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Investment Companies News

Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).

24 Nov 2023
a cup of tea, a croissant and some magazines

QuotedData’s morning briefing 24 November 2023 – CTPE, SEQI, TFIF

QuotedData’s morning briefing for 24 November 2023 CT Private Equity Trust (CTPE) released its quarterly update for the three months ended 30 September 2023. CTPE reported a NAV per share of 696.3p, reflecting a total return of 3.3% for the quarter, as well as a share price total return of 0.4%. A quarterly dividend of […]

Companies
23 Nov 2023
220704 song

Hipgnosis Songs Fund provides an update on strategic review

Hipgnosis Songs Fund (SONG) has provided an update following the vote against continuation at its recent AGM on 26 October 2023. As part of a strategic review, the board intends to appoint independent advisers to conduct due diligence on the company’s assets to identify alternative proposals for the future of the company. The board has […]

Sectors
23 Nov 2023
a cup of coffee sits on a wooden board

QuotedData’s morning briefing 23 November 2023 – ANII, WHH, NRR, LMP

In QuotedData’s morning briefing 23 November 2023: abrdn New India Investment Trust (ANII) announced its interim report for the six months to September 30 2023. Share price total return for the period was 13.7% while the NAV was up 13.2% with the discount narrowing slightly to -18.7% at last close. While impressive on an absolute […]

Sectors
Companies
22 Nov 2023
221115 Jeremy Hunt

Autumn statement small print gives grounds for optimism

There is a lot of detail in the Autumn statement beynd the headline grabbing news of National Insurance cuts and alchohol duty freezes. With respect to our industry, we have the following: UK Retail Disclosure Framework – The government has published a draft statutory instrument setting out how it will replace the retained EU law […]

22 Nov 2023

NextEnergy Solar Fund begins discount management strategy

NextEnergy Solar Fund (NESF) announced its interim results for the period ended 30 September 2023. The NAV fell by 5.2% while shares fell 6.6%, further widening the company’s discount to around 21%. The company raised its dividend by around 13% on the year prior. The company has taken steps to manage its discount, introducing a […]

22 Nov 2023
Secure Income REIT SIR

LXI REIT agrees deal to sell Travelodge portfolio for £210m

LXI REIT is close to selling a portfolio of Travelodge hotels for £210m. The deal is under offer, with contracts in solicitors’ hands, on the sale of the 66 Travelodge hotels. The sale price of £210m is in line with current book value (as at 30 September 2023), the company said. If completed, the majority […]

Sectors
22 Nov 2023
230601 morning 1

QuotedData’s morning briefing 22 November 2023 – HICL, RKW, AEWU, HLCL

In QuotedData’s morning briefing 22 November 2023: HICL Infrastructure (HICL) announced its interim results for the six months ended September 30 2023. NAV total return fell 3% over the period reflecting the increase of the portfolio’s weighted average discount rate from 7.2% to 8.0%. Transaction activity remained robust, totalling  £532m, while the company also reduced […]

Sectors
Companies
21 Nov 2023

Schroder REIT to include sustainability in investment objective

Schroder REIT has proposed amendments to its investment objective and policy, and to its investment management agreement, to include sustainability at the centre of its investment proposition. The sustainability improvement and decarbonisation strategy will focus on adapting existing buildings in its portfolio into those that are both modern and fit for purpose, that it says […]

Sectors
21 Nov 2023

Dunedin Enterprise may now wind up

Dunedin Enterprise says that regulatory approval for its sale of Premier Hytemp (a manufacturer and supplier of engineered metal solutions held via the trust’s interest in Dunedin Buyout Fund II LP) has been secured. As at 30 September 2023 the investment was valued at £4.9m and the proceeds received from the transaction will match that. […]

21 Nov 2023
230526 reit mergers

UK Commercial Property REIT and Picton merger talks off

UK Commercial Property REIT (UKCM) has terminated discussions with Picton Property over a possible merger of the companies. It was announced on 8 November that discussions between the two parties over an all-share merger on a NAV by NAV basis had commenced after Picton approached UKCM. Today, UKCM said that its largest shareholder – Phoenix […]

Sectors
21 Nov 2023
a battery storage project

QuotedData’s morning briefing 21 November 2023 – GRID, MTU, SREI

In QuotedData’s morning briefing 21 November 2023: Gresham House Energy Storage (GRID) says that its 50MW West Didsbury project has been successfully energised, taking the portfolio’s operational capacity to 690MW. It is expected to be revenue generating in December. Installing two-hour batteries at West Didsbury in early 2024 will take the capacity of the site […]

Companies
20 Nov 2023
a cup of coffee sits on a wooden board

QuotedData’s morning briefing 20 November 2023 – SSIT, INOV, IBT, USF, UKCM

In QuotedData’s morning briefing 20 November 2023: Seraphim Space Investment Trust (SSIT) has released its Q1 update. Highlights include a further £4.1m, invested in two projects over the quarter. Portfolio value increased to £199.9m up £12.4m, due to a combination of additional investments, unrealised fair value net gains and an unrealised FX gain. The main […]

Companies
17 Nov 2023

QuotedData’s weekly news update 17th November 2023

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 story: • JPMorgan Mid cap/JPMorgan Smaller Companies This week’s interview was with Joe Bauernfreund from AVI Global Trust. – watch it again here.  

17 Nov 2023

QD view – Positive inflation data to reignite real estate sector

The real estate sector got a boost from the lower-than-expected UK inflation figure that was released on Wednesday, which followed a similarly positive update on inflation in the US. The share prices of the London listed property stocks that we track (67 companies in total) were up 2.6% this week on average. November has been […]

Sectors
17 Nov 2023
221122 bgeu

Baillie Gifford European Growth has 2nd difficult year

Baillie Gifford European Growth (BGEU) has published its annual results for the year ended 30 September 2023, during which it provided NAV and share price total returns of 8.3% and 8.6% respectively, but these were significantly behind its benchmark, the FTSE Europe ex UK Index, which it says returned 20.5% (all figures in sterling terms). […]

Sectors
17 Nov 2023
230124 morning

QuotedData’s morning briefing 17 November 2023 – SBO, OIG

In QuotedData’s morning briefing 17 November 2023: Schroder British Opportunities (SBO) has announced that EasyPark Group, one of its private investments, intends to acquire Flowbird Group, which it describes as “a global mobility player providing integrated parking and transportation solutions”. Flowbird Group operates under the brands Flowbird, YourParkingSpace, TPARK, Extenso Cloud, and Yellowbrick. It provides equipment […]

Sectors
16 Nov 2023

AIC backs Altmann bill

The Association of Investment Companies has issued a press release this morning in which it welcomes Baroness Ros Altmann’s intervention in the debate about the disclosure of investment company costs with the aim of removing investment companies from the scope of the Alternative Investment Fund Managers Directive (AIFMD). This is great news, we think. In […]

16 Nov 2023
a view of rows of solar panels in a grassy field from above

Foresight Solar sells stake in Spanish portfolio

Foresight Solar has sold a 50% stake in its Lorca portfolio in Spain to a specialist Luxembourg-based fund advised by EB-Sustainable Investment Management (EB-SIM), a subsidiary of Evangelische Bank for €26.9m. That price represents a 21% premium to their third quarter holding value and an exit IRR of 12.1% on funds invested to date in […]

16 Nov 2023
mostly cloudy skies over two rows of solar panels in a field

QuotedData’s morning briefing 16 November 2023 – BSIF, SYNC, PSH, GCL, NCYF, GPM, CYN, NRR, GPE

In QuotedData’s morning briefing 16 November 2023: Bluefield Solar (BSIF) reports that its NAV fell by 3.3p over the third quarter of 2023. The main contributing factors to this were slight underperformance in generation during the quarter, due to lower than expected irradiation, and advanced quarterly payments connected to corporation tax and the Electricity Generator […]

Companies
15 Nov 2023
european opportunities trust plc written in white text against a view of sky surrounded by glass office towers

European Opportunities passes continuation vote

The board of European Opportunities Trust says that it welcomes the passing of all resolutions, while acknowledging that significant votes, ranging between 15% and 25% of the issued share capital, were cast against the directors’ remuneration policy, the directors’ remuneration report, the re-elections of directors and the company’s continuation as an investment trust. Much of […]

Sectors
15 Nov 2023

Encouraging signs on cost presentation problem

If you read my QD view from 27 October, you’ll be aware of the efforts that are going on to improve the way that costs are disclosed and stem the tide of money leaving the investment companies sector, helping to address its current discount problem. Encouragingly, politicians seem to be grasping the nettle here. On […]

15 Nov 2023
a coffee cup next to an alarm clock

QuotedData’s morning briefing 15 November 2023 – GCP, FP, INOV, WHR

QuotedData’s morning briefing 15 November 2023: GCP Infrastructure Investments (GCP) has released a quarterly update to 30 September 2023. NAV total return over the period was 1.4% while shares fell 11.6%, widening the fund’s discount which now sits at 36%. During the quarter, the company completed a refinancing of two existing loan notes secured against […]

Companies
14 Nov 2023

HydrogenOne Capital Growth provides Q3 update

HydrogenOne Capital Growth (HGEN) has provided an update for the third quarter. NAV growth was flat over the three months to September 30, however was up 5.1% over the same period last year, a solid return given broader macro economic headwinds. HGEN has also continued to deliver strong revenue growth with its underlying portfolio companies […]

Sectors
14 Nov 2023
GCP Infrasutcture GABI Merger

JPMorgan UK Smaller Companies Investment Trust to combine with JPMorgan Mid Cap Investment Trust

JPMorgan UK Smaller Companies Investment Trust (JMI) has announced that it has signed terms with the JPMorgan Mid Cap Investment Trust (JMF) in respect of a proposed combination. This would see the issuance of new ordinary shares of JMI and the transfer of part of JMF’s assets. Following its completion, the enlarged JMI shall continue […]

Sectors
14 Nov 2023
a newspaper poking through a letterbox 230731 morning

QuotedData’s morning briefing 14 November 2023 – VEIL, VNH, LAND, PCTN

In QuotedData’s morning briefing November 14 2023: VietNam Holding Limited (VNH) provided a monthly update with NAV total return down 11.7%  due to rising foreign exchange headwinds and geopolitical pressures. Despite the size of the move, this was still ahead of the benchmark VNAS fall of 12.5%. The company also announced it had won the […]

Sectors
Companies
13 Nov 2023
a cup of tea, a croissant and some magazines

QuotedData’s morning briefing 13 November 2023

In QuotedData’s morning briefing 13 November 2023: Marwyn Value Investors (MVI) has announced that it has made a £7.8m investment into Zegona Communications, participating in a total equity placing of £262m. This equity raise was made as part of Zegona’s acquisition of Vodafone Holdings Europe, S.L.U. (“Vodafone Spain”) for €5.0bn, funded through a combination of […]

Companies
10 Nov 2023

QuotedData’s weekly news update 10th November 2023

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 and Richard Williams covered the week’s top stories: • Downing Strategic Micro Cap • UK Commercial Property/ Picton This week’s interview was with Craig Martin from Vietnam Holding – watch […]

Sectors
10 Nov 2023

QD view – Japan: more to play for?

The Japanese market has been the surprise success story of the past 12 months. The Topix has hit multi-decade highs, rising 21% since November last year, fuelled by corporate governance reform and economic revival[1]. Yet the spoils have not been equally shared, with small and mid-cap companies trailing the index heavyweights. Could there be more […]

Companies
10 Nov 2023

AVI Global comfortably beats benchmark and ups dividend 6%

AVI Global Trust has announced its annual results for the year ended 30 September 2023, during which it has provided NAV and share price total returns of 15.3% and 14.8% respectively, both comfortably ahead of its comparator benchmarks, the MSCI All Country World Index and the MSCI All Country World ex-US Index, which returned 10.5% […]

Sectors
10 Nov 2023

Volta Finance “offers excellent value at these pricing levels”

Volta Finance (VTA) has published its annual results for the year ended 31 July 2023, during which its NAV per share has grown to €6.45 at 31 July 2023, an increase of 3.7% on the €6.22 recorded at 31 July 2022, and the dividend has been maintained at 8.0% of NAV, equating to a yield […]

Sectors
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