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Investment Companies News

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).

29 Sep 2015

Genesis shareholders see 10% underperformance in year to end June

Genesis Emerging Markets underperformed its benchmark over the year to the end of June 2015 – the return on net assets was -1.1% while the return on the MSCI Emerging Markets Index was +3.5%. Unfortunately for shareholders the discount widened as well, from 6.1% to 11.8% and this translated into a -7.2% return to shareholders, […]

Sectors
29 Sep 2015

HarbourVest extends credit facility by $200m

HarbourVest Global Private Equity has announced the successful renewal of its multi-currency credit facility with Lloyds Bank plc. HVPE has refinanced the facility, which will increase from $300 million to $500 million with immediate effect. The increased commitment has been provided by a new lender, Credit Suisse AG, which has committed $200 million alongside the existing […]

Geographies
  • North America
  • Emerging Europe and Russia
  • Asia
29 Sep 2015

Hammerson/Allianz jv buys Irish retail portfolio

Hammerson plc, together with its joint venture partner, Allianz Real Estate, has signed an agreement with Ireland’s National Asset Management Agency (“NAMA”) to acquire the Project Jewel portfolio of loans secured against market-leading retail assets in Dublin, Ireland, including Dundrum Town Centre, Ireland’s pre-eminent shopping and leisure destination. The loan acquisition is being made through […]

Sectors
29 Sep 2015

Better Capital offloads Fairline for modest consideration

Better Capital PCC Limited has announced that the General Partner of BECAP Fund LP has sold the entire issued share capital of Fairline Boats Limited to a newly formed special purpose acquisition vehicle affiliated with the Wessex Bristol group of companies for a modest deferred consideration. Fairline was valued at £13.5m at the last 2009 Fund valuation as at […]

29 Sep 2015

Focus on idiosyncratic stocks powers performance for JPMorgan Emerging

Over the year to the end of June 2015, JPMorgan Emerging Markets shrugged off struggling emerging markets to deliver a 7.4% return on net assets and a return to shareholders of 6.6% as compared to a 3.2% return on the MSCI Emerging Markets Index. Austin Forey, the fund’s manager, says his ideal investment is one […]

Sectors
29 Sep 2015

How the utilities sector will fare over the medium term and three investment trusts to consider.

The performance of utilities companies across the world has been difficult so far this year, following strong performance in 2014. A relatively benign interest rate outlook, coupled with modest growth, saw the US provide much of the gains last year, but this year investors have become increasingly wary of the potential for interest rate rises […]

Companies
29 Sep 2015

A look at BlackRock Latin American

This week I thought I would write something on BlackRock Latin American Trust. China might have attracted all the headlines recently but the knock-on effect of its slowdown on Latin America has been dramatic. Regional markets have been awful, and the situation has persisted for some time now.   http://citywire.co.uk/money/lat-am-trusts-my-worst-call-yet-but-im-not-quitting/a842523

Sectors
29 Sep 2015

A look at JPMorgan Global Convertibles Income

By investing in ‘convertibles’ – bonds that can convert into shares – JPMorgan Global Convertibles Income offers a strong yield. But why the secrecy over its investments? http://citywire.co.uk/money/the-convertibles-investment-trust-shrouded-in-secrecy/a842531

29 Sep 2015

A look at Student property funds

Investing in halls of residence can be tricky though high yielding Empiric Student Property and GCP Student Living have made it work. http://citywire.co.uk/money/student-property-trusts-pass-the-test-as-income-funds/a835627

29 Sep 2015

Will new Alliance Trust directors bring change to the trust?

The appointment of two new non-executive directors at Alliance Trust should reassure shareholders but pressure remains to deliver improved performance at the trust, experts say. http://www.fundweb.co.uk/news-and-analysis/will-new-alliance-trust-directors-bring-change-to-the-trust/2023856.article

Sectors
28 Sep 2015

Caledonia Investments sells TGE Marine for €106.9m

Caledonia Investments has announced the sale of is 67.9% equity stake in TGE Marine for €106.9m (£78.7m) net of transaction expenses. TGE provides engineering, procurement and construction supervision solutions to the global cryogenic gas markets. This includes the design and supply of gas carriers, fuel gas systems and offshore units. It specialises in cargo handling […]

Sectors
28 Sep 2015

Standard Life Property Income proposing portfolio acquisition and fund raising

Standard Life Investments Property Income Trust (SLI), managed by Jason Baggaley (pictured), has entered into a heads of terms to acquire a portfolio of 22 UK commercial properties for approximately £165m. Subject to completion of the appropriate due diligence and valuations, the company says it expects that the portfolio will be acquired through the purchase […]

28 Sep 2015

Capital & Regional secures secondary listing on JSE

Capital & Regional, which was granted status as a UK REIT on 31 December 2014, has announced that, in addition to its primary listing on the London Stock Exchange, the Johannesburg Stock Exchange has approved a secondary listing on its main board with trading to commence on Wednesday 7 October 2015. The company is focused […]

28 Sep 2015

JPMorgan Overseas proposes stock split

Late on Friday, JPMorgan Overseas published its final results for the year ended 30 June 2012. The total return on net assets for the year was 11.8%, ahead of the total return of 9.5% for the benchmark, the MSCI All Country World Index (in sterling terms). The total return to shareholders was 10.3%. The final dividend […]

Sectors
Companies
28 Sep 2015

GCP Student Living spending C share money

GCP Student Living has been busy spending the money it raised in its recent C share issue. They have announced the completion of the acquisition of The Pad 2 and exchanged contracts to acquire Scape Shoreditch. The Pad 2 is located adjacent to Royal Holloway, University of London. The Pad 2 is a purpose-built, private student […]

28 Sep 2015

No longer a Primadona

Jupiter Primadona’s annual results, covering the year ended 30 June 2015, show the fund generating a total return of 7.6%, 3% more than its benchmark. The return to shareholders was 7.9%. The quarterly dividends were maintained at 1.6p to give 6.4p for the year as a whole. The fund has been called Jupiter Primadona Growth Trust plc […]

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
Sectors
28 Sep 2015

Law Debenture in thirty year debt issue

The Law Debenture Corporation has agreed to issue £75m fixed rate 30-year secured private placement notes at an annualised coupon of 3.77%. The Board believes that, in the current bond and interest rate environment, it is desirable to obtain fixed rate, long dated sterling denominated financing at a pricing level that is attractive and, over the longer […]

Geographies
  • UK
  • North America
  • Europe (EU and EEA ex UK)
Sectors
28 Sep 2015

Toro invests in non-performing Spanish debt

Toro Limited has invested approximately €31.25m in instruments backed by the performance of a granular non-performing loan portfolio of small and medium sized enterprise (SME) loans and secured residential loans. This co-investment will be junior to any senior financing of the portfolio, and backed proportionately by loan exposures to 1654 SMEs and to 2283 secured residential […]

Geographies
  • UK
  • Europe (EU and EEA ex UK)
  • North America
25 Sep 2015

Renewable Energy Generation hit by subsidy changes

Renewable Energy Generation published a trading statement this morning in which it said that the UK Government’s decision to change the subsidy regime for onshore wind had hit its business hard. The proposed changes to the Renewables Obligation scheme will not be binding until they receive Royal Assent (due sometime next year) and this is […]

25 Sep 2015

Martin Currie Global Portfolio first half benefits from BG bid

Martin Currie Global Portfolio generated a 2.2% return on net assets over the six month period ended 31 July 2015 – a bit better than its benchmark, the FTSE World Index, which returned 1.9%. the discount widened slightly however and the return to shareholders was 1.2%. The quarterly dividends total 1.8p for the first half – same […]

Sectors
24 Sep 2015

ICG Longbow performing according to expectations

ICG Longbow has published its interim report covering the six months ended 31 July 2015. They say that over the period the NAV increased modestly to 100.12p. The shares traded in a range of 101.25p to 106.25p, they are currently 106p, maintaining a small premium to NAV throughout. The Company paid a first interim dividend of 1.5p for the […]

24 Sep 2015

Mercantile outperforming in 2015

Over the six months ended 31 July 2015, Mercantile managed to generate a return on net assets of 15.0%, 3.9% more than the 11.1% return posted by the FTSE All-Share ex FTSE100 and Investment Companies Index that the fund uses as a benchmark. the return to shareholders was 15.6%. They have paid 20p in dividends so far […]

Sectors
24 Sep 2015

SVG NAV advances after busy period for realisations

SVG Capital has published interim results covering the six months ended 31 July 2015. Over that period the fund’s net asset value rose by 3% to 606p on the back of a 4% return on the investment portfolio. £101m was returned to shareholders during the period They say the portfolio is now broadly split between […]

24 Sep 2015

Widening discount holds back Merchant Trust’s returns

Merchants Trust reports a 2.8% return on net assets for the six months ended 31 July 2015 and a -1.1% return to shareholders as the discount widened from 0.4% to 4.3%. The return on the FTSE100 Index for the period was 1.2%. Dividends for the first half totalled 12p, 1.7% higher than the pervious year. […]

Sectors
Companies
24 Sep 2015

Macau Property Opportunities hit hard by gambling slowdown

Macau Property Opportunities has published results for the year ended 30 June 2015. The adjusted NAV per share fell by 18.7% over the year as the portfolio value fell by 14% to $463.7m. The discount widened from 11% to 17% over the year and has widened further since – to 39% today. Assuming a full drawdown […]

Sectors
24 Sep 2015

Pacific Assets tops the performance tables

Pacific Assets’ interim results for the six months ended 31 July 2015 show the total return on net assets was -3.9% which was better than the -7.1% return posted by The MSCI AC Asia ex Japan Index for the period and the best performing fund in its peer group. Shareholders will be pleased that the share […]

Sectors
24 Sep 2015

Sarah Emly takes leave of absence

Sarah Emly, co-portfolio manager for JPMorgan Claverhouse Investment Trust, JPMorgan Elect, JPMorgan Income and Capital and JPMorgan Income & Growth, will be taking a period of leave away from the office for health reasons, with immediate effect. Sarah has worked closely alongside a number of senior JPMAM portfolio managers for 20 years; those colleagues continue […]

Companies
24 Sep 2015

Aurora’s management to pass to Phoenix

Aurora Investment Trust’s Board has agreed in principle to proposals that it believes will achieve the Board’s objective of offering an attractive continuing vehicle and a cash exit for shareholders. The Company’s existing manager is to be acquired by Phoenix Asset Management Partners Limited. It is then intended that the Company’s investment policy and strategy will reflect the […]

Sectors
24 Sep 2015

JPMorgan Mid Cap outperforms on strong stock selection

JPMorgan Mid Cap, managed by Georgina Brittain and Katen Patel, has reported a total return on net assets for the year to 30th June 2015 of 24.7%, 9.7% ahead of the Company’s benchmark index, the FTSE 250 Index (excluding investment trusts), which returned 15.0%. The discount at which the ordinary shares trade to their net asset value per […]

Sectors
Companies
23 Sep 2015

Foresight Solar completes purchase of 16MW Membury asset

Foresight Solar Fund has announced the completion of its acquisition of the 16MW Membury asset, located in Hungerford, Berkshire. The solar farm was connected to the Grid in March 2015 and has received Renewable Obligation Certificate (“ROC”) accreditation at the rate of 1.4ROCs/MWh. The deal has been funded using the Company’s existing £150m acquisition facility. […]

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