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).
Cambium Global Timberland’s net asset value fell from 40p to 33p over the six months ended 31 October 2014. However since then a wind storm in Hawaii has damaged the Pahala plantation there and the fall in the Braziian Real and a weak Brazilian economy have impacted the valuation of their Brazilian assets (the bulk […]
Invista European Real Estate has published its results for the year ended 30 September 2014. The net asset value fell again, from 15p to 12p, as property values fell and sales were struck at prices below last valuations. The property valuation fell from €325.6m to €281.8m (partly the result of sales but also a 7.39% […]
Aurora Russia has announced the sale of its 24.3% stake in Superstroy for £680,000. This is quite a bit more than its valuation in Aurora Russia’s last accounts when it was valued at £280,000 but this is a company that Aurora Russia invested £16.6m into and it is supposed to be one of the leading […]
JZ Capital Partners has a history of adapting its investment focus to suit market conditions. The Board has decided to ask shareholders to approve a relaxation of the investment policy for the fund to permit it to shift assets to the regions and sectors that its managers think look most attractive. At present they say that US microcaps […]
Diverse Income Trust interim results for the six months ended 30 November 2014 show the fund generating a return on net assets of -3.2% and a return to shareholders of -1.9%. the first half dividend rose from 0.8p to 0.9p. The fund is skewed towards smaller companies relative to the FTSE All-Share Index and this accounts […]
Jupiter European Opportunities has announced interim results for the six months to the end of November 2014. The fund outperformed its benchmark, delivering a 3.4% return on NAV as compared to a 0.4% fall in the FTSE Word Europe ex UK Index. The shares moved from trading at a small premium to trading at a […]
With remarkable efficiency, VietNam Holding has just published its interim report for the six months that ended on 31 December 2014. Over the second half of 2014 the fund generated NAV growth of 7.2% to reach $2.059 and the share price rose by 15.9% to hit $1.695, a 17.7% discount to NAV. They bought […]
Ludgate Environmental’s interim results, covering the second half of 2014, show the net asset value falling from 70.7p to 59p. The company is now focused on realising its portfolio over the next couple of years, with the aim of winding up by 30 June 2018. The report says they reorganised their interest in shares of Rapid […]
The Board of Pacific Assets Trust has announced that, with effect from 1 February 2015, the management fee will be changed to 0.9% of net assets and there will no longer be a performance fee. Previously the fee was 0.75% plus a 12.5% performance fee of 12.5% on outperformance of MSCI All Country Asia ex Japan Index plus a hurdle of 1.75% over a […]
JPMorgan Russian announced its results for the period that ended on 31 October 2014 on 27 January. Unsurprisingly, given the political and economic backdrop, it wasn’t a great year for Russian equities, the MSCI Russian 10/40 Equity Indices Index, fell 21.0% over the year. However the return to shareholders and the net asset value total […]
Aberforth Geared Income’s interims for the six months ended 31 December show a fall in total assets of 1% over the period which translated (adjusting for the gearing effect of the company’s zero dividend preference shares) into a fall in the ordinary share NAV of 3% – the share price came off 2.3%. By comparison, […]
Henderson Smaller Companies published its interim report yesterday. This covers the six month period that ended on 30 November 2014, a period that saw the Numis Smaller Companies ex Investment Companies Index fall by 4.6% in total return terms. Henderson Smaller Companies did well then to manage a fall of 1.2% in NAV total return and […]
LXB Retail Properties has given more information about one of the disposals it highlighted in its announcement on 18 December. It is selling land earmarked for residential development and a Sainsbury’s foodstore in Sutton for £47.8m and expects to get the first £23m of this in cash by May 2015. The Sutton investments comprise a […]
Alpha Real Trust has been awarded the equivalent of £9.2m by the International Chamber of Commerce in its dispute with its joint venture partner, Logix Group, over Galaxia – the development that they were supposed to be working on together in an 11.2 acre Special Economic Zone, in NOIDA, the National Capital Region, India. The […]
Tritax Big Box REIT is investing £98.8m to build a new distribution warehouse facility for Ocado. The facility will be located inside the M25 at Crossdox, Bronze Age Way, Erith, on the south side of the River Thames and A2016, with Central London approximately 12 miles to the West and Tilbury Docks and DP World […]
Chenavari Capital Solutions has announced results for the period from its incorporation on 12 July 2013 to the end of September 2014. Its net asset value rose by 4% compared to its value after issue expenses and they paid dividends totalling 5.25p (they were aiming for 5p). The net asset value at the end of […]
Aberforth Smaller Companies reported a 0.7% fall in its asset value on a total return basis over 2014, better than the -1.9% return generated by the Numis Smaller Companies excluding Investment Companies Index. The return to shareholders over the period was 0.1%. the final dividend was 17p, making a total of 24.75p for the year, an […]
The Board of JPMorgan Chinese Trust have negotiated a reduction in the fees that JPMorgan charges the fund. the base management fee will be 1% of the Company’s total assets less current liabilities and the performance fee is being scrapped. Tese changes take effect at the end of September 2015 so JPMorgan can still earn […]
Advance Developing Markets has published its results for the year that ended on 31 October 2014. Over that period the fund saw its asset value fall by 0.3% and its share price fall by 2.3% while its benchmark, the MSCI Emerging Markets Index rose by 0.9%. The managers’ report says that good fund selection and […]
Alpha Pyrenees Trust has announced that it is in talks with its lender about potential refinancing options for the company, including the potential refinancing of assets by third party lenders and potential asset sales. To enable these discussions to proceed further the Company is discussing an extension of its current facilities for a period of […]
Baker Steel Resources Trust has published more detail on its proposed expansion plans. Shareholders get to vote on elements of the proposed plans at an EGM being held on 23 February 2015. They will acquire a portfolio worth £18.6m and potentially buy a further £60.7m worth of investments – issuing new shares to pay for […]
Henderson Diversified Income has published results for the year that ended on 31 October 2014. The net asset value rose from 87.92p to 88.82p over the year but the share price slipped a little – from 91.5p to 91.25p – still a healthy premium to the asset value. The premium allowed the fund to issue a […]
Custodian REIT has announced that it intends to try to raise a further £20m from investors as it continues to expand its portfolio. This morning’s acquisition is of a 44,192 sq ft industrial unit on the Tilbrook Industrial Estate, Milton Keynes. They are paying £2.1m for it. the new property is immediately opposite a 52,532 […]
The Board of Cambria Africa has decided that there is not much point in the company persevering with the cost of an AIM quote and intends to cancel the trading of the company’s shares on AIM. They reckon they’ll save about £250,000 per year. To enable shareholders to buy and sell shares, the Board intends to facilitate […]
F&C Managed Portfolio has announced results for the six months that finished on 30 November 2014. The FTSE All-Share Index returned -0.1% over that period but F&C Managed Portfolio Growth shares (FMPG) returned 4.3% and the F&C Managed Portfolio Income shares (FMPI) returned 3.0% over the period. This may be largely down to a good […]
SQN Asset Finance Income has updated the market now that it is just over six months old. It announced that its NAV at the end of December was estimated to be 98.92p. The Board is declaring a dividend of 0.92p for the final quarter of 2014. 93.7% of the capital raised at IPO has been committed […]
Balfour Beatty, which rejected a bid of £1bn for its infrastructure assets from John Laing Infrastructure Fund in December 2014, has now upped its estimate of the value of these assets to £1.3bn. The Board cite “lower discount rates and revised cash flow assumptions on the UK portfolio and improved cash flow assumptions on the […]
Riverstone Energy is committing C$75m towards a C$465m investment in CanEra Inc. CanEra Inc. is a newly-formed, Calgary-based oil and gas company. This is the third partnership that Riverstone Holdings (the company behind Riverstone Energy) has entered into with CanEra’s management team which includes J. Paul Charron (pictured). The previous two ventures were CanEra Resources Inc. […]
3i Infrastructure has announced an agreement to sell its stake in Eversholt Rail Group, to CK Investments S.A R.L., generating net proceeds of £358m. At 48.7%, this is a significant uplift on the 30 September 2014 valuation of £240.8m. The transaction is expected to close in March 2015. Eversholt is one of three leading rail stock companies in […]
Origo Partners has announced that all the resolutions put forward at the Extraordinary General Meeting on Friday were defeated. Brooks MacDonald requisitioned the meeting in November with the aim of removing Origo’s existing directors (except Chris Rynning) and appointing Brett Miller and Rhys Davies with a mandate to sell off Origo’s assets. The announcement says that between […]
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