Alcentra favouring Europe – Alcentra European Floating Rate Income Fund‘s results for the year ended 31 March 2018 show that it delivered an NAV uplift from 104.14p as at 31 March 2017 to 104.55p as at 31 March 2018. Including dividends, the fund delivered an NAV total return of 5.0% and a share price total return of 0.9%. The company […]

Investment Trust Insider on Hadrian’s Wall Secured Lending James Carthew: Can Hadrian’s Wall take on Funding Circle? Funding Circle SME Income Fund (FCIF)’s premium has taken a bit of a knock after its board indicated that its dividend will be cut later this year. The fund had paid quarterly dividends at a run rate of […]

Middlefield Canadian Income celebrates Enbridge pipeline approval – Middlefield Canadian Income PCC is highlighting a positive update on Enbridge Inc. (TSX: ENB, NYSE: ENB), which is currently the largest portfolio holding (approximately 5% of the fund). On 28 June 2018, Enbridge announced that it was granted approval from the State of Minnesota’s Public Utility Commission for Enbridge’s […]

Phaunos receives cash offer from Stafford Capital Partners – Further to the announcement by Stafford Capital Partners (click here to read more) on 5 June 2018 setting out the key financial terms of a possible offer for Phaunos Timber Fund Limited (PTF), Stafford has announced its proposed all-cash offer. Phaunos receives cash offer from Stafford Capital Partners The offer is […]

LondonMetric Property swaps M&S for Lidl – LondonMetric Property has sold two M&S convenience stores for GBP10.7 million, reflecting a NIY of 4.5%, and purchased a convenience development in Durham pre-let to Lidl for GBP13.3 million, reflecting a yield on cost of 5.4%. The two M&S stores that have been sold were purchased by LondonMetric […]

Residential Secure Income REIT patience required – Residential Secure Income REIT has announced its first results, these cover the period from launch in July 2107 to 31 March 2018. In the period under review they acquired 1,341 residential units located across England, Wales and Scotland. All of these units are used to provide age-restricted retirement housing and are […]

Regional REIT sells industrial portfolio – Regional REIT, the UK regional office and industrial property focused real estate investment trust, today announces it has exchanged and completed on the disposal of an industrial property portfolio for GBP39.1m. This reflects a net initial yield of 6.9%. The sold industrial portfolio comprised of 15 industrial property assets, […]

BioPharma Credit makes new loan to TESARO – BioPharma Credit has funded, together with other investors, the US$200m second tranche of the aggregate US$500m loan to TESARO, Inc. that was announced on 21 November 2017.  BioPharma Credit funded US$100m and assigned its remaining US$48m second tranche commitment to other investors, resulting in a total investment in […]

Montanaro European Smaller benefits from narrowing discount – the net asset value of Montanaro European Smaller Companies Trust rose by 10.8% to 901.1p per share over the year to the end of March 2018. The share price did even better – rising by 15.1% to 800.0p, as the discount narrowed from 14.5% to 11.2%. The fund’s […]

Polar Capital investee Novartis confirms Alcon spin-off Novartis shares have risen by 4% today in response to news that it will conduct a 100% spin off next year of its Alcon eye-care unit  into a separately traded company listed in Switzerland and the US.  The move, which comes after a strategic review of the long […]

Trust favourite Celgene claims win in Medalist trial US biotech and specialist trust favourite Celgene (Nasdaq: CELG) has reported a positive result in a closely-watched Phase III trial that was being seen as a key step necessary in its rehabilitation with investors. The trial was of the drug candidate luspatercept for treatment of anaemia associated with a type […]

BBGI invests in Canadian hospital – BBGI SICAV S.A. says that it has now completed its investment in the McGill University Health Centre, an investment made through the existing strategic partnership between it and  SNC-Lavalin Group Inc. (that was announced last year). The asset, as described below, is classified as availability-based under the investment policy of the […]

Higher dividends and lower fees from Jupiter Green – The annual report for Jupiter Green Investment Trust PLC (JGC) has been released for the year to 31 March 2018. Performance Every year, shareholders of Jupiter Green can subscribe for one new ordinary shares for every ten shares they already own.  As a result, the performance of the […]

Funding Circle SME Income cuts dividend forecast – Funding Circle SME Income Fund’s board has announced that it “has noted a material increase in the cost of hedging the company’s US Dollar-denominated assets back into sterling“. It blames “divergent monetary policy and economic prospects in the US and UK, which has seen a significant widening […]

Tritax Big Box forward funds Darlington facility – Tritax Big Box REIT has exchanged contracts for the forward funded development of a new logistics fulfilment centre at Link 66, Darlington, pre-let to a “financially robust world leading retailer”. Completion is expected in early July 2018 when the land will be acquired and the development will […]

JPMorgan Japan Smaller Companies introduces new dividend policy In its final report for the year ending 31st March 2018, the board of JPMorgan Japan Smaller Companies (JPS) announced that, as a move to reduce the  company’s discount to NAV, rather than buy back shares and to make the company more attractive to savers, it proposes to […]

Miton Global Opportunities reports upbeat results as liquidity opportunity looms – Miton Global Opportunities has reported a total return on net assets of 11.1% for the year ended 30 April 2018. the return to shareholders was a bit better at 12.7%, reflecting a narrowing of its discount to 1.2%. The fund compares itself to a […]

HBM gains on IPO of investee Aptinyx HBM Healthcare (HBMN) should be able to see a ~CHF15m gain in NAV, following the IPO of investee company Aptinyx on Nasdaq earlier this week and the 40% rise in its stock price since. Aptinyx (Nasdaq: APTX) raised gross proceeds of $118m from the sale of 7.4m shares at […]

Key regulatory updates biotech specialist trust investees Two stocks that core holdings for biotech specialist trusts have reported important regulatory updates in the past week, with several other companies approaching key events, as detailed below. Array BioPharma (Nasdaq: ARRY), a top ten holding for International Biotechnology Trust (IBT), received FDA approval for Braftovi in combination with Mektovi […]

Aberdeen New Dawn overcomes heightened volatility – Aberdeen New Dawn (ABD) aims to provide shareholders with a high level of capital growth through equity investment in the Asia Pacific countries ex Japan. Performance In its annual financial report for the year ended 30 April 2018, the company reported that its NAV rose by 12.9% during a challenging […]

Ediston frees up floor space at St Philips Point – Ediston Property Investment Company has restructured its lease terms with Weightmans LLP (‘Weightmans’) at St Philips Point, Birmingham. At the moment, Weightmans occupy 37,395 sq. ft. across three floors, on three leases which expire in July 2019.  The current annual rent is GBP606,452.  Ediston has signed […]

Schroder UK Growth delivers last report before manager change – the board of Schroder UK Growth (SDU) announced in April that the manager would move from Schroder Unit Trusts Limited as its alternative investment fund manager (AIFM) and has appoint Baillie Gifford & Co Limited as the company’s new manager, company secretary and administrator. Click here to […]

Sequoia hit by sterling strength – For the financial year ended 31 March 2018, Sequoia Economic Infrastructure has reported a fall in its NAV from 102.72p to 101.32p. Over the same period, it paid dividends of 6p per share, resulting in a total return of 4.1% over the year. Over the year, the appreciation of sterling against […]

Invesco Asia misses out on Alibaba rise – Invesco Asia has reported a return of 14.5% on NAV for the year ended 31 March 2018. This is a bit behind the 16.8% return on its benchmark, the MSCI All Countries Asia ex Japan index. Shareholders were also impacted by a widening of Invesco Asia’s discount, their return […]

Securities Trust of Scotland; another company lowering its fees – The board of Securities Trust of Scotland (STS) and Martin Currie, the investment manager, have agreed a lower management fee. New fee structure The new fee structure, which has been in place since 1st April 2018, was outlined in the company’s annual financial results for the […]

Monks; strong performance with lower fees – the Annual Financial Report of The Monks Investment Trust PLC (MNKS) for the year ended 30 April 2018 has been published. Performance The NAV total return  of MKNS, with borrowings calculated at fair value, was 15.8% and the share price total return was 20.4%. Over the same period the total […]

Investment Trust Insider on BlackRock Emerging Europe James Carthew: BlackRock trust could have avoided upset There have been some fun and games in the investment trust sector recently, what with the ongoing dispute between Invesco Perpetual Enhanced Income (IPE) and its former manager, the proposed merger of Dunedin Smaller Companies (DNDL) and Standard Life UK […]

IP Group investee Carisma Therapeutics closes $53m fundraising   Carisma Therapeutics, a US-based investee company for LSE-listed IP Group (IPO), has closed a $53m series A fundraising. The financing was led by AbbVie Ventures, the corporate venture arm of the US pharmaceutical giant, and HealthCap, an EU VC investor, and included the existing seed investors, IP Group, Penn […]

Invesco team reappointed to Invesco Enhanced – The board of Invesco Perpetual Enhanced Income Limited (“IPE”) has reached a resolution of IPE’s management arrangements. Following discussions between the board and Invesco Fund Managers Limited (Invesco), and following a process to consult with major shareholders, the board has decided to reappoint Invesco as the manager of IPE. Paul […]

Vietnam Holding reappoints old manager- Vietnam Holding (VNH) was in the news a lot in May. It first announced on 16th May, that it was changing its investment agreement with its existing investment manager and wanted to increase its size by acquiring the assets of another Vietnamese listed equity fund (click here to read more on that story).  […]