GCP Infrastructure Investments (GCP) announced its quarterly results to June 30, 2023. NAV fell 2.2% due to increases in discount rates which reflect the current higher inflation and base rate environment, and recent market transactions that suggest the rising cost of debt has started to impact equity pricing. This has resulted in a c.40bps increase […]
Alliance Trust (ATST) has announced its interm results for the the six months ended 30 June 2023. The company’s NAV total return was 11.1%, significantly outperforming its benchmark index, the MSCI All Country World Index which returned 7.8%. Total shareholder return was 7.6%, due to a widening of the discount, although at -7.2% this was […]
Law Debenture (LWDB) published its results for the half-year ended 30 June 2023. NAV total return for H1 2023 delivered a modest outperformance of 4.0% compared to its benchmark, the FTSE All-Share Index, which returned 2.6%. The company’s profit before tax was up by 8.5% and valuation up 4.4% to £210m (compared to 30 December […]
MIGO Opportunities Trust has appointed Asset Value Investors Limited (AVI) to become its AIFM and investment manager. It will continue to implement MIGO’s existing investment objective and policy. The decision follows detailed shareholder engagement and a rigorous selection process, as part of the board’s manager review announced in March. AVI is an experienced manager of […]
Taylor Maritime (TMI) results are out for the 12 months ended 31 March 2023. The company’s NAV return was 4.7%. Some highlights: Dividends of 10.97 cents were declared in the year ended 31 March 2023 (31 March 2022: 3.50 cents). In addition, the company declared an interim dividend on 27 April 2023 of 2 cents […]
Ecofin US Renewables (RNEW) confirms that following the 21 June 2023 tornado in Matador, Texas, its 59.8MW Whirlwind Energy wind farm in Floydada, Texas, remains temporarily offline. As previously communicated, the tornado left the Whirlwind asset itself unharmed and affected only five project-owned transmission poles at the far end of Whirlwind’s transmission line along with the […]
In QuotedData’s morning briefing 27 July 2023: AVI Global Trust (AGT) has completed an agreement to issue JPY4.5bn (£25m) of fixed rate unsecured debt, for a term of ten years. The annual interest rate on the debt is 1.44%. The company is about 4% geared currently. Greencoat UK Wind’s (UKW) NAV dropped from 167.1p to […]
Oakley Capital has released it 6-month trading update for the period ending 30 June 2023. Over the period Oakley reported a NAV total return of 0.5% and share price return of 5.3%. OCI’s returns reflect a cautious approach by its team to the outlook and valuations of their holdings, as well a 3% currency loss […]
NextEnergy Solar has today published its latest sustainability and ESG report, which you can read here. This report builds on NESF’s first sustainability and ESG report published in 2022 and illustrates the breadth and depth of actions that the company has taken across the three pillars that comprise its approach to sustainability and ESG – […]
Invesco Asia Trust (IAT) has release its annual results for the period ending 30 April 2023 IAT reported a NAV total return of 1.2% and share price total return of 1.2%, compared to the -6.0% return of its benchmark, the MSCI AC Asia ex Japan Index. IAT’s outperformance primarily came from stock selection, with noteworthy […]
Grit Real Estate Income Group has concluded the final phase in the acquisition of controlling interests in developer Gateway Real Estate Africa (GREA) and asset manager APDM. Grit now owns a direct interest of 51.48% in GREA and a 78.95% shareholding in APDM, following the acquisition of stakes owned by Gateway Partners and Prudential. The […]
As a result of its strategic review, launched on 13 February 2023, abrdn Smaller Companies Trust (ASCI) has proposed that it combine with Shires Income (SHRS). The merger will also see ASI’s revenue reserve paid out as a pre-liquidation dividend. ASCI’s shareholders will have an option to either roll into SHRS or take a cash […]
QuotedData’s morning briefing 26 July 2023 Primary Health Properties (PHP) reported a 1.3% fall in NAV to 111.1p per share for the six months to 30 June 2023. The group’s portfolio of GP surgeries and health centres was valued at £2.783bn at 30 June 2023, down 0.4% over the period (31 December 2022: £2.796bn) reflecting […]
Student housing provider Unite Group has raised £300m in a placing. A total of 32,693,930 new ordinary shares were placed with institutional investors at a price of 905p, raising £296m. Retail investors subscribed via the PrimaryBid platform for a total of 441,989 new ordinary shares, raising £4m. The issue price of 905p represents a discount of […]
Henderson Diversified Income (HDIV) released its annual results for the year ended 30 April 2023. NAV total return was down 4% for the year, underperforming its benchmark by 3.7%. Shares fared slightly better, down 1% for the year. It has been a year of two halves for the company with NAV falling by 10.4% through […]
abrdn Diversified Income and Growth (ADIG) has provided an update on its recently announced strategic review, informing shareholders that the decision regarding the funds future is ongoing. The board did note that they were suspending the company’s share buyback policy in the light of the ongoing review process. [QD Comment: This continues to be a […]
In QuotedData’s morning briefing 24 July 2023: Alliance Trust (ATST) has added a new stock picker to its roster, bringing the total to 10. ATST’s investment manager Willis Towers Watson has appointed Dalton Investments, a value-focused Japanese specialist, which will receive 4% of ATST’s capital. Craig Baker, chairman of WTW’s investment committee, said: “Following extensive […]
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 stories: • abrdn New Dawn/Asia Dragon (0:27) • Digital9 Infrastructure (7:44) This week’s interview was with Ian Lance from Temple Bar – watch it again here.
We have previously espoused the notion that the widespread discounts in the unlisted investment trust sectors are often unjustified. It is certainly true that many viable investment strategies are trading on ever wider discounts, if not their historically widest levels, with investors for example selling down their holdings out of fear of valuations cuts, or […]
abrdn New Dawn Investment Trust (ABD) has announced that it has agreed to terms with the board of Asia Dragon Trust in respect of a proposed combination of the two trusts. The combination, if approved by each company’s shareholders, will be effected by way of a scheme of reconstruction and winding up of abrdn New Dawn […]
Riverstone Credit Opportunities Income (RCOI) provided an update for the quarter ended 30 June 2023. NAV rose 1.4% for the period principally due to continued strong performance by the company’s unrealised portfolio and the successful refinancing and amendment of its investment in Streamline Innovations Inc. The company continues to be a beneficiary of the current […]
TwentyFour Income Fund, which invests in securitised debt has decided to update investors on its views of mortgage markets. It says that it wants to provide more information about the risk that it has exposure to, and what mortgage lenders can do to help support borrowers if needed. TwentyFour Income predominantly invests in debt securities […]
Nomadia, a leading European SaaS provider of smart mobility solutions, announced that it has secured a majority investment from Hg. As part of this transaction, the Nomadia management team and former majority owners will continue as investors in the business. Headquartered in France, Nomadia’s mobile applications and SaaS solutions enable companies to plan and optimise […]
In QuotedData’s morning briefing 20 July 2023: Bellevue Healthcare (BBH) is operating an annual redemption facility as usual this year. However, to be eligible to take part in November/December, you must be holding shares at 2 September 2023. This is to give the company the chance to get the paperwork done for what it fears […]
Polar Capital Technology Trust (PCT) announced its full year results for the period 30 April 2023. The company’s NAV fell 2.8% for the year while shares fell 4.9% compared to the benchmark Dow Jones Global Technology Index return of 2.9%. While recent performance for the trust has been impressive, driven by large cap US tech, […]
Herald Investment Trust (HRI) announced its half year results for the period ended June 30 2023. NAV for the company fell 0.3% while shares fell 1.8%, outperforming the Numis Smaller Companies Index which fell 1.8%, although the Russell 2000 Technology Index was up more than 16%. Herald operates a global portfolio with exposure to several […]
Castelnau Group (CGL) announced that further to the issue of new ordinary shares in connection with its acquisition of Dignity, announced on 5 May 2023, the company will issue a further 7,479 ordinary shares in connection with the listed share alternative pursuant to the statutory squeeze out. The board of Strategic Equity Capital (SEC) has […]
Twentyfour Income Fund (TFIF) announced its annual report for the year end 31 March 2023. NAV for the year fell 10% while shares fell 6%. Discussing the performance for the period, the investment manager noted the following; “The company started the reporting period just after the invasion of Ukraine by Russia, meaning the risk sentiment […]
Digital 9 Infrastructure (DGI9) has provided a company update on its recent and ongoing activities. The key highlights from the report were: Considerable investor interest in equity syndication Continued evaluation of additional complementary sources of growth capital Reaffirmed target aggregate dividend of 6.0 pence per ordinary share for the year ending 31 December 2023 Operating […]
Brunner Investment Trust (BUT) provided an update for the six month period to 31 March 2023. NAV per share increased by 1.6% compared to a benchmark return of 0.3% while shares were up 2.3%. Management sited a strict focus on valuation as one of the factors that allowed the company to avoid some of the […]
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