Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).
Trusts investing in peer-to-peer (P2P) lending have attracted £1.4 billion of assets since last spring, but the collapse of Europe’s only listed lending platform, TrustBuddy, has unnerved investors, allowing discounts to open up. http://view.ceros.com/citywire/nma-it-insider-december-2015/p/15
Alternative assets have dominated investment trust fundraising in 2015. A significant portion of the record net £3.9bn raised since the start of the year to 14 September was allocated to higher-yielding vehicles in areas including specialist debt and infrastructure, according to the AIC. www.investmentweek.co.uk/investment-week/analysis/2431475/five-of-the-best-alternative-trusts-with-attractive-entry-points
Chinese volatility in early August and the ‘Black Monday’ falls that followed may seem like big enough warning signals to avoid investing in Asia altogether. However, it is worth remembering that for most countries in the Asia (ex-Japan) region expected long-term growth remains attractive relative to more developed economies, and the region has much more […]
On 26 October 2015, Caledonia Investments announced that it had agreed to acquire Gala Bingo Holdings Limited, the UK’s largest retail bingo operator, from Gala Coral Group, in a transaction which valued the business at £241m. The acquisition was conditional on change of control approval by the Gambling Commission, which has now been granted, and […]
Hammerson has announced that it has exchanged contracts for the sale of two assets for a total of £87m. This includes its wholly owned shopping centre Monument Mall in Newcastle-upon-Tyne (pictured), which is being sold to Standard Life Investments UK Property Fund for gross proceeds of £75m. Monument Mall was acquired in 2011 for £28m and […]
Henderson Alternative Strategies Trust has announced its annual results for the year ended 30 September 2015. During the period, the Company delivered a NAV total return of -5.0% compared with a 0.8% rise in its FTSE World Total Return Index global equity benchmark. However, the board say that they are very encouraged to see that […]
JPMorgan Brazil reported a total return on net assets for the six month period ended 31 October 2015 of -33.9%, whereas the benchmark, the MSCI 10/40 Index (in sterling terms) recorded -35.6% for the same period. The manager’s report says the portfolio’s underweight in energy was a strong positive contributor, with the portfolio benefiting in particular from […]
Geiger Counter reported a 43% fall in its NAV over the year that ended on 30 September 2015 – in line with the fall in the URA Uranium Equity ETF. A large part of the fall in the ETF price though relates to a widening discount as, they say, the discount on the physically-backed uranium ETF, […]
Schroder Asia Pacific says, during the year ended 30 September 2015, the Company’s net asset value produced a negative total return of 3.3%, again outperforming its benchmark, the MSCI All Countries Asia ex. Japan Index, which produced a negative total return of 6.0% over the same period. There will be a dividend of 4.2p. The […]
P2P Global Investments has announced that it has managed to arrange a £150m secured 3-year multicurrency loan facility with a consortium of institutional lenders. The Company intends to deploy the proceeds of this facility in accordance with its existing investment policy. The Company expects the modest level of gearing at the corporate level arising from the […]
Bluefield Partners LLP, the Investment Adviser to the Bluefield Solar Income Fund Limited has made a statement following today’s publication of the Department of Energy and Climate Change (“DECC”)’s response to consultations launched this summer regarding changes to financial support for solar PV, outlining changes to the regulatory support for solar assets, including changes to the Renewable […]
BlackRock Frontier Markets managed to outperform its benchmark over the year to the end of September 2015, returning -12.2% on net assets against a -18.9% return on the MSCI Frontier Markets Index. Frontier Markets underperformed wider emerging markets as evidenced by a -13.6% return on the MSCI Emerging Markets Index. The return to shareholders was […]
The Board of BlackRock Commodities Income Investment Trust has set a target of an unchanged 6.00 pence per share dividend for the current financial year in light of current conditions in the commodity markets, volatility levels in the derivative markets and dividend prospects for the Company’s underlying investments. This target will be reviewed should there […]
Aberdeen New Dawn has announced interim figures for the six months ended 31 October 2015. Its benchmark, the MSCI AC Asia Pacific ex Japan Index, fell by 16.4%, while the net asset value fell by 17.0% (both on a total return basis). The share price declined by 16.7% (also on a total return basis), ending the period […]
The Board of Phaunos Timber Fund has announced the sale of three of the nine properties that comprise the Pradera Roja estate, in Uruguay, for USD 4.2 million. The sale is in line with the strategy announced earlier this year, of rebalancing the Company’s portfolio to one that has more mature, yield producing assets. The […]
Baker Steel Resources Trust’s Board has announced that, following consultation with a number of the Company’s largest Shareholders, it is seeking approval from Shareholders for an amendment to the Company’s investment policy. The amendment, if approved, will enable the Company to increase its existing investment in Polar Silver Resources Limited and/or any company within its […]
Artemis Alpha has reported a -3.6% total return on net assets for the six month ended 31 October 2015. The FTSE All-Share Index declined by 5.7 per cent over the same period. The Chairman says the fall in the NAV was primarily due to changes in the valuation of its unquoted investments, a number of which raised […]
The Local Shopping REIT has announced its annual results for the year ended 30 September 2015. Profit for the financial period was £0.02m or 0.02 pence per share (2014: £1.21m or 1.5 pence per share). However, this marked drop reflects the sale of two of the Company’s property-holding subsidiaries, NOS 2 Limited and NOS 3 […]
Miton UK MicroCap Trust has announced its first set of results, covering the six month period ended 31 October 2015. The net asset value rose from 49.0p on 30 April, (the 50p per share issue price less the costs of the issue) up to 52.42p on 31 October 2015. This is an appreciation of 7.0%. The Trust has grown […]
On 26 November TwentyFour Income Fund issued a circular to shareholders setting out an amended investment policy and plans for a capital return. Shareholders approved these proposals at an EGM yesterday. In the first quarter of 2016 shareholders will be given the following options: to retain their current investment in the Company; to increase their investments in the […]
Tejoori has announced results for the year ended 30 June 2015. This is obviously very out of date now but, for what it is worth, at end June Tejoori had cash of USD2.2m, Wakala (Sharia compliant) deposits of USD 1.4m that pay 5% interest, investments in plots of land in Dubai and an investment in a […]
In a difficult period for Asian stock markets, Invesco Asia Trust outperformed its benchmark over the six months ended 31 October 2015 returning -11.8% vs. -16.3% for the MSCI Asia ex Japan Index. The return to shareholders was -13.1% as the discount widened from 9.8% to 11.0%. The manager’s report says that the company’s holdings […]
Polar Capital Global Healthcare Growth & Income Trust has announced its annual results for the year ended 30 September 2015. In what was a volatile year for the trust, its NAV total return was 8.2% thereby modestly underperforming its benchmark, the MSCI Global Healthcare Index, which returned 9.6%. The discount to NAV narrowed by 2% […]
On 1 October 2015, Alliance Trust announced a series of changes that its said were designed to enhance shareholder value. In advance of the end of the financial year on 31 December 2015, the company has provided an update on the progress that has been made on implementing these changes. Rather than copying and pasting […]
The Oyu Tolgoi joint venture, in which Rio Tinto owns 34%, has signed a US$4.4 billion project financing agreement to develop the Oyu Tolgoi copper-gold underground mine, in Mongolia. The mine has been producing copper concentrates (with gold included) since 2013 from an open pit, which was developed at a cost of US$6.4 billion. All […]
Law Debenture Corporation has announced that its Group Managing Director, Caroline Banszky (pictured) has, after thirteen years as the Group’s MD, given notice of her intention to retire from her role by 31 October 2016. She will also step down as a director of the Corporation at that time. The Nominations Committee of the board […]
LMS Capital has announced the results of its tender offer that was previously announced on 27 November 2015. The latest tender is the fourth the company has made since the approval of its realisation strategy in November 2011. The tender price was 96p and 130,363,380 ordinary shares were validly tendered. The basic entitlement is 28.7% […]
SEGRO plc and Hermes Property Unit Trust have completed a property swap transaction. SEGRO has acquired from Hermes a 9,800 sq m single-let, modern distribution warehouse in Hayes, West London for £21.9m. Hermes has purchased from SEGRO two multi-let industrial estates totalling 29,300 sq m, both situated close to Heathrow Airport for £47m. The balance of £25.1m […]
Enough of Premier Energy & Water’s existing ZDP holders have rolled over into its new issue to leave it oversubscribed. There will be no placing of new zeros. We talked about the new issue in this month’s warrants, subscription share and zeros roundup. the new zero (PEZ), issued by PEWT Securities 2020, will start trading on […]
Dunedin Smaller Companies has announced results for the year ended 31 October 2015. over this period the fund underperformed the FTSE Small cap (ex Investment Companies) Index, returning 10.7% on net assets against 13.1% for the benchmark, but a narrowing of the fund’s discount, from 16.9% to 15.0%, gave shareholders a 13.7% return. The dividend has […]
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