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).
JLIF bidding for Balfour Beatty PPP assets John Laing infrastructure has announced that it is considering bidding for Balfour Beatty’s PPP portfolio (all the public private partnership / public finance initiative type deals that Balfour Beatty has on its balance sheet). JLIF is thinking about offering c£1bn in cash for these and would raise fresh […]
WWH : InterMune helps drive good Worldwide Healthcare result Worldwide Healthcare powered ahead over the six months ended 30 September as the net asset value delivered a total return of 16.8%. The rating stayed more or less the same so the return to shareholders was 16.2%. by contrast the benchmark index (MSCI World Health Care) returned 11.5% […]
MVI : Marwyn Value sells Breedon Aggregates Marwyn Value Investments has got cash equivalent to 3.7x their total investment in Breedon Aggregates – the stake was sold for £51.3m and MVI’s share of that is £43.5m. They first invested in the company as Marwyn Materials in 2008. The return works out as a IRR of […]
JETG / JETI : Mixed fortunes for the two JPMorgan European pools JPMorgan European Investment trust interim results announcement covering the six months that finished on 30 September 2014 has been published. For the growth portfolio (JETG) there was a negative return on net assets of 4.5% – an underperformance of its benchmark, the MSCI Europe ex […]
BBOX : Tritax raises £110m and spends £22m Tritax Big Box REIT has announced that it has raised £110m by placing 104.77m shares at 105p. It has also said that it has exchanged contracts on a Tesco retail distribution warehouse for which they are paying £22.45m, equivalent to a net initial yield of 8.25%. The […]
RECI : RECI expands loan portfolio Real Estate Credit Investments has announced its interim results for the six months that ended on 30 September 2014. The net asset value rose by 3.2% to 159p. They are paying a dividend of 2.7p for the quarter. They have been expanding the portfolio, making six new loans worth […]
TRIG : Renewables Infrastructure buys Irish wind farm The Renewables Infrastructure Group has bought a wind farm in Ireland for €17.3m. Taurbeg wind farm is capable of producing 25.3MW. It is located near Rockchapel, County Cork in the Republic of Ireland and was developed by the RES group. The project includes eleven Siemens wind turbines, each with […]
IVI : Invesco Income Growth just fails to match benchmark Invesco Income Growth lagged the FTSE All-Share Index a little over the six months ended 30 September 2014, producing a total return on net assets of 0.7% and return to shareholders of 0.5% against a 1.6% return for the Index. The quarterly dividends were increased […]
SRE : Transformative deal for Sirius Real Estate Sirius Real Estate has announced that it is raising €40m through a private placing, getting a secondary listing on the Johannesburg Stock Exchange and acquiring a €76m mixed use German property portfolio. Sirius has placed 105,263,158 new ordinary shares at a price of 38 cents per ordinary share to […]
VNF : PXP Vietnam does well in its final year PXP Vietnam has published its accounts for the year ended 30 September 2014, Over the period the fund’s net asset value rose by 25.9% while, by comparison, the VNI (the Vietnam Index) rose by 21.0%. Shareholders did even better as the discount narrowed, leading to a 42.7% […]
FCI : F&C Capital & Income increases div for 21st year running F&C Capital & Income, managed by Julian Cane (pictured), has announced its full year results for the year ended 30 September 2014. Over that period it generated a net asset value total return of 3.8% and a 6% return to shareholders. By contrast the […]
GWI : Globalworth expands Bucharest office portfolio Globalworth has bought Green Court, which they describe as “a newly built A-class office property development, strategically located in Bucharest’s new central business district”. The building is close to Globalworth’s existing Bucharest One development. They bought the building from Skanska who are constructing a group of three offices […]
ESP : Empiric buys in Hatfield Empiric Student Property has exchanged contracts to acquire a 199 year lease on a direct-let, premium student accommodation property in Hatfield, Hertfordshire, for a consideration of £9.4m. The deal should complete on or about 17 December 2014. The property, Curzon Point, is an operating, purpose-built student accommodation property on The Common in […]
SREI : Schroder Real Estate acquisition in Milton Keynes Schroder Real Estate has announced that it has bought Heathfield Industrial Estate in Milton Keynes for £5.1m. The purchase price is equivalent to an initial yield of 7.7%. The full reversionary yield (assuming all units were let out at market rents) is 8.8%. Heathfield sits next […]
ELTA : A good year for Electra Electra Private Equity, chaired by Roger Yates (pictured) has had an eventful but nonetheless successful year. An approach by Sherborne Investors, which was ultimately defeated at an EGM at the beginning of October, may have been a distraction but, despite this, Electra has provided a return of 15% on its diluted NAV […]
TRY : Good six months for TR Property TR Property’s net asset value rose by 2.7% to reach 261.8p over the six months that finished on 30 September and the share price rose by a similar amount. The interim dividend has been increased from 2.85p to 2.95p. On a total return basis the fund beat […]
RUG : RENN Universal Growth planning liquidation RENN Universal Growth has published its interim results and announced that the Board intends to put a proposal to shareholders that the fund be liquidated. RENN has been selling off its portfolio for some time and now has just five significant investments, the largest of which is Anchor Free […]
TIGT : Defensive stocks help Troy Income & Growth outperform Over the year that ended on 30 September 2014 Troy Income & Growth generated a total return on net assets of 10.1%, well ahead of the 6.1% returned by the FTSE All-Share Index. The fund’s rating barely changed on the year and so the return […]
BHUE : BlackRock Hedge Selector to wind up BlackRock Hedge Selector has announced that proposals it had received from a third party to takeover the fund have now fallen away and therefore the Board are resolved to ask shareholders to put the fund into liquidation. The EGM needed to approve the liquidation is expected to […]
WTR : Mixed results for World Trust Fund World Trust Fund reports that over the six months ended 30 September 2014 its fully diluted net asset value in US dollar terms fell 0.2%, lagging the MSCI All Country World Index which rose 2.6%, though ahead of the MSCI All Country World ex-US Index which fell 0.5%. […]
MTU : Dispappointing period for Montanaro UK Smallers Montanaro UK Smaller Companies results for the six months ended 30 September 2014 show the fund’s net asset lagging its benchmark, the Numis Smaller Companies Index ex Investment Companies, by 3% in capital terms over the period. the net asset value fell by 11.2% vs. -8.2% for the […]
The big new trust betting property party isn’t over Source: http://citywire.co.uk/money/the-big-new-trust-betting-property-party-isnt-over/a785658?ref=james-carthew KWE, 2014’s biggest investment trust launch, is betting that Europe’s property market still has further to recover from credit crunch lows. In many ways, 2014 has been a bumper year for investment trusts, and money keeps on flooding in. Excluding Pershing Sqaure (PSH.AS) because it is […]
CREI : Custodian REIT on track to deploy cash pile Custodian REIT has published its first set of figures, covering the period from 25 March 2014 to 30 September 2014. The net asset value total return was 2.75 over that period and the return to shareholders was 7.3%. They have paid two dividends of 1.25p, […]
PEQ : Private Equity Investor flat despite Twitter Private Equity Investor’s net asset value barely moved over the six month period that ended on 30 September 2014 – falling by 0.6% to 227.1p from 228.4p. In US dollar terms the fall was slightly more pronounced, -3.3%. By contrast however the fund’s share price rose by […]
BACT : BACIT cautious on markets Over the period from 1 April 2014 to 30 September 2014 BACIT generated a total return of just 0.6% on net assets – the net asset value fell from 114.1p to 112.8p but this was after the payment of a 2p dividend. The FTSE All-Share Index return was 1.2% […]
BEE : Tough year for Baring Emerging Europe Over the year to the end of September 2014 Baring Emerging Europe’s net asset value fell from 846.2p to 695.9p – on a total return basis a fall of 15.9%. This was 2.6% worse than their benchmark (the MSCI Emerging Markets Europe 10/40 Index) which fell by 13.3%. The […]
CEB : CEB Resources benefits from Mariola sale The net asset value of CEB Resources rose from 0.329 cents per share to 0.454 cents per share over the six months that ended on 31 October 2014, an increase of 38.3%. The main driver for this was the realisation of an $851,000 profit on its holding in Carbon Investment […]
CLDN : Caledonia sitting on sizeable war chest Caledonia’s net asset value rose by 4.6% in total return terms over the half year to the end of September 2014. The interim dividend was increased from 13.4p to 13.8p. Caledonia, which organises its portfolio into a number of discrete pools, says that the growth came from the […]
NII : New India beats rising market New India Investment Trust reported a 21.5% total return on its net asset value over the six months ended 30 September 2014, ahead of the MSCI India Index which rose by 18.6%. The fund’s discount has narrowed noticeably as well from 14.6% at the start of the period to something […]
JESC : JPMorgan European Smaller Companies caught out by two IPOs JPMorgan European Smaller Companies results for the half year to the end of September 2014 have been published. The net asset value total return was a negative 16.6% – some 7.1% less than the return on the fund’s benchmark, the Euromoney Smaller European Companies […]
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