Strength of the pound hurts the Establishment Investment Trust – The Establishment Investment Trust (ET.) released it financial results for the year ended 31 March 2018. The company’s share price rose by 8.9% (total return), although the NAV fell by 2.5%. Excluding dividends, the share price rose 3.9%. The NAV fell by 6.3%. Since launch in 2002, the share price total return has […]
Lindsell Train has another stellar year – although the premium remains stubbornly high. The NAV of Linsell Train Investment Trust (LTI) rose by 30.0% (total return) in th year to 31 March 2018. It outperformed its own benchmark, which returned 4.0%. For comparison, the MSCI World Index in Sterling rose by 1.3%. The company’s share price returned by 29.6%, reflecting […]
VinaLand will hand back $54m after another housing project sold – VinaLand Limited will make a distribution of USD0.33 per ordinary share. The distribution of approximately USD53.9 million in total will be returned equally to all shareholders, the pay date is Thursday 28 June 2018. Sale of Aqua City Project In addition, VinaLand has announced the sale of its […]
Introduction of AIM stocks benefits Montanaro UK Smaller Companies – the NAV per share of Montanaro UK Smaller Companies (MTU) increased by 7.3% during the year. The share price rose by 9.8% to 560p, reflecting a modest tightening of the discount over the year from 16.0% to 18.0% at 31st March 2018. The company reported that the introduction of […]
Both JPMorgan European’s portfolios beat the index – JPMorgan European has reported its full results for the year ended 31st March 2018. There are two share classes – Growth (JETG) and Income (JETI). Over the 12 month period under review, the company’s benchmark index, the MSCI Europe ex UK Index in sterling returned 3.0% (total return) Results JPMorgan […]
Civitas Social Housing reports “a strong start” – Civitas Social Housing REIT (CSH) aims to provide its shareholders with an attractive level of income, together with the potential for capital growth from investing in a portfolio of social homes. The homes are let to local authorities or housing associations. The objective of Civitas Social Housing is to acquire […]
Triple Point Social Housing adds six properties – Triple Point Social Housing REIT has exchanged contracts to acquire six properties, comprising 27 units, for an aggregate commitment of GBP4.4 million (excluding costs) of these, four were subject to simultaneous exchange and completion (totalling GBP1.8 million). The properties are located in East Anglia (3 units), the […]
Investment Trust Insider on ICG Enterprise James Carthew: the perverse discounts on private equity Some of the discounts in private equity investment trusts look perverse given the high prices they are achieving on the sale of mature portfolios. The listed private equity market has become cluttered with trusts suffering a slow death. Some of these […]
Positive performance and lower costs from Fidelity China Special Situations – The NAV of Fidelity China Special Situations (FCSS) returned +22.2% (total return) over the year ended 31 March 2018. The company’s benchmark Index, the MSCI China index returned 23.8%. Therefore, the NAV of company underperfoprmed its benchmark by 1.6%. The share price delivered a […]
AEW UK REIT plans further expansion – AEW UK REIT has published results for the year ended 31 March 2018. the highlights are: Net Asset Value (‘NAV’) of GBP146.03 million and of 96.36 pence per share as at 31 March 2018 (30 April 2017: GBP118.67 million and 95.98 pence per share). Operating profit before fair value […]
HICL Infrastructure adds to A63 stake – Incremental Acquisition HICL Infrastructure Company Limited has agreed to acquire a further 7.2% interest in the A63 Motorway concession in France for EUR62m from funds managed by DIF Infrastructure III and DIF Infrastructure IV. The acquisition is not subject to any further conditions and will complete by the end […]
Ranger Direct Lending will wind up – Ares Capital Management III LLC has notified the board of Ranger Direct Lending that it no longer wishes to take up the position as investment manager. The board has concluded, therefore, that it doesn’t make sense to keep the company going. It has decided to recommend that the […]
GAM drops support for Invesco Perpetual Enhanced requisition – Invesco Perpetual Enhanced has published a letter from its chairman to shareholders and an overview of the situation regarding the requisitions to be put to a vote by shareholders at an Extraordinary General Meeting in Jersey, on Friday 20 July 2018. The requisitions are from Invesco Perpetual and […]
Apax interest in BCA boon for Marwyn Statement re possible offer “Apax Partners LLP (“Apax”) notes the recent media speculation in relation to BCA Marketplace plc (“BCA”). Apax confirms that it is in the early stages of considering an offer for BCA to be made by a new entity controlled by funds advised by Apax (“Apax […]
MedicX buying twelve primary care centres – MedicX Fund has today completed the off-market acquisition of a portfolio of 12 operational and fully let primary care medical centres for a price of GBP63.8 million, adding 8.9% to the portfolio. The acquired portfolio has a gross rent roll of approximately GBP3.0 million per annum and a weighted average […]
Aberdeen Standard European Logistics buys in Frankfurt hub – Aberdeen Standard European Logistics has exchanged contracts to acquire a new development in a modern logistics hub located in Erlensee Langendiebach, Frankfurt for an expected net value of EUR33.3 million (subject to final rental conditions and full occupancy) from regional developer Ferdinand Fäth. The acquisition will be funded […]
Low volatility returns from Seneca Global Income & Growth – the company reported its full year results to 30 April 2018. The NAV of Seneca Global Income & Growth Trust (SIGT) returned +5.7% on a total return basis, with an annualised volatility of 5.7%. The volatility the UK’s FTSE All-Share Index was 9.2%. The share price also returned […]
Performance of Martin Currie Asia Unconstrained “adrift” of its investment objective – the NAV on a total return basis of Martin Currie Asia Unconstrained (MCP) increased by 6.3% while the share price rose 9.8% for the year to 31 March 2018. On a capital return basis, the NAV recorded an increase of 2.5%. The share price […]
Oaktree issues a further open letter to Rangers shareholders – In an ongoing to-ing and fro-ing of correspondence, on June 7th, Ranger Direct Lending (RDL) responded to the open letter to its shareholders from Oaktree Capital Management. (Click here to see a copy of the letter dated 7th June 2018 and previous letters). Asset manager, LIM Advisors, also published […]
Better Capital PCC has announced that BECAP12 Fund LP, via its subsidiary, C Bidco Limited, has entered into a conditional agreement with Gardner Aerospace Holdings Limited (Gardner), a wholly owned subsidiary of Shaanxi Ligeance Mineral Resources Co. Limited (SLMR), for the sale of the entire issued share capital of Northern Aerospace Limited (NAL) for cash […]
JZ Capital Partners calls EGM to approve deals – JZ Capital Partners has arranged a meeting on 26 June 2018 to approve its acquisition of a stake in Deflecto Holdings LLC and an investment in JZI Fund IV LP. Deflecto Holdings JZCP intends to acquire from Edgewater Growth Capital Partners a 27.696% interest in Deflecto for approximately US$23.175m. Following the […]
Ranger Direct Lending responds to Oaktree and intervention from LIM Advisors – Ranger Direct Lending (RDL) responded to the open letter to its shareholders from Oaktree Capital Management. (Click here to see a copy of the letter dated 6th June 2018). Asset manager, LIM Advisors, also published its views on the performance of Rangers, which are similar to […]
A further letter to Ranger Direct Lending’s shareholders from Oaktree – On 4th of May 2018, we reported on an open letter from Oaktree Capital Management to the shareholders of Ranger Direct Lending (RDL) Click here to read a copy of the open letter and Rangers’ response. Oaktree has sent a further letter, dated June 6, 2018, as […]
Monks extends record of outperformance since strategy change – Over the year to 30 April 2018, Monks Investment Trust’s net asset value total return was 15.8% compared to a total return of 7.5% for the World Index (in sterling terms). The share price total return for the same period was 20.4%. The chairman says that Amazon, NVIDIA and […]
JPMorgan European Smaller beat its benchmark by 4% – For the year to 31st March 2018, JPMorgan European Smaller’s net asset total return was +14.4%. For the same period the total return from the benchmark index, the Euromoney Smaller European Companies (ex UK) index, was +10.0%. The share price rose by 21.6% from 334.0 pence to […]
Templeton Emerging cuts fees – Templeton Emerging Markets has published its accounts for the year ended 31 March 2018. Over this period, the fund made an NAV total return of 12.4$%, ahead of the MSCI Emerging Markets Index, which returned 11.8%. Shareholders did better than this though as the discount narrowed from 13.3% to 12.2%, […]
HgCapital, the Manager of HgCapital Trust has announced that it has sold Intelliflo, a Software as a Service (‘SaaS’) business for UK financial advisors, to Invesco, the global investment management company. The terms of the transaction have not been disclosed but it reportedly values HgCapital Trust’s investment in Intelliflo at approximately £16.8m. This company says […]
Did Baillie Gifford US Growth fail to disclose manager departure? – Citywire Wealth Manager has just reported that Andrei Kiselev, a co-manager of Baillie Gifford US Growth alongside Gary Robinson and Helen Xiong, left Baillie Gifford on 29 March just six days after the fund launched. Kiselev was named as a manager in the prospectus […]
Ex-manager may bid for Phaunos Timber – Stafford Capital Partners Limited, in its capacity as manager of Stafford International Timberland VIII Fund (“SIT VIII”), has announced a possible all-cash offer of US$0.49 per Phaunos Timber share to be made by SIT VIII (or by Stafford or an entity controlled by Stafford or funds managed by […]
Scottish Mortgage ups long term debt – Scottish Mortgage Investment Trust has raised a further GBP170 million in long term, fixed rate, senior, unsecured private placement notes, denominated in sterling. This transaction has provided them with further long term financing at a cost of just under 3% per annum. As Scottish Mortgage’s assets have grown […]
