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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).

03 Jun 2014

BP Marsh & Partners : BPM – final results

BP Marsh & Partners has published its results for the year ended 31 January 2014. The net asset value rose to 202p from 190p and the company declared an increased dividend for the year, and said it hoped to continue to pay a final dividend of at least 2.75p per share in the coming two years. BP […]

Geographies
  • UK
  • Australia and New Zealand
  • Europe (EU and EEA ex UK)
  • North America
03 Jun 2014

EIH : EIH – final results

EIH has released its annual results for the year ended 31 December 2013. These are somewhat out of date now but show the net asset value rising from 72.7 cents to 74.7 cents per share – an increase of 2.8%. EIH also distributed 2 cents per share during the year. The company’s holding in Gland […]

03 Jun 2014

Henderson Diversified Income : HDIV – interims

Henderson Diversified Income has published its interim accounts covering the six months to the end of April 2014. Over that period the fund generated a total return on net assets of 4.7%. The share price did not keep pace with the net asset value so the return to shareholders was 3.5%. The fund targets returns of 1.25% over LIBOR […]

Sectors
03 Jun 2014

Dragon Ukrainian Properties & Development : DUPD – results

Dragon Ukrainian Properties & Development has published results for the year ended 31 December 2013. These show its net asset value falling from $1.65 to $1.48 as they were hit by falling property valuations, notably in the value of their land bank, and also by the fall in value of the Hryvnya, the Ukrainian currency. […]

Sectors
02 Jun 2014

British Empire : BTEM – interims

British Empire’s interim results for the six months that ended 31 March 2014 show the fund generating a total return on net assets of 4.8%, beating its benchmark (the MSCI All Country World ex US Index) which returned 2.4% but lagging the 5.6% return on the MSCI All Country World Index and the 5.5% return on […]

Sectors
30 May 2014

Martin Currie Pacific Trust : MCP – change of remit and tender

Martin Currie Pacific Trust, the last of the pan Asia including Japan funds, is planning to drop Japan from its remit and move to an Asia ex Japan and Australasian strategy. It wants the new portfolio to be completely unconstrained from any benchmark and so is proposing to measure its future performance against the GDP growth […]

Sectors
30 May 2014

Standard Life European Private Equity : SEP – interims

Standard Life European Private Equity, chaired by Ed Warner OBE (pictured), has published figures for the six months ended 31 March 2014. Over that period the company’s net asset value rose by 3.6% to 252.2p which, taking into account income earned in the period, translates into a net asset value total return of 5.5%. The share […]

30 May 2014

Harbourvest Global Private Equity : HVPE – annual results

Harbourvest Global Private Equity has published its results for the year that ended 31 January 2014. Over the year the net asset value grew by 15% to hit $14.38 ($1,167m). They say venture investments and investments in the US did best during the year. By contrast the MSCI World Index rose by 10.4% over this […]

Geographies
  • North America
  • Emerging Europe and Russia
  • Asia
30 May 2014

MedicX Fund : MXF – interim results

MedicX Fund has published its interim results covering the six months ended 31 March 2014. Over the period its net asset value, calculated with debt at fair value, fell from 69.4p to 68.6p. The quarterly dividend is now running at 1.45p per share, implying a full year dividend of 5.8p – marginally up from 5.7p […]

30 May 2014

Chenavari Capital Solutions : CCSL – initial results

Chenavari Capital Solutions has published its first set of results. These cover the period from 12 July 2013 to 31 March 2014. Chenavari Capital Solutions was admitted to listing on 7 October 2013, raising £130m. The net asset value at the end of the period was 100.91p – a 3.0% increase on the initial value […]

30 May 2014

Invista European Real Estate Trust : IERE – interims

Invista European Real Estate Trust has published its interim accounts. These cover the six months ended 31 March 2014. The net asset value fell from €0.25 to €0.20 over the period reflecting a 5.3% fall in the value of the company’s property portfolio. Four assets were sold during the period at a 15.6% discount to previous valuation […]

Sectors
30 May 2014

Elephant Capital : ECAP – interims

Elephant Capital has released its interim figures for the six months ended 28 February 2014. Its net asset value rose from 33p to 34p over the period. They wrote down the value of Amar Chitra Katha Private (a children’s media company) during the period but gains in its listed investment, Nitco Limited (flooring and wall tiles), offset […]

30 May 2014

Capital Gearing Trust : CGT – annual results

Capital Gearing Trust, chaired by Tony Pattison (pictured), has released its annual results. These cover the year ended 5 April 2014. Over this time Capital Gearing Trust’s net asset value fell by 2.5%. This was the first time in more than thirty years that the fund’s net asset value had fallen over an accounting year. […]

Sectors
30 May 2014

Montanaro European Smaller Companies : MTE – results

Montanaro European Smaller Companies has published its results for the year ended 31 March 2014. These show the net asset value rising by 6.0%, materially less than the 28.2% rise posted by the company’s benchmark. The discount widened over the year and so the share price appreciated by 4.0%. The Board is led by AR Irvine (pictured), his statement […]

Sectors
30 May 2014

New India Investment Trust : NII – results

New India Investment Trust has released figures for the year ended 31 March 2014 showing a negative total return on net assets for the year of 1.9% which compares to a 2.8% fall in its benchmark and a negative 5.1% return on its share price. In Rupee terms returns were not too bad but a 21% […]

Sectors
29 May 2014

Shires Income : SHRS – annual results

Over the year to the end of March 2014, Shires Income, managed by Ed Beal, delivered a total return on net assets of 11.5% – ahead of the 8.8% return on its benchmark, the FTSE All-Share Index. Shires Income’s rating improved over the period and so the return to shareholders was 14.0%. The dividend was maintained at […]

Sectors
Companies
29 May 2014

Electra Private Equity : ELTA – interim results

Electra Private Equity has released its interim statement. This covers the six month period ended 31 March 2014. Over the period Electra’s net asset value rose by 5.4% to 2,914p, driven in part by gains in the valuations of Axio Data and Park Resorts. Electra outperformed the FTSE All-Share Index, which rose by 4.8%. Electra’s share price […]

29 May 2014

International Oil & Gas Technology : OGT – court case

On 22 May International Oil & Gas Technology announced that the English Commercial court ruled that the claim brought against the company by the former manager, QOGT Inc, for alleged wrongful termination of the investment management and advisory agreement had failed in its entirety. International Oil & Gas Technology will have its costs paid by QOGT. A counter claim brought […]

29 May 2014

Ecofin Water & Power Opportunities : ECWO – interim results

Ecofin Water & Power Opportunities generated a total return of 9.0% on shareholders’ funds for the six months ended 31 March 2014. With the gearing effect of the zeros, the return on net assets for ordinary shareholders was 12.3% and the total return for ordinary shareholders was 13.4% as the discount on the ordinary shares […]

28 May 2014

TR Property : TRY – final results

TR Property results for the year ended 31 March 2014 were good. The Company’s benchmark delivered a total return of 14.9%, just ahead of the return on the IPD index of 14.0%. The total return on net assets over the year was 22.4% and the return to shareholders was 37.7% as the discount narrowed to […]

Sectors
28 May 2014

Caledonia Investments : CLDN – final results

Caledonia Investments‘ numbers for the year ended 31 March 2014 show a 14.9% total return on net asset value. The dividend was increased from 47.2p to 49.1p. Notable transactions in the portfolio included the disposals of Amber Chemicals and Oval, the insurance broker, and the acquisition of Park Holidays and Choice Care Homes. Notable contributors to […]

Sectors
28 May 2014

Edinburgh Investment Trust : EDIN – results

Edinburgh Investment Trust has published its results covering the year ended 31 March 2014, they show that the NAV total return for the year was 14.4% – well ahead of the 8.8% return on the FTSE All-Share Index. The portfolio delivered 12.5% of the return and the balance came from the gradual unwinding of fair value effect of […]

Sectors
27 May 2014

Cambria Africa : CMB – acquisition

Cambria Africa is issuing 5.5m shares to buy Chemicals & Marketing Company Ltd, based in Malawi. Cambria Africa says that the deal gives its Millchem subsidiary access to a national chemical distribution network across Malawi and that it “has a strong asset base for logistics and production and also provides Millchem with new supplier relationships, a large […]

Sectors
27 May 2014

GCP Infrastructure Investments : GCP – new investment

GCP Infrastructure Investments is investing £7m in loan notes issued to fund a small hydroelectric scheme based in Scotland. The total value of the loan notes is £7m and the money is being lent at 9% per annum for a period of about 18 years. The scheme generates almost 2MW of electricity and is already […]

27 May 2014

Livermore Investments Group Limited : LIV – annual results

Livermore Investments, controlled by Noam Lanir (pictured), has released results for the year ended 31 December 2013. The numbers, while somewhat out of date now, show that, over 2013, Livermore Investments net asset value per share fell slightly from $0.87 to $0.86 ($173.0m to $168.4m). Income from Livermore’s CLO investments was offset by a fall in […]

27 May 2014

Qannas Investments : QIL – sale of Marina 101

Qannas Investments has sold its investment in Marina 101 to Sheffield Holdings Limited (which developed it) and will receive proceeds of AED 60.3m ($ 16.4m), making a 51% return on its investment in two years, equivalent to an IRR of 22.8%.

Geographies
  • Asia
  • Europe (EU and EEA ex UK)
  • UK
25 May 2014

Schroder UK Mid Cap Fund : SCP – interims

Schroder UK Mid Cap Fund, managed by Rosemary Baynard (pictured) and Andy Brough, outperformed over the six months ended 31 March 2014 – returning 15.4% while the FTSE Mid 250 returned 11.0%. The discount narrowed from 6.1% to finish March at 2.6% and this helped improve the return to shareholders to 19.9% however this has reversed […]

Sectors
25 May 2014

JPMorgan Chinese : JMC – interims

JPMorgan Chinese has published its interim for the six months to end March 2014. The company beat its benchmark (the MSCI Golden Dragon) but overall the total return on assets a small drop of 0.2% (compared to a 2.5% loss on the index). Shareholders did get a positive return of 3.9% however as the discount narrowed.

Sectors
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