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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).

15 Dec 2022

GCP Infrastructure reports solid set of results

Over the 12 months ended 30 September 2022, GCP Infrastructure’s NAV rose from 103.99p to 112.80p. Higher electricity prices had a significant positive effect on returns even after the Valuation Agent reflected the expectation of an electricity price cap being applied to generators, capping the expected price for 2023 and 2024 at £150 per MWh. […]

Sectors
15 Dec 2022
the words octopus renewables infrastructure trust set against a blue sky with a wind turbine on the right hand side

Octopus Renewables updates on portfolio and taxes

Octopus Renewables Infrastructure Trust says that construction work on its Cerisou Wind Farm in France has been completed and the site is now fully operational. This onshore wind farm project was acquired in October 2020, construction commenced in mid-2021, and the site started generating power during Q3 2022, in line with expected timelines. The 24MW […]

15 Dec 2022

Harmony buys three pipeline projects

Harmony Energy Income Trust has completed its £21.5m purchase of three ‘shovel-ready’ pipeline energy storage projects totalling 181.9 MW / 363.8 MWh, increasing the portfolio to nine projects with a total capacity of c.500MW / 1GWh. These deals were done under an agreement that the trust secured at IPO which gave it a right of first […]

15 Dec 2022

QuotedData’s morning briefing 15 December 2022

In QuotedData’s morning briefing 15 December 2022: HydrogenOne Capital Growth (HGEN) is making an investment of €1.25m in Strohm Holding B.V. This follows on from its 12 August 2022, €10m investment. This funding round enabled Strohm, the world’s first and leading producer of Thermoplastic Composite Pipe (TCP) to accelerate the expansion of its manufacturing operations. […]

14 Dec 2022
221214 JCGI

JPMorgan China Growth & Income hurt by stock selection and gearing

JPMorgan China Growth & Income (JCGI) has published its annual results for the year ended 30 September 2022. During the period, JCGI provided an NAV total return of -36.7%, underperforming the MSCI China Index, which declined 22.0%. The Company delivered a return to ordinary shareholders of -38.5%, reflecting a widening in the discount at which […]

Sectors
14 Dec 2022
221214 ABD

Modest outperformance from abrdn New Dawn despite difficult market conditions

abrdn New Dawn (ABD) has published its interim results for the six months ended 31 October 2022. During the period, ABD provided an NAV total return of -12.7%, which is modestly ahead of the equivalent return on its benchmark, the MSCI All Countries Asia Pacific ex Japan Index, of -13.7% (all in sterling terms). The […]

Sectors
14 Dec 2022
Secure Income REIT SIR

LXI REIT extends leases of 122 Travelodge hotels

LXI REIT has renegotiated the leases of the 122 Travelodge hotels, extending the weighted average lease length by a further nine years. The portfolio of hotels was acquired by LXI as part of the Secure Income REIT merger. In return for the nine year extensions (which extends the weighted average unexpired lease term to first […]

Sectors
14 Dec 2022

Ediston Property posts 11.5% NAV total return

Ediston Property Investment Company, which invests in retails parks in the UK, has reported a 5.9% increase in NAV in annual results to 30 September 2022. Its EPRA NAV per share is now 94.9p (2021: 89.6p), the uplift driven by a 10.3% portfolio valuation gain in the year to £231.4m. The increase was due falling […]

Sectors
14 Dec 2022
221214 RMMC

Testing times sees major underperformance from River and Mercantile UK Micro Cap

River and Mercantile UK Micro Cap (RMMC) has published its annual results for the year ended 30 September 2022. During the period, RMMC provided an NAV total return of -48.03%, while its benchmark posted a total return of -26.91%. The chairman, Andrew Chapman says “There can be no doubt that the last year has been […]

Sectors
14 Dec 2022

JPMorgan Japanese hurt by focus on growth

JPMorgan Japanese (JFJ) has published its annual results for the year ended 30 September 2022. JFJ underperformed during the first half of its financial year and this continued into the second half, although both relative and absolute performance recovered in the final months of the financial year. Overall, JFJ’s NAV total return for the period […]

14 Dec 2022
a coffee cup next to an alarm clock

QuotedData’s morning briefing 14 December 2022

In QuotedData’s morning briefing 14 December 2022: International Biotechnology Trust (IBT) has announced that there has been a material adjustment to the valuation of an investment from the unquoted portfolio managed by SV Health Managers LLP in which IBT is invested. As such, IBT’s NAV will therefore increase by £2.5m (US$3.1m) which corresponds to a […]

13 Dec 2022

abrdn Property Income Trust refinances debt on better terms

abrdn Property Income Trust has refinanced its debt again, taking a £3.56m hit to lower the interest rate cap. The company announced on 12 October 2022 (at the height of bond market volatility following the min-budget) that the trust had completed an extension of its debt facilities that were due to expire in April 2023 […]

Sectors
13 Dec 2022
Lowland has a disappointing year

Lowland couldn’t match index driven by largest stocks

Lowland says that, over the 12 months ended 30 September 2022, its NAV total return was -14.8% and the return to shareholders was -16.4%, which compares with a return of -4.0% for the All-Share over that period. The annual dividend was upped from 6.025p to 6.1p, double the dividend 10 years earlier. Lowland’s investment policy […]

13 Dec 2022

QuotedData’s morning briefing 13 December 2022

In QuotedData’s morning briefing 13 December 2022: HgCapital Trust (HGT) is selling its stake in Transporeon, a leading cloud-based logistics and transportation management software platform, to Trimble as part of a transaction that values the whole of that business at an enterprise value of €1.88bn. The trust’s share of the proceeds is about £107.8m. The […]

Companies
12 Dec 2022

Keystone Positive Change Investment Trust annual results

Keystone Positive Change Investment Trust (KPC) recently released its full year results for the financial year ending 30 September 2022. Over the 12-month period KPC reported a NAV total return of -35.2% and share price total return of -43.3%. This compares to the -3.7% generated by KPC comparative index, the MSCI All Country World Index. […]

12 Dec 2022
221212 PCGH

Polar Capital Global Healthcare annual results

Polar Capital Global Healthcare (PCGH) has released its annual results for its financial year ending 30 September 2022 and, over the 12-month period, PCGH returned a NAV total return of 5.59% and share price return of 10.11%. PCGH’s benchmark, the MSCI All Country World/ Healthcare Total Return Index, returned 6.93% over the same period. PCGH […]

Sectors
12 Dec 2022
221212 PCT

Polar Capital Technology half year results

Polar Capital Technology (PCT) has released its half year results for the six months ending 31 October 2022 and, over this period it has reported a NAV return of -9.1% and share price return of -7.2%, compared to the -8.9% of its benchmark, the Dow Joes World Technology Index. PCT’s discount was 9.6% as of […]

Sectors
12 Dec 2022
home reit logo over a picture of a residential street

Home REIT to strengthen management and board in wake of allegations

Home REIT says that it will strengthen its management team and bring in independent pre-purchase valuers as part of several changes to “maintain and enhance shareholder confidence” following a number of allegations in recent weeks. The company will also beef up its board with the appointment of a new non-executive director and hire the services […]

Sectors
12 Dec 2022
a green cup sits on a pile of books

QuotedData’s morning briefing 12 December 2022

In QuotedData’s morning briefing 12 December 2022: SME Credit Realisation Fund (SCRF) has announced that it has completed its asset realisation strategy, initiated in 2019 following consultation with shareholders accounting for over two-thirds of the register, through the sale of all of its remaining UK and continental European (Germany and Netherlands) loans to a third-party […]

Companies
09 Dec 2022
221209 FGT QD view

QD view – Finsbury Growth and Income – time to jump aboard the Train?

This week, we’ve had annual results Finsbury Growth and Income (FGT), which I thought presented an opportunity to have a look at how the trust is doing and reflect upon our previous observations of the manager’s style. For most readers, FGT needs little introduction. It is a household name in the investment trust space, having […]

Sectors
09 Dec 2022

QuotedData’s weekly news show 9th December 2022

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: • VPC Speciality Lending • RTW Venture • Syncona This week’s interview was with Stuart Widdowson from Odyssean Investment Trust – watch it again here.

Sectors
Companies
09 Dec 2022
221209 rtw prometheus

RTW gets boost from Prometheus trial success

RTW Venture Fund has drawn investors’ attention to positive data updates on two clinical trials of Prometheus Biosciences, Inc. (NASDAQ: RXDX), its third largest holding, representing about 7.5% of NAV. Prometheus is a clinical-stage biotechnology company pioneering a precision medicine approach for the discovery, development, and commercialization of novel therapeutic and companion diagnostic products for […]

Sectors
09 Dec 2022

Rockwood Strategic – updates on Crestchic and Bonhill Group positions

Rockwood Strategic’s (RKW)’s) portfolio company Crestchic, which accounted for 28.7% of RKW’s NAV as at 30 September 2022, has announced that it has agreed terms with Aggreko for a recommended cash offer to be made by Aggreko for the entire issued and to be issued ordinary share capital of Crestchic. Under the terms of the […]

09 Dec 2022
221209 INPP Auckland Prison

International Public Partnerships makes first foray into New Zealand

International Public Partnerships (INPP) has agreed binding terms to acquire five infrastructure investments in New Zealand for around NZD 200m from Morrison & Co managed Public Infrastructure Partners. The Acquisition marks INPP’s first investment in New Zealand and will provide further diversification of INPP’s investment portfolio as well as a platform which should generate further […]

Sectors
09 Dec 2022
221108 tlei

ThomasLloyd Energy Impact announces senior appointments

ThomasLloyd Energy Impact Trust (TLEP/TLEI) has announced a number of senior appointments at its investment manager, ThomasLloyd Global Asset Management (Americas) LLC (a wholly-owned subsidiary of ThomasLloyd Group Ltd). As yet unnamed chief investment officer (CIO) TLEP’s manager has recently agreed the appointment of a CIO. We do not know who this person is yet, […]

09 Dec 2022
a notepad and pen sitting next to a cup of coffee in a blue cup and saucer

QuotedData’s Morning briefing 9 December 2022

In QuotedData’s Morning briefing 9 December 2022: Syncona’s (SYNC’s) portfolio company Autolus Therapeutics Plc has announced the pricing of its underwritten public offering, in the US, of 75m American Depositary Shares (ADSs). These represent 75m ordinary shares and were issued at a price of US$2.00 per ADS, for total gross proceeds of approximately US$150m (£122.5m). […]

Sectors
08 Dec 2022
221208 rtw apogee

RTW Venture backs Apogee

RTW was a co-lead in a $149m Series B financing round for Apogee Therapeutics, LLC, a biotechnology company focused on immunological and inflammatory disorders. RTW Venture participated in the fundraise but we have not been not told what its contribution was. Proceeds from the financing will be used to support Apogee’s plans to advance its […]

Sectors
08 Dec 2022
221208 gseo mascarenhas

VH Global makes Brazilian hydropower investment

VH Global Sustainable Energy Opportunities has completed its purchase of the Mascarenhas Hydro Electric Facility in the state of Espírito Santo, Brazil. The final amount paid on completion was BRL 708m (the headline BRL 800m previously announced was subject to adjustments based on the latest balance sheet related to agreed cash and working capital levels). The […]

08 Dec 2022
headshot of Nick Train

Finsbury Growth and Income reports on second year of underperformance

Finsbury Growth and Income lagged the return on its All-Share index benchmark over the 12 months ended 30 September 2022, returning -5.8% to the index’s -4.0%. The return to shareholders was -5.6%. This follows on from more significant underperformance in the prior accounting year. £76m worth of shares were bought back in an effort to […]

08 Dec 2022
221208 brfi

War holds back BlackRock Frontiers despite no direct Russian exposure

BlackRock Frontier Markets underperformed its benchmark over the 12 months ended 30 September 2022, returning -10.9% to the benchmark’s -7.3% (in US dollar terms – in sterling the figures were +7.7% versus +12.0%). The benchmark is a complex beast (MSCI Emerging Markets Index ex Selected Countries + MSCI Frontier Markets Index + MSCI Saudi Arabia […]

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