Shaftesbury Capital has reported strong annual results with valuations up 4.5%, a further indication that the real estate market has turned a tide. The value of its portfolio in London’s West End at the end of 2024 was £5.0bn, up 4.5% on a like-for-like basis driven by 7.7% ERV growth offset by a marginal outward […]
Weiss Korea Opportunity Fund has proposed a managed wind-down of the company. The board said that it carried out extensive consultation with advisers and shareholders, and received a number of proposals from third parties, before making the decision. It launched a strategic review in November 2024 after its investment manager, Weiss Asset Management, said that […]
Greencoat UK Wind’s NAV fell 7.9% to 151.2p per share in the year to 31 December 2024, due to poor power price forecasts and wind yields. Reflecting negative investor sentiment to the renewable energy sector and wider issues in the investment trust sector, the company’s share price fell further by 15.7% over the year, resulting […]
In QuotedData’s morning briefing 27 February 2025: CQS New City High Yield (NCYF) posted a NAV total return of 3.6% for the six months ended 31 December 2024. The share price total return was 2.9%, with the premium to NAV narrowing slightly to 4.9%. The company’s dividend yield was 8.8% at the end of 2024, […]
Riverstone Credit Opportunities Income (RCOI) has announced its full year results for the year end 31 December 2024. On 22 May 2024, the company entered into a managed wind-down. During the the year, the company’s NAV decreased by 13%. This was principally attributable to the reduction in the company’s value for Harland & Wolff. After […]
Harmony Energy Income Trust (HEIT) has announced its results for the financial year ended the 31 October 2024. The company’s NAV as at 31 October 2024 was £201.05m (88.52 pence per ordinary share), a reduction of 23.30% (26.89 pence per ordinary share) from the NAV reported as at 31 October 2023. The NAV total return […]
Following shareholder approval of the managed wind-down strategy in February 2024, abrdn Diversified Income and Growth (ADIG) sold substantially all of its public market assets and returned approximately £115m to shareholders by way of a B share scheme in July 2024 (being approximately 38.1 pence per ordinary share, which represented approximately 35.4% of the company’s […]
Shopping centre owner Hammerson’s impressive turnaround continues, with 2024 annual results showing a record year of leasing, rental growth and valuation gains. The company signed 262 leases covering 1m sq ft of space, generating annual headline rent of £41m at 56% above previous passing rent and 13% ahead of estimated rental value (ERV). This has seen occupancy among […]
In QuotedData’s morning briefing 26 February 2025: Strategic Equity Capital (SEC) announced its interim results for the six months to 31 December 2024. The company’s NAV total return fell 8.8% while the share price total return was down 8.5%. The benchmark smaller companies index delivered a positive return of 5.2% over the same period. The […]
The Renewables Infrastructure Group (TRIG) announced its annual results for the year end 31 December 2024. The company saw a 11.8p (9.2%) reduction in NAV per share to 115.9p driven by a reduction in power price forecasts, adjustments to operational assumptions, the impact of third-party grid outages and higher valuation discount rates. The shareholder total […]
Unite Group reported strong returns over 2024 boosted by growing university applications (including overseas student demand) and dwindling supply of quality accommodation. The company posted 8.2% rental growth for the 2024/25 academic year and 97.5% occupancy (2023/24: 7.4% and 99.8%), with adjusted earnings per share up 5.2% to 46.6p. EPRA net tangible assets (NTA) was […]
In QuotedData’s morning briefing 25 February 2025: JPMorgan Emerging Markets Investment Trust (JMG) announced its half year results for the period ended 31st December 2024. The company delivered a NAV total return of 2.8% and a shareholder total return of 2.1%. This compares with a 1.0% increase in the benchmark, the MSCI Emerging Markets Index. […]
Gore Street Energy Storage Fund has energised its last in-construction assets: Dogfish (75 MW / 75 MWh, in Texas) and Enderby (57 MW / 57 MWh, in Great Britain). This takes the energised portfolio capacity to its targeted level of 753.4 MW / 924.1 MWh. Taken together with the energisiation of Big Rock earlier this […]
Bluefield Solar has completed a refinancing as part of its management of the 359MW portfolio of solar PV assets it jointly owns with GLIL Infrastructure. The refinancing was completed in January 2025 with a consortium of lenders and replaces about £214m of existing inflation-linked debt on the solar PV portfolio, with about £297m of fixed-rate […]
Supermarket Income REIT has acquired nine Carrefour supermarkets in France for €36.7m and sold a Tesco store for £63.5m. Carrefour acquisitions The company has completed the acquisition of a portfolio of a further nine omnichannel Carrefour supermarkets in France. The stores were acquired through a direct sale and leaseback transaction with Carrefour, for a total […]
In QuotedData’s morning briefing 24 February 2025: VietNam Holding (VNH) says it is switching to holding shares that it buys back in treasury rather than cancelling them. [This makes sense – the trust has been buying back stock for a long time and this, and its superior performance record – ahead of all of its […]
Saba Capital Management has withdrawn its requisition notice of Middlefield Canadian Income after discussions with the board. Since the receipt of the requisition, the board said that it had consulted with a number of the company’s largest shareholders, including Saba, and following “constructive discussions”, Saba has agreed to withdraw the requisition for a period of […]
It has been another eventful week in the investment company sector. My colleague Richard covered the launch of Achilles Investment Company here and I wrote about it for Citywire, which you can read here. There is an enormous mismatch between NAVs and share prices in the alternatives sectors. We have done our bit to try […]
James Douglas, Fund Manager of the Polar Capital Global Healthcare Trust Global equity markets posted positive gains throughout most of 2024 with the main trend appearing to be a rotation into some of the more economically sensitive areas of the market such as information technology and communication services. Comparatively, healthcare really struggled and underperformed the […]
Bankers Investment Trust says that “Following discussions with shareholders since the publication of the company’s Annual General Meeting Notice dated 15 January 2025, and given that market circumstances have changed, the board has decided to withdraw Resolution 15 from the agenda of the Annual General Meeting, to be held at 12 noon on Tuesday 25 […]
Rights and Issues Investment Trust’s full year results revealed a NAV total return of 8.8% in 2024 compared to 5.5% for its benchmark, the FTSE All-Share Index. The share price increased by 11.7% over the year, and at the end of the year the discount to NAV had narrowed to 6.4%, a reduction from 8.9% […]
In QuotedData’s morning briefing 21 February 2025: HydrogenOne Capital Growth (HGEN) has announced the start of commercial operations at a new P2X Solutions green hydrogen plant in Finland, using portfolio company Sunfire AG electrolysers. The Sunfire electrolyser is Finland’s first industrial plant for the commercial production of green hydrogen. The Harjavalta plant’s production capacity is 20 […]
A new activist investment company is looking to launch with its sights set on “poor performing” alternative investment companies. A prospectus has been published for Achilles Investment Company, which will start trading on Monday after raising £54m. It will be managed by Harwood Capital Management and led by its chief executive Chris Mills, with Robert […]
Home REIT has revealed that it has received a number of non-binding offers for the full portfolio from “credible parties” that have been selected to proceed to the next stage of the process. Having sold (or exchanged on the sale of) 1,622 properties since August 2023 for a total of £239.8m, the company is left […]
Herald Investment Trust has published results for the 12 month period ended 31 December 2024. The NAV as at 31 December 2024 was 2,488.2p (2023 – 2,219.2p), an increase of 12.1% during the year, compared to an increase in the comparative total return indices of 5.0% for the Deutsche Numis Smaller Companies plus AIM (ex. […]
Polar Capital Global Financials Trust has published results for the 12 months ended 30 November 2024. It was a great year for the sector. In NAV terms, the trust just failed to keep pace with its MSCI ACWI Financials Index benchmark, returning 34.8% to the index’s 36.1%. However, a narrowing discount (from 12.2% to 5.5%) […]
Black Rock Throgmorton has announced results for the 12 months ended 30 November 2024. Over that period, its NAV return was 16.3%, ahead of the benchmark Deutsche Numis Smaller Companies plus AIM (excluding Investment Companies) Index which returned 14.1%. However, the discount widened from 3.6% to 13.2% and that meant the return to shareholders was […]
Keystone Positive Change is pushing ahead with its cash or rollover scheme. As previously announced, each ordinary shareholder will be entitled to elect to receive, in respect of some or all of their shares, new shares in the Baillie Gifford Positive Change Fund and/or an uncapped cash exit (subject to the cash option discount of […]
In QuotedData’s morning briefing 20 February 2025: Jupiter Green (JGC) has updated the timetable for its proposed reconstruction. The last day of dealings in its shares will be 4 March 2025. Diverse Income (DIVI) says that Gervais Williams and Claire Long will update investors via a live presentation on 6 March 2025 at 11am. The […]
In QuotedData’s morning briefing 19 February 2025: Brown Advisory US Smaller Companies (BASC) announced a 5.3% uplift in NAV to 1,550.0p over the six months ended 31 December 2024, while its share price increased 9.2% to 1,400.0p – closing its discount to NAV to 9.7%. The performance lagged its benchmark – the Sterling-adjusted Russell 2000 […]
