Over the year to 31 August 2013 (a long time ago now) Elephant Capital’s net asset value fell from 40p to 33p. ECAP wrote down the value of its investment in Amar Chitra Katha Private Limited and listed investment, Nitco Limited, lost circa 38% of its value during the year. The Board has changed the management […]
F&C US Smaller Companies’ net asset value rose by 8.3% over the second half of 2013, marginally behind the increase in the Russell 2000 Index which rose by 9.0% (in sterling terms – in US$ terms it rose by 19.1% but the US dollar weakened against the pound during the period). FSC’s discount widened over […]
GCP Student Living is entering into a forward purchase agreement to buy Scape Guildford – a140 bedroom purpose built accommodation block adjacent to the University of Surrey in Guildford.
Jupiter Primadona Growth has announced that “it will use share buy backs and new issues of shares with the intention of ensuring that, in normal market conditions, the market price of the Company’s shares will track their underlying net asset value”. The effect of this should be that JPG’s discount will be eliminated and its Board […]
Over 2013 SEGRO’s EPRA NAV rose by 6.1% to 312p, helped by a 4.1% like for like increase in their property valuations, but the EPRA earnings per share fell by 8.3% to 17.7p. SEGRO sold almost £600m of property during the year at a price, on average, 4.7% higher than their value at end of 2012. […]
New City High Yield’s net asset value total return for the second half of 2013 was +4.4%. The shares to trading on a premium over 5% so the return to shareholders was 8.6%.
Herald Investment Trust has released its results for 2013. Over the year Herald’s net asset value rose by 26.9% but the share price did even better, rising by 33.5% as HRI’s discount contracted from 18.9% to 14.7%. By comparison the Numis Smaller Companies Index plus AIM ex investment companies rose by 27.7% and the Russell […]
Over 2013 BlackRock Latin American ‘s net asset value fell by 13.1% on a total return basis. the share price did slightly better, falling by 12.2%. The net asset value return was more or less identical to the return on the benchmark.
Alliance Trust has disclosed that activist group Elliott Capital have a 10% interest in the company comprising a 5% holding in Alliance Trust’s shares and a 5% interest held through contracts for difference. QD comment: The question must be, what is Elliott after? Alliance Trust’s shares are currently trading on a 11.4% discount, having moved […]
The Renewables Infrastructure Group has released its first set of results covering the period from 29 July to 31 December 2013. The £310m it raised was spent on acquiring 20 wind and solar projects. The net asset value return for the period was 3.5%. Distributions have been in line with projections and the Board says it […]
Genesis Emerging Markets marginally underperformed the MSCI Emerging Markets Index over the second half of 2013 as its net asset value fell by 1.4% against a fall of 1.2% for the index. Its discount narrowed however and shareholders saw the a share price return of 1%. The manager highlights currency weakness as a particular problem […]
JP Morgan Emerging Markets underperformed its benchmark over the six months ended 31 December 2013 with the net asset value posting a total return of -5.7% (-5.3% adjusting for the dilutive effect of the subscription shares) vs. a fall in the MSCI Emerging Markets Index of 1.4%. The discount narrowed a little and so the return to […]
Brunner’s final results for the year ended 30 November were released late on Friday 21st. Over the year Brunner’s net asset value rose by 23.2%. 4.% of that return came from the effect of marking its debt to fair value (as the maturity date of its very expensive date draws nearer). The benchmark return was […]
Primary Health Properties is funding the development of a new health centre in Chester to the tune of £18.5m. Completion expected by the end of 2014.
New Star Investment Trust managed to generate a return on its NA|V of 3.1%, well behind the MSCI UK Index which returned 10.2% and lagging the return on the IMA Mixed Investment (40%-85% equities) +6.6% and the MSCI World +6.3%. The Chairman ascribes the underperformance to the company’s defensive positioning (high levels of cash) and its exposures […]
Macau Property Opportunities has completed the sale of its APAC logistics centre and Cove Residence properties in Zuhai, China for $65m. The price represents a profit of $29m and an IRR of 21%. Most of the proceeds have already been received but 10% will be held in escrow for six months.
CVC Credit Partners European Opps has released its first set of results covering the period from its inception to 31 December 2013. CCPG’s net asset value return was 3.2% on the euro shares and 3.3% on the sterling shares.
Over 2013 Symphony International’s net asset value decreased by 0.6% – foreign exchange weakness had a negative impact on the NAV. There were some minor changes to the portfolio – Minuet (a jv between the company and a Thai partner) sold 2.7ha of land in Bangkok for a price 50% higher than last time they sold […]
Over the six months ended 31 December 2013 Qatar Investment Fund’s net asset value rose by 7.2%, underperforming the Qatar Exchange Index which rose by 11.9%
BlackRock World Mining suffered in 2013 as commodities fell out of favour. the net asset value fell by 27.2% over the year (-24.6% including reinvested income). The share price did better, falling by 20.7% (-17.5% total return) as the discount contracted. The Euromoney Global Mining Index fell by 24.1%.
JP Morgan Overseas figures for the second half of 2013 show a total return on the NAV of 8.8%. The discount narrowed so the total return on the share price was 9.7%. The fund outperformed its benchmark, the MSCI All Countries World Index which returned 6.0%. the manager says a return to favour for cyclical […]
Utilico Investments figures for the six months ended 31 December 2013 show an uplift of 4.1% in its NAV, behind the return on the FTSE All-Share (+11.4%). Utilico say the main problem was adverse movements in exchange rates – this cost them 10.9%. Revenue fell too but UTL reckon they are comfortable paying an uncovered […]
Shareholders in JP Morgan Mid Cap were rewarded with a 30.5% total return over the second half of 2013 at the fund outperformed its benchmark index (the FTSDE Mid 250), delivering a 19.0% return vs. 18.3% for the index, and its discount narrowed significantly
Hirco is cancelling its AIM admission – in other words its shares will no longer be traded on AIM. The shares have ben suspended for some time as Hirco felt unable to publish its accounts as it struggled to get useful information about the value and status of its investments. The Hirco story is a long […]
Primary Health Properties has released its results for the year ended 31 December 2013. PHP’s EPRA NAV fell for the second successive year to 300p from 305p (and 319p at the end of 2011). The fall is accounted for by the payment of an uncovered dividend – they paid 19p for the year but earnings were just under 11p. […]
Reconstruction Capital II has announced that “Due to a recent severe deterioration in the financial condition of East Point Holdings Limited” it is planning to write down the value of their holding in this company from €6.7m to zero. The value of the whole company at the end of November 2013 was €39.3m so the […]
Redefine International has announced that it hopes to issue 86.6m shares or 7.5% of its issued share capital to fund some tidying up of minority interests in its portfolio, c£10m of redevelopment opportunities in its German retail portfolio, repaying a £20m debt facility and fund potential acquisitions. The fund raising exercise will take place in […]
Picton Property has sold its leasehold interest in 28 Austin Friars, EC2 (pictured) and a retail property in George Street, Richmond for a combined total of £6m – Picton bought these in 2010 for £3.6m.
EPE Special Opportunities has sold its interest in Bighead Holdings – getting £4m for its stake. Bighead makes a variety of fasteners – www.bighead.co.uk. The stake in Bighead was valued at £3m in EPE Special Opportunities’ last set of accounts. Overall, including income, ESO says it made 3.6x its money on its original investment and say […]
Globalworth Real Estate has bought Tower Center International – the second tallest building in Bucharest with 24,711 sqm of space over 26 floors. The €58m cost is being settled in part through the issue of new shares – the terms of the deal were outlined in Globalworth Real estate’s prospectus released in September 2013
