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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).

24 Apr 2015

JPMorgan Elect says every pool delivered in H1

JPMorgan Elect interims for the six months ended 28 February 2015 are out. The Managed Growth pool beat its bench mark by 3.2% over the period. The pool generated a return on net assets of 9.7% while their 50:50 FTSE All-Share : FTSE All-World ex UK benchmark returned 6.5%. They declared two quarterly dividends totalling 3.9p […]

Sectors
Companies
23 Apr 2015

Witan Pacific beats benchmark as two in three managers perform well

Witan Pacific’s net asset value total return was 17.6% over the year to the end of January 2015, just ahead of the 17.1% return on the benchmark (MSCI All Country Asia Pacific Free Index). The share price return was 16.6% as the discount widened from 11.7% to 12.7%. The dividend was increased from 4.45p to […]

23 Apr 2015

Pacific Alliance China Land makes good progress on disposals

Pacific Alliance China Land says its net asset value rose by 5.6% over the course of 2014. The share price rose by 6.5% to finish the year at a 30% discount. $30m worth of shares were bought back and cancelled during 2014. Major portfolio movements included the IPO of Dalian Wanda Commercial Properties which drove […]

Sectors
23 Apr 2015

Scottish Oriental Smaller beats benchmark but discount widens

Scottish Oriental Smaller Companies’ net asset value returned 4.5% over the six months to the end of February 2015, ahead of the MSCI AC Asia ex Japan Small Cap Index which returned 2.4%. Smaller companies lagged larger ones during the period – the MSCI AC Asia ex Japan Index returned 5.9%. The discount widened a […]

Sectors
23 Apr 2015

ICG Longbow may get boost from early repayments

ICG Longbow results for the year ended 31 January 2015 show that the net asset value rose from 98.79p to 99.99p and the company declared dividends totalling 6p per share. The shares were trading at 105p at the year end. As at 31 January 2015 the Group’s loan portfolio had a weighted average unexpired term […]

23 Apr 2015

Hammerson sells Sheffield retail park

Hammerson is selling the Drakehouse Retail Park in Sheffield to 90 North Real Estate for £61.7m. The sale price is equivalent to a net initial yield of 6.4% and is ahead of the valuation they had in their books as at 31 December 2014 (though they don’t say by how much). At 21,000 m(2) Drakehouse […]

Sectors
22 Apr 2015

Busy year for Oakley Capital

Oakley Capital has published results for the year ended 31 December 2014 that show the net asset value has barely moved – up from 200p to 201p. Oakley Capital invests through two limited partnerships – Oakley Capital Private Equity and Oakley Capital Private Equity II. The first fund is now fully invested and is returning capital to […]

Sectors
22 Apr 2015

Middlefield Canadian diversifying its portfolio

Middlefield Canadian’s results for 2014 reflect the effect of falling oil prices and subdued commodity prices on the Canadian economy – showing a share price return of 2.5% and a net asset value based return of 0.2% (2.8% on a currency adjusted basis), compared to returns of 2.4% and 1.2% for the Fund’s benchmark and […]

Sectors
22 Apr 2015

Threadneedle UK Select let down by widening discount

Threadneedle UK Select Trust has published its results for the year ended 31 December 2014. The fund managed to beat the FTSE All-Share Index over the year – generating a return on net assets of 3.5% vs. 1.2% for the benchmark. The dividend was upped from 4.25p to 4.35p. However the discount widened as the […]

Sectors
21 Apr 2015

Ashmore Global says 50% distribution this year possible

Ashmore Global’s accounts for the year ended 31 December 2014 show that the fund has now distributed around 50% of the end 2012 NAV to shareholders – in line with projections the Board made when the company adopted its realisation strategy. The Board now says that around half the remaining NAV will be realised and available […]

Sectors
21 Apr 2015

UK Commercial Property rules out becoming a REIT – for now

UK Commercial Property has announced results for 2014 that show the net asset value rose by 13.5% over the year to hit 83p. Adding in the income as well, the total return on net assets was 19.7% and, as the premium rose slightly, the return to shareholders was 20.4%. The total return on the property […]

20 Apr 2015

INPP tops up stake in Lewisham BSF

International Public Partnerships is buying an extra 40% of the Lewisham Building Schools for the Future project for £14.3m. The Lewisham project comprises four BSF schools located in the South East London borough, including Sedgehill (pictured) and Conisborough Schools; Trinity School; Deptford Green School; and, Bonus Pastor, Pendergast and Drum Beat Schools. They are paying […]

17 Apr 2015

Invista European sells largest investment

Invista European has announced the sale of its largest asset – Campus Heusenstamm, a collection of offices in Frankfurt, Germany. The sale price is €32m which is 22% less than the valuation of the office in its last published net asset value. €1.9m of the proceeds are being kept back to cover possible taxes and […]

Sectors
17 Apr 2015

PME Africa NAV halves on sale of train business

PME Africa is selling its train business to Principle Capital Investments (which some people might remember as it used to have a listed fund). PME Africa is selling 100% of the equity of PME’s wholly owned subsidiary, PME RSACO (Mauritius) Limited, the Group entity which holds the Group’s 50% interest in Sheltam Holdings (Pty) Ltd, […]

17 Apr 2015

Global Fixed Income realisation hurt by Brazilian exposure

Global Fixed Income Realisation’s net asset value fell by 17.3% over the course of 2014. A large part of that related to realised losses on the sale of the fund’s Ukrainian investments. 2% was lost to a fall in the value of Autonomy IID, a Brazilian real estate fund, which suffered in a weak Brazilian […]

17 Apr 2015

Weiss Korea has good year despite Hyundai Motor

Weiss Korea Opportunity results for 2014 have been published. The NAV per Share increased from 108.5p to 120.4p (11.0%) over the year. They compare their performance to the  MSCI Korea 25/50 Capped Index, this fell by 5.2% so the fund did very well in 2014. They also paid a dividend of 1.4413p in the year […]

Sectors
17 Apr 2015

Duet lost out when care home company went bust

Duet Real Estate Finance results for 2014 are out. The total net asset value return for the year was 5.7% and the shareholder return was 9%. They paid 6.2p in dividends during the year and declared 5.2p worth of dividends for the 2014 accounting year as a whole (part of the 6.2p related to 2013 and […]

Sectors
17 Apr 2015

Dexion Absolute discount triggers 25% redemption

Dexion Absolute has published its 2014 accounts. The share prices of the various share classes did much better than the net asset values – the Sterling shares were up 11.8% and 2.8% in share price and NAV terms, Euro shares 10.5% and 2.7% and US dollar shares 16% and 2.8%. 97.1% of the portfolio is […]

17 Apr 2015

Invesco Perpetual UK Smaller outperforms in 2014

Invesco Perpetual UK Smaller’s results for the year ended 31 January 2015 show the fund generating a net asset value return of 2.2%. The Numis Smaller Companies Index (excluding Investment Companies), fell by 2.6%. The share price rose from 316.8p to 328.3p per share, an increase of 3.6%, and the discount narrowed from 13.9% to 11.3%. […]

Sectors
Companies
16 Apr 2015

Henderson International Income re-rated on demand for income

Henderson International Income’s net asset value returned 9.6% over the six months to the end of February 2015 while the MSCI World (ex UK) Index returned 10.7%. The company’s share price did much better however, returning 18.7%. They have declared two dividends of 1.1p each for the period and say they aim to maintain the same level […]

Sectors
16 Apr 2015

International Oil & Gas shares suspended

International Oil & Gas is in the process of trying to sell Strata Energy Services. in an announcement today, the company says the sales process is ongoing but firm indications of pricing are unlikely to be available by 30 April (the deadline for the publication of International Oil & Gas’s accounts for the year ended […]

16 Apr 2015

NB Global Floating Rate reports on weak H2

NB Global Floating Rate Income’s accounts for 2014, published today, show a fall in its net asset value – from 100.18p to 97.7p for the Sterling shares (which make up the bulk of the fund although US dollar assets dominate the porttfolio) and from $1.0102 to $0.9862 for the US dollar shares. The total NAV […]

16 Apr 2015

Taliesin says privatisation programme justifies its premium

Taliesin Property Fund’s net asset value rose by 19.4% in 2014 (18.2% on an EPRA basis). The property portfolio was valued at an average of €1,760 per square metre at the end of the year, up 15% on the valuation at the end of 2013. The shares have been trading at a premium to asset […]

Sectors
15 Apr 2015

Baker Steel hit hardest by iron ore price falls

Over the year to the end of December 2015 Baker Steel Resources net asset value fell by 27.6% – somewhat more than comparative indices such as the Euromoney Global Mining 100 Index which fell by 15.4% and the FTSE Gold Mines Index which fell by 9.8% over the same period. The statement says that some of […]

15 Apr 2015

Pacific Alliance Asia benefits from discount narrowing

Over 2014 Pacific Alliance Asia Opportunity’s net asset value rose by 9% to $1,729 per share. The share price did much better however, increasing by 21.8% to $1.59. The underlying master fund in which the company invests generated a return of 9.5% for the year. The portfolio is invested in a number of strategies – […]

Sectors
15 Apr 2015

Third Point flat in H2 2014 but better start to current year

Third Point Investors has announced results for the year ended 31 December 2014. Over the year the NAV total return was 6.5% for the US dollar share class and 6.8% for the Sterling share class (all of the Euro class was merged in with the dollar class during the year). Most of that return was […]

15 Apr 2015

BlueCrest All Blue passes 100% return mark

BlueCrest All Blue generated a 6.9% return on net assets over the course of 2014 to make a 100% return since the launch of the fund in 2006. They added one new fund to the mix during the year, BlueCrest Equity Strategies Fund, which the directors say is managed close to market neutral and appears […]

15 Apr 2015

JPMorgan Asia losing manager

Ted Pulling, manager of JPMorgan Asia for the last three years, is moving back to the US from Hong Kong and relinquishing responsibility for the management of the fund. The Board says, to ensure an orderly transition of his responsibilities, Mr Pulling will remain in Hong Kong until the end of 2015, continuing to manage […]

Sectors
14 Apr 2015

HICL adds to Salford and Wigan schools exposure

HICL is paying £16.2m to acquire additional 40% interests in both phase 1 and phase 2 of the Salford & Wigan BSF (Building Schools for the Future) projects. This takes HICL’s stake in both projects up to 80%. S&W Phase 1 and S&W Phase 2 are 26-year and 27-year PFI concessions, respectively, to design, build, […]

14 Apr 2015

Blue Capital held back by US wind and hail storms

Blue Capital Global Reinsurance has announced results for 2014. The NAV total return for the year was 8.8%. The dividend for the year was 6.5 US cents. They raised $15.3m of additional capital during the period. Losses for the period were, they say, relatively small – amounting to about 1.6% off the return for the […]

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