Next week’s budget will be vital viewing for investors, with changes to capital gains tax and inheritance tax mooted. Among the column inches in the lead up to the new chancellor’s first budget, have been some encouraging announcements on reforming the UK’s ailing health service. It appears that, at last, sensible ideas are being put […]
Cordiant Digital Infrastructure (CORD) has, in partnership with TINC NV (TINC) and another Cordiant-managed fund, agreed to acquire and combine Belgian data centre provider DCU Invest NV (Datacenter United, or DCU), and the data centre business of Proximus Group (the PDC Business). CORD and the other Cordiant-managed fund will acquire a 47.5% economic interest in […]
In QuotedData’s morning briefing 25 October 2024: As previously indicated, Alliance Witan (ALW) has increased its dividend following the combination of Alliance Trust and Witan Investment Trust to form Alliance Witan. ALW has declared a third interim dividend of 6.73p per share. The total of the first three interim dividends declared for 2024 is 19.97p […]
Marcus Phayre-Mudge, fund manager, TR Property Investment Trust: Tax changes, more demanding energy efficiency standards, and higher mortgage rates are piling the pressure on the UK’s landlords, with the buy-to-let market losing its lustre as an attractive wealth-building strategy. For aspirant real estate investors, listed property companies offer a strong alternative. These companies provide access […]
Oakley Capital Fund III has agreed to sell its majority stake in Schülerhilfe to Levine Leichtman Capital Partners. The completion of the transaction is subject to regulatory approval. Schülerhilfe is the leading provider of professional tutoring services to primary and secondary school students across Germany, Austria and Switzerland, with over 140,000 students across c.1,200 branches. […]
CQS Natural Resources Growth and Income has published results for the year ended 30 June 2024. It delivered an NAV total return in the year under review of 7.2%. This is similar to the return of 7.3% produced by the MSCI World Metals and Mining Index (sterling adjusted) but lagged the 17.4% return from the […]
VinaCapital Vietnam Opportunity has published results for the 12 months ended 30 June 2024. The NAV total return for the period was 7.8%, ahead of the 4.9% return posted by the VN Index. Dividends for the period total 14.25 cents. 8m shares were bought back at a weighted average discount of 20.5% and at a […]
Schroder Oriental Income says that over the 12 months ended 31 August 2024, it generated a NAV return of 18.2% and share price return of 15.3%, both well ahead of the return on its benchmark MSCI AC Pacific ex Japan Index in Sterling terms, which rose by just 8.6%. Over the financial year, the company […]
Schroder BSC Social Impact Trust’s results for the 12 month period ended 30 June 2024 show a modest 1.5% NAV return for the period, below the 2.8% per annum return achieved since launch in December 2020. The share price traded at a 16.7% discount to NAV at the period end, and as of 22 October […]
abrdn Asia Focus has published results covering the 12 month period ended 31 July 2024. Over that period, its NAV total return was 7.9% and share price return 8.8%, both well behind the 14.1% return posted by the MSCI AC Asia ex Japan Small cap Index. The trust’s annual dividend was upped very marginally from […]
GCP Infrastructure says that at close of business on 30 September 2024, its NAV was 105.22p, down 2.36p from the figure at end June 2024, which is disappointing. However, GCP says it won’t tell us what drove this move as “The company is in active due diligence and negotiations on disposals of material components of […]
In QuotedData’s morning briefing 24 October 2024: Alliance Witan’s investment manager, Willis Towers Watson has completed the transition of assets from Witan Investment Trust to Alliance Witan (ALW). Blackrock Inc. helped to manage the transition and keep the costs to a minimum. While Blackrock was completing the transition of assets, WTW took the opportunity to […]
PRS REIT has announced that it is undertaking a strategic review to consider the future of the company following shareholder pressure. The review will explore all the various strategic options available to the company, which may include a potential sale. This follows the requisition notice made by a number of shareholders to replace the chairman, […]
In QuotedData’s morning briefing on 23 October 2024: Home REIT (HOME) announced that it has sold a further 152 properties at auction for a total of £26.8m. Following the completion of these sales, it has sufficient proceeds to fully repay the outstanding Scottish Widows loan, which amounted to £72.0m as at 30 September 2024. It […]
Volta Finance (VTA) announced its annual results for the 12 months to 31 July 2024. The company saw a NAV total return of 19.7%, while the share price total return was 13.6% with the discount widening to 27.1% despite the strong results. The dividend was maintained in line with the board’s current policy of 8% […]
Ocean Wilsons Holdings Limited says its wholly-owned subsidiary, OW Overseas (Investments) Limited has agreed to sell its 56.47% interest in Wilson Sons S.A. to SAS Shipping Agencies Services Sàrl, a wholly-owned subsidiary of MSC Mediterranean Shipping Company SA, for R$4.352bn ($768m) or R$17.50 per share. After Brazilian withholding tax, the net proceeds should be about […]
Starwood European Real Estate Finance (SWEF) says that, following new operational updates from the sponsor of its “office portfolio, Ireland” loan, SWEF’s board has evaluated various business plan scenarios, and the uncertainty related to these scenarios, and, as a consequence of this new information, combined with the challenging local office market dynamics, SWEF’s board has […]
JPMorgan Emerging EMEA Securities (JEMA) says that it received the following update from the trust’s manager on 18 October 2023: “The Russian court has granted VTB’s claim for $439m in full against eight (including JEMA) of the nine J.P. Morgan legal entities named as defendants in the original claim. The J.P. Morgan defendants have 30 […]
In QuotedData’s morning briefing 21 October 2024: Ecofin US Renewables Infrastructure (RNEW) has agreed an amendment and extension to its existing revolving credit facility (RCF) with KeyBank, one of the main lenders to the US renewable energy industry. The RCF is now due to mature in October 2025 and there is scope for the size […]
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: AVI Japan Opportunity (0:15) Gore Street Energy Storage (2:55) Cost disclosure – RIT Capital (5:57) This week’s interview was with Katie Potts from Herald Investment Trust – watch it again here
The long campaign on cost disclosure The past month has brought a flurry of activity over the cost disclosure rules under MiFID and their impact on investment trusts. Bill MacLeod, managing director at Gravis, and one of the key players in the team that has lobbied for the proper treatment of investment trust costs, is, […]
The Scottish Mortgage team explains why investing in private companies gives shareholders access to the most innovative and unique growth opportunities globally. Capital at risk.
Gore Street Energy Storage (GSF) has announced that “Big Rock”, its 200MW California asset that it acquired in February 2023, has secured a resource adequacy (RA) contract with J. Aron & Company LLC, a subsidiary of Goldman Sachs. Big Rock is GSF’s largest asset and is on track to be energised by December 2024 and […]
In QuotedData’s morning briefing 18 October 2024: Harmony Energy Income Trust (HEIT) has issued a brief update on its asset sale process. As previously announced, JLL has been appointed to seek offers for some or all of the Company’s assets and HEIT now says that it “is encouraged by the level of interest and non-binding […]
International Public Partnerships says that BeNEX, its portfolio company, has successfully completed the acquisition of Abellio’s regional rail operations in Germany. BeNEX will become one of the largest providers of local rail passenger transport in Germany. The trust owns all of BeNEX. BeNEX is an investor in both rolling stock and five train operating companies […]
Empiric Student Property has raised £56.1m in a placing and retail offer as it looks to take advantage of favourable market conditions for the student accommodation sector. A total of 59,686,950 new ordinary shares representing 9.9% of the company’s existing share capital have been placed at a price of 93p, raising proceeds of £55.5m. In […]
Ashoka India Equity has published results for the 12 month period ending 30 June 2024. The trust delivered great absolute returns but actually underperformed over this period, returning 35.5% in NAV terms and 35.9% in share price terms as compared to 37.7% for the MSCI India IMI Index. There is no dividend. The trust’s shares […]
Over the 12 months ended 30 June 2024, Gulf Investment Fund generated a NAV return of 10.2%, well-ahead of the 2.6% return on its benchmark (S&P GCC Composite Index). Since the mandate widened from Qatari-focused to Gulf-wide in December 2017, NAV has risen 198.7% (dividend adjusted), as against the 85.3% returns recorded by S&P GCC […]
Dignity, the UK’s leading funeral services business is owned by Castlenau (see our interview on 4 October). It is buying Farewill, a company in Augmentum Fintech’s portfolio at a valuation for the entire business of £12.9m. Farewill, founded in 2015 by Dan Garrett (its current CEO) and Tom Rogers, offers a range of later-life products, […]
In QuotedData’s morning briefing 17 October 2024: Octopus Renewables Infrastructure Trust (ORIT) has completed the purchase of a newly constructed 42MW solar farm located close to Dublin, Ireland. Together with the four nearby operational solar farms bought earlier this year, the five-site solar complex now totals 241MW (the largest solar complex in Ireland) and will […]
