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).
3i Infrastructure is investing £23m to take a 50% stake in the West of Duddon Sands offshore transmission project. The vendors are Dong Energy and Scottish Power Renewables. The remaining equity in the project will be acquired by Macquarie Capital. The consortium was selected as preferred bidder following a competitive tender run by Ofgem in July 2014. The project […]
Tritax Big Box REIT’s results for the first half of 2015 show a 14.8% uplift in its EPRA NAV, a 13.9% improvement in is EPRA earnings per share (to 2.3p) and a 62% hike in the interim dividend from 1.85p to 3p as they progress towards paying their target 6p per annum. The fund expanded […]
Hg Capital delivered a 3.8% return on net assets for the six months ended 30 June 2015 and the return to shareholders for the period was 7.2%. By comparison, the return on the FTSE All-Share Index for the period was 3.0%. The valuation uplift was driven by a combination of growth within the businesses of […]
Empiric Student Property has exchanged contracts to acquire on practical completion the freehold on a site to be developed into a high quality turnkey student accommodation scheme on James Street West, in Bath, for a total investment of £25m (excluding acquisition costs). The property is currently owned and is being developed by James House Limited […]
UK Commercial Property Trust has reported a 5.2% total return on net assets for the first half of 2015 and a share price return of 5.4% as the shares moved from a 6.3% to a 6.7% premium. The return was behind their MSCI benchmark (MSCI Balanced Monthly & Quarterly Funds, formerly known as the IPD […]
Phaunos Timber reports on progress within the underlying portfolio for the first six months of 2015 but a fall in NAV on the back of the strengthening of the US dollar. At a timber operating level the Group showed a profit for the first time. This amounted to $1.7m for the period (30 Jun 2014: […]
Vietnam Holding has published results for the year ended 30 June 2015. It had a very good year with the NAV rising by 9.0% to $2.093 and a share price increase of 23.3% to $1.803. The Vietnam All Share Index increased by just 1.4%. as you can see from the numbers, the discount narrowed considerably over the […]
JPMorgan US Smaller Companies reports a rise of 4.6% in the Company’s net asset value for the first six months of 2015, which compares with a rise of 3.8% in the Russell 2000 Index. The Company’s share price rose 2.0% during the first six months of 2015, lagging the increase in NAV and resulting in a […]
Glencore’s H1 adjusted EBITDA was down 29% from H1 2014, to US$4.6 billion, leading to net income of US$882 million, a fall of 56% from the previous year. On a per share basis, net income was US$0.07 against US$0.15 previously. The decrease in profitability was largely down to the performance of the company’s Industrial sectors, […]
For the first half of 2015 Juridica reports that its net asset value decreased from US$1.66 (107 pence per share) as at 31 December 2014 to US$1.35 (86 pence per share) at 30 June 2015. This decrease in NAV per ordinary share was primarily attributable to the total comprehensive loss of US$34.2m generated during the six-month period ending 30 June 2015. […]
BlackRock Latin American reports a -9.6% return on net assets for the first six months of 2015 and a -11.5% return to ordinary shareholders. This represents underperformance of the fund’s benchmark, the MSCI EM Latin America Index which ended the period down by 7.0%. The interim dividend is being maintained at 15 cents per share (NB […]
City Merchants High Yield has announced that its total return on net assets for the six months ended 30 June was 2.9% and the return to shareholders was 1.5%, as the shares moved to trading at a slightly smaller premium. The interim dividend is being maintained at 5p. The report says the NAV return compares favourably with the […]
On 14 August 2015, Custodian REIT and Scottish Widows, with Lloyds Bank acting as agent, entered into an agreement for Scottish Widows to provide the Company with a new term loan facility of £20m, repayable on 14 August 2025. Under the terms of the agreement, the Company will pay fixed interest of 3.935% per annum on the balance. […]
Alpha Pyrenees has published its interim results for the six month ended 30 June 2015. Its net asset value is now zero (though adjusting for the impact of derivative contracts and deferred tax gives an NAV of 2.4p). The Chairman said: “Given the current economic environment and the maturation of the Group’s bank borrowings on 15 […]
Diverse Income has reported results for the year ended 31 May 2015. Over the period the total return on net assets was 8.9% which compares favourably to a 7.5% return on the FTSE All-Share Index an 8.6% return on the FTSE Small Cap (excluding Investment Companies) Index and -4.0% return on the AIM All-Share Index. The fund […]
Terra Capital reports that its Net Asset Value at 30 June 2015 stood at $0.967 against $0.979 at the end of 2014. When taking in to account the dividend of 3.72 cents per share paid in February, this NAV represents a total return for the six month period of 2.6% and a dividend yield based on […]
Taliesin Property Fund has reported results for the six months to June 30 2015. Its portfolio is now valued at €228.2m, an increase of €16.1m. The adjusted NAV per share increased by 10.0% to €26.40 (from €24.00 on 31 December 2014). On an EPRA basis the NAV increased to €26.16 (€23.88). the valuation per […]
Amara Mining has declared a maiden reserve of 70.4 Mt at a grade of 1.18 g/t for 2.7 Moz for its Yaoure project, in Côte d’Ivoire. The company determined the reserve as part a pre-feasibility study, which it completed in Q2 2015, and it is based on a US$975/oz pit shell. The reserves form part […]
CatCo Reinsurance Opportunities has published its interim accounts for the period ending 30 June 2015. The Net Asset Value return was 4.47%, the share price total return 4.86%. these figires compare well to the Eurekahedge Insurance-Linked Securities Advisers Index return of 1.26%. In January they announced the return of c$35m (roughly 10% of the Company’s market capitalisation as at […]
The asset values of NB Global Floating Rate Loan’s Sterling and Dollar share classes both edged up over the first half of 2015 – the Sterling NAV rose from 97.7p to 98.75p and the dollar NAV from $0.9862 to $0.9954. The total NAV returns on these two classes were 2.97% and 2.81% respectively. The shares moved […]
Over the first half of 2015 Canada’s S&P/TSX Composite Index returned just 0.9%, weighed down by the poor environment for resources stocks. Canadian & General did better than this however, returning 3.5% on net assets. The manager says the leading sector, by a wide margin, was Health Care, dominated by Valeant Pharmaceuticals International and Catamaran Corporation. The latter […]
EP Global Opportunities has reported a 4.2% return on net assets for the first six months of 2015 which compares favourably to a 2% return ion the FTSE All-Share Index. The shares moved from trading at a small discount to trading on a 0.1% premium. They say their performance benefited from the emphasis on Japan […]
Murray International’s interims for the first half of 2015 show the fund underperforming its benchmark – the net asset value total return declined by 2.6% compared with a positive total return of 2.0% on the Company’s benchmark (40% the FTSE World UK and 60% FTSE World ex UK). Over the six month period the share price total […]
Kennedy Wilson Europe has bought a portfolio of 16 Spanish supermarkets. The portfolio, which comprises 11 Carrefour supermarkets and five Dia supermarkets, was acquired from a joint venture between French institutional investors managed by AEW Europe. The purchase price of the portfolio was €85.5m, reflecting a yield on cost of 6.9%. The acquisition was funded […]
Empiric Student Property is buying the freehold of a high quality purpose-built student accommodation scheme on Pendennis Rise, in Falmouth, for £8.1m (excluding costs). The property is located next to the Falmouth Docks, within a few minutes’ walk to the Woodlane campus of Falmouth University and the marine School, and with good public transport links […]
They believe Aberdeen Asian Income has reported that its net asset value total return fell 2.4% in sterling terms over the six months to 30 June 2015, compared with the MSCI AC Asia Pacific ex Japan Index, which returned 2.6%. Against this backdrop, the Ordinary share price total return fell by 2.1% with the premium over […]
Empiric Student Property has acquired the freehold to a 134 bed new-build premium student accommodation scheme, in Sheffield, for £10.7m. Portobello House, as the development is known, is located in the heart of the University of Sheffield campus and within a 10 minute walk to the city centre and Sheffield Hallam University. The scheme comprises a mix of […]
Camper & Nicholsons Marina (CNMI) have announced that Miral Asset Management LLC, the owners of Yas Marina in Abu Dhabi, have exercised their no-fault option to terminate the management contract with the company. The contract generated operating revenue and net profit of €1.4m & €0.4m respectively for CNMI in 2014. Miral will be absorbing the business and staff associated […]
Threadneedle UK Select beat the FTSE All-Share index over the first half of 2015 delivering a total return on net assets of 4.5% against 3% for the index. The discount narrowed slightly from 6.5% to 6.2%. The dividend was upped from 1.85p to 1.9p. The investment manager says Crest Nicholson climbed after delivering an encouraging […]
The continued slump in commodity markets weighed on the performance of BlackRock World Mining over the first half of 2015. the total return on net assets was -7.0% for the period and the return to shareholders was -2.8%. These figures are better than the return on the Euromoney Global mining Index however – this returned […]
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