AVI Japan Opportunity is proposing to merge (via a s110 scheme) with Fidelity Japan to create a more liquid, larger fund, targeting highly attractive investment opportunities in the Japanese equities space. The idea is supported by Fidelity Japan’s largest shareholder, City of London Investment Management, which holds approximately 23% of FJV’s issued share capital. Fidelity […]
Baillie Gifford Shin Nippon’s results for the 12 months ended 31 January 2025 make grim reading. The NAV fell by 5.0% and the share price by 5.1%. By contrast, the benchmark was up 8.9%. This extends a the trust’s run of underperformance and, over five years, leaves it trailing the benchmark by 42 percentage points […]
Cordiant Digital Infrastructure says that its Polish portfolio company, Emitel, has signed a long-term agreement with Orange Polska S.A. a leading mobile network operator in Poland, to expand mobile network coverage in the country. Under a built-to-suit model, Emitel will construct hundreds of new telecommunications towers for Orange over the next few years. Orange, as […]
VH Global Energy Infrastructure has published results for 2024. The NAV fell by 11.4% to 103.21p. The dividend for the year was up 2.7% to 5.71p and this was covered by cash flow 0.96x. The target for 2025 is 5.80p, up 2.1%. The statement avoids any direct mention of share prices. For reference, it fell […]
Impax Environmental Markets has announced results covering the 12 months ended 31 December 2024. Over the period, the NAV total return was -0.4% and the share price total return was -2.6%. These compare to a 19.6% return on the MSCI All Countries World Index and a 16.8% return on the FTSE ET100 Index. The dividend […]
In QuotedData’s morning briefing 3 April 2025: We also have: Did you see from yesterday?
As highlighted in our morning briefing earlier today, Value and Indexed Property Income Trust (VIP) has formally entered the UK REIT regime as of 1 April 2025, following shareholder approval at its 20 March general meeting. The move brings a shift in tax treatment and positions the trust alongside peers in the listed property sector. […]
ICG Enterprise Trust (ICGT) has completed a secondary sale of eight mature primary fund investments, raising net proceeds of £62m. The transaction, which ICGT says attracted strong buyer interest, was completed at a 5.5% discount to the 30 September 2024 valuation and delivered a 1.6x multiple on invested capital (equivalent to a 15% IRR). The […]
Volta Finance (VTA) has announced its interim results for the six months ended 31 January 2025, which saw its NAV per share increase by 7.0% to €7.63 and the share price jump 18.3% to €6.15 over the six months to 31 January 2025. The company’s chairman, Dagmar Kershaw, noted that the rebound in the share […]
In QuotedData’s morning briefing 2 April 2025: Value and Indexed Property Income Trust (VIP) has formally entered the UK REIT regime, effective 1 April 2025. The move sees the company transition from investment trust status to that of a real estate investment trust (REIT), a change that brings with it a new tax treatment. The […]
Baillie Gifford China’s results for the 12 months ended 31 January 2025 saw its NAV total return recover to 35.4%, ahead of its benchmark which returned 32.4%. Unfortunately, a wider discount meant that the share price return was 29.4%. However, the trust still has some way to go to make up earlier underperformance. Over the […]
Pantheon Infrastructure’s annual results cover the year ended 31 December 2024. It was a good year for the trust with a NAV return of 14.3% and a share price return of 11.5%. The dividend was raised to 4.2p from 4.0p. That was not covered by cash flow – cash cover was 0.7x [but that reflects […]
In QuotedData’s morning briefing 1 April 2025: AVI Japan Opportunity (AJOT) has expanded its debt facility with the Bank of Nova Scotia to JPY 6.6bn (about £34.5m) from JPY 2.93bn. Maximum gearing is expected to be approximately 15% of its net assets, based on the total net assets as of 28 March 2025, and within […]
Petershill Partners (PHLL), the listed GP-stakes platform operated by Goldman Sachs Asset Management, has published robust results for the year ended 31 December 2024. Partner distributable earnings rose by 11% to US$323m, driven by strong fee-related income, realisations at premiums to carrying value, and an active year for capital allocation. The company completed four acquisitions […]
BlackRock Latin American Investment Trust (BRLA) has reported annual results for the year ended 31 December 2024, reflecting a particularly tough year for Latin American markets. The trust’s NAV total return fell by 35.7% in US dollar terms, underperforming its MSCI EM Latin America Index benchmark, which declined 26.4% over the period. The share price […]
RTW Biotech Opportunities (RTW) has reported strong full-year results for the year ended 31 December 2024. Its NAV rose from US$399m to US$607m, marking a year of substantial portfolio growth, positive clinical milestones, and a number of key capital markets events. Despite a -4.6% NAV per share movement over the year (due to share issuance […]
3i Infrastructure (3IN) has released a pre-close trading update for the year ending 31 March 2025, reporting strong portfolio earnings momentum, successful refinancing activity, and income well ahead of expectations. The company remains on track to deliver its dividend target of 12.65p per share for its 2025 financial year, a 6.3% increase over the prior […]
SDCL Energy Efficiency Income Trust (SEIT) has published a trading update for the period from 1 September 2024 to 31 March 2025, reporting stable operational performance across its portfolio and confirming that the company remains on track to deliver its target dividend of 6.32p per share, representing a double-digit yield at current share price levels. […]
Foresight Environmental Infrastructure (FGEN) has announced a £10m increase to its ongoing share repurchase programme, taking the total maximum consideration to £30m. The original £20m programme, launched in August 2024, is now largely complete. The extension will be funded from the company’s own resources and is consistent with FGEN’s stated capital allocation policy. The buyback […]
Hg, the manager of HgCapital Trust plc (HGT), has announced a further investment in Personal & Informatik AG (P&I), as part of a recapitalisation of the business valuing the company at €5.5bn. The investment sees Hg acquire a minority stake from Permira, which will fully exit its position, having first backed the company in 2016. […]
In QuotedData’s morning briefing 31 March 2025: Rockwood Strategic (RKW) has announced that its investment management agreement has been novated from Harwood Capital LLP to Rockwood Asset Management (RAM), effective 31 March 2025. RAM is a trading name of Harwood Private Capital LLP, another FCA-authorised entity within the Harwood group. The change will see RAM […]
It has been a dramatic turn of events for the US over the past month. Having long defied the recession bells, which have been ringing for the majority of the world’s developed markets, growth expectations in the US have dropped significantly as President Trump’s scattergun trade polices begin to torpedo the economy. Multiple large US […]
Urban Logistics REIT has announced the acquisition of two logistics assets for £21.1m, as it looks to demonstrate the strengths of its strategy amid an activist shareholder revolt. The assets in Liverpool and Leeds were bought at a blended net initial yield (NIY) of 7.34% and a blended reversionary yield of 7.64%. These were funded […]
The onward march of clean technologies will continue, despite polarisation on climate issues, creating opportunities for rational investors who can see through the fog of political rhetoric Executive summary Politics aside, asset owners’ interest in the economic opportunities and risks arising from climate-driven trends will continue to shape how capital is allocated Investors need to […]
The Board of Directors of DP Aircraft I Limited (the “Group”) is pleased to announce that its two new subsidiaries DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited (the “New Subsidiaries”) have entered into new 12-year lease agreements with LOT Polish Airlines (“LOT”), Poland’s state-owned airline, for the Group’s two […]
LMS Capital (LMS) has announced its final results for the year ended 31 December 2024, reporting a 12.4% decline in NAV and a decision by the board to pursue a managed wind-down of its portfolio (announced on 13 March 2025). This strategic pivot follows a challenging year marked by losses across several legacy fund positions […]
BH Macro (BHMG/BHMU) has published its annual results for the year ended 31 December 2024, reporting a NAV total return of 5.86% for the sterling share class and 4.92% for the US dollar share class. Share price returns were stronger, at 10.63% and 10.61% respectively, as the board executed a share buyback programme that helped […]
JPMorgan US Smaller Companies (JUSC) has published its final results for the year ended 31 December 2024, reporting a net asset value (NAV) total return of 11.3%, modestly behind its benchmark, which it says returned 13.3% in sterling terms. Despite the slight underperformance on NAV, the trust’s share price total return was 18.7%, reflecting a […]
CT Private Equity Trust (CTPE) has announced its unaudited results for the year ended 31 December 2024, posting a share price total return of 10.9% and a NAV total return of 4.6%. Realisations surged by 76% year-on-year to £108.6m, signalling a recovery in exit activity after a muted period for private markets. CTPE’s performance fee […]
Schroders Capital Global Innovation Trust (INOV) has published its annual results for the year ended 31 December 2024. The period marked a pivotal shift in strategy, with shareholders voting overwhelmingly in favour of a managed wind-down at a general meeting in February 2025. The trust’s NAV fell by 21.2% over the year to 19.94p per […]
