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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).

28 Jul 2015

Bluefield adds another 9.8MWp

Bluefield Solar has acquired two UK-based sub-5MWp (Megawatt Peak) solar photovoltaic (“PV”) assets. The two assets are a 4.79 MWp plant in Cornwall and a 4.98MWp plant in Norfolk.  They are being acquired for a total consideration of £11.22m, including transaction costs and working capital. Each project is eligible to qualify under either the Renewable […]

28 Jul 2015

Polar Financials bet on UK challenger banks pays off

Polar Capital Global Financials beat its benchmark over the six months ended 31 May 2015 generating a return on net assets of 8.1% as compared to 4.9% on the MSCI World Financials Index. The share price total return was 7.6% as the discount widened to 8.3%. The interim dividend is 1.85p up from 1.75p last […]

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

Marwyn buys into Gloo Networks

Marwyn Value Investors L.P., the Master Fund through which Marwyn Value Investors makes its investments, intends to subscribe as a cornerstone investor for new ordinary shares in Gloo Networks plc, which has announced today its intention to float on the AIM Market of the London Stock Exchange plc. Gloo Networks is a technology company that […]

Sectors
28 Jul 2015

Kennedy Wilson buys nine offices for £211m

Kennedy Wilson Europe says it has completed the acquisition of nine south east offices from an entity affiliated with Apollo Global Management LLC. The underlying real estate is valued at £211m at completion, reflecting a yield on cost of 8.0%. The corporate acquisition was funded from the Company’s cash resources. Area Location sq ft Tenant (%) […]

Sectors
27 Jul 2015

F&C Managed Portfolio sees both pools beat the UK market

F&C Managed Portfolio has published results for the year ended 31 May 2015. The NAV total returns for the Income shares were 10.0% and for the Growth shares 12.8% compared to the FTSE All-Share Index of 7.5%. The investment company sector, as measured by the FTSE Equity Investment Instruments Index, returned 13.0%. The annual dividend increased […]

Geographies
  • Asia
  • Europe (EU and EEA ex UK)
  • North America
  • UK
Sectors
Companies
27 Jul 2015

Kubera struggling to realise assets

The value of Kubera Cross Border Fund’s net assets decreased from $56.9m to $54.8m during the six month period, which ended on 30 June 2015. The Fund’s net asset value per share decreased by 3.8% from $0.52 to $0.50. The company reckons the decrease in NAV is primarily attributable to the depreciation of Indian Rupee vis-à-vis the […]

Sectors
27 Jul 2015

EPE Special Opps buys out partner

EPE Special Opportunities has paid £8.6m to buy the Limited Partnership interest held by DES Holdings IV(A) LLC in ESO Investments 1 LP (the Limited Partnership through which it holds most of its existing portfolio). After the deal EPE Special Opportunities is the only investor in ESO 1. The £8.6m is being paid as £5.7m now and £2.9m before 30 September 2015. […]

27 Jul 2015

Marwyn ups investment in Zegona

Marwyn Value Investors revealed its plans for the bulk of the money it raised the other day by selling down its investment in entertainment one. Marwyn is investing £55m in Zegona Communications to help fund that company’s acquisition of Telecable Capital Holding. This deal will take Marwyn’s investment in Zegona up to £67m. They will […]

Sectors
27 Jul 2015

Scottish American moves to big premium

Scottish American interims covering the six months ended 30 June 2015 show the fund beating the FTSE All World Index with the net asset value total return being 4% vs. 2.2% for the index. Shareholders did even better as the fund moved to trading on a large premium (currently over 8%); the return to shareholders […]

Sectors
27 Jul 2015

Doric Nimrod Trusts all on plan

The three Doric Nimrod Trusts have announced results for the year ended 31 March 2015. Doric Nimrod Air One says everything is going according to plan, Emirates have made all payments as they fell due and the company continues to pay quarterly dividends of 2.25p. As at 31 March 2015, the average of three external valuations showed a […]

Companies
24 Jul 2015

Fidelity Asian Values fee cut

Following Nitin Bajaj’s appointment as manager, his repositioning of its portfolio and the change of benchmark, the Board has also decided to review the management fee and is shifting from a flat fee of 1% on gross assets to a tiered fee of 0.9% on the first £200m of gross assets and 0.85% on the balance. FAV […]

Sectors
24 Jul 2015

BlackRock Commodities Income extends slide

Over the six months ended 31 May 2015, BlackRock Commodities Income generated a negative return on net assets of -3.5%. The return to shareholders was -7.1%. The Euromoney Mining Index was off 5.8% and the MSCI World Energy index was -1%. Two quarterly interim dividends totalling 3p have been declared for the period, 0.8% higher […]

24 Jul 2015

Damille takes stake in Local Shopping REIT

Damille 2’s interims, covering the six months ended 31 May 2015, show the NAV rising by 7%. They also returned £9.7m to shareholders via a redemption offer, bringing the total returned to shareholders to date to £19.2m. They say they have been taking advantage of market weakness to add to holdings. Since the Period end […]

Sectors
24 Jul 2015

LMS thinking of investing in energy

LMS Capital’s interims for the first half of 2015 show its NAV rising by a penny to 94p. They sold off investments worth £26.6m including the sale of five fund positions in the secondary market which raised £9.2m after costs; ChyronHego Corporation (one of our US quoted investments) was bought by Vector Capital – the cash proceeds […]

24 Jul 2015

Athelney lags small cap. indices

Athelney Trust’s interim figures show its NAV total return was 6.4% over the six months ended 30 June 2015, behind returns on small cap indices with the FTSE Smaller Companies, Fledgling and Aim All-share being up by 7.1, 15.6 and 8.2 per cent respectively There is much musing on the economy in the report – […]

Sectors
Companies
24 Jul 2015

Japan Residential gains despite yen weakness

While Japan Residential’s net asset value rose 6.3% in yen terms over the six months ended 31 May 2015, in sterling terms the rise was just 0.4% as the yen weakened. The yen uplift in the NAV was driven by a 3.1% uplift in the value of their investment properties. The distribution was held steady […]

Sectors
24 Jul 2015

Hammerson ahead of benchmark, big projects progress

Hammerson’s EPRA NAV rose by 4.7% over the first half of 2015. Adjusted earnings rose by 13.3% as rents rose by a like for like 2.1% and the interim dividend was increased by 8% to 9.5p. The company’s loan to value ratio fell by 1% to 33% as they secured a new £415m five-year unsecured revolving […]

Sectors
24 Jul 2015

Foresight Solar buys three more projects

Foresight Solar has announced the acquisition of a portfolio of three operational assets totalling 34MW through a Joint Venture with Big60Million Limited. The 15MW Atherstone and 10MW Southam assets are located in Warwickshire, and the 9MW Paddock Wood asset is located in Kent. All three assets were connected to the Grid in March 2015 and […]

24 Jul 2015

Bumper period for Throgmorton as CFDs pay off

BlackRock Throgmorton says it generated a 19.85 return on net assets over the six months ended 31 May 2015 – ahead of the 15.7% return posted by the Numis Smaller Companies excluding AIM and investment companies index. Shareholders did even better as the discount narrowed taking their return to 23.8%. The interim dividend has been […]

Sectors
Companies
23 Jul 2015

Changes to solar subsidies

The Department for Energy and Climate Change (“DECC”) has announced a series of measures aimed at restricting the subsidies it pays to support renewable energy. The measures include: Removing the guaranteed level of subsidy for biomass conversions and co-firing projects for the duration of the Renewable Obligation, known as grandfathering. Launching a consultation on controlling subsidies for […]

Companies
23 Jul 2015

Allianz Technology helped by narrowing discount

Allianz Technology just failed to match the performance of the Dow Jones World technology Index over the six months ending 31 May 2015 – its net asset value rose by 6.6% against 6.8% for the index. The discount narrowed though and that meant that shareholders saw an 8.3% uplift in the ordinary share price. The […]

Sectors
23 Jul 2015

Unspecified change promised at Alliance Trust

Over the first half of 2015, Alliance Trust delivered a return on net assets of 1.4% and a return to shareholders of 2.7%. The NAV return would make them 29th of 36 funds in their peer group and compares to a return on the MSCI AC World Index of 2.1%. Their equity portfolio underperformed that […]

Sectors
22 Jul 2015

Herald benefits from buoyant M&A market

Over the first half of 2015 Herald Investment Trust’s total return was 7.9% and the share price return was 8.0%. These figures compare to an 8.3% return on the Numis Smaller Companies plus AIM Index and a 6% return on the Russell 2000 small cap. technology Index. The report says they saw a steady stream […]

22 Jul 2015

Vietnam Infrastructure restructuring completes

Vietnam Infrastructure has completed its restructuring whereby investors get shares in a new company, Vietnam Infrastructure Listed, which invests via an open-ended fund, in addition to their shares in Vietnam Infrastructure, which gets renamed as Vietnam Infrastructure Private equity shares and is gradually wound up over the next couple of years. VNI / VNIL : […]

22 Jul 2015

Gresham House takes on Spark Ventures

Spark Ventures has raised £10.1m from a placing of stock, a further £3.8m from stock swaps and will raise up to £3.1m via an open offer. They plan to put the money towards a new investment strategy and appoint Gresham House as its investment adviser. Gresham House is buying into Spark Ventures’ outgoing management company, SPARK […]

Sectors
22 Jul 2015

Aurora Russia NAV falls as it explores Unistream disposal

Aurora Russia has published results covering the year to the end of March 2015. The net asset value fell from 27.9p to 17.5p over the period. A large chunk of the decline relates to the fall in the Rouble Sterling exchange rate and a fall in the value of the company’s stake in Unistream from £8m […]

Sectors
22 Jul 2015

BlackRock World Mining gets first royalty payment from Avanco

BlackRock World Mining made a $12m investment in Avanco Resources (a Brazilian copper play) in August 2014. Today it has announced the receipt of $4m from the company which is the first payment under the royalty contract. They say Avanco successfully completed an equity raising earlier in the year, which combined with the $12 million BlackRock […]

22 Jul 2015

Discount trends, big names big prices

http://www.moneyobserver.com/news/21-07-2015/discount-trends-big-names-big-prices Investment trusts with big name managers saw their share prices soar over the second quarter as investors sought out the best active management.    

Sectors
Companies
22 Jul 2015

The Investment Trust winners and losers in Q2

UK smaller companies funds feature quite prevalently in the lists on the back of a decisive election result in the UK and some funds close to the end of their lives made significant progress during the quarter for stock specific reasons. http://whichinvestmenttrust.com/the-investment-trust-winners-and-losers-in-q2/

Companies
22 Jul 2015

Fresnillo increases silver and gold output

Fresnillo, the world’s largest primary silver miner, has announced first half silver production results up almost 11% from the corresponding period of 2014. The company produced 23.9 Moz of silver in the six months to end June 2015 as its Saucito II mine, Mexico, commenced production. Full year silver production guidance remains on track at […]

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