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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).

30 Sep 2014

Pacific Alliance Asia Opportunity ups convertible bond exposure

PAX : Pacific Alliance Asia Opportunity ups convertible bond exposure Pacific Alliance Asia Opportunity has published its interim accounts covering the six months to the end of June 2014. The net asset value rose by 4.8% over the period as the underlying Master fund rose in value by 5.1%. The announcement says that the Master […]

Sectors
29 Sep 2014

Empiric Student Property adds to Southampton exposure

ESP : Empiric Student Property adds to Southampton exposure Empiric Student Property has announced that it is paying £3.5m for a student accommodation property in Southampton. The property is on London Road in in central Southampton, close to Southampton Solent University and between the city centre and the University of Southampton and has 46 beds arranged […]

Sectors
29 Sep 2014

City Natural Resources High Yield up but underperforming

CYN : City Natural Resources High Yield up but underperforming City Natural Resources High Yield results for the year that ended on 30 June 2014 show a total return of 1.4% and a return to shareholders of 2.2% but the benchmark returned 6.1%. The dividend for the year was 5.6p, a 1.8% increase over the […]

29 Sep 2014

Stock selection boosts JPMorgan Overseas

JMO : Stock selection boosts JPMorgan Overseas JPMorgan Overseas results for the year that ended on 30 June 2014 show the fund outperforming its benchmark by some margin – the net asset value total return for the year was 13.7%, the return on the MSCI All Country World Index was 9.1% and the return to shareholders […]

Sectors
29 Sep 2014

Bluecrest spinning out systematic trading business

BABS, BABE, BABU, BBTS : Bluecrest spinning out systematic trading business Blucrest, managers of the Bluecrest BlueTrend and Bluecrest AllBlue funds, have announced that the systematic trading operations of the company are to be spun out into a separate vehicle, Systematica. The firm will launch in January 2015, and will initially have offices in Jersey, […]

29 Sep 2014

Ruffer – dull performance precludes a crash?

RICA : Ruffer – dull performance precludes a crash? Ruffer Investment Company has published its annual accounts for the year ended 30 June 2014. Over the period its net asset value fell from £2.139 to £2.065, which after dividends translated into a negative total return of 2.6%. The share price fell by 6.5% over the period. […]

Sectors
26 Sep 2014

Genesis Emerging Markets sells expensive Chinese internet stocks

GSS : Genesis Emerging Markets sells expensive Chinese internet stocks Genesis Emerging Markets has published its results for the year ended 30 June 2014. Over the period its net asset value rose from £5.61 to £5.78 – Sterling strength had an adverse impact on returns to UK investors. The 3% rise in the NAV came […]

Sectors
26 Sep 2014

Richard Plackett stepping down as manager of investment trusts

THRG, BHUE : Richard Plackett stepping down as manager of investment trusts Richard Plackett is returning from his sabbatical on 7 October but will step down as co-manager of BlackRock Throgmorton Trust and BlackRock Hedge Selector. Ralph Cox who took on the job in Richard’s absence, will now get the job permanently.

Sectors
26 Sep 2014

Prospect Japan considers investment in its manager

PJF : Prospect Japan considers investment in its manager Prospect Japan has announced that it is considering invest 3bn Yen ($28m) into a convertible issued by the ultimate parent of its fund manager. The convertible, to be issued by Gro-Bels Co Ltd., will have a coupon of 4% and converts into Gro-Bels’ shares at 60 […]

Sectors
26 Sep 2014

VinaCapital Vietnam Opportunity Fund selling stake in An Giang Plant Protection

VOF : VinaCapital Vietnam Opportunity Fund selling stake in An Giang Plant Protection An Giang Plant Protection is the leading pesticides manufacturer and distributor in Vietnam. VinaCapital Vietnam Opportunity Fund is selling its 23.6% stake in the company for $63.1m. Over the period that VOF has held the stake it has generated an IRR of 23.7%. […]

Sectors
25 Sep 2014

Foresight Solar plans fund raise to expand portfolio

FSFL : Foresight Solar plans fund raise to expand portfolio Foresight Solar Fund Limited has announced that two of its projects, Bournemouth and Kencot, are now connected to the grid. It has decided to raise £100m now and is also seeking shareholders’ permission to issue a further 200m shares between now and 24 September 2015 as and when […]

25 Sep 2014

William Meadon steps down as co-manager of JPMorgan Mid Cap

JMF : William Meadon steps down as co-manager of JPMorgan Mid Cap JPMorgan Mid Cap results for the year ended 30 June 2014 have been published today. These show the total return on net assets was 18.3%, ahead of the 17.8% return on the FTSE 250 Index. The discount tightened up resulting in a return […]

Sectors
Companies
25 Sep 2014

Empiric invests in Nottingham

ESP : Empiric invests in Nottingham Empiric Student Property is buying a 98 bed student accommodation property in Nottingham. Talbot Studios opened in 2012 and is a purpose built property with 98 self-contained studio apartments together with various communal facilities. Empiric is paying £8.2m for the property. They say they’ll publish a trading update next […]

Sectors
25 Sep 2014

PME Africa signals delay to portfolio sales

PMEA : PME Africa signals delay to portfolio sales PME Africa has reported an unchanged NAV for the half year to 30 June 2014 of $046. As shareholders rejected its proposal to become a rail transport company, PME Africa is focused on managing its remaining assets and finding buyers for them. The property they own […]

25 Sep 2014

Flat NAV at Infrastructure India

IIP : Flat NAV at Infrastructure India Infrastructure India’s results for the year ended 31 March 2014 have been published today. As the figures are almost six months old they probably aren’t much use for investors but the company has released more detail on the progress of its investments. The net asset value decreased marginally […]

24 Sep 2014

Oakley Capital buys majority stake in Facile.it

OCL : Oakley Capital buys majority stake in Facile.it Oakley Capital, through OCPE II Master LP, is investing €27m into the acquisition of a majority stake in Facile.it, Italy’s largest car insurance broker and online price comparison website. Oakley is excited by the prospects for the business – just 10% of car insurance is bought […]

Sectors
24 Sep 2014

Adamas Finance NAV hit by dilutive issue

ADAM : Adamas Finance NAV hit by dilutive issue Adamas Finance Asia saw its net asset value per share fall from 20.2 cents to 6.9 cents over the six months that ended on 30 June 2014. The principal reason for this was the fund’s issue (as a result of a reverse takeover) of 1.5bn shares at 6 […]

24 Sep 2014

ICG Longbow fully invested and on track

LBOW : ICG Longbow fully invested and on track ICG Longbow has deployed all the money it raised and is generating sufficient income to pay the 1.5p per quarter dividend it promised investors. A little money has been repaid early and the company says it is looking to redeploy this capital but it cautions that […]

24 Sep 2014

GLI Finance secures £30m borrowing facility

GLIF : GLI Finance secures £30m borrowing facility GLI Finance has announced that it has arranged a borrowing facility with Sancus, one of the platforms it is invested in. Under the terms of the facility it can draw down £10m initially and a further £20m at a later date. The interest rate on the facility […]

24 Sep 2014

North Atlantic Smaller Companies thinks markets fully valued

NAS : North Atlantic Smaller Companies thinks markets fully valued North Atlantic Smaller Companies interims for the six months ended 31 July 2014 have been released. These show the net asset value rising by 4.4% over the period (after adjusting for the dilutive effect of the convertible loan stock and valuing the holding in Oryx […]

Sectors
23 Sep 2014

Dolphin Capital seeking funding for Jack Niklaus Golf project

DCI : Dolphin Capital seeking funding for Jack Niklaus Golf resort Dolphin Capital has announced results for the half year to end June 2014. The net asset value rose by 5.7% over the period to €0.99 (€0.86 taking deferred taxes into account). They report progress at Amanzoe with one villa sold, more sales under discussion […]

Sectors
23 Sep 2014

GLI Finance portfolio repositioning continues

GLIF : GLI Finance portfolio repositioning continues GLI Finance has announced its interims for the six months ended 30 June 2014. Over that period the net asset value fell from 49.99p to 48.53p – in part because of the strength of Sterling affecting the value of its dollar assets. It made a return on equity […]

23 Sep 2014

Custodian UK REIT looking to raise £20m

CREI : Custodian UK REIT looking to raise £20m Custodian UK REIT has announced that it is seeking to raise £20m by issuing new shares at 104.75p – a 5% premium to NAV. UPDATE 3rd October In the end Custodian REIT raised £25m – the Board said the issue was 2significantly oversubscribed” and so, “in […]

23 Sep 2014

Greencoat UK Wind raising another £100m

UKW : Greencoat UK Wind raising another £100m Greencoat UK Wind has announced that is looking to raise £100m from investors by issuing 93,457,944 shares at 107p – a small premium to net asset value at the end of June (105.8p, 102.7p after the last dividend went ex) but a discount to the share price […]

22 Sep 2014

HICL and INPP trade in Sheffield School Project

HICL and INPP trade in Sheffield School Project HICL Infrastructure is buying a 19% stake in Sheffield Building Schools for the Future project and a 50% stake in Oldham Library PFI project. The Sheffield stake was sold by International Public Partnerships for £3.2m which implies that HICL paid £1.9m for the Oldham deal. INPP said […]

22 Sep 2014

Electra responds to Sherborne

ELTA : Electra responds to Sherborne Electra Private Equity has responded to Sherborne’s letter to Electra shareholders. The response is so detailed that we have taken the unusual step of reproducing it in full below. Electra Private Equity PLC (“Electra” or the “Company”) notes the letter from Sherborne Investors Management (Guernsey) LLC (together with its […]

Sectors
Companies
22 Sep 2014

Pacific Alliance Asia Opportunity tackles its discount

PAX : Pacific Alliance Asia Opportunity tackles its discount Pacific Alliance Asia Opportunity will provide a facility for selling shareholders over the next six months with the aim of narrowing the fund’s discount. $15m will be used to buy back at an 8% discount to the NAV at 30 September 2014 and $15m will be used to […]

Sectors
22 Sep 2014

Standard Life Property Income acquiring in Rotherham

SLI : Standard Life Property Income acquiring in Rotherham Standard Life Property Income is paying £14.6m for a logistics and industrial development in Rotherham. The property has three units totalling 360,000 sq ft and is let to Symphony Group. The initial rent is £1.08m which rises in line with RPI, capped at 4% per annum, […]

22 Sep 2014

Harbourvest Senior Loans exits last four investments

HSLE : Harbourvest Senior Loans exits last four investments Harbourvest Senior Loans Europe says that Spire Partners have sold the last four loans left in the portfolio at a small premium to book value. The Board complemented Spire on their efforts. Proceeds are expected in October and they say they will be returned to shareholders […]

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