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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).

19 Mar 2014

Fidelity China Special Situations : FCSS – change to fee

From 1 April 2014 the annual management fee on Fidelity China Special Situations will fall from 1.2% to 1% of net assets. At the same time the cap on the performance fee will reduce from 1.5% to 1% per annum and outperformance above the fee cap cannot be carried forward to future periods (including any available to […]

Sectors
19 Mar 2014

Fidelity Japanese Values : FJV – cut in fees

The annual management fee on Fidelity Japanese Values has been cut from 1.0% of gross assets to 0.85% of gross assets.

Sectors
18 Mar 2014

EPE Special Opportunities : ESO – Annual report

EPE Special Opportunities results for the year ended 31 January 2014 show an increase in the net asset value of 31.5% over the period. The share price increased by 55% but the shares still traded at a considerable discount – 87p vs. an NAV of 135.4p. Two stocks that contributed to EPE Special Opportunities’ performance […]

18 Mar 2014

HICL Infrastructure : HICL – fee changes

HICL Infrastructure has announced a revision to its fee structure. Assets under construction will no longer be charged at a higher rate of 1.5% per annum. Assets under management in excess of £2.25bn will be charged at 0.8% per annum. The fee changes take effect from 1st April 2014

18 Mar 2014

Japan Residential : JRIC – annual results

Over the year to the end of November 2013 Japan Residential Investment Company’s portfolio increased in value by 3% however adverse movements in the sterling / yen exchange rate pushed the net asset value down by 11%. Average occupancy nudged up to 95.6% from 95.2% but again yen weakness pushed down revenues. the dividend was […]

Sectors
18 Mar 2014

Henderson High Income : HHI – final results

Henderson High income has announced figures for the year ended 31 December 2013. over the year the net asset value generated a total return of 30.7% – much better than the 16.8% return on HHI’s benchmark. revenue rose by 8.1%, allowing them to increase the quarterly dividend to 2.15p per share.

Sectors
18 Mar 2014

Pacific Horizon : PHI – change of manager

The Board of Pacific Horizon, led by Jean Matterson (pictured), has appointed Ewan Markson-Brown as its portfolio manager. He will be assisted by Roderick Snell, the current deputy manager. Ewan used to work at PIMCO Europe and before that Newton Investment Management.

Sectors
18 Mar 2014

Dexion Trading Limited : DTL – winding up

Dexion Trading Limited has announced that intends to put proposals to shareholders to wind up the company. The fund is shrinking by 30% in any case as the tender that took place in February was oversubscribed. Following the tender Dexion Trading reckon the fund will be around £64m in size and, if all tender requests had […]

17 Mar 2014

ICG Longbow : LBOW – new deal

ICG Longbow has committed to its ninth transaction, a £10.00 million loan to Lanos (York) Limited, secured against the Best Western York Monkbar Hotel, which is located close to the city centre of York. The loan will allow this 99 bed hotel to be refurbished and extended by 27 beds. The loan has a maturity date of 31 December 2018 […]

17 Mar 2014

Utilico Emerging Markets : UEM – fee change

The Board of Utilico Emerging Markets has agreed a number of changes to the management fee. The base fee is being amended to 0.65% of net assets from 0.5% of gross assets less current liabilities. Utilico Emerging Markets has gearing of about £20m at the moment on net assets of £412m so this translates into an […]

Sectors
13 Mar 2014

Riverstone Energy : RSE – new investments

Riverstone Energy has announced two new investments (following on from its Liberty II investment which completed yesterday). Rock Oil Holdings, a Denver and Houston based oil & gas company, will get an investment of $250m, $83m of which will come from REL. Rock Oil’s focus will be on shale (Eagle Ford, Utica and the Permian […]

12 Mar 2014

Witan : WTAN – annual results

Witan, managed by Andrew bell (pictured) has posted a decent set of results. Over the year ended 31 December 2013 Witan’s net asset value total return beat its benchmark by 8.7% and they increased their dividend by 9.1% to 14.4p. The discount narrowed from 10.2% to 6.1%.  

Sectors
11 Mar 2014

Murray International : MYI – annual results

In 2013 Murray International, managed by Bruce Stout (pictured), had a poor year relative to its benchmark – returning 4.6% (in net asset value terms) and 4.1% (in share price terms) vs. 21.2% for the benchmark (60% FTSE All-Share and 40% FTSE World ex UK). It did manage to increase its dividend from 40.5p to 43.0p […]

Sectors
11 Mar 2014

Investors Capital : ICTA – management fees

The Board of Investors Capital, led by Iain McLaren (pictured) have agreed to cut the management fee from 0.9% of net assets to 0.75% (this takes effect on 1st April 2014). They also scrapping the performance fee.

Sectors
10 Mar 2014

Bilfinger Berger Infrastructure : BBGI – new investment

Bilfinger Berger Infrastructure has acquired a 50% interest in the Northern Territories Secure facility – a 1,000 bed correctional facility in Holtze near Darwin, Australia. The facility will be operational in Q2 2014 and the concession lasts for thirty years.

10 Mar 2014

Hg Capital : HGT – annual results

Hg Capital’s share price returned 1.4% over 2013. At the end of December 2013 Hg Capital’s net asset value was £11.80 – having delivered a total return for 2013 of -1.6%. Part of the problem was the drag from Hg’s high cash balances. They made five new investments but money has been flowing back from disposals […]

07 Mar 2014

Crystal Amber : CRS – requisition of LEAF

Crystal Amber, managed by Richard Bernstein (pictured), hold 10% of Leaf Clean Energy Company : LEAF and has decided to requisition an Extraordinary General Meeting to change LEAF’s Board and its investment strategy. Crystal Amber say LEAF has three problems: visibility of the underlying values of Leaf’s investments (LEAF uses a DCF method to value its investment even though most of them […]

Sectors
Companies
07 Mar 2014

Alliance Trust : ATST – annual results

Over the year ended 31 December 2013 Alliance Trust generated a total net asset value return of 18.4%. The total return to shareholders was 22.7% as the discount narrowed. Their equity portfolio outperformed the MSCI All Country World Index and Alliance Trust Savings made a profit for the first time in eight years as assets […]

Sectors
06 Mar 2014

RCM Technology : RTT – annual results

RCM Technology’s figures, covering the year ended 30 November 2013, show the fund beating its benchmark by some margin. The total net asset value return for RTT was 47.2% over the year vs. 20.5% for the Dow Jones World Technology Index. On the back of this strong performance, the managers, led by Walter Price (pictured) have […]

Geographies
  • North America
  • Asia
  • UK
Sectors
06 Mar 2014
RIT Capital Partners - Healthy absolute return with less risk

RIT Capital Partners : RCP – annual results

Over the year ended 31 December 2013 RIT Capital Partners generated a total return on net assets of 18.6%. Its discount widened a little and so the return to shareholders was 14.0%. By contrast the return on the MSCI All Country World Index (after some fiddling around with currencies – they use 50% translated back […]

Sectors
06 Mar 2014

JP Morgan Claverhouse : JCH annual results

Over the course of 2013 JP Morgan Claverhouse generated a total net asset value return of 33.8% – well ahead of the return on the FTSE All-Share Index of 20.8%. The dividend was increased by 3.4% and, for the first time in five years, is now covered by revenue – an important leap forward for […]

Sectors
06 Mar 2014

Mithras : MTH – annual results

Mithras posted a 12% increase in net assets over 2013 and its share price did even better, rising by 22%. £13m was returned to shareholders via two tender offers as the fund continued its strategy of winding down its portfolio. Amongst the cash flowing back to the company during the year were proceeds of exits […]

Geographies
  • UK
  • North America
  • Europe (EU and EEA ex UK)
05 Mar 2014

JP Morgan Brazil : JPB – management changes

Sebastian Luparia is stepping down as co-manager of JP Morgan Brazil to take up another role within JP Morgan. He will be replaced by Sophie Bosch de Hood (pictured) from JP Morgan’s Latin American team. Luis Carrillo is staying on as the other co-manager.

Sectors
05 Mar 2014
Starwood European secures new loans in 2018 results

Starwood European Real Estate Finance

Starwood European Real Estate Finance is providing a €14.3m facility to enable the purchase of an office building in Amsterdam fully occupied by UPC Nederlands. They say the return on the facility will be ‘solid single digit’. With this deal,  SWEF has now made eight investments adding up to a total value of £168m or 72% of net […]

Sectors
04 Mar 2014

LMS Capital : LMS – annual results

Over the year ended 31 December 2013 LMS capital’s net asset value rose from 85p to 88p. £35m was handed back to shareholders via a tender offer, funded by £44m of cash exits from portfolio positions.

04 Mar 2014

BlackRock Throgmorton : THRG – manager on sabbatical

Richard Plackett, manager of BlackRock Throgmorton, will take a six month sabbatical starting 1 April 2014. Ralph Cox (manager of BlackRock UK Smaller Companies fund) is taking over responsibility for the CFD portfolio

Sectors
04 Mar 2014

Foreign & Colonial : FRCL – annual results

Foreign & Colonial Investment trust has released its results for the year ended 31 December 2013. In total return terms, the net asset value returned 21.4% vs. 21.0% for the FTSE All-World Index. At the same time F&C has announced that Jeremy Tigue is stepping down as manager of the fund at the end of […]

Sectors
03 Mar 2014

Scottish Mortgage : SMT – fee change

The Board of Scottish Mortgage, led by John Scott (pictured), has negotiated a reduction in the management fee from 0.32% to 0.3% on total assets less current liabilities.

Sectors
03 Mar 2014

Aurora Russia : AURR – disposal

Aurora Russia has sold its interest in OJSC Flexbank for RUR189.1m (£3.2m) gross = RUR172.2m (£2.9m) after expenses. At the same time mortgages held by Flexbank with a nominal value of £2.4m have been transferred to another Aurora Russia subsidiary, Kreditmart Finance Limited and these will be sold in due course (possibly at a discount […]

Sectors
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