Worldwide Health swaps out Lilly for Merck OrbiMed-managed Worldwide Healthcare Trust (WWH) appears to have boosted its shareholding Merck & Co at the expense of Eli Lilly over the last few weeks, according to its latest update (see factsheet). Merck, which was outside the trust’s top 10 holdings in December, now ranks as the trust’s largest investment […]
Greencoat ongoing charges drop as it breaks £1bn market cap – Greencoat UK Wind PLC has reported results for the year ended 31 December 2017. Its total shareholder return for the year was 8.4%. The NAV per share increased from 107.0p on 31 December 2016 to 109.6p on 31 December 2017, an increase of 2.4%. Declared dividends […]
VinaCapital Vietnam invests in local poultry company – VinaCapital Vietnam Opportunity Fund has invested in Ba Huan JSC, Vietnam’s leading producer of pasteurised eggs and poultry meat. The fund has invested USD32.5 million to acquire a significant minority stake in the company and may also invest a moderate amount of additional capital during the next twelve months as […]
Hg completes acquisition of Italian online hosting provider DADA – Hg (HGT) is a private equity firm targeting middle-market buyouts primarily in Europe. Hg focuses on investments in technology, services and industrial technology sectors. Hg has completed its investment in DADA S.p.A (DADA), a leading provider of online hosting services to SMEs in Italy, the UK and […]
Henderson Alternative Strategies adopts lower fee structure – The Board of Henderson Alternative Strategies Trust (HAST) as agreed with the managers of the fund Henderson Investment Funds Limited a new fee strategy that is lower than the previous level. Currently, the management fee is charged at a rate of 0.70% per annum. With effect from 1 April […]
Hammerson reports well positioned portfolio and leasing driving performance – British property development and investment company Hammerson plc (HMSO) has reported that it has a 98.3% occupancy rate, which is a 17-year high. The achieved level of lettings in 2017 was the highest in the REIT‘s* 75 year history. This activity contributed to a 6.5% uplift in Earnings Per […]
James Carthew: don’t bet the house on reinsurance casino 2017 was one of the worst years on record for natural catastrophes. Three massive hurricanes (Harvey, Irma and Maria), two typhoons (Hato and Tembin), cyclone Debbie, California wildfires, monsoon flooding in South Asia, earthquakes in Iran, Iraq and Mexico and landslides in Sierra Leone and Peru […]
James Carthew: ouch! Watch out for key manager risk Events of the past couple of weeks have highlighted the impact that the departure of a manager can have on the rating of a trust. First, we heard that Carlos Hardenberg is to leave Franklin Templeton and then Philip Rodrigs was ousted from River & Mercantile. […]
James Carthew: where is a US growth trust when you want it? One of the strangest things about investment companies is how under-represented the US stock market is within the sector. Dedicated listed North American funds accounted for just 1.6% of the money in investment trusts and investment companies at the end of last year, […]
HBM investee ObsEva reports successful trail of IVF drug HBM Healthcare Investments (HBMN.S) investee ObsEva (Nasdaq: OBSV) has reported positive results in the Implant2 phase III trial of nolasiban, an oxytocin receptor antagonist, for improving pregnancy rates associated with in-vitro fertilisation (IVF). ObsEva is currently HMB Healthcare’s tenth largest holding, accounting for 2.3% of its […]
James Carthew: RDI’s re-defining bet on London offices When a market experiences fundamental change it can be hard to separate cyclical and secular growth drivers. Or, to put it another way, the market for offices in London is changing and I’m not sure how much of this is down to changes in the way that […]
Core trust holding Gilead gets the zinc finger Gilead Sciences took another major step in its strategy to dominate the burgeoning field of cell therapy for cancer yesterday, with a deal to secure exclusive access to Sangamo’s zinc finger nuclease (ZFN) gene editing technology for use in this field. The deal, in which Gilead paid […]
Positive stock selection delivers outperformance for Allianz Technology – Allianz Technology Trust (ATT) announced that for the year to 30 November 2017, the company’s Net Asset Value (NAV) per share increased by 41.0%. The benchmark index, the Dow Jones World Technology (sterling adjusted, total return), increased by 31.5% over the same period, creating an outperformance for the portfolio of […]
UK TMT proves a positive hunting ground for Herald Investment Trust – The Herald Investment Trust (HRI), which invests in smaller Technology, Media and Telecommunications (TMT) companies has delivered its Annual Financial Report to year ending 31st December 2017. The NAV of the Company increased by 26.9% during the year and the share price increased […]
FSFL chasing the Sun to the Southern Hemisphere – Solar power plant operator Foresight Solar (FSFL) has released its full year’s results to 31st December 2017. The company’s foray into the Australian market, where there are four plants under construction represents their first international acquisitions. Further developments outside the UK are expected. In the report, the […]
NewRiver REIT acquires two retail parks for £26 million – NewRiver REIT (NRR) has announced that it has completed the acquisition of two retail parks for a combined consideration of £26.5 million. The company reports that this represents an initial yield of 8.9% and a capital value of £141 per sq ft. The retail parks are in Dewsbury, West […]
Civitas Social Housing comments on First Priority Housing Association – Civitas Social Housing leases 45 properties to First Priority Housing Association. Regulator’s report The Regulator of Social Housing released a report last week that said: First Priority Housing Association Limited (4702) is a small Registered Provider of homes for a vulnerable client group, primarily adults […]
Oakley Capital sells Parship and Verivox – Oakley Capital Investments says that Oakley Capital Private Equity II has reached an agreement to sell its 38.5% stake in PARSHIP ELITE Group and 9.9% stake in Verivox to NuCom Group, ProSiebenSat.1’s Commerce unit. The agreement is subject to approval by the responsible antitrust authorities. Oakley Capital Investments will […]
Flat 2017 for Intu despite Brexit worries – Intu has announced results for the year ended 31 December 2017. Highlights were NAV (adjusted and diluted) rising from 404p to 411p as the market value of their investment properties rose from £9,985m to £10,529m. Net rental income was up to £460m from £447m but underlying earnings per share were flat […]
WPCT sees small decline in Jan NAV but greater share price fall Struggling Neil Woodford-managed Woodford Patient Capital Trust (WPCT) reported a small, ~0.6% decline in NAV in January, but has since seen a larger 11% decline in share price this month as investors have become increasingly concerned about its poor long-term performance and outlook. The decline […]
JPMorgan’s Multi-Asset Trust launch gets £81m rollover – The launch of JPMorgan Multi-Asset Trust (MATE) received a boost today with the news that approximately half of the shareholders of JPMorgan Income & Capital Trust (JPI) have voted to roll over into MATE. JPI is a split capital fund that has reached the end of its fixed term. The roll […]
John Laing Environmental Assets announces £30m bookbuild – Further to the announcement on 12 February 2018 of its intention to undertake a share issuance programme, JLEN has further announced that they will be targeting the raising of £30m via a bookbuild. This is to be used to repay amounts drawn under the revolving credit facility in order to finance […]
3I Infrastructure Board approves payment of the proposed special dividend. Further to the announcement made on 31 January 2018 of the Company’s intention to return surplus cash to shareholders, the Board of 3i Infrastructure (3IN LN) has approved the payment of a special dividend of £425 million. The Company will return £425 million to shareholders by […]
Greencoat Renewables buys Lisdowney wind farm – Greencoat Renewables has announced the acquisition of Lisdowney, a 9.2MW wind farm situated in County Kilkenny, for a total consideration of EUR22.5 million. Lisdowney wind farm consists of four Enercon E82 turbines. The wind farm was commissioned in November 2016 and its revenues are contracted under the REFIT […]
Temple Bar says value style still holding it back – Over the course of 2017, the total return on the net assets of Temple Bar was 9.7%, underperforming the total return of the All Share Index of 13.1%. Three interim dividends of 8.33p and a final dividend payment of 17.48p per share give an increase in the total dividend […]
Biotech Growth notches up small rise in Jan, but outlook for Feb is weaker Orbimed-managed Biotech Growth Trust (BIOG) notched up a broadly in-line performance in the otherwise strong month of January, despite seeing a major setback for one of its top 10 holdings. However, its outlook for February is looking weaker, an analysis by Marten […]
Aberdeen Emerging Markets announce positive news and developments – Aberdeen Emerging Markets Investment Company Limited (“AEMC”) has delivered its annual report and accounts to year ending 31st October 2017. In it they reported performance for the 12 month period, as well as some significant changes. Over the year to 31 October 2017, the company’s NAV total […]
Baker Steel Resources sells Prognoz Silver Mine – Baker Steel Resources Trust says that its largest investment, Polar Acquisition Limited has agreed to sell its 90% interest in Polar Silver Resources Limited to Polymetal International plc for US$72 million (to be satisfied in Polymetal shares). In January 2017, Polar sold a 10% stake in its subsidiary […]
Riverstone Energy sells Three Rivers III – Riverstone Holdings LLC, the Manager of Riverstone Energy Limited, has announced that it has agreed to the sale of 100% of the assets in Three Rivers Operating Company III LLC, an Austin, Texas-based oil and gas company focused on the Permian Basin. Riverstone formed Three Rivers III in […]
SEGRO announces final results. SEGRO, a leading owner, asset manager and developer of modern warehousing, light industrial and data centre properties, principally concentrated in London’s Western Corridor (including the Thames Valley) and in key conurbations in France, Germany and Poland, has announced its annual results for the year ended 31 December 2017. The company has […]
