JPMorgan Elect will introduce borrowings in income pool – JPMorgan Elect has published its annual report covering the year ended 31 August 2017. The Managed Growth portfolio delivered a total return on net assets of 20.2%, compared with the portfolio’s benchmark which returned 16.7%. The share price total return was 19.6%. For the year ended 31st […]
Gilead acquires Cell Design Labs to bolster CAR-T presence Leading US biotech Gilead Sciences is to acquire privately-held Cell Design Labs in a structured buy out valued at to $567m, including the 12.2% shareholding it already holds as a result of its $12bn acquisition of Kite Pharmaceuticals earlier this year. The Kite deal propelled Gilead […]
Alexion stock rises on reports of activist investor – Stock in the US rare disease specialist Alexion Pharmaceuticals is up 6% this morning on reports that the famed New York-based activist hedge fund Elliot Management has taken a stake. Elliott has reportedly threatened to initiate a proxy battle potentially to replace the relatively new management team […]
Baring Emerging Europe outperforms as Polish stocks soar – For the year ended 30 September 2017, Baring Emerging Europe returned 26.9% in NAV terms and 27.6% in share price terms against a 21.4% return for its benchmark, the MSCI Emerging Markets Europe 10/40 Index. The dividend has been increased from 23p to 32p. The manager […]
FDA OK for Alexion’s Soliris in myasthenia gravis US approval for Alexion’s complement inhibitor Soliris in anti-acetylcholine receptor antibody-positive generalised myasthenia gravis could double the market for a product that is already selling $3bn/year, if some of the most optimistic sell-siders are to be believed. Soliris, which is famously one of, if not the, most […]
Electra underperforms as it shrinks – Electra Private Equity reports that, for the year ended 30 September 2017, its NAV total return was 9%, well behind that of the Mid 250 Index at 14%. Including their third special dividend announced 23 October 2017, they have returned GBP1.8bn to shareholders since 1 October 2016. The shareholder return was […]
For the year ended 30 September 2017, Invesco Perpetual Enhanced Income Limited “performed strongly” with a total return to shareholders, based on the share price with dividends reinvested, of 10.5%. The share price rose from 77.4p at the start of the year to 80.3p, an increase of 3.7%. The managers earned a £1m performance fee. […]
F&C Capital and Income continues record of outperformance – F&C Capital and Income announces, for the year ended 30 September 2017: Share price total return for the year was 15.8%, with an average premium to Net Asset Value of 1.6%. Total ordinary dividends of 10.65 pence per share – an increase of 3.4% over the previous […]
Schroder Asia Pacific beats benchmark – Schroder AsiaPacific Fund has published its annual report for the year ended 30 September 2017. The NAV total return was +23.2% over the twelve months to end September 2017. This was ahead of the performance of the benchmark, the MSCI All Country Asia ex Japan Index, which was up +18.8% […]
Schroder European Real Estate approaching full investment – Schroder European Real Estate has announced that its EPRA NAV at the end of September 2017 was 133.6 cents per share. EPRA earnings per share for the year ended September were 5.2 cents. This translated into a 6% total return for the year. the fund is paying […]
Henderson European Focus manager loves Carlsberg – Henderson European Focus Trust has published results covering the year ended 30 September 2017. Performance highlights The ordinary share price(1) total return (including dividends reinvested) was 35.9% (2016: 8.6%). The net asset value total return was 21.7% compared to a total return from the benchmark (World Europe ex […]
Shaftesbury looks to raise £265m as buys in Broadwick Street – Shaftesbury is placing up to 27,855,508 ordinary shares at 265p per share to raise gross proceeds of £265m. 952p is the same level as the EPRA NAV at the end of September 2017 and it is a 4% discount to the share price on […]
Hammerson in agreed bid for intu – The boards of Hammerson and Intu Properties have announced that they have reached agreement on the terms of a recommended all-share offer by Hammerson to acquire the entire issued and to be issued share capital of Intu. Intu shareholders will get 0.475 Hammerson shares for every Intu share that they […]
Sequoia secures new revolving credit facility – The board of Sequoia Economic Infrastructure Income Fund Limited has announced that it has secured a multi-currency Revolving Credit Facility (“RCF”) of GBP100 million from The Royal Bank of Scotland International Limited (Mandated Lead Arranger), ING Bank and Investec (Arrangers). The tenor of the RCF will be three […]
Biotech Growth manager denies allegations – The board of The Biotech Growth Trust says that it notes that the General Partners of OrbiMed Capital LLC, which acts as portfolio manager to the company, released a statement late on 5 December concerning founding partner Samuel Isaly, who is the subject of a press article containing allegations of […]
Majedie underperforms as absolute return investment loses money – Majedie says that, in the year ended 30 September 2017 the NAV (net asset value with debt at par) rose by 10.4% on a total return basis whilst the share price rose by 13.0%, also on a total return basis. The Board is recommending a total […]
Investment Trust Insider on ScotGems James Carthew: ScotGems’ soft start needs explanation It has been a busy year for new issues and we still might see a few more make it over the finish line before Christmas. Although property in various forms has been popular, we have also witnessed a few equity trust launches get […]
JPMorgan Asian’s dividend policy pays off – JPMorgan Asian reports that, in the year to 30th September 2017 the return on net assets was +21.5%, representing an outperformance of 2.7 percentage points over the benchmark, the MSCI AC Asia ex Japan Index, which returned +18.8% in sterling terms. The return to shareholders was +29.8%, reflecting a […]
BioPharma secures second deal for up to $200m – BioPharma Credit PLC has announced that it and BioPharma Credit Investments IV, S.àr.L., entered into a definitive term loan agreement for up to US$200 million with Lexicon Pharmaceuticals, Inc. (NASDAQ: LXRX), a fully integrated biopharmaceutical company with a current market capitalisation of approximately US$1.0bn. Lexicon markets XERMELO® (teloristat […]
Custodian REIT sells Chepstow industrial estate – Custodian REIT has announced the disposal of a property from its portfolio. The company has sold a 82,081 sq ft multi-let industrial estate in Chepstow for GBP4.63 million, circa GBP0.9 million (25%) ahead of valuation and representing a net initial yield on sale price of 6.75%. The property was […]
Standard Life Equity Income boosted by asset manager stakes – Standard Life Equity Income has published results for the year to 30 September 2017. The Net Asset Value total return for the year was 14.7%, which compares with 11.9% from the All-Share Index. The discount narrowed slightly from 4.4% to 4.0%. This resulted in a share price […]
BlackRock Frontiers premium persists despite share issues – BlackRock Frontiers Income reports that, during the year to 30 September 2017, the NAV increased by 21.5%, compared with the benchmark, the MSCI Frontier Markets Index, which rose by 25.5%. The MSCI Emerging Markets Index rose by 22.5% over the same period. (All performance figures are in US […]
Ground Rents Income ignoring discount problem? – In its results announcement this morning, the chairman of Ground Rents Income managed to make no mention of either the fund’s share price return for the year or its discount. For the record, the fund is trading at a discount of 10.4% to the net asset value at […]
Standard Life Private Equity benefits from narrowing discount – over the year to the end of September 2017, Standard Life Private Equity Trust’s net asset value produced a total return of 14.9% and its share price delivered a total return of 31.9%. The MSCI Europe Index returned 19.1% over the same period. As at the […]
Triplepoint portfolio continues to expand – Triple Point Social Housing REIT has completed four further acquisitions of supported housing properties, comprising 52 units in total, for an aggregate purchase price of approximately £10.4 million (excluding costs). The four properties are located in Merseyside (27 units), Lancashire (21 units) and Brighton (4 units). The Merseyside property […]
European Investment Trust rebounds with 30% return – European Investment Trust says that, for the year ended 30 September 2017, its net asset value total return was 29.9%, compared with 22.6% for the All-World Europe ex UK Index. This outperformance was welcome after a period of underperformance last year. The discount narrowed from 13.4% to 12.3% leading to a share price […]
P2P Global targets 15p quarterly dividend next year – P2P Global has presented the results of its strategic review. The merger of the managers completed on 15 September, creating an asset manager (Pollen Street Capital) with gross assets of over £2bn. They have reviewed existing loan origination arrangements and have started repositioning the portfolio towards, […]
LondonMetric spends £48m on two logistics warehouses – LondonMetric Property Plc has announced the acquisition of two logistics warehouses for GBP47.6 million, reflecting a blended net initial yield of 5.0% rising to a minimum of 5.6% after five years. The average lease length is over 18 years. At Ollerton in Nottinghamshire, LondonMetric has agreed to acquire a […]
Jupiter Dividend & Growth finalises rollover plans – Jupiter Dividend & Growth Trust, which is at the end of its life, has finalised details of its rollover into either Jupiter UK Growth or cash. 14,945,115 ZDP shares, 2,174,291 common shares and 71,821,57 ordinary income shares elected to rollover into Jupiter UK Growth. 17,173,916 ZDP shares, 5,879,754 common […]
INPP adds to Australian rolling stock project – International Public Partnerships Limited (“INPP”) has announced the acquisition of an additional interest in the Australian rolling stock public-private partnership, the Reliance Rail PPP Project. INPP has invested c.A$154 million (cGBP88 million) and will now own a 33% interest in the project with the remaining interest held […]
