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 […]
Unite Group reported strong returns over 2024 boosted by growing university applications (including overseas student demand) and dwindling supply of quality accommodation. The company posted 8.2% rental growth for the 2024/25 academic year and 97.5% occupancy (2023/24: 7.4% and 99.8%), with adjusted earnings per share up 5.2% to 46.6p. EPRA net tangible assets (NTA) was […]
In QuotedData’s morning briefing 25 February 2025: JPMorgan Emerging Markets Investment Trust (JMG) announced its half year results for the period ended 31st December 2024. The company delivered a NAV total return of 2.8% and a shareholder total return of 2.1%. This compares with a 1.0% increase in the benchmark, the MSCI Emerging Markets Index. […]
Gore Street Energy Storage Fund has energised its last in-construction assets: Dogfish (75 MW / 75 MWh, in Texas) and Enderby (57 MW / 57 MWh, in Great Britain). This takes the energised portfolio capacity to its targeted level of 753.4 MW / 924.1 MWh. Taken together with the energisiation of Big Rock earlier this […]
Bluefield Solar has completed a refinancing as part of its management of the 359MW portfolio of solar PV assets it jointly owns with GLIL Infrastructure. The refinancing was completed in January 2025 with a consortium of lenders and replaces about £214m of existing inflation-linked debt on the solar PV portfolio, with about £297m of fixed-rate […]
Supermarket Income REIT has acquired nine Carrefour supermarkets in France for €36.7m and sold a Tesco store for £63.5m. Carrefour acquisitions The company has completed the acquisition of a portfolio of a further nine omnichannel Carrefour supermarkets in France. The stores were acquired through a direct sale and leaseback transaction with Carrefour, for a total […]
In QuotedData’s morning briefing 24 February 2025: VietNam Holding (VNH) says it is switching to holding shares that it buys back in treasury rather than cancelling them. [This makes sense – the trust has been buying back stock for a long time and this, and its superior performance record – ahead of all of its […]
Saba Capital Management has withdrawn its requisition notice of Middlefield Canadian Income after discussions with the board. Since the receipt of the requisition, the board said that it had consulted with a number of the company’s largest shareholders, including Saba, and following “constructive discussions”, Saba has agreed to withdraw the requisition for a period of […]
It has been another eventful week in the investment company sector. My colleague Richard covered the launch of Achilles Investment Company here and I wrote about it for Citywire, which you can read here. There is an enormous mismatch between NAVs and share prices in the alternatives sectors. We have done our bit to try […]
James Douglas, Fund Manager of the Polar Capital Global Healthcare Trust Global equity markets posted positive gains throughout most of 2024 with the main trend appearing to be a rotation into some of the more economically sensitive areas of the market such as information technology and communication services. Comparatively, healthcare really struggled and underperformed the […]
Bankers Investment Trust says that “Following discussions with shareholders since the publication of the company’s Annual General Meeting Notice dated 15 January 2025, and given that market circumstances have changed, the board has decided to withdraw Resolution 15 from the agenda of the Annual General Meeting, to be held at 12 noon on Tuesday 25 […]
Rights and Issues Investment Trust’s full year results revealed a NAV total return of 8.8% in 2024 compared to 5.5% for its benchmark, the FTSE All-Share Index. The share price increased by 11.7% over the year, and at the end of the year the discount to NAV had narrowed to 6.4%, a reduction from 8.9% […]
In QuotedData’s morning briefing 21 February 2025: HydrogenOne Capital Growth (HGEN) has announced the start of commercial operations at a new P2X Solutions green hydrogen plant in Finland, using portfolio company Sunfire AG electrolysers. The Sunfire electrolyser is Finland’s first industrial plant for the commercial production of green hydrogen. The Harjavalta plant’s production capacity is 20 […]
A new activist investment company is looking to launch with its sights set on “poor performing” alternative investment companies. A prospectus has been published for Achilles Investment Company, which will start trading on Monday after raising £54m. It will be managed by Harwood Capital Management and led by its chief executive Chris Mills, with Robert […]
Home REIT has revealed that it has received a number of non-binding offers for the full portfolio from “credible parties” that have been selected to proceed to the next stage of the process. Having sold (or exchanged on the sale of) 1,622 properties since August 2023 for a total of £239.8m, the company is left […]
Herald Investment Trust has published results for the 12 month period ended 31 December 2024. The NAV as at 31 December 2024 was 2,488.2p (2023 – 2,219.2p), an increase of 12.1% during the year, compared to an increase in the comparative total return indices of 5.0% for the Deutsche Numis Smaller Companies plus AIM (ex. […]
Polar Capital Global Financials Trust has published results for the 12 months ended 30 November 2024. It was a great year for the sector. In NAV terms, the trust just failed to keep pace with its MSCI ACWI Financials Index benchmark, returning 34.8% to the index’s 36.1%. However, a narrowing discount (from 12.2% to 5.5%) […]
Black Rock Throgmorton has announced results for the 12 months ended 30 November 2024. Over that period, its NAV return was 16.3%, ahead of the benchmark Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index which returned 14.1%. However, the discount widened from 3.6% to 13.2% and that meant the return to shareholders was […]
Keystone Positive Change is pushing ahead with its cash or rollover scheme. As previously announced, each ordinary shareholder will be entitled to elect to receive, in respect of some or all of their shares, new shares in the Baillie Gifford Positive Change Fund and/or an uncapped cash exit (subject to the cash option discount of […]
In QuotedData’s morning briefing 20 February 2025: Jupiter Green (JGC) has updated the timetable for its proposed reconstruction. The last day of dealings in its shares will be 4 March 2025. Diverse Income (DIVI) says that Gervais Williams and Claire Long will update investors via a live presentation on 6 March 2025 at 11am. The […]
In QuotedData’s morning briefing 19 February 2025: Brown Advisory US Smaller Companies (BASC) announced a 5.3% uplift in NAV to 1,550.0p over the six months ended 31 December 2024, while its share price increased 9.2% to 1,400.0p – closing its discount to NAV to 9.7%. The performance lagged its benchmark – the Sterling-adjusted Russell 2000 […]
Foresight Solar’s board said that it was considering a range of strategic options to deliver value to shareholders, having engaged with shareholders. This follows investors voting against its discontinuation back in June where 24.4% voted for the discontinuation of the fund. The board said that some have expressed a desire for liquidity, while others were […]
In QuotedData’s morning briefing 18 February 2025: The board of Assura (AGR) has responded to the announcements yesterday from KKR and USS about the proposal to buy the company. It said that it considered the proposal carefully with its advisers and concluded that it materially undervalued the company and its prospects and therefore rejected it […]
Assura has rejected a bid for the company from a consortium comprising Universities Superannuation Scheme (USS) and US private equity giant KKR valuing it at £1.562bn. USS and KKR have submitted four indicative non-binding proposals to the Assura board regarding a possible cash offer for the company – the most recent at 48.0p per share, […]
In QuotedData’s morning briefing 17 February 2025: Fair Oaks Income (FAIR) is returning $4.5m to holders of its realisation shares on 28 February 2025 by way of a compulsory partial redemption of realisation shares. This sixth redemption since the share class was created will be effected at 56.58 US cents per share (NAV as at […]
Investors’ most enduring love affair over the past decade has been with mega-cap technology stocks. They have swooned as the sector has gone from strength to strength, pushing more and more capital in its direction. However, there is a growing question as to whether this romantic entanglement is nearing its natural end. Until recently, the […]
At today’s meeting of Edinburgh Worldwide shareholders that was requisitioned by Saba Capital, Saba’s proposals were overwhelmingly rejected by 63.8% to 36.2%. The turnout at the meeting was 64.7%. Edinburgh Worldwide’s chair Jonathan Simpson-Dent said: “Edinburgh Worldwide’s shareholders have spoken: they have rejected Saba Capital’s proposal for a fundamentally different strategy based on fundamentally different […]
The board of Jupiter Green Investment Trust has proposed liquidating the company and giving shareholders the option to roll their investment into units in Jupiter Ecology Fund (Ecology), a Jupiter open-ended fund, or receiving an uncapped cash exit equal to NAV. Accordingly, the board is putting forward proposals to shareholders for the winding-up of the […]
Phil Kent, Lead Investment Adviser to GCP Infrastructure Investments Ltd Infrastructure is all around us. It’s economic infrastructure, like roads, bridges and airports. It’s social infrastructure such as hospitals and schools. It’s digital infrastructure in the form of communications towers, data centres and networks. And it’s environmental infrastructure, such as offshore wind farms and solar. […]
