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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).

26 Feb 2014

BlackRock Latin American : BRLA – final results

Over 2013 BlackRock Latin American ‘s net asset value fell by 13.1% on a total return basis. the share price did slightly better, falling by 12.2%. The net asset value return was more or less identical to the return on the benchmark.

Sectors
25 Feb 2014

Genesis Emerging Markets : GSS – interim results

Genesis Emerging Markets marginally underperformed the MSCI Emerging Markets Index over the second half of 2013 as its net asset value fell by 1.4% against a fall of 1.2% for the index. Its discount narrowed however and shareholders saw the a share price return of 1%. The manager highlights currency weakness as a particular problem […]

Sectors
25 Feb 2014

JP Morgan Emerging Markets : JMG – half year results

JP Morgan Emerging Markets underperformed its benchmark over the six months ended 31 December 2013 with the net asset value posting a total return of -5.7% (-5.3% adjusting for the dilutive effect of the subscription shares) vs. a fall in the MSCI Emerging Markets Index of 1.4%. The discount narrowed a little and so the return to […]

Sectors
24 Feb 2014

Brunner : BUT – Annual results

Brunner’s final results for the year ended 30 November were released late on Friday 21st. Over the year Brunner’s net asset value rose by 23.2%. 4.% of that return came from the effect of marking its debt to fair value (as the maturity date of its very expensive date draws nearer). The benchmark return was […]

Sectors
24 Feb 2014

Primary Health Properties : health centre in Chester

Primary Health Properties is funding the development of a new health centre in Chester to the tune of £18.5m. Completion expected by the end of 2014.

24 Feb 2014

New Star Investment Trust : NSI – interim results

New Star Investment Trust managed to generate a return on its NA|V of 3.1%, well behind the MSCI UK Index which returned 10.2% and lagging the return on the IMA Mixed Investment (40%-85% equities) +6.6% and the MSCI World +6.3%. The Chairman ascribes the underperformance to the company’s defensive positioning (high levels of cash) and its exposures […]

Sectors
24 Feb 2014

Macau Property Opportunities : MPO – disposal

Macau Property Opportunities has completed the sale of its APAC logistics centre and Cove Residence properties in Zuhai, China for $65m. The price represents a profit of $29m and an IRR of 21%. Most of the proceeds have already been received but 10% will be held in escrow for six months.

Sectors
24 Feb 2014

CVC Credit Partners European Opps : CCPG – results

CVC Credit Partners European Opps has released its first set of results covering the period from its inception to 31 December 2013. CCPG’s net asset value return was 3.2% on the euro shares and 3.3% on the sterling shares.

21 Feb 2014

Symphony International : SIHL – results for 2013

Over 2013 Symphony International’s net asset value decreased by 0.6% – foreign exchange weakness had a negative impact on the NAV. There were some minor changes to the portfolio – Minuet (a jv between the company and a Thai partner) sold 2.7ha of land in Bangkok for a price 50% higher than last time they sold […]

21 Feb 2014

Qatar Investment Fund : QIF – interims

Over the six months ended 31 December 2013 Qatar Investment Fund’s net asset value rose by 7.2%, underperforming the Qatar Exchange Index which rose by 11.9%

20 Feb 2014

Primary Health Properties : PHP – final results

Primary Health Properties has released its results for the year ended 31 December 2013. PHP’s EPRA NAV fell for the second successive year to 300p from 305p (and 319p at the end of 2011). The fall is accounted for by the payment of an uncovered dividend – they paid 19p for the year but earnings were just under 11p. […]

20 Feb 2014

Reconstruction Capital II : RC2 – NAV writedown

Reconstruction Capital II has announced that “Due to a recent severe deterioration in the financial condition of East Point Holdings Limited” it is planning to write down the value of their holding in this company from €6.7m to zero. The value of the whole company at the end of November 2013 was €39.3m so the […]

20 Feb 2014

Redefine International : RDI – planning placing

Redefine International has announced that it hopes to issue 86.6m shares or 7.5% of its issued share capital to fund some tidying up of minority interests in its portfolio, c£10m of redevelopment opportunities in its German retail portfolio, repaying a £20m debt facility and fund potential acquisitions. The fund raising exercise will take place in […]

20 Feb 2014

Picton Property : PCTN – disposals

Picton Property has sold its leasehold interest in 28 Austin Friars, EC2 (pictured) and a retail property in George Street, Richmond for a combined total of £6m – Picton bought these in 2010 for £3.6m.

20 Feb 2014

EPE Special Opportunities : ESO

EPE Special Opportunities has sold its interest in Bighead Holdings – getting £4m for its stake. Bighead makes a variety of fasteners – www.bighead.co.uk. The stake in Bighead was valued at £3m in EPE Special Opportunities’ last set of accounts. Overall, including income, ESO says it made 3.6x its money on its original investment and say […]

20 Feb 2014

BlackRock World Mining : BRWM – Final results

BlackRock World Mining suffered in 2013 as commodities fell out of favour. the net asset value fell by 27.2% over the year (-24.6% including reinvested income). The share price did better, falling by 20.7% (-17.5% total return) as the discount contracted. The Euromoney Global Mining Index fell by 24.1%.    

20 Feb 2014

JP Morgan Overseas : JMO – interim results

JP Morgan Overseas figures for the second half of 2013 show a total return on the NAV of 8.8%. The discount narrowed so the total return on the share price was 9.7%. The fund outperformed its benchmark, the MSCI All Countries World Index which returned 6.0%. the manager says a return to favour for cyclical […]

Sectors
20 Feb 2014

Utilico Investments : UTL – interim report

Utilico Investments figures for the six months ended 31 December 2013 show an uplift of 4.1% in its NAV, behind the return on the FTSE All-Share (+11.4%). Utilico say the main problem was adverse movements in exchange rates – this cost them 10.9%. Revenue fell too but UTL reckon they are comfortable paying an uncovered […]

Sectors
20 Feb 2014

JP Morgan Mid Cap : JMF – interim results

Shareholders in JP Morgan Mid Cap were rewarded with a 30.5% total return over the second half of 2013 at the fund outperformed its benchmark index (the FTSDE Mid 250), delivering a 19.0% return vs. 18.3% for the index, and its discount narrowed significantly

Sectors
20 Feb 2014

Hirco : HRCO – to cancel AIM admission

Hirco is cancelling its AIM admission – in other words its shares will no longer be traded on AIM. The shares have ben suspended for some time as Hirco felt unable to publish its accounts as it struggled to get useful information about the value and status of its investments. The Hirco story is a long […]

19 Feb 2014

City of London : CTY – interim results

City of London has released figures for the six months ended 31 December 2013. Over that period the total return on City of London’s net asset value was 23.8% – well ahead of the equivalent return on the FTSE All-Share Index of 17.9% but 2.2% behind the average UK Growth & Income Investment Trust. CTY’s […]

Sectors
19 Feb 2014

Altus Resource Capital : ARCL – interim results

Over the second half of 2013 Altus Resource Capital’s net asset value rose by 1.3%. This improvement in the asset value was achieved despite a fall in the gold price of 2.3% over the period and falls in the FTSE Gold Mines Index and S&P TSX Gold Index of 8.6% and 2.9% respectively.  

Geographies
  • UK
  • North America
  • Australia and New Zealand
19 Feb 2014

Bluefield Solar : BSIF – acquisition and fund raising

Bluefield Solar is buying its ninth solar plant, a 19MW facility north of Swindon. The plant will cost £21m and will be connected to the grid in March. It is eligible for government subsidy (qualifying for 1.6 renewable obligation certificates). BSIF cash £14m of cash so to fund the balance of the deal it needs […]

19 Feb 2014

Mucklow (A&J) Group : MKLW – interim results

Figures announced for the six months ended 31 December 2013 disclose  a fall in earnings per share for the period (from 11.4p to 10.4p) but an uplift in Mucklow’s EPRA NAV from 305p to 317p. Net debt rose slightly but not enough to shift the gearing ratio from its level of 41%. The vacancy rate […]

19 Feb 2014

BP Marsh : BPM – trading update

BP Marsh has released a trading update that covers the period to the end of January 2014. Deals concluded during the final quarter were the purchase of a 40% stake in a motor vehicle insurer based in Sydney, Managing General Agent, the purchase of a 30% stake in Walsingham, a specialist motor vehicle insurer based […]

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

CatCo Reinsurance Opportunities : CAT – final results

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 […]

18 Feb 2014

Murray Income : MUT – interim results

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

Sectors
18 Feb 2014

Invista European : IERE – sells Czech asset

Sectors
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