Ranger Direct Lending responds to Oaktree and intervention from LIM Advisors – Ranger Direct Lending (RDL) responded to the open letter to its shareholders from Oaktree Capital Management. (Click here to see a copy of the letter dated 6th June 2018). Asset manager, LIM Advisors, also published its views on the performance of Rangers, which are similar to […]
A further letter to Ranger Direct Lending’s shareholders from Oaktree – On 4th of May 2018, we reported on an open letter from Oaktree Capital Management to the shareholders of Ranger Direct Lending (RDL) Click here to read a copy of the open letter and Rangers’ response. Oaktree has sent a further letter, dated June 6, 2018, as […]
Monks extends record of outperformance since strategy change – Over the year to 30 April 2018, Monks Investment Trust’s net asset value total return was 15.8% compared to a total return of 7.5% for the World Index (in sterling terms). The share price total return for the same period was 20.4%. The chairman says that Amazon, NVIDIA and […]
JPMorgan European Smaller beat its benchmark by 4% – For the year to 31st March 2018, JPMorgan European Smaller’s net asset total return was +14.4%. For the same period the total return from the benchmark index, the Euromoney Smaller European Companies (ex UK) index, was +10.0%. The share price rose by 21.6% from 334.0 pence to […]
Templeton Emerging cuts fees – Templeton Emerging Markets has published its accounts for the year ended 31 March 2018. Over this period, the fund made an NAV total return of 12.4$%, ahead of the MSCI Emerging Markets Index, which returned 11.8%. Shareholders did better than this though as the discount narrowed from 13.3% to 12.2%, […]
HgCapital, the Manager of HgCapital Trust has announced that it has sold Intelliflo, a Software as a Service (‘SaaS’) business for UK financial advisors, to Invesco, the global investment management company. The terms of the transaction have not been disclosed but it reportedly values HgCapital Trust’s investment in Intelliflo at approximately £16.8m. This company says […]
Did Baillie Gifford US Growth fail to disclose manager departure? – Citywire Wealth Manager has just reported that Andrei Kiselev, a co-manager of Baillie Gifford US Growth alongside Gary Robinson and Helen Xiong, left Baillie Gifford on 29 March just six days after the fund launched. Kiselev was named as a manager in the prospectus […]
Ex-manager may bid for Phaunos Timber – Stafford Capital Partners Limited, in its capacity as manager of Stafford International Timberland VIII Fund (“SIT VIII”), has announced a possible all-cash offer of US$0.49 per Phaunos Timber share to be made by SIT VIII (or by Stafford or an entity controlled by Stafford or funds managed by […]
Scottish Mortgage ups long term debt – Scottish Mortgage Investment Trust has raised a further GBP170 million in long term, fixed rate, senior, unsecured private placement notes, denominated in sterling. This transaction has provided them with further long term financing at a cost of just under 3% per annum. As Scottish Mortgage’s assets have grown […]
Custodian REIT discusses CVAs – In its full year results, Custodian REIT discloses that it made a 9.6% return on NAV over the year ended 31 March 2018. EPRA earnings per share rose to 6.9p from 6.6p. The 2019 target dividend per share has been increased to 6.55p (2018: 6.45p). The return to shareholders was 6.7%. […]
Picton Property Income will become a self managed UK REIT (if shareholders are happy with the idea). Picton Property Income reported a total return on net assets of 14.9% for the year to the end of March 2018. Within this, the EPRA NAV rose by 10.5% to 90p per share and its EPRA earnings per […]
Investors sticking by Jupiter Emerging and Frontier – Each year, Jupiter Emerging and Frontier Income operates a voluntary redemption facility through which shareholders may request the redemption of all or part of their holding of redeemable ordinary shares for cash on the last business day in June each year. There was no requirement for shareholders to […]
Investment Trust Insider on TR Property, Tritax and the logistics sector – James Carthew: the property pressures of feeding Amazon Financial results from TR Property (TRY) always make interesting reading. The investment trust had another great year, making a 15.5% total return on net assets over the twelve months to 31 March which, when coupled […]
Personal Assets still expanding despite losing money – Over the year to 30 April 2018 Personal Asset Trust’s net asset value per share fell by 2.6%. This compares to a rise of 4.2% in the All-Share Index. Personal Assets’ share price fell by GBP13.40 during the year and at 30 April 2018 was GBP392.00. Barring unforeseen circumstances, […]
Out with Raven Russia, in with Raven Property Group – The company formerly known as Raven Russia has announced that, following approval at the company’s AGM, it has changed its name to Raven Property Group (with effect from 4 June 2018). Its ticker has also changed from RUS to RAV. [QD comment: Although no formal explanation has […]
Custodian REIT has announced that it has acquired a 77,242 square foot health and fitness centre in Lincoln, located on the A46 within a mixed use, out-of-town scheme. Businesses in the immediate vicinity include Ibis Hotel, Fayre & Square and Frankie & Benny’s. The agreed purchase price of £4.3m was funded from the Company’s existing […]
GCP Student Living has announces that it is in advanced negotiations to acquire and fund the construction of Scape Brighton. If acquired, this would be the Company’s second asset in Brighton. About Scape Brighton Scape Brighton is a large scale, purpose-built private student development located on the primary campus of the University of Brighton. Scape […]
Vinaland divests its stake in Project SDC – Vinaland has announced that it has divested its entire stake in Project SDC. The Project, which is located in Ho Chi Minh City, was acquired by Vinaland in 2007 and is designated for a commercial use development. Disposal value is 35% below its value at Vinaland’s November 2016 […]
Brunner refinances debt crystallising 21.5p NAV hit – The Brunner Investment Trust has priced an issue of a GBP25 million fixed rate 30 year unsecured private placement note at a coupon of 2.84%. The funding date for the note should be 28 June 2018. The money will be used towards an early repayment of Brunner’s share of […]
Sterling strength holds Capital Gearing back – Capital Gearing has published its results for the year ended 5 April 2018. Over this period, the NAV edged up by 0.1% and the share price rose by 1.0%. This compares to a rise in the MSCI UK Index of 1.8% but, more importantly, it also compares to […]
“Real is rare” but synthetic diamonds are shining just as brightly – De Beers enters the synthetic diamond jewellery market The news that diamonds can be created in a lab is not news. For many years, the processes to produce synthetic diamonds has evolved to the point where they appear often in jewellery. In the […]
Edinburgh impacted by tobacco, Provident Financial and Capita – Edinburgh Investment Trust lagged its benchmark by some margin over the year to the end of March 2018. Its NAV total return was -5.9%, the return to shareholders was -6.7% and the return on the All-Share index was +1.2%. The dividend was increased from 25.35p to […]
Investment Trust Insider on student housing James Carthew: DIGS’ London moat had direct impact on returns GCP Student Living (DIGS) is five years old and it has been a great success. An investor who subscribed £1 for a share in the real estate investment trust’s initial public offering on 20 May 2013 has received 26.07p in […]
Supermarket Income REIT buys Scunthorpe Tesco Extra – Supermarket Income REIT has acquired a Tesco Extra supermarket in the north Lincolnshire town of Scunthorpe, England, from Legal and General Pensions Limited for GBP53 million (net of acquisition costs), reflecting a net initial yield of 5.1%. Developed in 2002, the store totals 98,000 sq ft on an […]
TR Property extends its run of good performance – TR Property delivered a net asset value total return of 15.5% for the year ended 31 March 2018, well ahead of the benchmark at 10.2%. Coupled to this revenue has increased by 16.2% for the year and the total dividend for the year was 12.20p, 16.2% ahead of […]
F&C UK High Income Trust cuts management fee – F&C UK High Income Trust has published results for the year ended 31 March 2018. The fund underperformed the All-Share index, returning -2.5% in NAV terms, -2.8% in share price terms for the ordinary shares and -3.8% for the share price of the B shares. By […]
Perpetual Income & Growth reports underperforms its benchmark for a second year – The NAV total return of Perpetual Income & Growth (PLI) for the year ended 31 March 2018 was –5.6%. Chairman of the company’s board, Richard Laing stated in his report that this was a disappointing result in a difficult year in which the […]
FDA fast track review for trust-backed Sage Therapeutics Sage Therapeutics (Nasdaq: SAGE), a high conviction idea for two of the biotech sector specialist investment trusts, has confirmed that the US FDA has accepted the NDA filing for its lead product, brexanolone IV for treatment of postpartum (post natal) depression (PPD), and granted the application priority review status. NDA […]
NextEnergy Solar adds first plants with onsite battery storage – NextEnergy Solar Fund Limited has announced the acquisition of two operating solar plants in the UK. These come with integrated energy storage facilities. The purchase of Salcey Farm and Pierces Farm adds an additional 7.2MWp to NextEnergy Solar’s portfolio. The integrated energy storage capabilities at both sites have a combined capacity […]
Shires Income increases its dividend to shareholders by 2% – During the year ended 31 March 2018, Shires Income‘s NAV per share increased by 3.3% on a total return basis, compared to a total return from the benchmark, the FTSE All-Share Index, of 1.2%. The share price total return was 12.2%, as the discount to NAV closed near […]
