JPMorgan European Smaller Companies has published its results for the year ended 31 March 2014. It was a great year for the fund as the total return on net assets was 40.6%, well ahead of the 32.8% return generated by the Euromoney Smaller European Companies ex UK Index (the company’s benchmark – this used to […]
JPMorgan Indian, managed by Rukhshad Schroff and Rajendra Nair, has released its interim results covering the six months to the end of March 2014. JPMorgan Indian beat its benchmark over the period, generating a total return of 18.7% versus a 15.9% return on the MSCI India Index. Shareholders did even better however as the discount narrowed, […]
Invesco Perpetual Enhanced Income, managed by Paul Read and Paul Causer (pictured) generated a 6.3% total return on net assets over the six months to the end of March 2014. The return to shareholders was 19.4%, reflecting a significant improvement in the company’s rating as the company moved from trading on a discount to trading at […]
Aberdeen Japan, chaired by Neil Gaskell (pictured), has published results for the year ended 31 March 2014. These cover the period since it converted to a pure Japanese fund from an Asia including Japan one. During the first part of the year (the period up to 7 October), when the fund still had its pan Asia […]
Assura Group has published its full year figures for the period ended 31 March 2014. Over the year the EPRA NAV rose by 12.4% to 43.4p. The quarterly dividend is 0.45p per share (49% higher than the previous year). Assura Group bought 32 GP surgeries in September 2013 and completed eight new projects during the […]
GCP Infrastructure Investments has released its interim accounts and these show the company generating a total shareholder return of 4% for the six months to the end of March 2014. The company expanded via a C share, raising £80m, and has made a number of acquisitions as it invests that money. They say the investment […]
SECURE Property Development & Investment PLC has announced that it has bought Innovations logistics park in Bucharest, Romania, for €12.6m; funded by €4.4m of cash resources, by issuing 785,000 redeemable shares and with bank debt. The logistics park has 17,000 sqm of gross leasable area and is located in Clinceni in Bucharest, which benefits from being on the Bucharest ring road, […]
JP Morgan Asian Investment Trust has published its interim results for the period ended 31 March 2014. Over the six months the fund marginally underperformed its benchmark index (the MSCI Asia ex Japan) with a net asset return of -1.3% compared to -0.3% for the index. The discount narrowed a little and the return to […]
JP Morgan Private Equity has announced that it has sold part of its stake in Terra Firma Deutsche Annington (the largest holding in the portfolio). Deutsche Annington is the largest investor in German real estate with almost 175,000 residential units. JP Morgan Private Equity acquired its stake in two chunks – one in 2006 and a […]
Max Property has published its results for the year ended 31 March 2014. Over the year its EPRA NAV has risen by 21% from 136.5p to 164.5p on the back of a 12.4% uplift in the value of its property portfolio which, with income, translated into a 19.3% ungeared return on property. Within this its […]
Henderson Value Trust has released its interim results for the half year to end March 2014. The net asset value barely changed over the period – rising from 290.2p to 290.8p but the share price fell from 245p to 240p meaning that the discount widened to 17.5%. The 1.1% total return on net assets underperformed […]
F&C Capital & Income Investment Trust, managed by Julian Cane (pictured), generated a total return on net assets of 3.9% for the six months ended 31 March 2014 – lagging the 4.8% return on the FTSE All-Share Index. The trust’s rating improved however and this generated a return to shareholders of 5.4%. The quarterly dividends for […]
Local Shopping REIT has released its results for the six months ended 31 March 2014. The net asset value rose from 41p to 43p during the period while the adjusted NAV (excluding liabilities arising from derivative financial instruments) rose to 49p (corrected by LSR on 23 May) from 48p. Property values in the portfolio rose by 0.1% on average. […]
Kennedy Wilson Europe is paying Bank of Scotland up to £93.5m to acquire a portfolio of loans all of which are in receivership. The passing rents on the portfolio are £7m. The portfolio is spread across England and comprises “high tech properties”.
HICL Infrastructure has released its results for the year ended 31 March 2014. The net asset value rose from 116.4p to 123.1p over the period and this, coupled with a dividend of 7.1p meant the total return on net assets was 11.9%. In the current year HICL Infrastructure is switching to paying quarterly dividends and […]
Real Estate Investors has bought three properties – City Gate House in Leicester (cost £1.8m, initial yield 8.75% – let to government), a building let to WH Smiths in High Street, Bromsgrove, Worcestershire (cost £500,000, initial yield 10.4%) and a 6 acre site earmarked for residential development – the former Sandwell College campus in Smethwick, Sandwell […]
European Investment Trust has published figures for the half year ended 31 March 2014 that show the net asset value total return for the period was 13.9% – some way ahead of the FTSE All-World Europe ex UK Index which returned 7.7%. the discount narrowed from 10.9% to 9.7% so the share price did even […]
Eastern European Property has released figures to the end of December 2013. These are quite out of date now but they show the net asset value was just about static – rising slightly from 105.03p to 105.19p. The discount widened however as the share price fell to 70.75p from 87.5p. Over 2013 they sold £2.5m […]
Over the year to end March 2014, Great Portland Estates saw its EPRA NAV rise by 27.6% to 569p. Properties were revalued upwards by 18.7% – the bulk of this return came from the profit generated by their developments (95 Wigmore Street, City Tower EC2 and 240 Blackfriars Road were all completed during the year). […]
BlackRock Frontiers, managed by Sam Vecht (pictured), says that over the six months ended 31 March 2014 the total return on its net asset value was 7.8% in Sterling (11.0% in US dollars). The return lagged that of the MSCI Frontiers Index which returned 11.2% in Sterling and 14.4% in US dollars. The report attributes the […]
JP Morgan Income & Capital Trust, managed by Sarah Emly (pictured) and John Baker, has released results for the year ended 28 February 2014. These show the overall fund outperforming its benchmark by 6.4%. The total assets generated a total return of 18.4% over the year compared to 12.0% for the benchmark of 90% FTSE350 Index and […]
Lowland has released its results for the half year ended 31 March 2014. Over that period the total return on the net asset value was 7.3% and the total return to shareholders was 7.5%. The quarterly dividend has been upped to 9p per quarter from 8.5p. The report says that some money from strongly performing […]
CQS Rig has been told by its largest shareholders, CQS (UK) LLP, CQS Asset Management Limited and CQS Cayman LP, that they would support a voluntary liquidation of the company. Together they hold 65.5% of the shares and a liquidation resolution would require 75% of those voting to vote in favour so it seems likely […]
Big Yellow has released its results for the year ended 31 March 2014. The net asset value grew from 419.2p to 446.5p (7% uplift). The dividend was raised by a significant margin – from 11.0p to 16.4p, an uplift of 49%. Occupancy rose to 69.8% from 64.8% and average rents rose by 6%. Gearing fell […]
GLI Finance has announced that it will sell its remaining two CLO investments to Fair Oaks Income Fund (a new fund that intends to seek admission to trading on the Specialist Funds Market). The valuation that the two parties have agreed for these assets is $55m. GLI Finance will get a mixture of cash and […]
Strategic Equity Capital has reviewed its management arrangements following the departure of Adam Steiner and Jonathan Morgan from GVOIM (the company’s managers). It has decided to retain GVOIM and has reinstated the 4% tender it suspended when the resignations were announced. Strategic Equity Capital’s portfolio management team now comprises Stuart Widdowson and Jeff Harris.
Standard Life Equity Income, managed by Thomas Moore (pictured), has released its interim results covering the six months ended 31 March 2014. The fund did well over that period as the net asset value total return of 11.1% was well ahead of the 4.8% return on the benchmark, the FTSE All Share Index. The return to […]
Shaftesbury has released its interim results for the six months ended 31 March 2014. Over this time its EPRA NAV rose by 5.1% to 596p. The interim dividend has been increased by 4% to 6.5p. Altogether the total return on net assets was 6.2%. The capital return on the portfolio was 5.4% – in line […]
Ground Rents Income’s net asset value rose from 97.5p to 101.8p over the six months ended 31 March 2014. The percentage of the portfolio invested passed the 70% mark during the period and the statement says a further £2.4m (just under 3%) was committed to new investments at the end of March. The Chairman says […]
Target Healthcare REIT has bought three new, purpose-built care homes located in Wigan, Stockport and Coventry and let to Ideal Carehomes Group. The acquisition cost was £13.9m and for that Target Healthcare REIT gets 169 en-suite bedrooms, generating an initial yield of 7% with 35 year, inflation adjusted leases.
