Temple Bar has published results for the year ended 31 December 2022. Unfortunately, the trust underperformed the All-Share over the year, returning -2.0% in NAV terms versus +0.3% for the index. The share price did a bit better with a return of +3.6%, however, helped by a narrower discount. The chairman notes that, since Redwheel […]
Foresight Solar Fund has secured a pipeline of development-stage solar farms with a total potential capacity of 467MWp. The entire project rights have been secured from Grupo Cuerva, a renewable energy company and distribution network operator, and another Spanish developer. This strategic investment – codenamed “Project Lynx” – is located across the south and east […]
In QuotedData’s morning briefing 23 March 2023: Gulf Investment Fund (GIF) has launched its latest 100% tender offer. Shares that are tendered will be put into a realisatin pool on 12 April, the pool liquidated and the proceeds (less about $100,000 of expected tender offer costs) returned to shareholders. There is a minimum size threshold […]
BioPharma Credit (BPCR), the specialist life sciences debt investor, today announced the publication of its annual report for the year ending 31 December 2022. Company NAV was relatively stable, growing slightly over 2% while shares fell by around the same margin from the year prior. Earnings were the strongest in its history thanks predominantly to […]
Baillie Gifford Shin Nippon (BGS) has published its full-year results for the 12 months to 31 January 2023. Over the year the company’s NAV declined by 1.2% while its share price fell 8.9%, trailing the MSCI Japan Small Cap Index benchmark which returned 5.7%. Despite the underperformance, the discount narrowed slightly from its average of […]
VietNam Holding (VNH) released its half-year results for the period from 1 July 2022 to 31 December 2022. Shares fell 16.8% in USD, however the company still outperformed the benchmark Vietnam All Share Index, which was down 20.5%. The fund’s NAV per share declined by 30.1% against a 39.8% decline in the VNAS. During that […]
JPMorgan Global Core Real Assets (JARA) announced a quarterly NAV and portfolio update for the quarter to 28 February 2023. The company paid a dividend of 1.05 pence per share on 24 February 2023, bringing the share price total return for the quarter to +0.3% and +7.0% for the year, while the total NAV return […]
Following on from the wipeout of Silicon Valley Bank that David discussed in Friday’s QD view, the collapse of Credit Suisse and its eventual takeover by UBS have been hitting headlines in recent days. We have kept you in touch with the blogposts from the team at Polar Capital Global Financials Trust. As a major […]
EPE Special Opportunities (ESO) announced the company’s annual report for the year ended 31 January 2023. NAV fell 28% for the period, while shares dropped 45% reflecting the challenges that exist when investing in distressed, growth or buyout opportunities during periods of market turmoil. The discount widened to almost 50%. It’s difficult to draw too […]
Princess Private Equity (PEY / PEYS) shares fell 39.9% in 2022, well behind the MSCI World Index which fell 12.7%. New investment commitments in the second half of the year were also materially reduced and the company did not pay out the second interim dividend in order to conserve cash. NAV total return was much […]
The board of Scottish Mortgage Investment Trust has announced certain role changes on the board resulting from succession planning which it says has been developed and supported by all of the directors over the course of the last 12 months: Mr Justin Dowley, the senior independent director, will succeed Ms Fiona McBain as chair with […]
Crystal Amber Fund (CRS) announced results for the six months ended 31 December 2022. The total return was 4.4%, comfortably ahead of the benchmark Numis Small Cap Index return of 1.3%. Despite the solid performance, NAV fell 10% and the discount now sits at around 25% as the company continues to wind down after failing […]
The board of Dolphin Capital Investors has terminated the Investment Management Agreement (IMA) between the company and Dolphin Capital Partners (DCP) with immediate effect. It says that DCP “entered into an undisclosed option agreement with the purchaser of the Amanzoe resort in Porto Heli, Greece at the same time that the company sold its interest […]
LMS Capital (LMS) has released its final results for its financial year ending 31 December 2022. Over the year LMS reported an NAV decrease of -3.9%, or £1.9m. LMS’s portfolio was however flat over the year, as an increase in value of £2.2m on its new energy investment, Dacian Petroleum, was offset by an equal […]
In QuotedData’s daily briefing for 20 March 2023: City of London (CTY) has applied for a block listing of 26m shares, equal to 5% of the current circulation. Scottish Mortgage (SMT) has confirmed that Professor A Bhidé remains a director of the trust and has not resigned or been removed. Schroder European REIT (SERE) has […]
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 and Richard Williams covered the week’s top stories: • abrdn Latin American Income (0:23) • Blackstone Loan Financing (5:16) • Ediston Property Investment Company (9:11) • Scottish Mortgage (12:56) This […]
Silicon Valley Bank (SVB) was, I’m sure, a largely unknown financial institution for many of our readers. Though they would be forgiven for their past ignorance, given that SVB was focused on servicing clients in a specific sector, usually in another country, who were, more often than not, headquartered down the street from the bank. […]
A director of the Baillie Gifford investment trust, Scottish Mortgage, appears to have been removed from a board meeting on Thursday following a disagreement around the appointment of two new board members and risks surrounding the trust’s investments in unquoted assets worth almost £4bn, or 27% of the total portfolio. The FT has reported that […]
Blackstone Loan Financing Limited (BGLF / BGLP) announced the results of its shareholder consultation for the purpose of addressing potential policy amendments in light of the prevailing and persistent discount to net asset value at which the company’s shares trade. There were no significant changes resulting from the meeting, however, the board will propose a […]
Empiric Student Property has posted a 8.2% uplift in EPRA net tangible assets (NTA) in annual results to the end of 2022. The student accommodation specialist said EPRA NTA was 115.4p at the end of the year, up from 106.7p. This was in part due to a 7.3% like-for-like increase in the value of its […]
Downing Renewables and Infrastructure has announced an NAV as at 31 December 2022 and an update on operational performance. The NAV was 118.6p, up 0.8% on the NAV as at 30 September 2022 and after the payment of the dividend of 1.25p. The movement in NAV during the quarter was attributable to several factors: Portfolio […]
Home REIT’s board is considering candidates to become investment adviser of the company, as it continues to consider all options for its future. It said that discussions had commenced with a number of candidates to take over from Alvarium Home REIT Advisors Limited. The board is also considering selling some or all of its assets […]
AVI Japan Opportunity Trust has published results for the year ended 31 December 2022. Over the period the NAV total return was -4.3% and the share price return -4.5%, both a little behind the return on the MSCI Japan Small Cap Index (in sterling) which was -1.1%. The chairman notes that performance across the portfolio […]
The board of Ediston Property Investment Company (EPIC) has launched a strategic review into the future of the company that could result in it being merged with another REIT or sold. The company, like many other REITs, has been battling a persistent wide discount to net asset value (NAV), which has severely impacted its ability […]
Schroder Asian Total Return has published what it describes as a disappointing set of results for the year ended 31 December 2022. The NAV total return was -12.7%, underperforming its performance benchmark which fell by 7.1%. The share price total return was -17.4%, as the shares moved from trading at a premium to NAV at […]
In QuotedData’s morning briefing 16 March 2023: Highbridge Tactical Credit Fund (HTCF) recently received final distributions from Highbridge Multi Strategy Master Fund and Highbridge Tactical Credit Master Fund. There will now be a compulsory redemption of about 95% of the outstanding shares, made at the December 2022 NAV of £2.6368 per share. There will also […]
Following strong performances over recent years, 2022 saw a reversal of fortunes for the portfolio with the trust experiencing a fall in asset values and a negative investment return to shareholders. NAV dropped 15.3% while shares fell -7.3% after returning 19.8% the previous year, falling well behind the S&P Global Clean Energy Index return of […]
Foresight closed out an impressive year as NAV per share rose 16.9%. The shares also returned almost 17% and while the company doesn’t reference a benchmark, returns are well in excess of global market indices. While the headline numbers are strong, the company did benefit to a certain extent from timing as the calendar year […]
Witan Investment Trust announced its final results for the year ended 31 December 2022. While performance improved in the back half of the year, the company underperformed over the 12 month period, with the share price down -9.8% compared to a benchmark return of -6.2%. NAV fell 10.3% while the discount was 5.4%. Management acknowledged […]
Seraphim Space (SSIT) has commented on the recent events concerning Silicon Valley Bank (SVB). SSIT confirms that it does not bank with SVB, nor does its investment manager, Seraphim Space Manager LLP. However, eight of SSIT’s portfolio companies use SVB as their primary banking provider. SSIT says that it does not anticipate that the recent […]
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