3i Group (III), the £39bn private equity giant, says weaker consumer spending in France and Germany combined with strikes in France have weighed on Action, the European discount retailer that accounts for around two thirds of its assets, but that its private equity and infrastructure portfolios are “performing resiliently against a subdued macroeconomic environment”. While […]
The Association of Investment Companies has again appealed to the government to amend its pension schemes bill in the House of Lords as time runs out to prevent the exclusion of London-listed closed-end funds. The bill, which has passed through the House of Commons, will give the government power to compel pension schemes to invest […]
(Updated with our comment) Gresham House Energy Storage (GRID) will only pay a minimum dividend of 0.11p per share next month as it focuses on investment in growth and upgrades to its battery portfolio. In half-year results today, the £412m investment trust said it would resume dividend payments that were suspended last year in response […]
A 100 for 1 share split at Lindsell Train, half-year results from Baillie Gifford China Growth and North American Income, update from HarbourVest Global Private Equity and a fund raise from Yellow Cake, the uranium investor. Lindsell Train (LTI) investment trust has implemented the 100 for 1 share split announced at its annual results in […]
RM Funds has said it will call another extraordinary general meeting of Gore Street Energy Storage (GSF) shareholders if the company does not improve levels of disclosure. Responding to last week’s annual general meeting when the company acknowledged that an estimated £5m of annual payments to fund manager Gore Street Capital had not been disclosed, […]
Spencer Adair, lead fund manager of Monks (MNKS) investment trust since 2021, will retire after 26 years with investment group Baillie Gifford next March. Although his four years at the helm of the £2.5bn global fund have been tough with the group’s growth style falling out of favour, the shares have recently surpassed their 2021 […]
A partial recovery in the share price of Great Portland Estates (GPE) this month may bolster the morale of BlackRock fund managers struggling against continued outflows from the UK stock market and unjustifiable slides in some of their favoured holdings. Fears of sticky inflation and a yawning budget deficit over the summer put most property […]
Pantheon Infrastructure (PINT), the most highly-rated London-listed infrastructure fund, has secured a US renewable investment that looks immune to the clampdown on the sector by President Trump. The £540m international portfolio of renewable, digital, transport and utility has committed £30m to invest in Californian energy and data centre developer Intersect Power. The investment, funded by cash and […]
Octopus Renewable Infrastructure (ORIT) has launched a five-year plan to nearly double the size of the investment company to £1bn through improved capital allocation and increased investment in higher-risk, higher-return construction assets and renewable developers. Chair Phil Austin said more than 90% of shareholders backed the continuation of the company in June but had made […]
Arnhold, the US fund manager opposed to the merger of Ocean Wilsons (OCN) with Hansa Investment Company (HANA), has been granted time by a court in Bermuda to prepare its objection. A court hearing in Bermuda yesterday accepted the New York firm’s request for four weeks to prepare its case against the merger of the […]
Pacific Horizon (PHI), the £618m pan-Asia trust run by Roderick Snell and Ben Durrant at Baillie Gifford, continued to underperform in the second half of its financial year, annual results show. As a result, over the year to 31 July the underlying total return in net asset value (NAV) was 8.3%, below the 17.1% increase […]
Achilles Investment Company (AIC), the £58m investment company activist launched in February, has strayed beyond its closed-end fund remit by taking a stake in private hospital operator Spire Healthcare (SPI). The Guernsey investment company run by Robert Naylor, former chair of Hipgnosis Songs, is one of four Harwood Capital funds to have recently disclosed a […]
Arnhold, the US value investor, is taking its fight against the merger of Ocean Wilsons (OCN) and Hansa Investment Company (HANA) to the court today. According to Ocean Wilsons, which last month rejected Arnhold’s criticisms that the transaction was “unfair” to its shareholders, the New York-based firm plans to appear at the court sanction hearing […]
Half-year results from Vietnam Enterprise and BioPharma Credit with the last interims from Downing Renewables before its sale plus transactions from Riverstone Energy and Third Point Investors. Vietnam Enterprise Investments (VEIL) underperformed in the first half of the year with net asset value (NAV) per share rose rising just 0.9% in US dollar terms versus […]
Murray Income (MUT) is in the middle of a strategic review that began in July and the board says should come to a conclusion in the fourth quarter. It has assets of about £925m, so that makes it a decent prize. I would expect that it has been inundated with all sorts of proposals. The […]
Interview with Jennison, SGA and Vulcan In our latest Big Question video, stock pickers Rebecca Irwin from Jennison, Alexandra Lee from SGA and C.T. Fitzpatrick from Vulcan explore whether trade and globalisation are being reshaped, what might be driving this shift, and how these changes are impacting businesses.
International Biotechnology Trust enjoys another premium takeover for one of its companies; there are results from Middlefield Canadian, New City High Yield and Schroders Capital Global Innovation; and Foresight Environmental Infrastructure clears its discontinuation vote. International Biotechnology Trust (IBT) says 89Bio, a US Nasdaq-listed company accounting for 0.5% of its £230m portfolio, yesterday received a […]
The board of battery fund Gore Street Energy Storage (GSF) remains under pressure after shareholders blocked two special resolutions at yesterday’s annual general meeting and over a quarter voted against the re-election of chair Patrick Cox. Including the votes of rebel shareholder RM Funds, which holds a 6% stake, nearly 27% of votes were cast […]
Another “alternative assets” investment company heads for the scrap heap after Life Science REIT (LABS) concludes its strategic review and opts for a managed wind-down. The £139m real estate investment trust, whose shares trade 48% below a depressed net asset value (NAV), said the potential value of selling its assets over the next 12 to […]
Pressure mounts on poorly performing £1.6bn global smaller companies trust overseen by star fund manager Terry Smith after activist hedge fund Saba Capital reveals a £229m holding. Saba Capital has hiked its position in Smithson (SSON) to over 14%, putting the activist hedge fund in a strong position to challenge the £1.6bn global smaller companies […]
Shares in Hydrogen Capital Growth (HGEN) have been suspended while its new fund managers at RWC struggle to ascertain the valuation of its investments in clean energy. The company, whose market value had plunged to £33m in the bear market for renewables, said delays in the provision of information from its previous fund managers and […]
Premier Miton Global Renewables Trust (PMGR), a £19m split capital infrastructure securities fund, has confirmed its intention to wind up after concluding the repayment of its maturing zero dividend preference shares in November will leave it too small to continue. It will offer ordinary shareholders their money back at close to net asset value (NAV) […]
Half-year results from 10%-yielding Foresight Solar, a first quarter update from Cordiant Digital Infrastructure, plus a new broker for North Atlantic Smaller Companies and share buying by the boss of Molten Ventures. Foresight Solar (FSFL) has received indicative offers from bidders for its Australian portfolio and will “carefully consider” whether to sell and return some […]
Private equity fund Pantheon International (PIN) has simplified the capital allocation policy funding share buybacks but disappointed those who hoped for a step-change in the battle to rerate its depressed share price. Ahead of a capital markets session in the City of London this afternoon to explain phase three of its three-year corporate strategy programme, […]
The auction of PRS Reit (PRSR) has taken an unexpected turn with the £575m rental properties fund accepting a £646.2m cash bid from pension fund manager Waypoint Asset Management. This is a surprise given last week’s statement that the board was in talks with private equity giant KKR. PRS shares jumped 6.1%, or 6.4p, to […]
Annual results from Janus Henderson flagship City of London and Supermarket Income, interims from AVI Japan Opportunity, BH Macro and M&G Global Credit Income, confirmation from Riverstone Energy that it has $250m to return to shareholders and a new co-manager at JPMorgan Global Growth & Income. Janus Henderson flagship City of London (CTY) beat the […]
Utilico Emerging Markets (UEM), the only emerging markets focused infrastructure fund listed in London, has convincingly passed the continuation vote it brought forward a year early as part of the series of shareholder-friendly initiatives announced last month. A total of 97.6% of proxy votes received before today’s annual general meeting approved an amendment to the […]
US Solar Fund (USF), a £120m renewables fund battling technical problems and a hostile policy environment under President Trump, has posted a surprise 3.2% gain in net asset value (NAV) and a 55% increase in its previously cut dividend target. The Amber managed fund, which has shed a third of its value in the past […]
Private equity fund Oakley Capital Investments makes a partial divestment from its stake in two education groups; Riverstone Energy accelerates its wind-down with the second big disposal in two days; Nippon Active Value’s activism keeps it ahead of the Japanese stock market; plus updates from RIT Capital Partners, Gresham House Energy Storage, Ground Rents Income […]
Finsbury Growth & Income (FGT), Nick Train’s struggling investment trust, has issued a public warning after fraudsters cloned its website and LinkedIn page in an attempt to trick people into taking out fictitious loans. In a statement on its website, the company said: “Finsbury Growth & Income Trust PLC (FGIT) has recently been made aware […]
