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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).

23 Jun 2023
230623 MTE

Montanaro European Smaller Companies has much better second half

Montanaro European Smaller Companies (MTE) has released its annual results for the year ended 31 March 2023. During the period, the MSCI Europe (ex-UK) Small Cap Index (in sterling terms) fell by -5.5% while, in comparison, MTE’s NAV fell by 7.6% to 158.4p per share. Share price performance was slightly worse as the discount widened […]

Sectors
23 Jun 2023
a coffee cup next to an alarm clock

QuotedData’s morning briefing 23 June 2023

In QuotedData’s morning briefing 23 June 2023: Gore Street Energy Storage (GSF) has increased the size of its existing revolving credit facility (RCF) with Santander from £15m to £50m. Pricing for the £50m facility remains unchanged at 300 basis points over SONIA. If the increased RCF is fully utilised, GSF’s debt would be equivalent to […]

22 Jun 2023

Urban Logistics REIT posts strong operational results despite valuation fall

Urban Logistics REIT has reported a strong operational performance in annual results to 31 March 2023, with net rental income up 45%. However, EPRA net tangible assets (NTA) was down 14.0% to 162.44p, reflecting the outward movement in investment yields in the real estate sector in the high interest rate environment. The group’s portfolio was […]

Sectors
22 Jun 2023
230622 PINT global connect

Pantheon Infrastructure backs Nordic digital infrastructure firm

Pantheon Infrastructure has committed to invest approximately €23.1m (£19.9m) in a telecommunications infrastructure operator GlobalConnect. The investment is being made through a co-investment vehicle managed by affiliates of EQT AB Group, a leading global investment organisation managing about €119bn in fee-generating assets. GlobalConnect is a digital infrastructure company with the most extensive fibre network across […]

Sectors
22 Jun 2023
221107 CORD

Cordiant Digital Infrastructure produces decent result

Cordiant Digital Infrastructure generated a total return of 10.0% over the 12 months ended 31 March 2023. The total dividend for the period increased to 4.0p, in line with guidance. This was 3.4x covered by earnings and 1.5x covered by adjusted funds from operations. [These are quite respectable numbers for a fund that investors appear […]

Sectors
22 Jun 2023
Global Smaller Companies delivers hefty dividend increase 230622 GSCT

Global Smaller Companies delivers hefty dividend increase

The Global Smaller Companies Trust moved more or less in line with its benchmark over the 12 months ended 30 April 2023, returning -2.9% to the benchmark’s -2.1%. The benchmark changed on 1 May 2023 but for the period under review it was 30% Numis UK Smaller Companies (ex investment companies) and 70% MSCI All […]

Sectors
22 Jun 2023

Rockwood Strategic reports impressive numbers

Rockwood Strategic’s results for the year ended 31 March 2023 encompass its very strong run of performance last year. Over the period, the trust generated an NAV total return of 21.4%, which compares to a 15.7% fall in its FTSE Small Cap (ex-ITs) benchmark. Shareholders got a return of 28.2% as the discount narrowed. There […]

22 Jun 2023
230601 morning 1

QuotedData’s morning briefing 22 June 2023

In QuotedData’s morning briefing 22 June 2023: Augmentum Fintech (AUGM) has made a further £5.4m investment into Volt, the real-time payments infrastructure company, as part of Volt’s $60m Series B funding round. The new round implies a value for Augmentum’s existing stake of £17.8m (up £11.4m on the unaudited carrying value as at 30 September […]

Companies
21 Jun 2023
221201 aewu

AEW UK REIT benefits from active portfolio management

AEW UK REIT (AEWU) has published its full year results for the year ended 31 March 2023. To summarise, AEWU’s investment manager has continued to actively manage the portfolio, outperforming the benchmark in all sectors and, according to its chairman, Mark Burton, AEWU has traded at the narrowest discount of all UK diversified REITs. The […]

Sectors
21 Jun 2023
GCP Infrastructure Investments

Discount opportunity for GCP

GCP Infrastructure Investments (GCP) released its half-year report for the period ended 31 March 2023. The company’s total NAV return for the period was 2.7% while the total share price return was -9.7%. The company’s operational performance for the period was positive, generating operating income of £35.6 million, profit for the period of £25.8 million […]

21 Jun 2023

QuotedData’s morning briefing 21 June 2023

In QuotedData’s morning briefing 21 June 2023: CK Bidco provided an update on the level of acceptances received following the announcement on 9 May 2023 of an all-cash offer made by CK Bidco for the entire issued and to be issued share capital of Civitas (CSH). The company announced that, as at 20 June 2023, […]

20 Jun 2023

abrdn Diversified Income & Growth next out the door?

abrdn Diversified Income and Growth’s board has announced that it has commenced a strategic review. The obvious problems that the trust faces are its discount, which was about 26% last night ahead of this announcement, and its shrinking market cap, which at £255m is not a bad size but the board feels limits the scope […]

Sectors
Companies
20 Jun 2023
Montanaro UK Smaller Companies plans 4% dividend

Patience is key for Montanaro UK Smaller Companies

Montanaro UK Smaller Companies Investment Trust (MTU) announced its annual results for the year ended 31 March 2023. The NAV total return and share price were both down 12%. In comparison, the Numis Smaller Companies (excluding investment companies) Index was minus 7.9%. The company noted that the negative performance of UK SmallCap as an asset […]

20 Jun 2023

Struggles continue for Monks Investment Trust

Monks Investment Trust (MNKS), which in August 2022 announced it was combining with The Independent Investment Trust, released its annual report for the year ended April 2023. During the year the NAV total return was -1.6%. The share price total return was -7.0%, while the World Index returned +3.2%. This follows on from last year’s […]

20 Jun 2023
a stack of newspapers next to a mug of tea 230601 morning 2

QuotedData’s morning briefing 20 June 2023

CC Japan Income & Growth (CCJI) announced its half year report for the period ended 30 April 2023. NAV total return was up 11.3%, while shares rose 13.1%. The strong returns were ahead of the benchmark TOPIX index which was up 9.5%. Returns in Japan have been solid over the course of the year as […]

Companies
19 Jun 2023
230619 GCP eden project

GCP-financed geothermal well at Eden Project operational

The UK’s first operating deep geothermal heating plant since 1986 was opened today at the Eden Project in Cornwall and is now generating heat. A 3.3 mile long shaft has been drilled into the Earth’s crust (making it the longest geothermal well in the UK). A 4000m vacuum insulated tube has been inserted into the […]

Sectors
19 Jun 2023

UEM posts positive growth against a more gloomy emerging markets

Utilico Emerging Markets (UEM) has released its annual results for its fincial year ending 31 March 2023. UEM reported a NAV total return of 2.1%, ahead of the -5.0% of the MSCI Emerging Markets Index. UEM’s performance is in large part due to the strong recovery it saw during the second half of its financial […]

Sectors
19 Jun 2023

Another sunny year for NextEnergy Solar

NextEnergy Solar Fund (NESF) has released its annual report for the financial year ending 31 March 2023. Highlights are: NAV growth of 0.9%, with a NAV per share of 114.3p, as of 31 March 2023 (a breakdown of the major factors influencing the NAV is shown below). An NAV total return of 7.3% and a […]

Sectors
19 Jun 2023
Energy

Another good year for TENT’s renewable portfolio

Triple Point Energy Transition (TENT) has released its annual report for the financial year ending 31 March 2023. Over the 12 month period TENT reported a NAV total return of 9.2%. TENT paid a dividend of 5.5 pence per share, in line with its previous pay out, and was fully covered by its revenues. This […]

Sectors
19 Jun 2023
230601 morning 1

QuotedData’s morning briefing 19 June 2023

In QuotedData’s morning briefing for 19 June 2023: Hg Capital Trust (HGT) has announced that it has agreed to a part realisation of its investment in Azets Group, a leading provider of business-critical accounting, tax, payroll, audit and advisory services to SMEs. Azets was formed by Hg six years ago. The counterparty to this sale […]

16 Jun 2023
QuotedData’s weekly news show 23rd June 2023 with Jonathan Hick from Triple Point Energy Transition

QuotedData’s weekly news show 16th June 2023

Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Personal Assets (0:33) • Hansa Investment Company (8:26) • Custodian Property Income REIT (12:49) This week’s interview was with Matthias Siller from Barings Emerging […]

Sectors
Companies
16 Jun 2023
230615 vietnam golden bridge

QD view – Emerging Asia, much more than India and China

Increasingly, investing in Asia has become a story of India and China. These twin behemoths account for over half of the MSCI Asia ex Japan index[1] and define the narrative for the region. However, some of Asia’s most interesting growth ideas – including China plus one, financial inclusion, and rising technology innovation – can be […]

Sectors
Companies
16 Jun 2023
Baillie Gifford UK Growth Trust BGUK

Baillie Gifford UK Growth Trust sees growth headwind lessen

Baillie Gifford UK Growth Trust (BGUK) has released its annual results for the year to 30 April 2023, during which BGUK provided an NAV total return of 1.1%, which the trust says compares to a 6.0% total return for the All-Share. During the period, BGUK’s share price total return was -1.3%, reflecting a small widening […]

15 Jun 2023
230615 crei

Custodian REIT highlights consolidation opportunity in sector

Custodian Property Income REIT has published results for the year ended 31 March 2023. Its NAV (or net tangible assets, NTA in this sector) fell to 99.3p from 119.7p, contributing to an NAV total return of -12.5%. The NAV fall reflects a £91.6m writedown in the value of the portfolio, reversing gains of £94m recognised […]

Sectors
15 Jun 2023
230615 biog

Biotech Growth trails benchmark by miles

Biotech Growth has reported results for the 12 months ended 31 March 2023 and they aren’t good. The NAV total return for the year was -11.0%, a whopping 16.4 percentage points behind the +5.4% return on the NASDAQ Biotechnology Index. The return to shareholders was -12.8%. The chairman’s statement attributes the underperformance to investors’ preference […]

Sectors
15 Jun 2023
Syncona Sync

Disappointing numbers from Syncona

Syncona’s results for the 12 months ended 31 March 2023 are lacklustre. The company reports an NAV total return of -4.1% for the period, which follows on from an equally disappointing figure last year. The share price has fallen by about 7.6% and is currently back at levels seen in 2017. In the face of […]

Sectors
15 Jun 2023
230615 JLEN ed warner

Shareholders have doubled their money in reassuringly resilient JLEN

JLEN Environmental Assets Group has published results for the year ended 31 March 2023. The share price rose from 112.8p to 119.6p, shareholders have now more or less doubled their money since IPO. Shareholders will be able to hear from the managers and ask questions at a special online event to be held next Wednesday […]

15 Jun 2023
blue sky, an unpainted picket fence and a sunflower 230614 AERI sunny days

QuotedData’s morning briefing 15 June 2023

In QuotedData’s morning briefing 15 June 2023: Aquila European Renewables (AERI) passed its continuation vote at the AGM yesterday. The vote was roughly 75:25 in favour of continuation. [We would expect that next year’s continuation vote (brought forward from 2027) will actually prove less contentious. As we explain in the note published yesterday, with all […]

Companies
14 Jun 2023

QuotedData’s morning briefing 14 June 2023

RTW Venture Fund Limited (RTW) announced the unaudited update for the month of May, with NAV growing 1.9% to US$365.2m. Shares rose 2.5% over the same period, and the discount narrowed slightly to 26%. Sequoia Economic Infrastructure Income Fund (SEQI) provided a NAV and investments update for May with NAV growing around 66 basis points […]

Companies
13 Jun 2023

Outperformance for Lindsell Train but still a long way back

The Lindsell Train Investment Trust announced its annual results for the year end March 31 2023. The company’s net asset value per share fell 5% during the period, although the payment of the company’s total annual dividend of £53.00 per share in September 2022 ensured that the NAV total return was only fractionally down, by […]

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