Difficult year for high yield funds like City Merchants – High yield investors like City Merchants High Yield (CMHY) operated in choppy waters over the second half of 2018 as investors went on the defensive. Spreads between high yield and investment grade bonds widened and, by association, prices on these securities fell. The company’s NAV […]
Gresham House Strategic delivers 20.4% return to shareholders – Gresham House Strategic (GHS) uses a more involved private equity style of investing to take positions (no more than 10-15) in mainly UK-based small-cap stocks (it can also invest upto 30% in unquoteds). GHS has been one of the best performing small-cap funds over the three […]
Globalworth Real Estate announces €170m Poland deals – In a further sign of strength in the Polish economy, Globalworth Real Estate (GWI) has completed two deals in Poland, which were identified, for a combined €169.9m. The deals are being carried out by GWI’s Polish subsidiary. Key takeaways from the two deals: Warsaw trade tower Acquired […]
Axiom European Financial Debt sees attractive entry points – Axiom European Financial Debt (AXI) has reported results for the year to December 31, 2018 with shareholder total returns down following the challenges the sector faced in the fourth quarter. AXI was setup to take advantage of change in the regulatory environment applying to the capital […]
Sareum (SAR) has noted the presentation by its partner Sierra Oncology of preclinical data showing “profound synergy” for the triple combination of the CHK1 inhibitor SRA737 in combination with low-dose gemcitabine (LDG) and anti-PD-L1 immunotherapy in a mouse model of small cell lung cancer (SCLC). The data were reported in a late-breaking oral presentation at the […]
AXA Property proposes investment policy and name change – Following on from the appointment of Blake Nixon to the board last week (click here to read to more on this story) and consultation with shareholders, AXA Property (APT) is proposing a change in its investment policy today. APT’s board is proposing the company becomes an […]
Sirius Real Estate completes non-core asset sale programme – Sirius Real Estate (SRE), a leading operator of branded business parks providing conventional and flexible workspace in Germany, has completed the sale of its Bremen Dötlinger Strasse Business Park, to a private investor, for €6.3m. The sale is in line with the book value at 30 September […]
Pacific Assets outperforms benchmark in a turbulent 2018 – Pacific Assets Trust has announced its results for the year ended 31 January 2019. The trust was able to outperform the MSCI All Country Asia ex Japan Index. NAV total return was +4.7%, with the benchmark returning -7.7%. NAV total return was down 8.1% from the year […]
Tufton Oceanic buys two cargo ships for $13.5m – Tufton Oceanic (SHIP) is growing its vessel fleet to 14 after striking a deal to acquire two general cargo ships for $13.5m. They will be the first investments made from the proceeds of a placing announced in March, where $50m was raised. Click here to read […]
Dolphin Capital asset disposals gather pace in 2018 – Dolphin Capital (DCI), the Mediterranean focused developer and investor in luxury residential and resort projects, made a number of sales in 2018 as part of ongoing efforts to fully divest its portfolio. Taking into account deferred tax liabilities, NAV was down 14% in the year to […]
F&C agrees long-term fixed rate funding – F&C Investment Trust has agreed to issue a number of fixed rate senior unsecured private placement notes: EUR42 million for seven years at a coupon of 0.93% GBP57m for 23 years at a coupon of 2.59% GBP37m for 30 years at a coupon of 2.69% GBP20m for 40 years […]
Menhaden baled out by X-ELIO write up – Menhaden has released results for the year ended 31 December 2018. In an environment of falling markets, the NAV slipped again to 90.6p from 92.1p and the share price fell to 67p from 68.5p, with no sign of any narrowing of the discount. The NAV total return was […]
EJF Investments delivers 19.1% NAV total return in 2018 – EJF Investments (EJFI) outperformed its total return target of 8-10% in the year to December 31, 2018, delivering a NAV total return of 19.08%. Through its subsidiaries, the fund invests in opportunities created by regulatory and structural changes impacting the financial services sector. These opportunities […]
Change of guard at Value and Income – Value and Income Trust has announced the retirement of Angela Lascelles and Matthew Oakeshott, with effect from 1 April 2019. Angela and Matthew have managed the trust’s portfolio since August 1986 when, as the founder directors of OLIM Limited, they led the reorganisation of the trust, raising its […]
Infrastructure India reaches $105m loan agreement – Infrastructure India (IIP) has agreed a conditional proposed financing worth up to $105m with IIP Bridge Facility, an affiliate of GGIC. The loan is expected to provide capital to allow distribution logistics infrastructure private (DLI), a subsidiary of IIP, to complete, commission and ramp up all of its […]
INPP buys BeNEX Rail stake – International Public Partnerships Limited has entered into a sale and purchase agreement to acquire a further 51% shareholding in BeNEX GmbH from Hamburger Hochbahn AG, the City of Hamburg’s municipal public transportation company. The company has agreed to invest up to approximately EUR54 million of which part will be subscribed […]
Syncona/Woodford investment Autolus reports positive data – Claire Roddie MB, PhD, FRCPath, honorary senior lecturer, Cancer Institute, University College London, has presented initial data from the ongoing Phase 1/2 trial of AUTO1 in adult acute lymphoblastic B cell leukemia (ALL). the presentation was made at the American Association of Cancer Research Annual Meeting 2019 in Atlanta, […]
Jupiter’s Alexander Darwall to focus on European Opportunities – will hand over £7.7b open-ended funds – Investors in Jupiter European Opportunities trust (JEO) are likely to welcome today’s announcement that the trust’s manager, Alexander Darwall, is relinquishing control of Jupiter’s £5.3b and £2.4b European and European Growth open-ended funds to focus on JEO. Jupiter are […]
Renewables Infrastructure Group buys Burgundy wind farm for €30 million – Renewables Infrastructure Group (TRIG) has announced the acquisition of 100% of the Tille et Venelle (T&V) wind farm in Burgundy, central France. T&V will be a 40MW onshore wind farm once construction is complete. T&V was developed by Paris-based Velocita Energies and they are […]
Residential Secure Income announces £60m investment in London shared ownership project – Residential Secure Income (RESI) has exchanged contracts to acquire 132 new build London apartments for £60mn. Located at Clapham Park, in the borough of Lambeth, the apartments will be converted into affordable shared-ownership units, utilising grant funding from the greater London authority’s homes […]
Schroder European bolsters French logistics portfolio with €17.3m buy – Schroder European Real Estate Investment (SERE) has announced it has completed deals to acquire two logistics warehouses near Rennes, in Brittany, France, for €17.3m. The deals reflect a net initial yield of 5.9% and have been part funded with a new loan facility worth €8.6m. […]
EP Global Opportunities appoints Tom Walker to its board – The value focused growth fund, EP Global Opportunities (EPG), has confirmed the appointment of Tom Walker to its board of directors effective today. Tom takes on the role of independent non-executive director. He brings with him extensive experience in investment management, including in investment trusts […]
AXA Property appoints Blake Nixon to the board following January EGM – The European commercial property investor AXA Property (APT) has announced a change of directors following a shareholder-directed extraordinary general meeting (EGM) held on 23 January 2019, where the resolution to appoint Blake Nixon to the board was passed by 56.7% majority. We looked […]
NB Global Floating Rate Income boosts dividend by 20% in 2018 – NB Global Floating Rate Income increased its dividend by 20% to £4.02p in the year to December 31, 2018. The company’s chairman, Rupert Dorey, was pleased with the year’s performance. “The board is satisfied with the recent performance of the company’s portfolio which […]
GCP Asset Backed Income shareholders earn 9.1% return in 2018 – GCP Asset Backed Income (GABI) had a good 2018 (to December 31) with shareholders earning a total return of 9.1%. The company, which at the end of 2018 had a total loan book of £372.3m, typically lends in the £5m-20m range, an area most […]
Merchants Trust raises dividend for 37th consecutive year – The UK equity-focused income fund Merchants Trust (MRCH), which has a 130-year-old history, reported results today for the year to January 31, 2019. Highlights from the announcement Dividend growth of nearly 5%, ahead of inflation, and yield remains well above the sector average. The current dividend […]
Schroder Asia Total Return hit by China weakness – Schroder Asian Total Return has published its annual report for the year ended 31 December 2018. The chairman says that 2018 was a difficult year. The company produced a net asset value total return of -8.1%, better than the total return of -8.6% from an equivalent index […]
Fidelity Japan NAV down 15.4% in 2018 – Fidelity Japan (FJV), the small and mid-cap fund, has published its annual results for the year to 31 December 2018. The company had a difficult year in 2018 with its NAV and shares down 15.4% and 16.2% in sterling terms respectively, underperforming the 8.3% decline in the […]
NB Distressed Debt pushes on with shareholder returns in 2018 – NB Distressed Debt (NBDD) has published its annual report for the year to 31 December 2018. The company is made up of a number of different share classes: the Ordinary Share Class; the Extended Life Share Class; and the New Global Share Class. All three […]
Regional REIT posts strong 2018 results driven by offices portfolio – Regional REIT (RGL) is benefitting from the relatively strong performance of the regional UK office market outside London. The company has announced results for the year to 31December 2018. Its EPRA NAV per share increased by 9% to 115.5p, while its total dividend was up […]
