Chrysalis Investments (CHRY) announced that it has agreed to a £70m debt facility with Barclays Bank. In addition to the committed £70m, the facility also includes an uncommitted accordion of £15m. The announcement comes after recent discussions that the company was considering options to enhance liquidity and so enable its capital allocation policy to take […]
In QuotedData’s morning briefing 25 September 2024: North Atlantic Smaller Companies Investment Trust (NAS) reported its interim results for the six month period to 31 July 2024. The NAV total return was 8.3% compared to 12.9% in the benchmark index. Performance was adversely impacted by the trust’s large cash holdings and the underperformance of the […]
In QuotedData’s morning briefing 24 September 2024: The boards of NewRiver REIT (NRR) and Capital & Regional (CAL) have reached agreement on the terms of a deal that would see NRR acquire CAL and are recommending shareholders of both companies to vote in favour of it. The deal would see each CAL share receive 31.25p […]
Brown Advisory US Smaller Companies (BASC) has published its annual report for the year ended 30 June 2024, during which its NAV per share increased by 2.8% from 1,431.9p to 1,471.4p. BASC’s chair, Stephen White, describes this small gain as “somewhat disappointing” – not only in absolute terms as smaller companies in the US lagged […]
In QuotedData’s morning briefing 23 September 2024: Literacy Capital (BOOK) has secured a new Revolving Credit Facility (RCF) with OakNorth Bank Plc, which has replaced its existing £30m RCF that was due to expire in December 2024. The new RCF has a three-year term, which will expire in September 2027, and provides BOOK with up […]
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: New River REIT and Capital & Regional (0:29) Cost disclosures (3:08) We hosted a panel discussion between David Bird from Octopus Renewable Infrastructure Trust, Neil Hermon from Henderson Smaller Companies Trust, Georgina Brittain from […]
The board of Alliance Trust (ATST) announced on 12 September that the forthcoming vote on its merger with Witan will be held on 1 October. This will undoubtedly be a pivotal event, as their combination could be the catalyst for ATST’s entry into the FTSE 100. We believe investors should vote in favour of the […]
A lot has been made of the concentration in the US market, but the concentration of European markets has been less widely discussed. Just as the S&P 500 has been focused on a handful of large cap companies linked to a narrow theme, the MSCI Europe also has a significant weighting to Novo Nordisk and […]
European Opportunities (EOT) has published its annual results for the year ended 31 May 2024, during which it provided NAV and share price total returns of 15.5% and 16.5% respectively, which compare to a total return of 17.3% from its benchmark, the MSCI Europe Index, of 17.3% (all in sterling terms). The manager notes that […]
In QuotedData’s morning briefing 20 September 2024: JPMorgan Japanese and JPMorgan Japan Small Cap Growth & Income (JSGI) have both published prospectuses and circulars in relation to the merger proposals that were announced on 31 July 2024 (click here to see our coverage of that announcement) Baillie Gifford Shin Nippon (BGS) has published its interim […]
In the age of AI, having a leader with technical expertise can make all the difference. Scottish Mortgage manager Tom Slater explores how Meta, Shopify, Roblox and Spotify all benefit from chief executives with deep understanding of developing technologies. As with any investment, your capital is at risk. In combat, the US Air Force follows […]
This morning, HM Treasury, the FCA, and Tulip Siddiq (Economic Secretary to the Treasury and City Minister) announced plans to reform UK retail disclosure rules. They also said that, in the meantime, investment trusts will be temporarily exempted from assimilated EU law requirements (i.e. compliance with EU-inherited Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulations). […]
Downing Renewables & Infrastructure Trust (DORE) announced its interim results for the six months to 30 June 2024. The company’s NAV total return was flat over the period, although is up 4% over the past 12 months. The share price total return fell 9% and the discount was 33% at the time of publishing. Interim […]
In QuotedData’s morning briefing 19 September 2024: GCP Asset Backed Income Fund (GABI) announced its interim results for the six months to 30 June. The main development for the period was the decision to undertake a managed wind-down of the company and realise all existing portfolio assets. Strong progress was made in this regard with […]
NewRiver REIT has made a cash and share offer to acquire Capital & Regional for £147m. Under the terms of the offer, Capital & Regional shareholders would be entitled to receive 31.25p in cash and 0.41946 NewRiver shares. On the basis of the closing price per NewRiver share of 74.5 pence on 22 May 2024 […]
City of London Investment Trust (CTY) announced its annual results for 12 months to 30 June 2024. The company delivered a NAV total return of 15.6%, ahead of the benchmark return of 13%. The share price total return was 11.3%, leading the discount to widen to 1%. Dividends per share were 20.6p, up 2.5% for […]
Murray Income (MUT) has a announced its annual report for the 12 months to 30 June 2024. The company delivered a NAV total return of 9.9% and a share price total return of 7.6%, causing the discount to widen to 11%. Dividends per share were 38.5p for a yield of 4.5%. The benchmark total return […]
Ruffer Investment Company (RICA) has announced its annual report for the year end 30 June 2024. The company delivered a NAV total return of 1%, while shares fell 0.6%. Dividends for the 12 month period were 3.65p for an annualised dividend yield of 1.4%. The discount widened to 5% at the end of the period. […]
Supermarket Income REIT (SUPR) said that property values stabilised over the first half of 2024, however falls in 2023 contributed to a decline in EPRA net tangible assets (NTA) of 6.3% in annual results to 30 June 2024. The value of its portfolio of omnichannel supermarkets fell on a like-for-like basis by 3.2% over the […]
In QuotedData’s morning briefing on 18 September 2024: SEGRO (SGRO) announced the pricing of a €500m senior unsecured bond issue for an eight-year term priced at 123 basis points above euro mid-swaps with an annual coupon of 3.5%. The bond issuance was over six times subscribed at peak. The proceeds of the issue will principally […]
Urban Logistics REIT has refinanced £151m of debt and deployed some of the proceeds into the acquisition of four assets. The company has refinanced its existing £100m term loan and £51m revolving credit facility (which was due to mature in August 2025) with a £140m term loan and a £50 million revolving credit facility. The […]
Pacific Horizon has published annual results for the 12 months ended 31 July 2024. Over the period, the NAV total return was 4.8% and the share price total return was 5.1% compared with a total return of 6.8% for the MSCI All Country Asia ex Japan Index. [This puts a small dent in some very […]
Target Healthcare REIT posted an impressive NAV total return of 11.8% in annual results for the year ended 30 June 2024. The care home landlord reported an EPRA net tangible assets (NTA) uplift of 5.9% over the year to 110.7p per share. This was mainly due to a 4.6% increase in the value of its 94-home […]
In QuotedData’s morning briefing 17 September 2024: AVI Japan Opportunity (AJOT) made good progress over the first half of 2024, generating a return of 7.7% in NAV terms, well-ahead of the -0.2% return generated by MSCI Japan Small Cap and ahead of rival Nippon Active Value (NAVF) which also announced interims today and posted a […]
In its interim accounts, covering the six-month period ended 30 June 2024, Menhaden Resource Efficiency reported an NAV per share total return of 7.2%. The share price over the same period rose from 100.8p per share to 102.5p, giving a share price total return of 2.6%. The trust uses a benchmark of RPI +3%. The […]
HydrogenOne Capital Growth (HGEN) has published its interim results for the six months ended 30 June 2024. During the period, NAV per share increased by 0.6% from 31 December 2023 to 30 June 2024 (102.99p to 103.60p), while total NAV grew by 0.6% from £132.7m to £133.5m and the share price increased by 7.8% over […]
In QuotedData’s morning briefing 16 September 2024: Edward Warner, Chair of JLEN Environmental Assets, has purchased 15,000 JLEN shares at 95.46p per share, taking his holding to 75,000 JLEN shares. Octopus Renewables Infrastructure (ORIT) has published its interim results for the six months ended 30 June 2024. During the period, ORIT provided an NAV total […]
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: Aquila European Renewables (0:19) Gulf Investment Fund (3:35) Keystone Positive Change (6:47) JPMorgan Emerging EMEA Securities (9:47) This week’s interview was with Jon Forster from Impax Environmental Markets – watch it again here.
Having taken a combination of macroeconomic blows over the last few years that sent the real estate market to the canvas, the sector appears set to stage a recovery. In true Rocky style, property seems to have beaten the 10 count and is back in the fight. There is always the threat of a knockout […]
Alliance Trust (ATST) and WTAN have published circulars in relation to their proposed merger, which, if it proceeds, will see a voluntary winding-up of Witan with its assets rolled into ATST, with the combined entity to be renamed Alliance Witan Plc (you can see our coverage of the original announcement here). The details announced with […]
