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 […]

Aberdeen Japan returned enhanced by yen/sterling currency hedge – Aberdeen Japan Investment Trust (AJIT) has released its final report for the year to 31st March 2018. The NAV of the company rose by 12.6% on a total return basis. By way of comparison, the TOPIX index of leading Japanese companies rose by 8.2% on the same basis.  […]

LondonMetric announces its annual results – LondonMetric (LMP) is a Real Estate Investment Trust (REIT) that specialises in distribution, convenience and long income property. LMP is a constituent of the FTSE 250. It focuses on strong and growing income and adding value through asset management initiatives and short cycle developments. LondonMetric has 14 million sq ft under management. […]

A mixed year for Value and Income Trust – In its final report to 31 March 2018, Value and Income Trust (VIN) stated that the NAV performance of the company was mixed. Its property portfolio had a good year.  However, the equity portfolio was less successful in a difficult year for income focused investors.  The NAV total return was -1.6% […]

Scottish Mortgage’s earnings rise by 12% – Scottish Mortgage (SMT) has published its final report for the twelve month period up to 31 March 2018. Following a strong year of performance, the company has seen its earnings rise by 12% to 1.20p from 1.07p the year before.  Therefore, it was decided that, given the long run capital returns, the dividend […]

Trust favourite Genmab hit by trial setback Denmark’s Genmab, a widely-held stock among the sector specialist investment trusts, has suffered a major setback in the past week with failure/termination of studies involving its lead product Darzalex, which is sold by Johnson & Johnson. The studies were both aimed at expanding the range of uses of Darzalex, […]

Another twist for Vietnam Holding’s shareholders – After news that it is changing its investment agreement with its existing investment manager, its intention to acquire the assets of another Vietnamese listed equity fund (click here for more) and the resignation of fund manager, Vu Quang Thinh (click here for more), shareholders of VietNam Holding (VNH) have found […]

Invesco Perpetual Enhanced Income updates on investment manager search – In April 2018, Invesco Perpetual Enhanced Income (IPE) were served notice by their investment manager, Invesco Fund Managers Limited that they were to step down – click here to read more.  In May, the company (IPE)  received requests from some of its largest institutional shareholders to hold an […]

Livermore reports on a positive year – In the company’s report for the year ended 31 December 2017, Livermore Investments Group (LIV) reported that its NAV per share increased by 11.0% to USD 1.00 from USD 0.90 the year before. Net profit for the year, however was USD 16.4m from USD 34.0m in 2016. The net income was primarily driven by interest […]

VinaLand divests its stake in Project Romana Resort & Spa – VinaLand Limited (VNL) is an AIM-quoted investment vehicle established to target strategic segments within Vietnam’s emerging real estate market. The company has announced that it has disinvested from one of its holdings, a 96 bedroom hotel called the Project Romana Resort & Spa in Binh Thuan […]

Biotech Growth blames large caps for 2017/18 under-performance OrbiMed-managed Biotech Growth Trust (BIOG) blamed an overweight position in large cap stocks for under-performance against the benchmark Nasdaq Biotechnology index (NBI) in the six months to March 2018 and financial year as a whole, having recorded a 6.7% fall in NAV against a 2.2% fall for […]

Change in manager line-up for NB Global Floating Rate – NB Global Floating Rate Income Fund says that Neuberger Berman Europe Limited, the investment manager has notified it of the resignation of one of the team, Martin Rotheram, who will depart the firm following completion of a six-month notice period. Neuberger Berman Europe Limited has confirmed […]

Electra Private Equity to start formal sales process – Electra Private Equity (ELTA) has reported in its half year results that it will begin a formal sales process. The company returned £349 million returned to shareholders in December 2017, bringing the total in last 18 months to £1.8 billion. It had told the market in a […]

Balance sheet strength and sector focus supports NewRiver REIT’s performance – NewRiver REIT (NRR) has published its report for the year ending 31st March 2018. The objective of NewRiver REIT is to own and operate retail properties that generate a high, sustainable income and provide an attractive environment for retailers and shoppers. Its continued focus is on the most […]

Hibernia REIT outperforms the Irish property sector – Hibernia REIT (HBRN ID) has reported positive results for the 12 months to 31 march 2018, despite the increase in stamp duty, with developments and residential assets being particularly strong performers. The company’s portfolio delivered a total property return (excluding acquisition costs) of 11.6%, outperforming its benchmark, the IPD Ireland […]

Caledonia’s investment portfolio delivered resilient performance in 2017 – Caledonia Investments (CLDN) has reported its final results for the year ended 31 March 2018. Caledonia Investments is a self-managed investment trust. It was acquired by the Cayzer family in 1951 as a holding company for their shipping interests and morphed over the years into the family […]

First set of results for Downing Strategic Micro-Cap – Following its launch at IPO in May 2017, Downing Strategic Micro-Cap Investment Trust (DSM) has delivered its first annual report to 28 February 2018. The company aims to take influential positions in a focused portfolio of 12 – 18 UK micro-cap companies. The company raised £54.5 million (net) at IPO […]

Oakley agrees sale of Facile to EQT – Oakley Capital Investments Limited (OCI) has announce that one of its underlying funds, Oakley Capital Private Equity II has reached an agreement to sell its stake in Facile.it, Italy’s leading online price comparison website to EQT VIII, an underlying fund of Swedish private equity group EQT. Another of OCI’s underlying funds, […]

North Atlantic Smaller Companies reports 12 month numbers – During the 12 months to 31st January 2018, the fully diluted NAV of North Atlantic Smaller Companies Investment Trust (NAS) rose by 16.5%, to 3.458p. This compares with a rise in the sterling adjusted S&P’s Composite Index of 9.8%.  There are three areas of activity in the portfolio that contributed to […]

Affinity Water disappointment for HICL investors – In a difficult year for infrastructure, HICL Infrastructure (HICL) reported that its return on NAV was 5.7% over the company’s financial year to 31 March 2018. The share price, however, returned -15.5% on a total return basis. The NAV edged up from 149p to 149.6p, helped by issuing stock […]

Great Portland reports strong operational performance – Great Portland Estates (GPOR) has released its results for the year to 31 March 2018. The company reported a year of robust operational performance that has delivered good financial result. This includes including successes with assets that are leased to multiple types of tenents. It also includes profitable capital recycling […]

Assure adds 120 medical centres to its portfolio – Assure (AGR) has released its results for the year to 31 March 2018. Assura is a constituent of the FTSE 250 and the EPRA indices and is a UK REIT and long-term investor in and developer of primary care property. The company works with GPs, health […]

HgCapital in joint investment into software firm IRIS – HgCapital Trust (HGT) has announced that it has made a joint investment into IRIS with Intermediate Capital Group. IRIS is a provider of business-critical software and services to the UK accountancy, education and business market. Hg is a private equity investment group. It invests via a number of […]