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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).

28 Feb 2014

Ruffer : RICA – interim report

Ruffer failed to meet its objective of producing an absolute return of at least twice the Bank of England base rate in the second half of 2013 as its net asset value total return was -0.55% over the period. The report points to the strength of sterling, especially against the US dollar, as one factor behind this.

Sectors
28 Feb 2014

JP Morgan Global Convertibles : JGCI – half year report

From the company’s launch on 11 June 2013 to the end of December 2013 the total return on net assets was 5.8% and shareholders have had a total return of 7%. An initial dividend of 2.25p has been declared (the target for the full year is 4.5p).

28 Feb 2014

Jupiter Primadona : JPG – interim report

Jupiter Primadona’s interims covering the six months ended 31 December 2013 reveal that its net asset value rose by 10.3%, outperforming the FTSE All-Share which rose by 9.7%. The shares rose by 16.4% as the discount narrowed to less than 3% (shareholders will hope that the discount stays narrow following JPG’s earlier announcement). The manager’s […]

Sectors
28 Feb 2014

Pantheon International : PIN – interim results

Pantheon International’s net asset value fell by 2.1% over the latter half of 2013 as Sterling strength offset a 5.7% positive underlying return on the fund’s investments. The share price slipped a little (by 1.3%). The portfolio threw off £93m of cash and Pantheon reinvested £79m of this

28 Feb 2014

Candover Investments : CDI – Annual results

Candover’s net asset value rose by 18% to 715p over 2013. The fund’s holding in oilfield services company, Expro International, contributed most to this as its value was written up by £41m. This was offset to some extent by a £14.7m writedown in the value of Stork – which Candover are in the process of splitting […]

28 Feb 2014
City Natural Resources tops up dividend from capital

City Natural Resources : CYN – interims

The second half of 2013 was not kind to City Natural Resources whose net asset value fell  by 6.7% while its benchmark delivered a positive 3.1% return. CVYN’s discount widened and the share price total return was -8.3%. The managers’ report does not mention any stock specific reasons for the poor performance

28 Feb 2014

Standard Life UK Smaller Companies : SLS – Interims

Standard Life UK Smaller Companies interim report covering the second half of 2013 shows the fund underperforming its benchmark by some margin (NAV total return 17.6% vs. Numis Smaller Companies ex Investment Companies return of 21.0%). The share price did better than the NAV, returning 19.6%. The manager’s report ascribes the underperformance to lack of […]

Sectors
Companies
28 Feb 2014

Bluefield Solar Income : BSIF – interim report

Bluefield Solar Income’s first set of figures, covering the period from 29 May to 31 December 2013, has been released. Its net asset value at the end of December 2013 was 97.3p. It declared its first dividend of 2p per share on 19 February 2014 and the statement says it is on track to pay the […]

28 Feb 2014

Japan Residential : JRIC – acquisitions

Japan Residential Investment Company is buying seven residential apartment buildings for YEN9.4bn  (£55.3m) at a small discount to a recent valuation. In all the properties contain 419 units and 15,077 sqm of leasable space and are expected to generate a yield of 5.2%

Sectors
28 Feb 2014

Alternative Asset Opportunities : TLI – results

Alternative Asset Opportunities (which used to be known as US Traded Life Interests Fund) saw its net asset value fall from 48.5p to 45.9p over the six months ended 31 December 2013. The fall was largely the result of adverse exchange rate movements. The Board say that policy maturities during this period have been sufficient […]

28 Feb 2014

Henderson Opportunities Trust : HOT – final results

Henderson Opportunities Trust has released its results for the year ended 31 October 2013. The fund did very well, generating a total net asset value return of 47.1% – more than twice the 22.8% return on the FTSE All-Share Index. The total return to shareholders was 71.0%. The report details the largest contributors to this […]

Sectors
28 Feb 2014

Electra Private Equity : ELTA – Sherborne

Sherborne Investors (Guernsey) B Limited has an interest of 10.2% in Electra – about half in ordinary shares and the rest through total return swaps. Although Sherborne, run by Edward Bramson (pictured) and known as activists, have acknowledged the stake they haven’t said what their agenda is in taking the stake.

Companies
28 Feb 2014

Macau Property Opportunities : MPO – interims

Macau Property Opportunities adjusted net asset value rose by 25.5% to $4.95 over the second half of 2013 as the valuation of its property portfolio increased by 24.7%. The disposal of the company’s Zuhai assets (announced recently) has added to the NAV since the year end. Shareholders did even better as MPO’s discount narrowed rom […]

Sectors
27 Feb 2014

Cambria Africa : CMB – full year results

Cambria Africa has just released its results for the year ended 31 August 2013 – ancient history really. Cambria Africa now holds just two core assets, Payserve Africa and Milchem Holdings and is selling off its remaining holdings – diversifying its focus away from Zimbabwe. Over the year it lost $5m on continuing operations and […]

Sectors
27 Feb 2014

JP Morgan Private Equity : JPEL – interim results

JP Morgan Private Equity’s net asset value rose by 2.8% over the second half of 2013. The share price rose by 0.2% so the discount widened a little over the period. NAV gains were derived in part from disposals – JPEL received $41.5m and invested $3.3m during the six months. Since the start of 2014 […]

27 Feb 2014

Prosperity Voskhod : PVF – proposed delisting

Subject to the outcome of an EGM to be held on Thursday 29 May 2014, Prosperity Voskhod intends to delist its shares. PVF has been selling off its portfolio and returning cash to shareholders.

Sectors
27 Feb 2014

The Investment Company : INV – interim results

The Investment Company, managed by Gervais Williams and Martin Turner at Miton and invested in a range of preference shares, loan stocks, debentures and notes, saw a 15,5% increase in its net asset value and a 16.0% increase in its share price over the second half of 2013. Two dividends of 5p per share were declared […]

Sectors
27 Feb 2014

Strategic Equity Capital : SEC – half year report

Strategic Equity Capital’s net asset value rose by 29.4% over the second half of 2013, 4.6% more than the return on the FTSE Smaller Companies ex Investment Companies Index. The manager’s reports notes five stocks that made a significant contribution to SEC’s performance during the period – E2V technologies, Wilmington, 4imprint, Andor Technology (recently highlighted […]

Sectors
Companies
27 Feb 2014

TR European Growth : TRG – interim figures

TR European Growth outperformed its benchmark over the second half of 2013, generating a total return of 24.8% on its net asset value against an 18.9% return on the HSBC Smaller Europe (ex UK) Index. Shareholders did even better as the discount narrowed to 10.2% – helping push the total return in the shares to […]

Sectors
27 Feb 2014

Spark Ventures : SPK – disposal

Spark Ventures has sold its remaining stake in Kobalt, an independent music publisher, for £5.4m. Overall SPK has made 4.8x its money on this investment.

Sectors
27 Feb 2014

Elephant Capital : ECAP – Annual results

Over the year to 31 August 2013 (a long time ago now) Elephant Capital’s net asset value fell from 40p to 33p. ECAP wrote down the value of its investment in Amar Chitra Katha Private Limited and listed investment, Nitco Limited, lost circa 38% of its value during the year. The Board has changed the management […]

27 Feb 2014
Lack of biotech hurts Jupiter US Smaller Companies

F&C US Smaller Companies : FSC – half year report

F&C US Smaller Companies’ net asset value rose by 8.3% over the second half of 2013, marginally behind the increase in the Russell 2000 Index which rose by 9.0% (in sterling terms – in US$ terms it rose by 19.1% but the US dollar weakened against the pound during the period). FSC’s discount widened over […]

Sectors
27 Feb 2014

GCP Student Living : DIGS – acquisiton

GCP Student Living is entering into a forward purchase agreement to buy Scape Guildford – a140 bedroom purpose built accommodation block adjacent to the University of Surrey in Guildford.

27 Feb 2014

Jupiter Primadona Growth : JPG – discount control

Jupiter Primadona Growth has announced that “it will use share buy backs and new issues of shares with the intention of ensuring that, in normal market conditions, the market price of the Company’s shares will track their underlying net asset value”. The effect of this should be that JPG’s discount will be eliminated and its Board […]

Sectors
27 Feb 2014

Ecofin Water & Power Opportunities : 2016 plans

With both its zero dividend preference shares and its 6% convertible unsecured loan stock due for maturity in 2016, the Board of Ecofin Water & Power Opportunities has decided that it makes sense to hold a continuation vote early in 2016 at which ordinary shareholders will have a say in the future of the company.

27 Feb 2014

Law Debenture : LWDB – Anual report

Law Debenture generated a net asset value return of 28.6% over 2013, well ahead of the return on the FTSE All-Share Index which returned 20.8%. The share price more or less kept pace with the asset value, returning 28.3%. Revenue from the fiduciary services business rose by 4.3%. The full year dividend rises to 15p […]

Geographies
  • UK
  • North America
  • Europe (EU and EEA ex UK)
Sectors
Companies
26 Feb 2014

Alliance Trust : ATST – holding in company

Alliance Trust has disclosed that activist group Elliott Capital have a 10% interest in the company comprising a 5% holding in Alliance Trust’s shares and a 5% interest held through contracts for difference. QD comment: The question must be, what is Elliott after? Alliance Trust’s shares are currently trading on a 11.4% discount, having moved […]

Sectors
26 Feb 2014

The Renewables Infrastructure Group : TRIG – results

The Renewables Infrastructure Group has released its first set of results covering the period from 29 July to 31 December 2013. The £310m it raised was spent on acquiring 20 wind and solar projects. The net asset value return for the period was 3.5%. Distributions have been in line with projections and the Board says it […]

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