Third Point to sort out its discount – The board of Third Point Offshore Investors says it is committed to maximising shareholder value and protecting the interests of all the company’s stakeholders. The plan includes: a move to the Official List qualification for the FTSE UK Index Series conversion of sterling shares to US dollar shares a new […]

JPMorgan European Smaller manager departs after 23 years – in a terse statement, JPMorgan European Smaller Companies has revealed that its manager of 23 years no longer wants to run the fund. “After 23 years of being involved in the successful management of the JPMorgan European Smaller Companies Investment Trust Plc, Jim Campbell has returned […]

Law Debenture beats its benchmark and raises its dividend – In its final report for the year to 31st December 2017, Law Debenture (LWDB)  reported that total return of the NAV was 16.6%, while the benchmark, the FTSE All Share Index returned was 13.1%. The UK remained the central focus of the portfolio, although the fund is […]

Standard Life UK Smaller Companies Trust changes its reference benchmark – In the company’s half year statement published at the end of February 2018, it was announced that, with effect from 1st January 2018, the performance of SLS will be measured against the Numis Smaller Companies plus AIM (ex Investment Companies) index. The previous index had […]

Global Resources IT completes its write-up of its Kalia holding – On 26 February 2018, Kalia Limited announced that, subject to shareholder approval, it had agreed to acquire Global Resources Investment Trust (GRIT)‘s interest in Kalia Holdings Pty Ltd, thereby consolidating the non-landowner interests in Bougainville Exploration Licences in Papua New Guinea. This followed the […]

Syncona records flat month for NAV in January with small share price rise UK hybrid biotech investor/fund-of-funds Syncona (SYNC) recorded an essentially flat month for NAV in January, with a small decline overall recorded for its three largest investments  – presumably in part related to the weakening of the dollar – offset by a gain of an […]

Derwent London delivers a strong set of results – Derwent London (DLN), the REIT focused on central London offices with a particular focus on the West End and City fringes, released its final results to 31st December 2017 Highlights EPRA net asset value per share increased 4.6% to 3,716p from 3,551p and a 3.7% increase from […]

Rights and Issues Investment Trust’s final results – The portfolio of Rights and Issues Investment Trust (RIII) fully participated in the strong equity market of 2017 with the net asset value of the Income shares rising by 18.5% to 2372.3p. By comparison, the UK smaller company market, in which the company is mostly invested performed well […]

2017 was another strong year for BlackRock World Mining Trust (BRWM) – After a remarkable 2016 for global mining and commodity sectors, BlackRock World Mining Trust‘s undiluted NAV and share price rose in 2017 by 24.0% and 24.2% respectively in sterling terms with income reinvested. By comparison, the Euromoney global mining index rose by 20.8% […]

RIT Capital Partners (RCP) has announced its annual results for the year ended 31 December 2017. During the year, RCP saw growth in its net assets of £216m, taking its total net assets to an all-time high of £2.9bn and, during the course of the year, the company’s market capitalisation exceeded £3bn for the first […]

International Biotech records modest rise in NAV in Jan SV Health-managed International Biotech Trust (IBT) reported a 1.4% rise in NAV and saw a 0.4% rise in its share price in January, according to its latest monthly update.  The outcome was a little under the 2% rise in the sterling adjusted value of the NASDAQ […]

James Carthew: RDI’s re-defining bet on London offices When a market experiences fundamental change it can be hard to separate cyclical and secular growth drivers. Or, to put it another way, the market for offices in London is changing and I’m not sure how much of this is down to changes in the way that […]

James Carthew: doctor your portfolio with a GP landlord Primary Healthcare Properties (PHP) last week announced results for the year to 31 December 2017. It is one of three listed funds investing in GP surgeries and other primary healthcare facilities in the UK and Ireland, the others being MedicX (MXF) and Assura (AGR). Most of […]

Greencoat ongoing charges drop as it breaks £1bn market cap – Greencoat UK Wind PLC has reported results for the year ended 31 December 2017. Its total shareholder return for the year was 8.4%. The NAV per share increased from 107.0p on 31 December 2016 to 109.6p on 31 December 2017, an increase of 2.4%. Declared dividends […]

VinaCapital Vietnam invests in local poultry company – VinaCapital Vietnam Opportunity Fund has invested in Ba Huan JSC, Vietnam’s leading producer of pasteurised eggs and poultry meat. The fund has invested USD32.5 million to acquire a significant minority stake in the company and may also invest a moderate amount of additional capital during the next twelve months as […]

Hg completes acquisition of Italian online hosting provider DADA – Hg (HGT) is a private equity firm targeting middle-market buyouts primarily in Europe. Hg focuses on investments in technology, services and industrial technology sectors. Hg has completed its investment in DADA S.p.A (DADA), a leading provider of online hosting services to SMEs in Italy, the UK and […]

Henderson Alternative Strategies adopts lower fee structure –  The Board of Henderson Alternative Strategies Trust (HAST) as agreed with the managers of the fund Henderson Investment Funds Limited a new fee strategy that is lower than the previous level. Currently, the management fee is charged at a rate of 0.70% per annum. With effect from 1 April […]

Hammerson reports well positioned portfolio and leasing driving performance – British property development and investment company Hammerson plc (HMSO) has reported that it has a 98.3% occupancy rate, which is a 17-year high. The achieved level of lettings in 2017 was the highest in the REIT‘s* 75 year history. This activity contributed to a 6.5% uplift in Earnings Per […]

James Carthew: don’t bet the house on reinsurance casino 2017 was one of the worst years on record for natural catastrophes. Three massive hurricanes (Harvey, Irma and Maria), two typhoons (Hato and Tembin), cyclone Debbie, California wildfires, monsoon flooding in South Asia, earthquakes in Iran, Iraq and Mexico and landslides in Sierra Leone and Peru […]

James Carthew: ouch! Watch out for key manager risk Events of the past couple of weeks have highlighted the impact that the departure of a manager can have on the rating of a trust. First, we heard that Carlos Hardenberg is to leave Franklin Templeton and then Philip Rodrigs was ousted from River & Mercantile. […]

James Carthew: where is a US growth trust when you want it? One of the strangest things about investment companies is how under-represented the US stock market is within the sector. Dedicated listed North American funds accounted for just 1.6% of the money in investment trusts and investment companies at the end of last year, […]

Positive stock selection delivers outperformance for Allianz Technology – Allianz Technology Trust (ATT) announced that for the year to 30 November 2017, the company’s Net Asset Value (NAV) per share increased by 41.0%. The benchmark index, the Dow Jones World Technology (sterling adjusted, total return), increased by 31.5% over the same period, creating an outperformance for the portfolio of […]

WPCT sees small decline in Jan NAV but greater share price fall Struggling Neil Woodford-managed Woodford Patient Capital Trust (WPCT) reported a small, ~0.6% decline in NAV in January, but has since seen a larger 11% decline in share price this month as investors have become  increasingly concerned about its poor long-term performance and outlook. The decline […]

UK TMT proves a positive hunting ground for Herald Investment Trust – The Herald Investment Trust (HRI), which invests in smaller Technology, Media and Telecommunications (TMT) companies has delivered its Annual Financial Report to year ending 31st December 2017. The NAV of the Company increased by 26.9% during the year and the share price increased […]

FSFL chasing the Sun to the Southern Hemisphere –  Solar power plant operator Foresight Solar (FSFL) has released its full year’s results to 31st December 2017. The company’s foray into the Australian market, where there are four plants under construction represents their first international acquisitions. Further developments outside the UK are expected. In the report, the […]

NewRiver REIT acquires two retail parks for £26 million – NewRiver REIT (NRR) has announced that it has completed the acquisition of two retail parks for a combined consideration of £26.5 million. The company reports that this represents an initial yield of 8.9% and a capital value of £141 per sq ft. The retail parks are in Dewsbury, West […]

Civitas Social Housing comments on First Priority Housing Association – Civitas Social Housing leases 45 properties to First Priority Housing Association. Regulator’s report The Regulator of Social Housing released a report last week that said: First Priority Housing Association Limited (4702) is a small Registered Provider of homes for a vulnerable client group, primarily adults […]