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).
CatCo had a good year in 2013, generating NAV growth of 21.9%. They rewarded shareholders with a special distribution. Their market has become more competitive with rates falling markedly in some areas. The managers say the 2014 portfolio is 20% less risky than 2013’s and is set to generate a no-loss return of 18% with the […]
The return on NAV for Murray Income for the six months ended 31 December 2013 was 10.1%, a little behind the return on the FTSE All-Share Index of 11.3%. The manager says the reason for that was the fund’s overweight positions in pharmaceuticals and utilities
Harbourvest Global Private Equity is keen to move its listing to the main market. To achieve this it will have to grant full voting rights to its A shareholders. This is problematic at the moment as a majority of its shareholders are based in the US but their share of the register has been declining. […]
Hammerson has announced results for the period ended 31 December 2013 that show its EPRA NAV rising to £5.73 from £5.42, a gain of 5.7%. EPRA earnings per share rose by 10.5% to 23.1p, aided by a 2.1% growth in like for like rental income and occupancy of 97.7% and Hammerson announced an 8% increase […]
Better Capital has released its interim management statement and this has provided some colour to BCAP’s announcement on 4 February which cautioned that the NAV would fall on the 2009 cell. It is not immediately obvious which two companies are going to be written down however. The negatives highlighted in the IMS are: Gardner has […]
Advance Frontier Markets has released its results for the last six months of 2013. Over that time AFMF’s share price rose by 14.6% and its net asset value by 12.9%. One contributor to this performance was an Argentinian fund, Advance Copernico Argentina Equity fund, whose NAV rose 60%, a result, AFMF say, of a growing […]
Riverstone Energy has published numbers for its financial period which is fairly short, covering the period from incorporation on 23 May 2013 to the end of December 2013. Most of this time it was a shell; RSE listed on 29 October 2013, raising $1.23bn. The NAV at the end of December was $16.04. So far […]
Over 2013 Scottish American Investment Trusts total return on its share price was 18% and, on the NAV, 17% ; lagging the return on the fund’s benchmark by 4%. They say the main reason for the company’s underperformance was its exposure to emerging markets investments. SCAM is increasing its dividend by 4.1% to 10.2p for the year. […]
GCP Student Living has published figures that cover the period from incorporation on 26 February 2013 to the end of December 2013. The NAV at the end of the year was 99.06p, the EPRA NAV (excluding the effect of derivatives transactions was 100.29p) – that’s up from the opening NAV of 97.4p as they recorded […]
Duet Real Estate Finance is paying a 2.25p dividend for the final quarter of 2013 (shareholders get paid on 14 March). They are also announcing that their NAV at the end of 2013 was 93.5p. this has been impacted by a provision made against one of their loans (“loan 5” – they don’t tell us […]
Over 2013 SVG Capital’s NAV rose by 31.5%, well ahead of the return on the MSCI world Index of 20.3%. They gave £151.1m back to shareholders and plan to return another £217m )including a tender offer of at least £50m planned for May 2014). They repaid £150m of debt and ended the year with net […]
CQS Diversified is holding continuation votes for each class of shares on 4 March 2014. The votes have been triggered by the US dollar shares trading at an average discount of 6.29% over a 12 month period to 4 November 2013 and the Sterling class trading at an average discount of 7.17% over the same period. […]
3i Infrastructure has announced that Cressida Hogg is leaving 3i at the end of march “to pursue a senior role outside the group”. Phil White and Ben Loomes will be appointed co-managing partners of the infrastructure business and Neil King will become a Senior Partner.
Temple Bar has released its results for 2013. Over the year the total return on NAV was 31.4%, well ahead of the total return on the FTSE Al-Share Index of 20.8% – a good result for the company’s manager, Alastair Mundy. TMPL has also increased its dividend by 3% despite a fall in distributable income […]
Globalworth Real Estate has released its first set of annual results covering the period from incorporation (on 14 February 2013) to 31 December 2013. The shares were admitted to trading on AIM in July 2013. At the end of the year GWI’s portfolio was worth €121.3m and this was financed by €20.5m of debt = an LTV […]
Ludgate Environmental has released its interim results for the six months to the end of December 2013. Over the period Ludgate’s NAV fell from 82.7p to 70.7p. 5p of the fall is accounted for by a special dividend of 5p paid in December. Much of the rest of the fall, as reported on 17 January, […]
SEGRO European Logistics partnership, a vehicle that SEGRO owns 50% of and manages, is acquiring a portfolio of 14 logistics assets located across Germany, Poland and France for €472m. The whole portfolio comprises 679,000 sqm of lettable space (including one facility under construction) and 51ha of development land in Germany. Excluding the property being built (which they […]
Over the year ended 30 November 2013 Throgmorton managed to generate a 52.3% total return to shareholders as the NAV returned 40.1% and the discount narrowed. The equivalent return on the Numis Smaller Companies plus AIM (excluding investment companies) Index – THRG’s benchmark – was 31.6%. the performance was good enough to generate a performance […]
Schroder Real Estate has bought Morgan Sindall House in Rugby for £3.95m (an initial yield of 8%) and sold its stake in the Merchant Property unit trust (which holds a portfolio of Travis Perkins builders merchants) for £3.25m
JP Morgan US Smaller Companies investment trust is planning to try to raise some more money and split its shares so that for each existing share shareholders will get ten new ones. The Board is asking shareholders to approve the issue of new shares up to an amount equivalent to 20% of the existing share […]
The Ottoman Fund has sold 505,694 sqm of land at $101 sqm for a total of $51m and given the buyers the chance to buy the remaining land for a further $32m. Tax on the sale of the initial parcel is estimated at $1.3m and in due course the Board say they will announce a […]
Northern Investors will return £14.1m to shareholders via a tender. Shareholders must apply to take part by 11am on 28 February, the tender will hopefully be approved at a meeting on 3 March and tendering shareholders will get their cash on or after 7 March
BP Marsh (which provides venture capital to financial services businesses) has bought a 12% stake in LEBC for £1m and lent another £1m to LEBC’s employee benefit trust to allow it to buy more shares in the company. LEBC is an IFA with £2bn under advisory operating from 11 branches across the UK. BPM first invested […]
Foresight Solar is buying a 10.7MW solar power plant – Hunters Race on 12.4ha of a former quarry in West Sussex. Altogether FSFL now has 137.4MW of generating capacity across seven plants. Only one 32MW plant, in Leicestershire, is currently delivering energy to the grid. However Castle Eaton and High Penn are expected to be grid connected […]
Manx Telecom is to IPO on the AIM market (completion of the listing is expected to be on 10 February 2014). Manx’s shares have been priced at 142p, valuing the business at £160m, and the IPO is fully underwritten at this price. Hg Capital is selling its entire shareholding in the IPO, realising cash proceeds of c£13.1m. […]
Over the six months ended 31 December 2013 Mid Wynd returned almost twice as much as its benchmark as the net asset value total return was 12.5% and the FTSE World Index total return was 6.6%. The company says that it benefited as money moved from bond investments to equities during the period. Investments that […]
Better Capital has released a trading statement today in which it cautions that trading conditions in two of the companies held in the 2009 cell have been “significantly below expectations”. Both are said to be profitable however. BCAP is warning that there could be a significant write down in the value of these companies at […]
Target Healthcare REIT has bought a 61 bedroom purpose built care home in Glasgow for £4.3m. The home is let to Mossvale Care Home limited for 30 years at a rent equivalent to an initial yield of 7.75% and the rent is subject to an annual uplift in line with RPI (subject to a cap […]
Masawara, a fund specialising in investment in Zimbabwe, has sold its 51% stake in Masawara Energy Mauritius Limited for $29.325m ($4.437m more than when the deal was first announced in July 2013). The proceeds will be reinvested in new deals.
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