Volta Finance trims fees – Volta Finance Limited has agreed a reduction in management fees and revised performance fees with its Investment Manager, AXA Investment Managers Paris under an amended and restated investment management agreement. The Board has reached agreement with AXA on introducing a tiered management fee and simplified annual performance fee structure. The management […]
Baillie Gifford Japan’s Sarah Whitley to retire – Baillie Gifford Japan Trust has announced its results for the year ended 31 August 2017. At the same time, it says that Sarah Whitley, manager of the fund since 1991, is to retire on 30 April 2018. Baillie Gifford, with the full support of the Board and Sarah […]
Board sticking by Genesis – Genesis Emerging Markets Fund Limited has announced results for the year ended 30 June 2017. The MSCI Emerging Markets returned 27.8% to UK investors. The discount to NAV narrowed marginally from 13.1% at the beginning of the period to 12.9% at the end. The NAV increased from 621.4p to 749.6p. The share price rose […]
Pacific Industrial buys nine logistics assets – Pacific Industrial & Logistics REIT has completed the off-market acquisition of a portfolio of 9 logistics assets for a total consideration of GBP45.5m. The purchase price represents a net initial yield of 7.3%. The deal has been financed from the proceeds of the recent placing, completion […]
Macau Property Opportunities focused on sales efforts – Macau Property Opportunities Fund Limited has announced its results for the year ended 30 June 2017: Highlights: MPO’s portfolio value appreciated 9.7% over the year to US$425.7 million. Adjusted NAV grew 10.2% year-on-year to US$249.3 million, equating to US$3.26 (250 pence*) per share. IFRS NAV increased by […]
Pantheon to combine share classes – Pantheon International plans to effect the consolidation of its ordinary and redeemable share capital into a single class of ordinary shares. The Proposals include the issue of an unlisted Asset Linked Note (the “ALN”) to the largest holder of Pantheon’s redeemable shares in exchange for part of its shareholding. […]
Jupiter European sticking with Novo Nordisk – Jupiter European Opportunities says that, for the financial year to 31 May 2017, its total return on net assets was 30.5%, which compares with 35.7% for the benchmark. The total return on the shares was 30.6%. There is a 6.5p dividend. The manager says that the underperformance is partly explained by sector weightings – […]
City Natural lags benchmark, ETF to blame? – City Natural Resources says that on 30 June 2017 its net asset value stood at 132.7p, giving a net asset value total return for the year of 7.9%. The benchmark index returned 17.7%. The shares returned 17.8% as the discount narrowed from 22.7% to 17%. This year’s […]
Foresight Solar buys Australian solar farm – Foresight Solar Fund Limited has entered into a binding contract to acquire its first asset outside of the UK with a commitment to acquire 48.5% of the share capital of Bannerton Solar Farm in Victoria, Australia. The project will have a peak capacity of 110MWp once operational. KDB Infrastructure […]
Blue Capital Alternative statements on hurricanes – Blue Capital Alternative Income has been making a series of announcements on the impacts of hurricanes Harvey, Irma and Maria on its portfolio. Update 28 September 2017 “On 20 September 2017, Hurricane Maria made landfall in Puerto Rico as a major hurricane followed by substantial rainfall and flooding. […]
Syncona backs Autolus fund raise – Syncona has announced that its portfolio company, Autolus, has completed a US$80 million Series C funding round. Autolus is a clinical-stage biopharmaceutical company focused on the development and commercialisation of next-generation engineered CAR-T cell therapies for the treatment of cancer. Syncona was the single largest investor in the $80 […]
Global Resources writes up Bougainville gold investment – Early this year, Global Resources Investment Trust completed an A$1,250,000 investment in Kalia Holdings Pty Ltd, a private Australian company that is the parent company of a Papua New Guinean registered subsidiary Kalia Investments Ltd. Kalia Investments Limited holds contractual rights to explore for minerals and develop […]
No plan to tackle Ranger’s discount – Ranger Direct Lending has published its interim statement covering the six month period ended 30 June 2017. As Christopher Waldron, the chairman, points out, the first six months of 2017 has been a difficult period for Ranger Direct Lending, which has seen its share price fall to a […]
James Carthew: Custodian captures investors’ attention A cloud still hangs over the likes of Land Securities (LAND) and British Land (BLND), whilst Intu Properties (INTU), the shopping centre specialist, is hitting new multi-year lows. However, there is a clear distinction between these older, self-managed real estate investment trusts (Reits) and the newer, externally managed Reits. […]
JPMorgan Mid Cap unloved despite beating benchmark – JPMorgan Mid Cap reported a total return on net assets of 30.4%, compared with the benchmark total return of 21.5% for the year ended 30 June 2017. However, the total return to shareholders was 23.4%, reflecting a widening by 5.1 percentage points of the discount which the chairman […]
Large cap focus restrains City of London – City of London Investment Trust has published results for the year ended 30 June 2017. Its returns fell behind those of peers and index benchmarks over the period. City of London’s net asset value total return was 14.5% which was 3.3% behind the size weighted average over […]
Warehouse REIT buys four industrial estates from Hansteen – Warehouse REIT says that, following its admission to AIM on Wednesday 20 September 2017, the board has announced its first pipeline acquisitions, which follows the initial Tilstone Portfolio purchase for GBP108.85 million. The pipeline assets described in the prospectus included four multi-let industrial estates in England which […]
Safestore buys Stork Self storage – Safestore Holdings plc has announced the acquisition of Stork Self Storage (Holdings) Limited (trading as Alligator Self Storage) for GBP56m. Highlights Exchanged contracts to acquire Stork Self Storage (Holdings) Limited (“SSSHL”), the eleventh largest self-storage portfolio in the UK with 12 stores. Consideration of GBP56m (subject to a potential working […]
Central Asia Metals (CAML) is extending the range and size of its base metal production through the proposed US$402.5m acquisition of Lynx Resources, owner of the Sasa zinc/lead mine, in Macedonia. CAML is funding the acquisition through a combination of debt (US$187m) and equity (US$195.5m). Sasa is owned by Lynx Resources, a company set up […]
Good news for SQN as Suniva wins trade case – SQN Asset Finance Income Fund Limited has published an update on its announcement on 19 April 2017 with regard to SQN’s holding in Suniva Inc., the U.S. based solar cell and module manufacturer. In August 2015, SQN entered into a 5-year financing arrangement with Suniva that was […]
Significant progress for Adamas Finance Asia – Adamas Finance Asia has reported interim results for the six months ended 30 June 2017. Highlights: Net loss of US$1.03 million (H1 2016: US$454,000 Unrealised fair value gain on asset portfolio of US$337,000 (H1 2016: US$280,000) Consolidated loss per share of US$0.54 (H1 2016: US$0.24) Consolidated NAV at […]
Impact Healthcare REIT on track – Impact Healthcare REIT, which has just published some figures covering the period from launch to end June 2017. They raised £160m from investors in March 2017 and started trading on 7 March 2017. The chairman says that, at the period end, they had invested the majority of the net […]
CatCo updates on Hurricane Harvey Update 21 September 2017 The manager has published an NAV for 31 August 2017 of $1.2507. This includes a 6% reduction for the potential effect of Hurricane Harvey. Nothing has yet been accrued for Irma or Maria. The impact of Hurricane Irma will be assessed when setting the 30 September […]
Jupiter UK Growth is growing – Jupiter UK Growth, which was recently selected as a rollover vehicle for Jupiter Dividend & Growth, has published results for the year ended 30 June 2017, the first full year since Steve Davies took on the job of managing the company. The net asset value, with dividends added back, grew by […]
Sanditon results disappointing – Sanditon Investment Trust’s annual report for the year ended 30 June 2017 says it was a disappointing year for the company with the NAV falling to 100.5p, down 4.6% from last year’s 105.3p. They say that. combined with the dividend paid in December 2016 of 1.1p, this resulted in a loss of 3.6% […]
UK Mortgages cuts management fee – The board of UK Mortgages Limited has reached agreement with TwentyFour Asset Management LLP for a reduced portfolio management fee. With effect from the financial year beginning 1 July 2017 the annual portfolio management fee payable by UKML to TwentyFour will reduce to 0.60% of the lower of the […]
Dramatic discount narrowing leads to bumper return for JPMorgan Global Growth & Income – JPMorgan Global Growth & Income reports that, for the year ended 30 June 2017, its NAV total return was 29.0%, which compares well with the 22.2% return posted by the MSCI AC World Index. in an analysis of the contribution of different […]
UIL lags benchmark – UIL achieved a NAV total return per ordinary share of 7.7% for the year to 30 June 2017, underperforming the All Share, which was up by 18.1%. The Board maintained total dividends at 7.50p. The chairman points out that the majority of the funds ‘platforms’ (the companies that it has established to make investments through) have […]
