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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).

14 Apr 2015
International Biotech making 15x its money on Convergence

M&A activity produces great results for International Biotechnology

International Biotechnology’s results for the six months ended 28 February 2015 are out and they show that the fund had a fantastic time with the net asset value rising by 44.5%. The share price was up 57.4% over this period as they bought back 23% of the company to cut the discount from 21.5% to […]

Sectors
13 Apr 2015

Qatar Investment Fund discontinuation vote proposals

Qatar Investment Fund has a discontinuation vote scheduled this year. The Board is thinking about conducting a tender offer at a 1% discount to net asset value (less associated expenses) for 10% to 15% of the fund. They are working this out on a sliding scale whereby if the fund trades at an average discount […]

13 Apr 2015

NextEnergy Solar adds a further 45MWp

NextEnergy Solar is spending up to £54.7m to acquire two plants with a total generating capacity of 45.4MWp. The deals are a share purchase agreement to acquire the operational 33.7MWp Glebe Farm solar power plant in Bedfordshire for up to £40.5m and a share purchase agreement signed to acquire the operational 11.7MWp Hawkers Farm solar […]

13 Apr 2015

Witan takes out long-term borrowing

Witan Investment Trust has today agreed to issue a £21m fixed rate 20 year secured private placement note at a coupon of 3.29% and a £54m fixed rate 30 year secured private placement note at a coupon of 3.47%. They say the purpose of this transaction is to obtain fixed rate long dated Sterling denominated […]

Sectors
10 Apr 2015

Manager compensates JPMorgan Senior Secured after hedging error

JPMorgan Senior Secured Loan has received £1.686m in compensation from JPMorgan after an error led to losses of that amount on the company’s currency hedging. This pushes the NAV back up to 97.58p (including accrued income) and the shares trade at a 5.3% discount to this. JPSL : Manager compensates JPMorgan Senior Secured after hedging […]

10 Apr 2015

VPC Specialty Lending Investments invests in Avant

VPC Specialty Lending Investments has made a new investment of c£11.7m by way of a balance sheet loan to Avant, Inc., a Chicago-based financial technology platform offering consumer credit. Victory Park Capital Advisors, LLC, the Company’s investment manager, has been an early financial partner of Avant since it began offering consumer credit in early 2013. […]

Geographies
  • North America
  • UK
  • Europe (EU and EEA ex UK)
10 Apr 2015

Infrastructure India sets up incentive scheme for director

Infrastructure India has announced that its logistics terminal in Bangalore is now up and running. They have agreed a ten year business plan for Distribution Logistics Infrastructure Private Limited, the 99.9% subsidiary that is running the business. Vikram Viswanath, a non-executive director of Infrastructure India, is taking up the role of “Advisor” to the management team of […]

10 Apr 2015

Tritax buys Brakes distribution centre

Tritax Big Box REIT is paying £37.2m to acquire the Brakes Brothers distribution centre in Flex Meadow, Harlow. the price is equivalent to a net initial yield of 5%. They say the centre is strategically positioned in a core South East location, close to the M11, the M25 and Central London, providing distribution reach across […]

10 Apr 2015

F&C Commercial Property expects improving dividend cover

F&C Commercial Property Trust’s results for 2014 are good. The fund’s property portfolio beat the IPD Index by 2.4%, delivering a return of 20.3% compared to 17.9% for the benchmark. This helped generate a return on net assets of 22.1%. The return to shareholders was a little lower however, 18.8% as the company moved to […]

08 Apr 2015

Japan investment trusts mostly in the lead

http://www.investorschronicle.co.uk/2015/04/08/funds-and-etfs/investment-trusts/japan-investment-trusts-mostly-in-the-lead-OClufkTc7yeh4SntBC5sCN/article.html Japan investment trusts mostly in the lead “Japan investment trusts are largely outperforming open-ended funds, according to research company QuotedData. On average, Japan investment trusts focused on larger companies outperform open-ended Japan funds on an annualised net asset value (NAV) basis over one, three and five years. “We think the reason is that the […]

Sectors
08 Apr 2015

Riverstone invests in Three Rivers III

Riverstone Energy is contributing up to $167m towards what could be a $500m investment in Three Rivers Natural Resource Holdings III LLC, a newly-formed, Austin (Texas) -based oil and gas company. Three Rivers III is the third partnership between funds managed or advised by Riverstone and Three Rivers III’s management team. The first two have sold substantially […]

07 Apr 2015

LXB selling up at Biggleswade and Rushden

LXB Retail Properties has been hinting at an imminent disposal of two other large assets following on from the sale of their investment in Sutton. today they have announced the sale of their investments at Biggleswade and Rushden. They’ll get £58.5m for Biggleswade now, a further £10.2m when phase one of that development is completed (on […]

07 Apr 2015

David Marshall retiring from John Laing Infrastructure

John Laing Infrastructure has announced that David Marshall, who heads up the team at John Laing Capital Management alongside Andrew Charlesworth, the investment adviser to the Company, has decided to retire and will therefore be leaving JLCM with effect from 1 July 2015. Andrew Charlesworth is staying on.   JLIF : David Marshall retiring from […]

07 Apr 2015

City Merchants cautious

City Merchants High Yield generated a 5% return in net assets and an 8.5% return to shareholders over 2014. The dividend was maintained at 10p. The shares moved from trading at a 0.1% discount to a 3.2% premium. The portfolio has a weighting in subordinated debt issued by European banks. This fell in value over […]

Sectors
07 Apr 2015

Fair Oaks generates positive returns despite poor backdrop

Fair Oaks Income has announced results for the period ended 31 December 2014. The company listed in June 2014. Over the period from launch to the end of the year, the NAV return was 4.2% and the share price return 4.3%. They paid a first dividend of 4.25 cents per share and have switched since to paying […]

02 Apr 2015

Golden Prospect has poor 2014

Golden Prospect Precious Metals published its annual report for the year ended 31 December 2014 yesterday. it says much about the fund’s performance that it doesn’t get a mention in the Chairman’s statement and is a throw away last line in the manager’s report “The fund NAV ended the year at 31p, a decline of […]

02 Apr 2015

Split Structure works against Acorn in 2014

Acorn Income Fund released results for the year ended 31 December 2014 yesterday. Over 2014 the total return on gross assets was -0.4%. This compares to a -1.8% return on the Numis Smaller Companies ex Investment Companies Index, a -2.7% return on the FTSE Small Cap. ex Investment Companies Index and a 1.2% return on the […]

Sectors
Companies
01 Apr 2015

JPMorgan American helped by technology weighting

JPMorgan American’s results for 2014 show the fund just beat its benchmark, the US market, as measured by the S&P 500 total return Index in sterling terms, provided a return of 20.4%. By contrast the net asset value total return was 20.8%. The share price return was 22.6%. They are paying a dividend of 3.25p for […]

Sectors
01 Apr 2015

Impax Environmental still steering clear of Tesla

Impax Environmental Markets results for 2014 show that the fund underperformed its benchmark over the period – the net asset value and share price returns were both 1.7% as compared to the FTSE ET100 Index which returned 4.1%. Environmental stocks also lagged wider markets – the MSCI World Index returned 10.6%. The dividend was increased […]

Sectors
01 Apr 2015

Fidelity Japanese beats peers but lags index

Fidelity Japanese Values has published results for the year ended 31 December 2014. Over the year the fund’s net asset value rose by 3.1%, underperforming the Russell Nomura Mid/Small Cap Index which rose by 5.1% but beating the TOPIX which rose by 0.7% and the fund’s peer group which delivered a 0.5% increase in NAV on […]

Sectors
01 Apr 2015

John Laing Environmental buying a solar park and two wind farms

John Laing Environmental is buying a solar park and two wind farms off John Laing Group for £42.54m. They are funding the transaction from their £50m credit facility. The solar park deal relates to Branden solar park where they are buying a 64% stake. Branden Solar comprises two separate solar parks located near Bodmin in Cornwall, with […]

01 Apr 2015

JZ Capital buys more property in Miami

JZ Capital Partners and their property partner, RedSky, are paying $97.4m to acquire 2621 NW 2nd Avenue located in Miami’s Wynwood neighbourhood and 1 NE 40th Street and 35 NE 40th Street (site of the Oak Tavern, pictured), two properties located in the Design District neighbourhood of Miami, Florida. JZ’s share of the purchase price was $4209m […]

Geographies
  • North America
  • Europe (EU and EEA ex UK)
  • UK
Sectors
01 Apr 2015

Mirland restructures debt

Mirland has announced that it is proposing a restructuring of its series A-F bonds. Any definitive agreement between the Company and the Trustees of the bonds requires approval by the board and shareholders of the Company and will be subject to sanction by the Cypriot Court and bondholders approval. Under the proposals: Payments of principal are […]

Sectors
01 Apr 2015

Standard Life Property Income beats IPD over 2014

Standard Life Investments Property Income has published results for the year ended 31 December 2014. Over the period the fund produced a total return on net assets of 23.2% and a share price total return of 18.8%. The EPRA net asset value rose by 16.8% to 76.6p and, at the end of 2014, the share […]

01 Apr 2015

HICL Infrastructure invests in Dutch prison project

HICL Infrastructure is paying €11.5m for a 75% interest in the Zaanstad Penitentiary Institution PPP project. The Project comprises the construction and 25-year operation of a new penitentiary institution in Zaanstad, the Netherlands. The Project is governed by a Design, Build, Finance, Maintain and Operate Agreement with the State of the Netherlands and has tenure […]

31 Mar 2015

Strong performance from Asia Total Return fails to narrow discount

Asia Total Return beat its benchmark over the course of 2014. In total return terms, the Company’s share price outperformed the market, rising by 12.3%, whilst the net asset value advanced by 15.8% in the year to 31 December 2014. This compared with a rise of 9.2% in the Reference Index in sterling terms and an […]

Sectors
31 Mar 2015

Camper & Nicholsons ready to grow again

Camper & Nicholsons Marina Investments saw its net asset value fall from 17.1 cents to 16.1 cents over the course of 2014. The company had a cash injection of £2.4m last June from First Eastern Holdings who are now the majority shareholder in the business, holding 52%. With their help they secured the Victoria Quay […]

31 Mar 2015

Schroder Real Estate to become a REIT

In what seems to be a continuation of a trend, Schroder Real Estate has announced today that it is applying to become a REIT. The reason behind this is a change to their current taxation arrangements – they had a deal with HMRC whereby the tax they paid as an offshore company was fairly low. […]

31 Mar 2015

JPMorgan Senior Secured loan hit by energy exposure and hedging problems

JPMorgan Senior Secured Loan Fund has published results covering the period from its launch in December 2013 to the end of January 2015. They say they got the money they raised in the initial offer invested by the end of January 2014 and, from then until the end of the period, the fund produced a […]

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