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Henderson Smaller beats benchmark in difficult year

Henderson Smaller Companies has published results for the year ended 31 May 2016. The net assets of the company declined by 1.1% in the reporting year, outperforming the benchmark, the Numis Smaller Companies Index (excluding investment companies), by 0.5%. However the company’s discount widened, so the share price fell by 8.1%. The revenue return per share has […]

Tritax Big Box outperforms peers

Over the six months to the end of June 2016, Tritax Big Box REIT’s EPRA net asset value per share increased by 4.23 pence or 3.4% to 128.91 pence (31 December 2015: 124.68 pence). Dividends declared for the six month period totalled 3.1 pence per share, putting the Group on track to hit the target […]

Riverstone’s dollar NAV edges up in H1

Riverstone Energy’s NAV per Share as at 30 June 2016 totalled $16.24/GBP12.25 per share, representing an increase of 29 cents or GBP1.42 compared to NAV per Share at 31 December 2015. They say the increase in NAV over the six months ended 30 June 2016 was primarily due to the increase in the fair market value […]

Centamin posts EPS up 78%: increases interim dividend

Egyptian gold miner, Centamin plc, has increased its interim dividend from USc0.97 per share in 2015 to USc2.00 per share after posting Q2 16 earnings of USc6.3 per share, a 78% increase on Q2 15. The improved income performance was a result of both higher revenue and lower costs. Revenue for the quarter increased by […]

Tritax buys Amazon distribution centre

The Board of Tritax Big Box REIT has announced that it has acquired the distribution centre at Kingston Park, Peterborough, let to Amazon UK Services Ltd, for a purchase price of GBP42.9 million (net of acquisition costs), reflecting a net initial yield of 5.6% on the corporate acquisition. The purchase is being funded from equity […]

India Capital Growth raises £23m after heavily discounted share issue

Ocean Dial Asset Management’s India Capital Growth fund has raised £22.8m following the expiration of its subscription shares issued on a ‘one for two’ basis in August 2014. read more here

Median trust discounts doubled in 12 months on Brexit turmoil

Research by closed-ended funds analysts QuotedData has revealed the median discount throughout the entire investment company sector more than doubled in the 12 months to the end of June. read more here

Tritax buys Kellogg’s distribution facility

The Board of Tritax Big Box REIT has announced that it has acquired a distribution facility at Trafford Park, Manchester, let to Kellogg Company of Great Britain Limited, whose ultimate parent is the Kellogg Company. The purchase price is GBP23.5 million (excluding purchaser’s costs), reflecting a net initial yield of 5.9% on the asset acquisition. […]

Miton UK Microcap gets off to a good start

Miton UK Microcap has published its first full year report which covers the year ended 30 April 2016. Over this period the FTSE All-Share Index fell by 9.0%. In contrast the FTSE SmallCap (excluding Investment Companies) Index actually rose 1.0% in the same period while the FTSE AIM All-Share Index fell just 3.4%. The Investment Manager outperformed over the first […]

Hg sells Relay Software

HgCapital has announced that it has sold Relay Software, a leading provider of software to insurance brokers, underwriters and insurers in the Republic of Ireland, to Applied Systems, the leading global provider of cloud-based insurance broker management software. HgCapital partnered with Relay Software in early 2014, representing the third investment for Mercury, HgCapital’s specialist lower […]

JZ Capital invests in Pacific Medical

JZ Capital Partners Limited has closed an investment in Pacific Medical LLC, its fourth investment through the Jordan Health Products platform since 2015. JZCP invested $4.2 million in the transaction. Founded in 2005, and based in San Juan Capistrano, California, Pacific Medical repairs, services and sells new and refurbished medical equipment, specialising in patient monitoring devices and […]

Riverstone sells Rock Oil

Riverstone Holdings LLC, the Manager of Riverstone Energy Limited, has announced that it has agreed to the sale of 100% of the membership interests in Rock Oil Holdings LLC, a Denver- and Houston-based oil and gas company focused on the Permian Basin, to SM Energy Company (NYSE: SM), a US-based E&P company. Rock Oil was […]

NB Private Equity plans new ZDP issue

NB Private Equity is planning to issue a new class of ZDPs with a maturity in 2022. At the same time they plan to offer holders of their 2017 zeros the chance to rollover into the new issue. They are hoping for a total issue size of £50m. The new ZDPs would be issued at […]

Torrid time for European Assets

Over the first half of 2016 European Assets’ portfolio had, what the chairman describes as a “torrid” time. he says progress was made on the economic front but political risk ultimately dominated the market, especially after the British decision to exit the European Union. The NAV, in sterling total return terms, fell by -4.0% against a Euromoney Smaller European Companies (ex […]

Kennedy Wilson European NAV up 5%

Over the first half of 2016, Kennedy Wilson European Real Estate’s adjusted NAV rose by 5.1% to 1233.8p. Adjusted earnings per share were up 17% to 26.8p. The first half dividend is 24p – they are paying quarterly dividends of 12p. The GBP3,063.2 million property portfolio comprises 268 directly owned assets with a total area […]

Woodford Patient Capital beefs up board after disappointing H1

Woodford Patient Capital says its portfolio declined in value by 10.8 per cent over the first half of 2016 and the company’s shares ended the period at a modest discount of 3.1 per cent. Two new non-executive directors have been brought onto the Board following consultation with shareholders. The new non-executive directors have specific investment trust experience. […]

JZ Capital buys office in West Palm Beach

JZ Capital Partners, alongside its long-term real estate partner, RedSky Capital and The Clark Estates, has acquired Esperante Corporate Centre, a landmark office building in West Palm Beach, Florida. Located at 222 Lakeview Avenue in downtown West Palm Beach, Esperante sits at the gateway to the island of Palm Beach, providing tenants with easy access […]

Premier Energy & Water on track to exceed dividend forecast

Premier Energy & Water’s results for the six months t the end of June 2016 show that its portfolio recorded a total return including income received of 10.1%. This was below the FTSE All-World Utilities Index which delivered a total return in sterling of 27.1%. Unlike the fund, the global utilities index has a high weighting […]

Custodian REIT buys H&M distribution facility

Custodian REIT has acquired a 105,757 sq ft distribution unit on Winsford Industrial Estate, located 10 miles from junctions 18 and 19 of the M6.  Nearby occupiers include Henkel, Iveco and Jiffy Packaging. The unit is let to H&M Hennes and Mauritz UK Limited on a lease expiring on 23 June 2025.  Current passing rent […]

Atlantis Japan underperforms

Atlantis Japan underperformed the TOPIX Index over the year to the end of April 2016, returning -6.4% against -4.6% for the Index in US dollar terms (-1% vs +1% in sterling terms). The statement says performance relative to TOPIX was negatively affected by the maintenance of net gearing during most of the year and the concentration […]

Tritax agrees new debt facility

The Board of Tritax Big Box REIT plc  has announced that it has agreed a new long-term, interest only, fixed rate term loan facility of GBP72 million with Canada Life Investments, secured against a portfolio of three standing assets. The Facility, which will be drawn in full immediately, is repayable on 30 April 2029 and has a […]

JPMorgan Claverhouse laments Brexit impact on portfolio

The chairman of JPMorgan Claverhouse says its performance in the first half of the year has been disappointing after several years of very good returns. The net asset value total return of -2.0% for the six months to 30th June 2016, compared with the return from the benchmark, the FTSE All-Share Index, of +4.3% over […]

Property ITs hit by Brexit discount widening

More than half of the 10 investment trusts that became least expensive relative to their net asset value (NAV) over the second quarter (Q2) are related to property, according to fund research company QuotedData. Read more here

Impax starts 2016 well as water holdings outperform

Impax Environmental Markets had a great start to 2016. Over the six months ended 30 June 2016, the NAV achieved a total return of 19.4% and ended the period at 211.12p. The share price total return was 16.0%. They say that approximately half of their absolute performance was attributable to investment returns and half to the decline of […]

Fidelity European let down by widening discount

Fidelity European Values says that, during the six months ended 30 June 2016, its NAV total return was 7.6% compared to a total return of 4.8% for the FTSE World Europe (ex UK) Index which is the Company’s Benchmark Index. The share price total return was -3.8%, which is behind the NAV total return as a consequence […]

Fundsmith Emerging’s large cap underweight hampers returns

Fundsmith Emerging Equities says that, during the first half of its financial year, the net asset value grew by 11.6% all of which occurred in the final week of the period. The market value of the company’s shares increased by 6.2% over the period and, at the period end, the shares stood at a 2.1% discount to the NAV […]

Fresnillo profit increased in first half of 2016

Fresnillo plc, the world’s largest silver miner, reported attributable profit of US$167.0 million (US$0.227/share) for the six months ended 30 June 2016, 118% higher than the corresponding period of 2015. However, after adjusting profit for a revaluation of Silverstream contract sales, net profit was US$90.1 million (2015: US$76.5 million). ,Total revenue increased by 17% to […]

JZ Capital sells Fidor Bank

JZ Capital Partners has announced an agreement to sell its equity interest in Fidor Bank AG to Groupe BPCE, the second largest banking group in France. JZ Capital Partners first invested in Fidor in August 2013 through its EuroMicrocap Fund 2010, L.P. and has since worked with the senior management team, including Matthias Kröner, CEO, and Wolfgang Strobel, […]

Tritax to fund Wolverhampton development

The Board of Tritax Big Box REIT has announced that it has exchanged contracts (conditional on detailed planning consent) to provide forward funding for the development of a new logistics facility and headquarters at Four Ashes, Wolverhampton. The investment price is GBP56.3 million, reflecting a net initial yield of 5.14% (net of land acquisition costs). The […]

Hg Capital sells NetNames

HgCapital, the Manager of HgCapital Trust has announced that it has agreed the sale of NetNames, a leading provider of global brand protection and internet domain name management   services, to CSC, a US-based, leading provider of business administration services to corporations. The terms of the transaction were not disclosed. The Trust will realise cash proceeds of […]