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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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% […]
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 […]
In QuotedData’s morning briefing 10 November 2023: Fidelity Emerging Markets (FEML) has announced a correction to the dividend rate detailed in its annual report (in both the financial highlights and the chairman’s statement). The dividend rate is 19 cents per participating preference share and not 0.19 cents per participating preference share. All other details remain […]
Foresight Sustainable Forestry has updated on progress over the six months ended 30 September 2023. The board says that it is disappointed to see the share price trade at a discount to NAV. Together with the investment manager it says that it is: Reviewing planting and harvesting timetables to optimise cash flows. Advancing non-core asset […]
Schroder Oriental Income Fund has published its annual report and accounts for the year ended 31 August 2023. The trust’s NAV total return for the full financial year was -3.5%, with a similar return from the share price. This did represent outperformance of the benchmark index, the MSCI AC Pacific ex Japan in sterling terms, […]
Schroders Capital Global Innovation Trust has made an investment of $8.0m in an India-based vendor digitisation company, Bizongo. This investment formed part of the company’s $50.0m Series E funding round that was led by Schroders Capital with participation from other investors including IFC, BCap, Chiratae Ventures, and British International Investment. What is vendor digitisation? I […]
The board and manager of Downing Strategic Micro-Cap have decided that, with the continuing negative sentiment towards smaller companies and small investment trusts, it is timely to begin a managed wind-down of the company, with the intention to make the first return to shareholders of at least 20% of capital in early 2024. This will […]
In QuotedData’s morning briefing 9 November 2023: Murray Income says it will pay three interim dividends of 9.5p in December, March 2024 and June 2024. Up from 8.25p for the previous financial year. The directors are trying to rebalance the trust’s quarterly dividends in order to accelerate payments to shareholders. As a result, the board […]
European Opportunities Trust has responded to a letter published by Saba Capital Management regarding its opposition to EOT’s proposed tender offer. The board believes that the 50% tender offer suggested by Saba would not be in the best interests of the majority of shareholders and affirms its position in recommending that a 25% tender offer […]
BlackRock Greater Europe Investment Trust (BRGE) announced its annual results for the 12 months to 31 August. The company’s NAV returned 19.2% and the share price return was 17.1%, in comparison to the benchmark FTSE World Europe ex UK Index which returned 15.8% over the same period. As at 31 August 2023, the company’s NAV […]
UK Commercial Property REIT (UKCM) has announced that it is in discussions with Picton Property Income (PCTN) in relation to a possible all-share merger. PCTN’s board has made the proposal to UKCM, with the merger discussions centring on an EPRA net tangible asset (NTA) for EPRA NTA basis. PCTN said the possible combined company would […]
In QuotedData’s morning briefing 8 November 2023: HgCapital Trust (HGT) announced its results for the three months ended September 30 2023. The company saw a total NAV increase of 4.8% to £2.3 billion. Share price total return was 5.4%, well ahead of its benchmark FTSE All-Share Total Return Index which returned 1.76%. The company also […]
Fidelity Special Values (FSV) announced its final results for the year with a NAV total return of 5.9% and a 5.6% share price total return against a Benchmark return of 5.2%. The company’s overweight to banks was the largest contributor to performance with the advisor noting that while the performance may look unremarkable at face […]
Scottish Oriental Smaller Companies (SST) announced its annual results for the year ended 31 August 2023. NAV total return was 6.5%, well ahead of the MSCI AC Asia ex Japan Small Cap Index which was up 1.8% and the broader MSCI AC Asia Ex Japan Index, which fell 8.4% Shares were up 8.4%. The largest contributors […]
Sirius Real Estate has continued its asset recycling programme with the sale of an industrial park in Maintal, in Germany’s southwest Hesse region, for €40.1m and acquisition of a portfolio of three business parks in North London for £33.5m. The disposal price in Germany was at a net initial yield of 5.7% and was achieved at […]
3i Infrastructure (3IN) has announced its results for the six months to 30 September 2023. The company generated a total return of 6.3% on opening NAV for the first half of the year, ahead of the target return of 8% to 10% per annum. The portfolio overall is performing robustly and ahead of expectations. During […]
International Biotechnology Trust (IBT) announced its results for the year ended 31 August 2023. The share price total return rose by 3% over the financial year to the end of August 2023, while the benchmark NASDAQ Biotechnology Index (NBI) fell by 1.4% over the same period. The company’s Net Asset Value rose by 2.7%. Most of […]
In QuotedData’s morning briefing 7 November 2023: Riverstone Energy Limited (RSE) announced that Hammerhead Energy Inc has finalised the sale of Hammerhead to Crescent Point Energy Corp, a Calgary based energy company, for an enterprise value of C$2.55 billion. RSE invested in Hammerhead, alongside Riverstone Global Energy and Power Fund V, holding approximately 15.5 million […]
In the aftermath of its failed continuation vote, the board of Hipgnosis Songs Fund (SONG) has provided clarity around the status of its dividend. Having undertaken a review of the SONG’s financial position, the board has determined that it will not declare dividends before the new financial year. The operating cash flow will instead be […]
In QuotedData’s morning briefing 06 November 2023: Riverstone Credit Opportunities (RCOI) has announced that it has entered into an agreement with Breakwall Capital to provide sub-management services for all credit vehicles managed by Riverstone, including RCOI. Breakwall is a newly formed independent asset management firm expected to be regulated by the SEC, the US financial […]
abrdn Diversified Income and Growth (ADIG) has endured a tough run over the last few years. The trust invests in a broad range of assets – a total of 130 investments at the end of September 2023, all of which are funds – that includes exposure to private assets (58.9% – which includes unlisted alternatives, […]
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