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).
Establishment Investment Trust has published results for the year ended 31 March 2015. Over that period the fund delivered a return on net assets of 13.6% and a return to shareholders of 6.9%. The dividend was increased from 4.7p to 4.9p. By contrast he FTSE WMA Stock Market Balanced Index returned 12.0%. During the year […]
Over the year to the end of March 2015, Value & Income’s net asset value total return was 2.5%. This lags the 6.6% return on the FTSE All-Share Index and a widening of its discount to 15.1% meant that the return to shareholders was -1.7%. The full year dividend has been increased by 5.9% to 9p. […]
Monks has published results for the 12 months ended 30 April 2015. In the year to 30 April 2015, the net asset value total return, with borrowings at fair value, was 13.0% and the share price total return was 18.8% as the discount narrowed. The total return of the FTSE World Index in sterling terms […]
Custodian REIT has acquired 1.88 acres of land at the Tournament Fields development, two miles south west of Warwick at junction 15 of the M40. The location allows easy access to the motorway network, mainline rail services (via Warwick Parkway station) and is close to Birmingham International Airport. Other occupiers on the business park include […]
John Laing Environmental Assets has published its first set of results covering the period from its launch on 31 March 2014 to the end of March 2015. The NAV at the end of the period, adjusting for the dividend, was 98.2p – this compares to the 100p launch price and the 98p initial NAV of the company […]
Perpetual Income & Growth has reported a 10.7% return on net assets for the year to the end of March 2015 which compares well to a 6.6% return on the FTSE All-Share index over the same period. The return to shareholders was 10.1% as the discount widened slightly from 1.5% to 3%. The base dividend […]
Dolphin Capital has this morning announced a series of measures that they believe will help narrow their discount to asset value. In a nutshell, they are raising €75m (but we don’t know the price yet so it’s not clear how dilutive this will be to existing shareholders – the guess would be very as the […]
BP Marsh has just published results for the year ended 31 January 2015. Over that period the net asset value rose from 202p to 216p and the return to shareholders was 8.2%. The final dividend is 2.75p, unchanged from last year. £1.7m was invested in new equity investments and £1.4m was injected into existing investments. […]
Shires Income’s results statement for the year ended 31 March 2015 says the company generated a return on net assets of 9.7% for the year, ahead of a 6.6% return on the FTSE All-Share Index. The company’s shares did not keep pace with the net asset value however and the return to shareholders was 4.9%. […]
Ediston Property Investment Company has published its first set of figures covering the period from its launch on 28 October 2014 to the 31st of March 2015. Over the period the net asset value rose to 102.6p and the share price rose to 108p. They have paid dividends totalling 1.885p and say they are on […]
Northern Investors, which is gradually selling off its portfolio and returning the proceeds to shareholders, has published results for the year ended 31 March 2015. Over the year the net asset value rose by 20.6% to 523p and they handed back £20m to investors in capital returns and dividends. The dividend is being increased from […]
Tritax is spending £47.1m to buy the Tesco Regional Distribution Centre at Capitol Park, Goole. The price reflects a net initial yield of 5.67%. They are paying for the deal using their own resources but expect senior debt finance to be introduced in the near term. Completion is expected to take place by 5 June […]
Scottish Investment Trust has published interim results for the six months ended 30 April 2015. Over the period the fund produced a return on net assets of 9.8% which compares to returns on the FTSE All-World Index and FTSE All-Share Index of 9.6% and 9.2% respectively. The manager’s report goes into the portfolio in some […]
In its first full year since it became a dedicated Japanese investment trust, Aberdeen Japan has posted a 46.6% increase in its net asset value as compared to a 26% return for its benchmark index (Topix). The share price return was even better at 58.2% as the discount narrowed from 13.4% to 6.7% (all these numbers are […]
Capital Gearing has announced results for the year ended 5 April 2015. Over the year the net asset value grew by 5.7% but the share price fell by 0.7% as the shares moved to trade on a lower premium to asset value. The dividend was increased by 25% to 20p. The persistent premium that the […]
Praetorian Resources has today published a circular convening a meeting at which shareholders will be asked to approve a number of changes to the way the company is run. First the Board is proposing a new investment policy which would mean that the company would become a diversified royalty finance company. the proposed new investment […]
Majedie’s net asset value total return for the six months to the end of March 2015 was 14.5%. The return to shareholders was 10.5%. The interim dividend is 3p. 38.5% of the assets is in a segregated fund that tracks the MAM UK Equity Fund. This returned 7.7% net of fees in the six months […]
Elephant Capital’s net asset value rose by a penny over the six months to the end of February 2015 to reach 36p. Most of that increase can be attributed to a write up in the value of Air Works India (Engineering) Private Limited. Elephant Capital sold its last listed investment after the end of the […]
British Empire, chaired by Strone Macpherson (pictured), has reported total returns of 7.2% on both its net assets and shares for the six months ended 31 March 2015. These numbers are behind the returns on all the indices that British Empire uses to benchmark its performance. The Morgan Stanley Capital International All Country World ex-US Index total return […]
Over the six months to the end of March 2015 BlackRock Income Strategies generated a 0.5% return on net assets and on its share price. It declared dividends totalling 3.17p for the period – up 5.1% on the equivalent period last year but earned 15% less income so these dividends were not covered by earnings. These […]
Over the year to the end of March 2015, Martin Currie Pacific returned 19.3% on net assets and 24.8% on its share price. by contrast, the total return of the MSCI Asia ex Japan Index was 24.7% in sterling terms for the year (but NB this is not the fund’s benchmark). The dividend was maintained at […]
Aseana Properties will ask shareholders to approve a change of investment policy at an EGM to be held on 22 June 2015. The new policy will say that the Board and the Manager are committed to realising the Company’s assets in a controlled, orderly and timely manner with a view to achieving a balance between […]
Jupiter European Smaller Companies has announced results for the year ended 31 March 2015. The headline figures aren’t exciting – the net asset value total return was 0.3% which compares to a 0.1% return on the fund’s benchmark and a -1.4% return to shareholders as the discount widened slightly. The total dividend for the year […]
JPMorgan Indian’s interims for the six months ended 31 March 2015 show the fund producing a total return on net assets of 26.8% well ahead of the Company’s benchmark index, the MSCI India Index (in sterling terms), which returned +14.3% over the period. The return to shareholders was +26.7%, reflecting a stable discount which moved […]
Lowland’s performance was just ahead of its benchmark over the six months ended 31 March 2015. The interim report says the total return on net assets was 5.6% as compared to 5.3% for the FTSE All-Share Index. The share price return was hit by a shift from trading on a 0.7% premium to a 7.6% […]
Empiric Student Property has been busy in recent days, acquiring a development site in Huddersfield (Oldgate House, pictured) for £11m and a portfolio of five operational, direct-let, premium student accommodation properties in Lancaster and Leicester from CityBlock, comprising a total of 381 beds, bought for £26.5m – this is on top of the deal they […]
Riverstone Energy is investing up to $33m as part of a $100m investment in Carrier Energy Partners II LLC. Riverstone and Carrier II Management previously formed Carrier Energy Partners, LLC (“Carrier I”) in August 2013 to pursue the same strategy. Since then Carrier has participated in two joint ventures targeting development of oil and gas […]
Caledonia’s net assets value total return over the year ended 31 March 2015 was 14.2%. They aim to generate returns of RPI+3% to RPI+6% per annum over a ten year period The dividend was increased by 3.1% to 50.6p marking the 48th year of consecutive dividend increases. The portfolio, before management expenses and other net […]
TR Property beat its benchmark by a decent margin over the year to the end of March 2015, producing a return on net assets of 28.3% and a share price return of 29.5% as compared to a 23.3% return on the benchmark. The dividend was increased by 3.4% on earnings up 9.9% and the dividend […]
Securities Trust of Scotland lagged its benchmark a little over the year to the end of March 2015, returning 12.5% on net assets against a 13.4% return on the benchmark. Shareholders did much worse however as a discount opened up leaving them with a return of just 3.1%. The dividend was increased from 4.8p to 4.9p. […]
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