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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).

25 May 2014

JPMorgan European Smaller Companies : JESC – annual results and share split

JPMorgan European Smaller Companies has published its results for the year ended 31 March 2014. It was a great year for the fund as the total return on net assets was 40.6%, well ahead of the 32.8% return generated by the Euromoney Smaller European Companies ex UK Index (the company’s benchmark – this used to […]

Sectors
25 May 2014

JPMorgan Indian : JII – interims

JPMorgan Indian, managed by Rukhshad Schroff and Rajendra Nair, has released its interim results covering the six months to the end of March 2014. JPMorgan Indian beat its benchmark over the period, generating a total return of 18.7% versus a 15.9% return on the MSCI India Index. Shareholders did even better however as the discount narrowed, […]

Sectors
25 May 2014

Invesco Perpetual Enhanced Income : IPE – interims

Invesco Perpetual Enhanced Income, managed by Paul Read and Paul Causer (pictured) generated a 6.3% total return on net assets over the six months to the end of March 2014. The return to shareholders was 19.4%, reflecting a significant improvement in the company’s rating as the company moved from trading on a discount to trading at […]

Sectors
25 May 2014

Aberdeen Japan : AJIT – results

Aberdeen Japan, chaired by Neil Gaskell (pictured), has published results for the year ended 31 March 2014. These cover the period since it converted to a pure Japanese fund from an Asia including Japan one. During the first part of the year (the period up to 7 October), when the fund still had its pan Asia […]

Sectors
23 May 2014

GCP Infrastructure Investments : GCP – interims

GCP Infrastructure Investments has released its interim accounts and these show the company generating a total shareholder return of 4% for the six months to the end of March 2014. The company expanded via a C share, raising £80m, and has made a number of acquisitions as it invests that money. They say the investment […]

23 May 2014

SECURE Property Development & Investment : SPDI – acquisition

SECURE Property Development & Investment PLC has announced  that it has bought Innovations logistics park in Bucharest, Romania, for €12.6m; funded by €4.4m of cash resources, by issuing 785,000 redeemable shares and with bank debt. The logistics park has 17,000 sqm of gross leasable area and is located in Clinceni in Bucharest, which benefits from being on the Bucharest ring road, […]

Sectors
23 May 2014

JP Morgan Asian Investment Trust : JAI – interims

JP Morgan Asian Investment Trust has published its interim results for the period ended 31 March 2014. Over the six months the fund marginally underperformed its benchmark index (the MSCI Asia ex Japan) with a net asset return of -1.3% compared to -0.3% for the index. The discount narrowed a little and the return to […]

Sectors
22 May 2014

Henderson Value Trust : HVTR – interims

Henderson Value Trust has released its interim results for the half year to end March 2014. The net asset value barely changed over the period – rising from 290.2p to 290.8p but the share price fell from 245p to 240p meaning that the discount widened to 17.5%. The 1.1% total return on net assets underperformed […]

Sectors
22 May 2014

F&C Capital & Income Investment Trust : FCI – interims

F&C Capital & Income Investment Trust, managed by Julian Cane (pictured), generated a total return on net assets of 3.9% for the six months ended 31 March 2014 – lagging the 4.8% return on the FTSE All-Share Index. The trust’s rating improved however and this generated a return to shareholders of 5.4%. The quarterly dividends for […]

Sectors
22 May 2014

Local Shopping REIT : LSR – half year results

Local Shopping REIT has released its results for the six months ended 31 March 2014. The net asset value rose from 41p to 43p during the period while the adjusted NAV (excluding liabilities arising from derivative financial instruments) rose to 49p (corrected by LSR on 23 May) from 48p. Property values in the portfolio rose by 0.1% on average. […]

22 May 2014

JP Morgan Private Equity : JPEL – part sale of investment

JP Morgan Private Equity has announced that it has sold part of its stake in Terra Firma Deutsche Annington (the largest holding in the portfolio). Deutsche Annington is the largest investor in German real estate with almost 175,000 residential units. JP Morgan Private Equity acquired its stake in two chunks – one in 2006 and a […]

21 May 2014

HICL Infrastructure : HICL – annual results

HICL Infrastructure has released its results for the year ended 31 March 2014. The net asset value rose from 116.4p to 123.1p over the period and this, coupled with a dividend of 7.1p meant the total return on net assets was 11.9%. In the current year HICL Infrastructure is switching to paying quarterly dividends and […]

21 May 2014

Real Estate Investors : RLE – acquisitions

Real Estate Investors has bought three properties – City Gate House in Leicester (cost £1.8m, initial yield 8.75% – let to government), a building let to WH Smiths in High Street, Bromsgrove, Worcestershire (cost £500,000, initial yield 10.4%) and a 6 acre site earmarked for residential development – the former Sandwell College campus in Smethwick, Sandwell […]

21 May 2014

Eastern European Property : EEP – results

Eastern European Property has released figures to the end of December 2013. These are quite out of date now but they show the net asset value was just about static – rising slightly from 105.03p to 105.19p. The discount widened however as the share price fell to 70.75p from 87.5p. Over 2013 they sold £2.5m […]

Sectors
21 May 2014
BlackRock Frontier announces result of rollover

BlackRock Frontiers : BRFI – interims

BlackRock Frontiers, managed by Sam Vecht (pictured), says that over the six months ended 31 March 2014 the total return on its net asset value was 7.8% in Sterling (11.0% in US dollars). The return lagged that of the MSCI Frontiers Index which returned 11.2% in Sterling and 14.4% in US dollars. The report attributes the […]

Sectors
21 May 2014

JP Morgan Income & Capital Trust : JPI, JPIZ, JPIU – final results

JP Morgan Income & Capital Trust, managed by Sarah Emly (pictured) and John Baker,  has released results for the year ended 28 February 2014. These show the overall fund outperforming its benchmark by 6.4%. The total assets generated a total return of 18.4% over the year compared to 12.0% for the benchmark of 90% FTSE350 Index and […]

Sectors
Companies
20 May 2014

Lowland : LWI – interims

Lowland has released its results for the half year ended 31 March 2014. Over that period the total return on the net asset value was 7.3% and the total return to shareholders was 7.5%. The quarterly dividend has been upped to 9p per quarter from 8.5p. The report says that some money from strongly performing […]

Sectors
20 May 2014

CQS Rig : RIG- possible liquidation

CQS Rig has been told by its largest shareholders, CQS (UK) LLP, CQS Asset Management Limited and CQS Cayman LP, that they would support a voluntary liquidation of the company. Together they hold 65.5% of the shares and a liquidation resolution would require 75% of those voting to vote in favour so it seems likely […]

Sectors
19 May 2014

Standard Life Equity Income : SLET – interim results

Standard Life Equity Income, managed by Thomas Moore (pictured), has released its interim results covering the six months ended 31 March 2014. The fund did well over that period as the net asset value total return of 11.1% was well ahead of the 4.8% return on the benchmark, the FTSE All Share Index. The return to […]

Sectors
Companies
19 May 2014

Shaftesbury : SHB – interim results

Shaftesbury has released its interim results for the six months ended 31 March 2014. Over this time its EPRA NAV rose by 5.1% to 596p. The interim dividend has been increased by 4% to 6.5p. Altogether the total return on net assets was 6.2%. The capital return on the portfolio was 5.4% – in line […]

Sectors
19 May 2014

Strategic Equity Capital : SEC – retaining GVOIM as investment manager

Strategic Equity Capital has reviewed its management arrangements following the departure of Adam Steiner and Jonathan Morgan from GVOIM (the company’s managers). It has decided to retain GVOIM and has reinstated the 4% tender it suspended when the resignations were announced. Strategic Equity Capital’s portfolio management team now comprises Stuart Widdowson and Jeff Harris.

Sectors
16 May 2014

Ground Rents Income : GRIO – interims

Ground Rents Income’s net asset value rose from 97.5p to 101.8p over the six months ended 31 March 2014. The percentage of the portfolio invested passed the 70% mark during the period and the statement says a further £2.4m (just under 3%) was committed to new investments at the end of March. The Chairman says […]

15 May 2014

Target Healthcare REIT : THRL – acquisitions

Target Healthcare REIT has bought three new, purpose-built care homes located in Wigan, Stockport and Coventry and let to Ideal Carehomes Group. The acquisition cost was £13.9m and for that Target Healthcare REIT gets 169 en-suite bedrooms, generating an initial yield of 7% with 35 year, inflation adjusted leases.

15 May 2014

Land Securities : LAND – annual results

Land Securities has released results for the year ended 31 March 2014. The net asset value was up – adjusted / diluted up 12.2% to £10.13. Overall they underperformed the IPD quarterly universe – the ungeared total property return was 12.8% vs. 13.6% for the index. They increased the dividend to 30.7p (up 3%). At 20 Fenchurch […]

Sectors
15 May 2014

NewRiver Retail : NRR – annual results

NewRiver Retail has released results for the 12 months ended 31 March 2014. The EPRA net asset value was unchanged on the year at 240p but this excludes the payment of a 10p special dividend. NewRiver Retail also say there were one-off costs of 11p during the year. The return to shareholders was 55% as […]

15 May 2014

MedicX : MXF buys new health centre

MedicX is buying a new health centre with an integral pharmacy for an anticipated £6.7m. The building, located in Peterborough, is due to be completed in June 2015. With this deal, MedicX has now committed over £500 million to its portfolio and has 134 primary healthcare facilities, five of which are under construction.

15 May 2014

Baring Emerging Europe : BEE – interim results

Baring Emerging Europe had a difficult six months to end March 2014 – the net asset value total return was -13.3%, behind the return on the MSCI 10/40 Index of -10.3%. Its discount narrowed a little however so the return on the share price was -12.1%. The Chairman places the underperformance squarely on the Ukrainian […]

Sectors
15 May 2014

GCP Sovereign Infrastructure Debt : GULF – interim management statement

GCP Sovereign Infrastructure Debt has released its IMS covering the period from 19 December 2013 to 15 May 2014. Normally we don’t bother to comment on these but in this case it is interesting that GCP Sovereign Infrastructure Debt has failed to conclude any investments since launch – they say down to an unfamiliarity of […]

15 May 2014

Investors Capital : ICTA / ICTB / ICTU – annual results

Investors Capital, managed by Rodger McNair (pictured), has released its annual results for the year ended 31 March 2014. The fund outperformed – generating a total return on the net asset value of 9.7% vs. a 9.1% return on the FTSE All-Share capped 5% Index (its benchmark). The fund, which is managed with two portfolios – one […]

Sectors
14 May 2014

Cambium Global Timberland : TREE – sells property

Cambium Global Timberland has sold its 8,065 acre property in Stewart County, Georgia (US) for $9.1m. They sold another property in Clinch County, Georgia a few weeks ago for $8.6m and they are going to use the proceeds from these sales to repay debt of $6.2m and look at returning surplus cash to shareholders.

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