 31st December 2024. Highlights from the results include: JGGI provided an NAV total return of 2.7% and a share priced total return of 2.4% – both underperforming its benchmark, the MSCI AC World […]
On 12 February 2025, the board of Schroder UK Mid Cap Fund announced that it had received a requisition notice from a nominee acting on the instructions of Jefferies LLC, a prime broker acting on behalf of Saba Capital Management, L.P. Following a review of the requisition, in conjunction with the company’s registrars and subsequent […]
London office developer Derwent London saw valuations stabilise over 2024 in a boon for the real estate sector. Its portfolio value grew 0.2% over the 12 months to £4,861m, with the final six months of the year seeing a 1.9% increase in values. This contributed to a 0.6% uplift in its EPRA net tangible assets […]
Shaftesbury Capital has reported strong annual results with valuations up 4.5%, a further indication that the real estate market has turned a tide. The value of its portfolio in London’s West End at the end of 2024 was £5.0bn, up 4.5% on a like-for-like basis driven by 7.7% ERV growth offset by a marginal outward […]
Weiss Korea Opportunity Fund has proposed a managed wind-down of the company. The board said that it carried out extensive consultation with advisers and shareholders, and received a number of proposals from third parties, before making the decision. It launched a strategic review in November 2024 after its investment manager, Weiss Asset Management, said that […]
Greencoat UK Wind’s NAV fell 7.9% to 151.2p per share in the year to 31 December 2024, due to poor power price forecasts and wind yields. Reflecting negative investor sentiment to the renewable energy sector and wider issues in the investment trust sector, the company’s share price fell further by 15.7% over the year, resulting […]
In QuotedData’s morning briefing 27 February 2025: CQS New City High Yield (NCYF) posted a NAV total return of 3.6% for the six months ended 31 December 2024. The share price total return was 2.9%, with the premium to NAV narrowing slightly to 4.9%. The company’s dividend yield was 8.8% at the end of 2024, […]
Riverstone Credit Opportunities Income (RCOI) has announced its full year results for the year end 31 December 2024. On 22 May 2024, the company entered into a managed wind-down. During the the year, the company’s NAV decreased by 13%. This was principally attributable to the reduction in the company’s value for Harland & Wolff. After […]
Harmony Energy Income Trust (HEIT) has announced its results for the financial year ended the 31 October 2024. The company’s NAV as at 31 October 2024 was £201.05m (88.52 pence per ordinary share), a reduction of 23.30% (26.89 pence per ordinary share) from the NAV reported as at 31 October 2023. The NAV total return […]
Following shareholder approval of the managed wind-down strategy in February 2024, abrdn Diversified Income and Growth (ADIG) sold substantially all of its public market assets and returned approximately £115m to shareholders by way of a B share scheme in July 2024 (being approximately 38.1 pence per ordinary share, which represented approximately 35.4% of the company’s […]
Shopping centre owner Hammerson’s impressive turnaround continues, with 2024 annual results showing a record year of leasing, rental growth and valuation gains. The company signed 262 leases covering 1m sq ft of space, generating annual headline rent of £41m at 56% above previous passing rent and 13% ahead of estimated rental value (ERV). This has seen occupancy among […]
In QuotedData’s morning briefing 26 February 2025: Strategic Equity Capital (SEC) announced its interim results for the six months to 31 December 2024. The company’s NAV total return fell 8.8% while the share price total return was down 8.5%. The benchmark smaller companies index delivered a positive return of 5.2% over the same period. The […]
The Renewables Infrastructure Group (TRIG) announced its annual results for the year end 31 December 2024. The company saw a 11.8p (9.2%) reduction in NAV per share to 115.9p driven by a reduction in power price forecasts, adjustments to operational assumptions, the impact of third-party grid outages and higher valuation discount rates. The shareholder total […]
