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 […]
In QuotedData’s morning briefing 16 October 2024 Invesco Perpetual UK Smaller Companies Investment (IPU) announced its interim results for the six months to 31 July 2024. The company saw a strong NAV total return of 13.8%, ahead of the benchmark index return of 12.1%. Shares were up 13.3%. IPU also paid its first interim dividend […]
Seraphim Space Investment Trust (SSIT) has announced its annual results for the year ended 30 June 2024. The company saw a NAV total return of 2.6%, while shares rallied 102.2%. The strong performance saw the company’s discount narrow significantly, although the share price remained depressed at a discount of 43.2% highlighting the extent of the […]
In QuotedData’s morning briefing 15 October 2024: Bellevue Healthcare (BBH) says that redemption requests were received for the 22 November 2024 redemption point for 163,834,887 shares, representing 36.34% of the company’s issued share capital. Given the size of the proposed redemption, the board is proposing to create a redemption pool (carving off a slice of […]
JPMorgan UK Small Cap Growth & Income (JUGI) has published its annual results for the year to 31st July 2024, which its chairman, Andrew Impey, says has been a “momentous year” for the company. During the year, JUGI provided an NAV total return of 28.4% and a share price total return of 43.3%, both massively […]
AVI Japan Opportunity Trust (AJOT) will be offering shareholders the opportunity to tender all or part of their shareholdings in the company at a 2% discount to NAV. When AJOT was launched in October 2018, its IPO prospectus said that the directors may, at their discretion, offer a full or a partial exit opportunity to […]
In QuotedData’s morning briefing 14 October 2024: Further to its announcement on 4 October 2024 that it had only been partially paid the first instalment of £1m that it was due under a promissory note agreement in relation to loans sold to P3P Partners LLP (click here to see our coverage of this), Triple Point […]
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: Tritax EuroBox (0:19) Digital 9 Infrastructure (3:07) UIL (5:09) This week’s interview was with James Armstrong from Bluefield Solar Income – watch it again here
This week, we were reminded of the challenges that Europe faces, with Germany making the headlines for cutting its growth forecast for 2024 from an already meagre expansion of 0.3% to a contraction of 0.2%. If this comes to pass, it will be the second year in a row that Europe’s ‘motor for growth’ has […]
Fidelity Asian Values (FAS) has released its annual results for the year ended 31 July 2024, during which it provided NAV and share price total returns of 3.2% and 1.7% respectively, both well-behind that of its benchmark, the MSCI All Countries Asia ex Japan Small Cap Index, which returned 13.7% during the same period. Commenting […]
Home REIT (HOME) has published its long-overdue annual results for the year ended 31 August 2022, which have also included a restatement of the 2021 results. The period saw a substantial loss and decrease in NAV for the period, the reasons for which came to light after the period end and which the board says […]
Ground Rents Income Fund (GRIO) has provided a strategy update, portfolio valuation and shareholder consultation ahead of its upcoming continuation vote. This follows on from a shareholders’ decision in April 2023 to opt for a managed wind-down of the company. Shareholders also approved a change to the company’s Articles to replace the obligation to hold […]
Digital 9 Infrastructure (DGI9) has announced that it has entered into an agreement to appoint InfraRed Capital Partners Limited as the company’s investment manager and AIFM in charge of implementing DGI9’s previously announced managed wind-down. The appointment is subject to regulatory approvals and third-party consents although the board anticipates the appointment will become effective in […]
In QuotedData’s morning briefing 11 October 2024: Following its announcement on 9 October that it is considering going private (click here to read), and the subsequent announcement that it is acquiring the remainder of Zeta it does not own (click here to read) UTL directors David Shillson, Alison Hill, Peter Durhager and Stuart Bridges have […]
The European Smaller Companies Trust has published results covering the 12 months ended 30 June 2024. The NAV total return of 12.0% was 1.9% ahead of the benchmark MSCI Europe ex UK Small Cap Index. The share price total return was 19.5%, reflecting a narrowing of the discount. The company repurchased a total of 6.4m […]
With the deal approved by both sets of shareholders, Witan’s investors got 0.224615 of a new Alliance Witan share for every Witan share that they held (based on formula asset values of 1274.592460 pence for Alliance Trust and 286.293752 pence for Witan). Willis Towers Watson has appointed Jennison Associates as an additional stock picker for […]
Tritax EuroBox has received a cash offer for the company from Canadian private equity giant Brookfield that usurps SEGRO’s bid for the company. Brookfield’s bid is 69.0p per share (equivalent to 82.4 cents at the current exchange rate) and values Tritax EuroBox at around £557m (which based on Tritax EuroBox’s net debt implies an enterprise […]
In QuotedData’s morning briefing 10 October 2024: As flagged yesterday, UIL (UTL) has entered into a sale and purchase agreement with General Provincial Life Pension Fund to acquire all of its stake (187,572,396 ordinary shares) in Zeta, following which UIL will own 95.03% of Zeta’s share capital. Based on Zeta’s NAV as at 8 October […]
Fidelity Emerging Markets has published results covering the year ended 30 June 2024 and they are good. After a difficult year in 2022, when the trust was hit hard by Russia’s invasion of Ukraine, and then a period of consolidation in 2023, for the latest year the trust reported a NAV total return of +18.7% […]
UIL has published results for the 12 months ended 30 June 2024. Highlights are: Net asset value total return of -15.3% (2023: -20.6%) Share price total return of -24.8% (2023: -18.5%) Revenue earnings per ordinary share of 10.15p (2023: 6.68p) Dividends per ordinary share of 8.00p (2023: 8.00p) Discount widened to 36.9% (2023: 27.5%) Gearing […]
