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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).

25 Mar 2015
North American Income held back by biotech and tech underweights

North American Income held back by biotech and tech underweights

Final results for The North American Income Trust for the year that ended 31 January 2014 show the fund delivering an 18.9% return on net assets, which isn’t bad but does lag the 25.0% return on the S&P500 Index by some margin. The fund’s discount widened from 5% to 7.9% over the year and so […]

Sectors
24 Mar 2015

Negligible returns in 2014 for Brevan Howard Global

Brevan Howard Global reports net asset value growth of 2.5% for the US dollar share class and 2.1% for the Sterling share class. The Chairman makes the point that “An investment in the shares of BH Global is intended to be a portfolio diversifier that is only modestly correlated with equity markets and is subject […]

24 Mar 2015

John Laing Infrastructure concerned about secondary market prices

John Laing Infrastructure’s results for the period ended 31 December 2014 have been published. Its net asset value rose by 2.3% to 109.3p. A combination of dividends and a rising premium helped push the total shareholder return up to 12.6%. They increased the final dividend by 3.85% to 3.375p making a total dividend of 6.625p for the […]

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23 Mar 2015

SVG reports good NAV growth and plans a tender in May

SVG Capital has announced results for the thirteen months ended 31 January 2015. Over the period the company’s net asset value rose by 14% to 588p (from a total return on the investment portfolio of 17%). £330m of cash was generated by the portfolio during the period and the company returned £205m to shareholders – £100m via tenders and […]

23 Mar 2015

Public Service Properties down to handful of German assets

Public Service Properties has announced its results for the year ended 31 December 2014. These have in large measure been superseded by the sale of its UK care home market and ancillary businesses for cash on 4 March 2015 and the sale of three of its German care homes in November 2014 and January 2015. […]

Sectors
23 Mar 2015

Renewables Infrastructure buys Cornish solar plant

The Renewables Infrastructure Group is paying £8.6m to buy the Four Burrows solar farm in Cornwall. The plant has a generating capacity of 7.2MWp. It is located near Truro and is already operational – and has been since January 2015. It should qualify under the 1.4 ROC subsidy regime therefore but, if it doesn’t, the […]

23 Mar 2015

Aer Lingus gains fail to redeem poor H2 2014 for Crystal Amber

Crystal Amber’s net asset value fell by 5% over the second half of 2014 to 152.7p – the total return was -4.7%. The NAV move lags the return on comparable  indices – a total return of -0.5% for the FTSE Small Cap Index, 3.8% for the FTSE 250 and -4.1% for the Numis Smaller Companies […]

Sectors
23 Mar 2015

Trading Emissions under legal cloud

Trading Emissions has drawn up its accounts under IFRS10 for the first time and has restated its figures for previous years accordingly. On the new basis, its net asset value fell from 15.2p to 15.1p over the second half of 2014. The fall is largely down to increased provisions for legal expenses. The Chinese counterparties to […]

23 Mar 2015

Invesco Income Growth fee cut

Invesco Income Growth’s Board has negotiated a change to the management fee. With effect from 1 April 2015, the fee will be 0.65% on the first £150m of market capitalisation and 0.55% above this level. The fee was 0.7% up to £100m, 0.6% on the next £50m and 0.55% on the next £50m and was based on funds […]

Sectors
23 Mar 2015

Dunedin Enterprise hit by discount widening

Dunedin Enterprise has reported a -0.4% total return on net assets for the year ended 31 December 2014. However the share price fell as the fund’s discount widened and the return to shareholders was -15.8%. The discount stood at 33% when they published these figures. They are paying a final dividend of 4.7p. The fund […]

20 Mar 2015

Better Capital buys CAV Aerospace

Better Capital has the acquisition of the entire issued share capital of CAV Aerospace Limited from an overseas holding company. CAV is a specialist aerospace manufacturing business, which supplies complex metallic components and sub-assemblies to several major original equipment manufacturers including Airbus, Embraer and Gulfstream.  The company operates from seven sites – four in the […]

20 Mar 2015

JPMorgan US Smaller boosted by US real estate holdings

JPMorgan US Smaller Companies published their results for the year ended 31 December 2014 yesterday. These show that the fund outperformed its benchmark, the Russell 2000 Index as the net asset value rose by 12.8% against 11.1% for the Index. Unfortunately however the discount widened out, leaving the return to shareholders at 5.6%. In the […]

Sectors
20 Mar 2015

Fundsmith Emerging Equities inaugural results

Fundsmith Emerging Equities has published its inaugural results that cover the period from its incorporation on 31 October 2013 to 31 December 2014. The fund didn’t really get going until June 2014 however – it listed on 25 June 2014. Over the period the fund underperformed its benchmark, the MSCI Emerging and Frontier Markets Index, by 0.8% […]

Sectors
20 Mar 2015

BlackRock World Mining apologises for royalty losses

2014 was not a great year for BlackRock World Mining. The net asset value total return fell by 26.4% and the share price fell by 30.4% both of which do not compare well to a fall in the Euromoney Global Mining Index of 13.0%. The larger fall in the share price reflects a widening of their […]

20 Mar 2015

International Public Partnerships invests in second school project

International Public Partnerships has followed up its investment in schools in the North East with a £10.2m investment in the Amber schools project which covers schools in Hertfordshire, Luton and Reading. The project will support the development of seven secondary schools on existing sites. Total capital expenditure on the schools in this batch is £144 […]

20 Mar 2015

Kubera misses out on India’s golden year

Kubera Cross Border’s asset value fell from 54 cents to 52 cents over the course of 2014 and its share price fell 16% to 26 cents over the same period as the discount widened to 50%. this is an extremely disappointing result in the context of the revival of India’s fortunes and the amazing year […]

Sectors
20 Mar 2015

Alliance versus Elliott – with updates

Alliance Trust has published its rejection of Elliott’s proposals. for the sake of completeness we have reproduced the entire statement below but the thrust of it is that Elliott’s nominees wouldn’t be independent, would have a short-term agenda, might initiate moves that could threaten the dividend and the jobs of 250 Alliance Trust employees. They […]

Sectors
19 Mar 2015

India Capital Growth reaps rewards of resurgent stock market

India Capital Growth’s net asset value rose by 50.3% over the course of 2014, an impressive result but unfortunately quite a bit less than the company’s benchmark, the BSE Mid Cap Index, which returned 63.2%. The MSCI India index returned 28.75 over the same period. The Chairman makes the point that the BSE Index contains a number of […]

Sectors
19 Mar 2015

EPE Special Opportunities benefits from disposals

EPE Special Opportunities saw its net asset value rise by 5% over the year to the end of January 2015 but this modest increased was dwarfed by a 31% rise in its share price. They have £9.96m in net cash in the portfolio, plenty they say, to fund new investment opportunities. Major exits from the […]

19 Mar 2015

Henderson High Income outperforms, cuts fees

Henderson High Income’s results for the year that finished on 31 December 2014 are quite good. The total return on net assets was 7.5% and the return to shareholders was 8.1%. these figures compare to a return on their benchmark,  a composite of 80% of the FTSE All-Share Index (total return) and 20% of the […]

Sectors
19 Mar 2015

EP Global nervous about the US

Edinburgh Partners Global Opportunities returned 2.2% on net assets over the course of 2014, better than the 1.2% return on the FTSE All-Share index but well behind the 11.3% returned generated by the FTSE All-World Index. The Board aims to pay a dividend of 3.3p for the year (from revenues of 3.7p). The portfolio’s focus […]

Sectors
18 Mar 2015

Burford Capital posts 43% increase in operating profit

Burford Capital has, with its recent final results announcement for the year ended 31 December 2014, posted a 43% increase in its operating profit to $60.7m (2013: $42.5m). This represents a 17% return on equity. The company is also proposing a 34% increase in the dividend to  7.00c per share (2013: 5.23c). Burford saw a 35% increase […]

Sectors
18 Mar 2015

Mirland posts loss of $62.9m due to Russian economic conditions

MirLand Development Corporation’s final results, for the year ended 31 December 2014, show an 18% increase in total revenues from investment properties. The company says this is due to both an increase in income from yielding assets as well as full consolidation of the Vernissage Mall in Yaroslavl. However, Mirland has also suffered a loss of $62.9m, during 2014, due to the […]

Sectors
18 Mar 2015

SVG Capital sells remaining holding in Hugo Boss for £78m

SVG Capital has announced that Red & Black Lux S.à r.l., an investment company owned by Permira, has its remaining stake in Hugo Boss for £78m. This follows on from the sale of a 6% stake, in August 2014, for £69.4m. SVI : SVG Capital sells remaining holding in Hugo Boss for £78m  

18 Mar 2015

Shaftesbury secures new financing arrangements

Shaftesbury has announced that it has secured a new £130m term loan with Aviva Commercial Finance Limited for 15 years until March 2030.The loan is secured on certain properties held in a subsidiary company and has a fixed interest rate of 3.2% throughout the term. On drawing down the loan from Aviva, Shaftesbury is to […]

Sectors
17 Mar 2015

Juridica NAV falls as fees rise

Juridica has published results for the year ended 31 December 2014. Over this period the net asset value fell from $2.02 to $1.66. 31 cents of this fall relates to a distribution (20p = 31 cents) made to shareholders so the loss on the net asset value over the year was 5 cents. The 5 […]

16 Mar 2015

Good stock picking benefits Fidelity European Values

Over the course of 2014 Fidelity European Values generated a total return on net assets of 5.1% – well ahead of the 0.2% return generated by the FTSE All-World Europe ex UK Index, its benchmark. Shareholders did even better as the fund’s discount narrowed from 7.9% to 4.6%, pushing the return to shareholders up to […]

Sectors
16 Mar 2015

Marwyn vehicle linked to webuyanycar.com

Haversham Holdings, which Marwyn invested in on its listing last year, has been linked to a £1.2bn bid for British Car Auctions, the owners of the webuyanycar.com website. An article in today’s Times  says the two companies are in advanced talks. Haversham Holdings has confirmed that it is in “very advanced discussions which might lead to […]

Sectors
16 Mar 2015

Real Estate Investors shifts dividend up a gear

Real Estate Investors says its EPRA net asset value rose by 4% over the course of 2014 – from 59.1p to 61.3p. Its EPRA earnings per share were negative although less so than in 2013 – loss per share of 0.3p vs. 0.4p in 2013. The dividend has been hiked by 50% however to make […]

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