In QuotedData’s morning briefing 5 October 2023: The Unite Group (UTG) has provided a trading update and Q3 valuations. Rental growth was up 7.3% for the 2023/24 academic year, with a 99.7% occupancy rate (versus 97.9% for the prior year). The Unite UK Student Accommodation Fund property portfolio was valued at £2,929m, a 0.2% increase […]
The Investment Company (INV) has released its final results for the period ending 30 June 2023. INV reported a NAV return of 1.39% and share price return of 15.7% for the period. Mindful of the size and illiquidity of the trust, in July 2023 the board implemented a tender offer to allow shareholders to easily […]
Henderson High Income Trust (HHI) and Henderson Diversified Income Trust ( HDIV) have announced a proposal to combine the two companies. The combination, if approved by each company’s shareholders, will be effected by way of a scheme of reconstruction and winding up of HDIV under section 110 of the Insolvency Act 1986 and the associated […]
Ruffer Investment Company (RICA) announced its annual report for the year ended 30 June 2023. The company’s share price total return over the 12 months was -7.2% while NAV total return was -1.7%, resulting in a widening of the discount which now stands at 4.4%. The performance reflects a year of two halves for RICA […]
In QuotedData’s morning briefing 3 October 2023: Rockwood Strategic (RKW) confirmed the resolution for a share sub-division was passed at its recent AGM. On 11 October 2023 this will result in each ordinary share of capital of the company being sub-divided into ten new ordinary shares. The aggregate value of the shareholdings will remain the […]
The directors of the Edinburgh Investment Trust (EDIN) announced that James de Uphaugh, the company’s portfolio manager, will retire in February 2024 after 36 years in the industry. James will continue to manage the company’s portfolio until February and will then be replaced as portfolio manager by his colleague Imran Sattar. As part of the […]
In QuotedData’s morning briefing 3 October 2023: Schroder British Opportunities Trust (SBO) announced that director Diana Dyer Bartlett has been appointed as senior independent non-executive director of the company, in addition to her role as chair of the audit & risk committee. Separately, the company has also decided to form a new valuations committee, to […]
The SEC has declared that Pershing Square SPARC Holdings, Ltd’s registration statement is effective. The company is targeting companies looking to raise at least $1.5bn of capital – that could be for private companies looking to list and provide an exit to founders and/or companies looking for additional equity capital. Pershing Square believes that this […]
SLF Realisation Fund (SLFR) released its annual results for the 12 months ending 30 June 2023. We note that SLFR is undergoing a managed wind down. Over the period SLFR reported a NAV total return of (25.8%) per ordinary share, and (2.7%) for 2016 C share. The chairman believes that significant progress was made over […]
In QuotedData’s morning briefing 2 October 2023: India Capital Growth Fund (ICG) has announced that its investment manager, Ocean Dial Asset Management, has been acquired by AssetCo. As a result ICG will come under the River and Mercantile brand in due course, which will increase the resources available to ICG. Taylor Maritime Investments (TMI) has […]
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: • Gulf Investments (0:34) • Digital 9 Infrastructure (6:20) • HICL Infrastructure (13:32) • Hipgnosis (14:58) This week’s interview was with Carlos Hardenberg from Mobius […]
Retail has been a dirty word for property investors for so long now that it’s hard to remember the time when it was the darling of the real estate sector. When shopping centres were popping up all over the UK and high streets were buzzing. The bubble burst with online retailing in the 2010s and […]
Schroder Japan (SJG) has released its annual results for the period ending 31 July 2023. Over the 12 month period SJG reported a NAV total return of 11.7% and share price total return of 18.7%. This compares favourably to its benchmark return of 9.4% and is SJG’s third year of outperformance. Positive contributors to SJG’s […]
In QuotedData’s morning briefing 29 September 2023: Syncona (SYNC) has announced that it is launching a share buyback programme of up to $40.0m. SYNC’s board believes that the current share price materially undervalues its portfolio and its prospects and that the shares represent a compelling and unique investment opportunity. SYNC currently trades on a (42.3%) […]
In the circular published today in connection with Hipgnosis Songs Fund’s planned catalogue disposal, the board has introduced some surprise elements to the proposals: The board says that if the continuation vote is passed at the 2023 AGM, there will be another at an extraordinary general meeting in January 2026, again at the AGM to […]
Bluefield Solar Income Fund has published results for the year ended 30 June 2023. As previously announced, the NAV eased slightly to 139.7p from 140.4p, as higher discount rates (used to discount BSIF’s forecast cash flows to calculate the NAV) and higer interest rates marginally outweighed the positive impact of higher power prices and inflation. […]
Henderson Eurotrust has published results for the 12 months ended 31 July 2023. Over the period, it delivered an NAV return of 16.7% and a share price return of 19.7% – both ahead of the benchmark return of 16.1% and well-ahead of the peer group NAV return of 14.6%. The dividend was maintained at 3.8p. […]
HICL Infrastructure has agreed to dispose of a portfolio of five assets to John Laing. The portfolio is made up of HICL’s entire equity interest in four UK PPP projects; Queens (Romford) Hospital, Oxford John Radcliffe Hospital (“OJR”), Priority Schools North East Batch and South Ayrshire Schools, in addition to half of its investment in […]
Digital 9 Infrastructure says that its board has elected to not declare its Q2 2023 dividend. Higher interest rates and the inability to raise fresh equity have put pressure on its liquidity. At 30 June 2023, the Group had about £47m of unrestricted cash available and £18.8m remaining undrawn from its £375m revolving credit facility […]
Triple Point Energy Transition has announced the provision of a £2.3m receivables financing facility to Boxed Light Services Limited. Boxed installs efficient Light Emitting Diode (LED) lights and controls at Places for People Homes Limited sites. The facility provides receivables financing across 54 sites, with repayments including a fixed rate of interest being paid to […]
ThomasLloyd Energy Impact has selected Octopus Energy Generation as its transitional investment manager. Heads of terms have been agreed between the company’s AIFM, Adepa Asset Management S.A. and Octopus Renewables Limited for Octopus Energy Generation to be appointed. The board received proposals from, and conducted detailed discussions with, a number of experienced investment managers. Octopus Energy […]
In QuotedData’s morning briefing 28 September 2023: BlackRock Greater Europe (BRGE) says that Alexandra Dangoor is being made co-portfolio manager, alongside lead manager Stefan Gries. The effective date for this appointment will be from close of business on 29 September 2023. Alexandra joined the BlackRock Fundamental European Equity Team in 2019 after two years in […]
Strategic Equity Capital (SEC) released its annual results today, for the period ending 30 June 2023. Over the 12 months SEC reported a NAV total return of 9.2%, and a share price total return of 11.2%. This compares to the (0.4%) loss of its comparative index, the FTSE Small Cap (ex Investment Trusts). SEC’s management […]
JPMorgan Emerging Markets Investment Trust (JMG) reported its annual results for the year ending June 2023. JMG reported a NAV total return of 0.8%, ahead of its benchmark, the MSCI Emerging Markets Index, which reported a loss of (2.8%) over the same period. Stock selection was the largest contributor to JMG’s returns, adding 4.0%, with […]
JPMorgan Global Growth and Income (JGGI) has released the annual results for its financial year ending 30 June 2023. JGGI generated a NAV total return of 19.1% and share price total return of 22.2%, easily outperforming its benchmark, the MSCI ACWI, which generated a 11.3% return for the same period. JGGI’s outperformance was broad based, […]
In QuotedData’s morning briefing 27 September 2023: Cordiant Digital Infrastructure (CORD) has announced that it has received regulatory approval for its acquisition of Speed Fibre Group and expects the transaction to close later this year. Taylor Maritime Investments (TMI) has announced that it has refinanced its debt facility, and has made a loan repayment of […]
Phoenix Spree Deutschland (PSDL), which owns a large portfolio of rental properties in Berlin, has accelerated plans for future condominium sales, reflecting the wide discrepancy between values it has been achieving and its share price. Over the past 12 months, the company has achieved sales prices, on average, of €5,545 per square metre, while the […]
Asian private equity fund Symphony International becomes the latest fund to adopt an orderly realisation strategy. Symphony says that, further to a strategic review by its board of directors, it has adopted an updated strategy, being an orderly realisation of its investments with a view to maximising return on investment for Symphony’s shareholders. Symphony has […]
Taylor Maritime Investments has sold its commercial and technical managers to its subsidiaries Grindrod Shipping Holdings and Grindrod Shipping Pte. Ltd. The subsidiaries have agreed to acquire each of Taylor Maritime Management Limited (TMML) from Taylor Maritime Group Limited and Tamar Ship Management Limited (Tamar) from Taylor Maritime Group Limited and Temeraire Holding (MI) Limited. […]
Tufton Oceanic Assets has published results covering the 12 months ended 30 June 2023. The NAV fell to $1.365 from $1.450, negatively impacted by the fall in capital values of bulkers and of Riposte, the containership which was sold during the financial year. The operating profit was $56.3m, up from $40.3m, however. From Q4 2022, […]
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