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Global Fixed Income realisation hurt by Brazilian exposure

Global Fixed Income Realisation’s net asset value fell by 17.3% over the course of 2014. A large part of that related to realised losses on the sale of the fund’s Ukrainian investments. 2% was lost to a fall in the value of Autonomy IID, a Brazilian real estate fund, which suffered in a weak Brazilian […]

Weiss Korea has good year despite Hyundai Motor

Weiss Korea Opportunity results for 2014 have been published. The NAV per Share increased from 108.5p to 120.4p (11.0%) over the year. They compare their performance to the  MSCI Korea 25/50 Capped Index, this fell by 5.2% so the fund did very well in 2014. They also paid a dividend of 1.4413p in the year […]

Duet lost out when care home company went bust

Duet Real Estate Finance results for 2014 are out. The total net asset value return for the year was 5.7% and the shareholder return was 9%. They paid 6.2p in dividends during the year and declared 5.2p worth of dividends for the 2014 accounting year as a whole (part of the 6.2p related to 2013 and […]

Dexion Absolute discount triggers 25% redemption

Dexion Absolute has published its 2014 accounts. The share prices of the various share classes did much better than the net asset values – the Sterling shares were up 11.8% and 2.8% in share price and NAV terms, Euro shares 10.5% and 2.7% and US dollar shares 16% and 2.8%. 97.1% of the portfolio is […]

Invesco Perpetual UK Smaller outperforms in 2014

Invesco Perpetual UK Smaller’s results for the year ended 31 January 2015 show the fund generating a net asset value return of 2.2%. The Numis Smaller Companies Index (excluding Investment Companies), fell by 2.6%. The share price rose from 316.8p to 328.3p per share, an increase of 3.6%, and the discount narrowed from 13.9% to 11.3%. […]

Henderson International Income re-rated on demand for income

Henderson International Income’s net asset value returned 9.6% over the six months to the end of February 2015 while the MSCI World (ex UK) Index returned 10.7%. The company’s share price did much better however, returning 18.7%. They have declared two dividends of 1.1p each for the period and say they aim to maintain the same level […]

International Oil & Gas shares suspended

International Oil & Gas is in the process of trying to sell Strata Energy Services. in an announcement today, the company says the sales process is ongoing but firm indications of pricing are unlikely to be available by 30 April (the deadline for the publication of International Oil & Gas’s accounts for the year ended […]

Henderson Global lags benchmark

Over the year that ended on 31 January 2015, Henderson Global Trust’s net asset value total return lagged its benchmark index by 3% – returning 14.5% as compared to 17.5% for the MSCI All Country World Index. The share price return was closer however, the return to shareholders was 17.3%. The report says the NAV performance […]

NB Global Floating Rate reports on weak H2

NB Global Floating Rate Income’s accounts for 2014, published today, show a fall in its net asset value – from 100.18p to 97.7p for the Sterling shares (which make up the bulk of the fund although US dollar assets dominate the porttfolio) and from $1.0102 to $0.9862 for the US dollar shares. The total NAV […]

Taliesin says privatisation programme justifies its premium

Taliesin Property Fund’s net asset value rose by 19.4% in 2014 (18.2% on an EPRA basis). The property portfolio was valued at an average of €1,760 per square metre at the end of the year, up 15% on the valuation at the end of 2013. The shares have been trading at a premium to asset […]

Baker Steel hit hardest by iron ore price falls

Over the year to the end of December 2015 Baker Steel Resources net asset value fell by 27.6% – somewhat more than comparative indices such as the Euromoney Global Mining 100 Index which fell by 15.4% and the FTSE Gold Mines Index which fell by 9.8% over the same period. The statement says that some of […]

Pacific Alliance Asia benefits from discount narrowing

Over 2014 Pacific Alliance Asia Opportunity’s net asset value rose by 9% to $1,729 per share. The share price did much better however, increasing by 21.8% to $1.59. The underlying master fund in which the company invests generated a return of 9.5% for the year. The portfolio is invested in a number of strategies – […]

Third Point flat in H2 2014 but better start to current year

Third Point Investors has announced results for the year ended 31 December 2014. Over the year the NAV total return was 6.5% for the US dollar share class and 6.8% for the Sterling share class (all of the Euro class was merged in with the dollar class during the year). Most of that return was […]

BlueCrest All Blue passes 100% return mark

BlueCrest All Blue generated a 6.9% return on net assets over the course of 2014 to make a 100% return since the launch of the fund in 2006. They added one new fund to the mix during the year, BlueCrest Equity Strategies Fund, which the directors say is managed close to market neutral and appears […]

JPMorgan Asia losing manager

Ted Pulling, manager of JPMorgan Asia for the last three years, is moving back to the US from Hong Kong and relinquishing responsibility for the management of the fund. The Board says, to ensure an orderly transition of his responsibilities, Mr Pulling will remain in Hong Kong until the end of 2015, continuing to manage […]

HICL adds to Salford and Wigan schools exposure

HICL is paying £16.2m to acquire additional 40% interests in both phase 1 and phase 2 of the Salford & Wigan BSF (Building Schools for the Future) projects. This takes HICL’s stake in both projects up to 80%. S&W Phase 1 and S&W Phase 2 are 26-year and 27-year PFI concessions, respectively, to design, build, […]

Blue Capital held back by US wind and hail storms

Blue Capital Global Reinsurance has announced results for 2014. The NAV total return for the year was 8.8%. The dividend for the year was 6.5 US cents. They raised $15.3m of additional capital during the period. Losses for the period were, they say, relatively small – amounting to about 1.6% off the return for the […]

M&A activity produces great results for International Biotechnology

International Biotechnology’s results for the six months ended 28 February 2015 are out and they show that the fund had a fantastic time with the net asset value rising by 44.5%. The share price was up 57.4% over this period as they bought back 23% of the company to cut the discount from 21.5% to […]

International Biotech making 15x its money on Convergence
Merchants Trust held back by rising debt value

Merchants Trust has published results for the year ended 31 January 2015. Over that period the fund delivered a return on net assets of 4.7% which is about 2% behind the return generated by the FTSE100 Index over the same period. They say that most of this underperformance relates to changes in the market value […]

British Land buys 1 Sheldon Square

British Land is paying £210m to buy 1 Sheldon Square, extending its investments in the offices springing up around Paddington Station. They say the deal brings their total investment at Paddington Central to 800,000 sq ft with a further 146,000 sq ft currently under construction at 4 Kingdom Street and 210,000 sq ft of consented […]

Qatar Investment Fund discontinuation vote proposals

Qatar Investment Fund has a discontinuation vote scheduled this year. The Board is thinking about conducting a tender offer at a 1% discount to net asset value (less associated expenses) for 10% to 15% of the fund. They are working this out on a sliding scale whereby if the fund trades at an average discount […]

NextEnergy Solar adds a further 45MWp

NextEnergy Solar is spending up to £54.7m to acquire two plants with a total generating capacity of 45.4MWp. The deals are a share purchase agreement to acquire the operational 33.7MWp Glebe Farm solar power plant in Bedfordshire for up to £40.5m and a share purchase agreement signed to acquire the operational 11.7MWp Hawkers Farm solar […]

Witan takes out long-term borrowing

Witan Investment Trust has today agreed to issue a £21m fixed rate 20 year secured private placement note at a coupon of 3.29% and a £54m fixed rate 30 year secured private placement note at a coupon of 3.47%. They say the purpose of this transaction is to obtain fixed rate long dated Sterling denominated […]

Manager compensates JPMorgan Senior Secured after hedging error

JPMorgan Senior Secured Loan has received £1.686m in compensation from JPMorgan after an error led to losses of that amount on the company’s currency hedging. This pushes the NAV back up to 97.58p (including accrued income) and the shares trade at a 5.3% discount to this. JPSL : Manager compensates JPMorgan Senior Secured after hedging […]

VPC Specialty Lending Investments invests in Avant

VPC Specialty Lending Investments has made a new investment of c£11.7m by way of a balance sheet loan to Avant, Inc., a Chicago-based financial technology platform offering consumer credit. Victory Park Capital Advisors, LLC, the Company’s investment manager, has been an early financial partner of Avant since it began offering consumer credit in early 2013. […]

Infrastructure India sets up incentive scheme for director

Infrastructure India has announced that its logistics terminal in Bangalore is now up and running. They have agreed a ten year business plan for Distribution Logistics Infrastructure Private Limited, the 99.9% subsidiary that is running the business. Vikram Viswanath, a non-executive director of Infrastructure India, is taking up the role of “Advisor” to the management team of […]

Tritax buys Brakes distribution centre

Tritax Big Box REIT is paying £37.2m to acquire the Brakes Brothers distribution centre in Flex Meadow, Harlow. the price is equivalent to a net initial yield of 5%. They say the centre is strategically positioned in a core South East location, close to the M11, the M25 and Central London, providing distribution reach across […]

F&C Commercial Property expects improving dividend cover

F&C Commercial Property Trust’s results for 2014 are good. The fund’s property portfolio beat the IPD Index by 2.4%, delivering a return of 20.3% compared to 17.9% for the benchmark. This helped generate a return on net assets of 22.1%. The return to shareholders was a little lower however, 18.8% as the company moved to […]

Japan investment trusts mostly in the lead

http://www.investorschronicle.co.uk/2015/04/08/funds-and-etfs/investment-trusts/japan-investment-trusts-mostly-in-the-lead-OClufkTc7yeh4SntBC5sCN/article.html Japan investment trusts mostly in the lead “Japan investment trusts are largely outperforming open-ended funds, according to research company QuotedData. On average, Japan investment trusts focused on larger companies outperform open-ended Japan funds on an annualised net asset value (NAV) basis over one, three and five years. “We think the reason is that the […]

Riverstone invests in Three Rivers III

Riverstone Energy is contributing up to $167m towards what could be a $500m investment in Three Rivers Natural Resource Holdings III LLC, a newly-formed, Austin (Texas) -based oil and gas company. Three Rivers III is the third partnership between funds managed or advised by Riverstone and Three Rivers III’s management team. The first two have sold substantially […]

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