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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).

12 Oct 2022
Fidelity Changes!

Fidelity Asian Values board delighted that “approach is beginning to pay off”

Fidelity Asian Values (FAS) has announced its final results for the year ended 31 July 2022, during which its NAV increased by 3.9%, compared to the MSCI All Countries Asia ex Japan Small Cap Index (net) total return (in Sterling terms) which returned -5.6% over the same period. The chairman, Kate Bolsover, says that Nitin […]

Sectors
12 Oct 2022

New Star hindered by low allocations to US and large cap UK

New Star (NSI) has announced its annual results for the year ended 30th June 2022, during which it provided an NAV total return of 9.53%, leaving the NAV per ordinary share at 174.56p. By comparison, the Investment Association’s Mixed Investment 40-85% Shares Index fell 7.12%. The MSCI AC World Total Return Index fell 3.73% in […]

Sectors
12 Oct 2022
a coffee cup next to an alarm clock

QuotedData’s morning briefing 12 October 2022

In QuotedData’s morning briefing 12 October 2022: JPMorgan Multi-Asset Trust (MATE) has announced its interim results for the half year ended 31 August 2022. During the period, MATE provided an NAV total return of -6.4%, which was an underperformance of 9.4% compared to the trust’s reference index (although it should be noted that MATE’s reference […]

11 Oct 2022
PRS REIT

PRS REIT reports sharp NAV uplift

PRS REIT has posted a sharp increase in net asset value (NAV) for the year to 30 June 2022, off the back of strong estimated rental growth across its residential portfolio. The group’s NAV was up 30% year-on-year to £639m or 116.4p per share (2021: £490m or 99.0p per share). Like-for-like blended rental growth over […]

Sectors
11 Oct 2022

QuotedData’s morning briefing 11 October 2022

In QuotedData’s morning briefing 11 October 2022: GCP Asset Backed Income (GABI) has been informed by Gravis Capital Management that David Conlon, the lead fund manager and member of its investment committee, has decided to leave Gravis and will be relinquishing responsibility for the management of the portfolio with effect from 10 October 2022. Joanne […]

Companies
10 Oct 2022

Sustainable Farmland Trust pauses IPO

The Sustainable Farmland Trust Plc (SFT) has announced that it “has decided to pause its initial public offering (IPO) due to the current high levels of market volatility and uncertainty.” SFT published its IPO prospectus on 15 September 2022 (click here to read more on that) and SFT’s board and manager say that they are […]

Sectors
10 Oct 2022

QuotedDatas morning briefing 10 October 2022

In QuotedDatas morning briefing 10 October 2022: abrdn Private Equity Opportunities Trust (APEO) has announced an increase in the size of its loan facility from £200m to £300m. The facility, which is a syndicated multi-credit facility agreement, has seen the Royal Bank of Scotland International Limited join as a lender and Natwest Markets Plc replace […]

07 Oct 2022

QuotedData’s weekly news show 7th October 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: • Vietnam Holding results • Hipgnosis debt This week’s interview was with Simon Farnsworth from Life Science REIT –  watch it again here. previous story | […]

Sectors
07 Oct 2022

QD view – Sweet Harmony

Harmony Energy Income Trust, the battery storage fund, recently launched a C share issue. The ‘problem’ is that its existing shares are trading on a discount – about 3% today, but were around 9% when they made the announcement on 29 September. I have put ‘problem’ in quotation marks because I don’t think that it […]

07 Oct 2022

Fidelity Emerging Markets suffered double-whammy from Russian invasion

In its annual results for the year ended 30 June 2022, Fidelity Emerging Markets’ (FEML) chairman, Hélène Ploix, says that “there have been multiple factors which have led to the poor performance of emerging markets, and the performance of the portfolio, during the period but the most significant of these was doubtless Russia’s invasion of […]

Sectors
07 Oct 2022
someone reading a newspaper with a piece of toast and a mug of coffee next to them

QuotedData’s morning briefing 7 October 2022

In QuotedData’s morning briefing 7 October 2022: Following its merger with Pollen Street Capital Holdings, Honeycomb Investment Trust has announced that it has changed its name to Pollen Street Plc. Honeycomb’s shares will trade under the new name on the London Stock Exchange from 8.00am on Monday 10 October 2022. The trust’s ticker will also […]

Sectors
06 Oct 2022

SAINTS: The wonder of compound interest

Please remember that the value of investments and any income from them can fall and you may not get back the amount invested. Past performance is not a guide to future returns. Companies reinvesting the profits of steady growth over decades are the unsung heroes of the market, according to James Dow, joint manager of […]

06 Oct 2022

Strategic Equity Capital relatively resilient in UK market turmoil

Over the course of the 12 months ended 30 June 2022 the share price decreased by 9.5% on a total return basis, while the NAV total return – was negative 9.2%. In contrast, the FTSE Small Cap (ex Investment Trusts) Total Return Index fell by 14.6%. Thwe dividend was increased from 1.6p to 2.0p. In […]

06 Oct 2022
Ashoka India Equity

Ashoka India Equity outperforms buoyant Indian market

The annual results of Ashoka India Equity Investment Trust have been published, covering the 12 months to 30 June 2022. The NAV return was 9.6% over the period and the share price return 7.7%. These compare to a return for the benchmark index, the MSCI India IMI, which returned 7.2% (in sterling terms). There is […]

Sectors
06 Oct 2022

QuotedData’s morning briefing 6 October 2022

In QuotedData’s morning briefing 6 October 2022: Pfizer has completed its acquisition of Global Blood Therapeutics. BioPharma Credit (BPCR) had a US$132.5m investment in a senior secured loan to Global Blood Therapeutics which was prepaid upon the closing of the deal. BioPharma Credit received US$175.4m in total, including US$42.9m of accrued interest, paydown, prepayment and […]

05 Oct 2022

A “disappointing” year for the European Smaller Companies Trust

European Smaller Companies Trust (ESCT) has published its annual results for the year ended 30 June 2022. SCT’s chairman, Christopher Casey, says that “NAV total return performance for the year to 30 June 2022 has been disappointing at negative 21.0%, lagging the benchmark performance of negative 17.3%. Share price total return for the year was […]

Sectors
05 Oct 2022

abrdn European Logistics Income buys in France and Netherlands

abrdn European Logistics Income (ASLI) has acquired two logistics warehouses – in Dijon, France, and Horst, the Netherlands – for a total of €21.4m. Constructed in 2004 and refurbished in 2021, the 5,069 sqm Dijon property was acquired for €9.3m, reflecting a net initial yield of 4.2%. The building is leased to Dachser Intelligent Logistics, […]

Sectors
05 Oct 2022

“Another excellent year” for Ruffer

Ruffer (RICA) has released its annual results for the year ended 30 June 2022, which its chairman, Christopher Russell, says “has been another excellent year for Ruffer”. During the period, RICA’s NAV total return was 6.0%, with the NAV per share rising from 281p to 295p. The share price total return was 5.6%, reflecting a […]

Sectors
05 Oct 2022

HgCapital holdings Ideagen and ProcessMap to merge

Hg, the Manager of HgCapital Trust, has announced that its investee company Ideagen, a trusted name in software solutions for regulated industries, andfellow investee company ProcessMAP, a leading Environmental, Health and Safety software platform provider are to be merged and Hg will remain as majority investor in the combined business. The transaction is expected to […]

05 Oct 2022
Hipgnosis Songs Fund: SONG

Interest rate swaps give Hipgnosis certainty over debt costs

Further to its announcement of a new revolving credit facility (RCF) two days ago (click here to read more on this), Hipgnosis Songs Fund (SONG) has announced that it has now completed the interest rate swap agreements that it said were in negotiations when it made the RCF announcement. Crucially, at a time of rising […]

05 Oct 2022
a coffee cup next to an alarm clock

QuotedData’s morning briefing 5 October 2022

In QuotedData’s morning briefing 5 October 2022: Brunner (BUT) has announced that Julian Bishop will be joining the AllianzGI team managing the trust’s portfolio on 1 November 2022 as a senior portfolio manager with a view to becoming co-lead manager alongside Christian Schneider in due course. Julian has 25 years investment experience as a global […]

04 Oct 2022

BB Biotech’s enters Q4 with NAV rise on Myovant buyout offer

BB Biotech saw an almost 3% rise in its NAV yesterday to CHF51/share, helped by a 36% jump in the share price in one of its holdings – Myovant – triggered by a cash buy-out offer. BB Biotech’s share price, however, was largely unchanged at CHF52.8, which has had the effect of reducing the investment […]

Sectors
04 Oct 2022

Key personnel at SDCL taking advantage of share price weakness

SDCL Energy Efficiency says that it recognises that recent market volatility has resulted in its share price trading below its most recently published NAV per share [7.5% at close of play last night, better than the 15% it was at last Thursday night, when we were making the slides for the weekly show, but unusual […]

04 Oct 2022

HgCapital backs TrustQuay

Hg has become a majority investor in TrustQuay, a leading technology provider to the global trust, corporate and fund services industry. TrustQuay provides entity management, client accounting, practice management, compliance and workflow software for trust, fund and corporate service providers around the world. Over its next phase of growth, TrustQuay is aiming to scale its business […]

04 Oct 2022

Riverstone Credit investing in Seawolf Water Resources

Riverstone Credit Opportunities Income has made a secondary investment in a ‘stapled bundle of private securities’ [this harks back to the old days when paper certificates were literally stapled together] in Seawolf Water Resources. The bundle includes a first lien term loan along with preferred stock and common equity. The aggregate price paid is at […]

Sectors
04 Oct 2022
Mobius Investment Trust MMIT

QuotedData’s morning briefing 4 October 2022

In QuotedData’s morning briefing 4 October 2022: Mobius Investment Trust (MMIT) is offering investors a voluntary redemption opportunity as at 30 November 2022. However, performance has been good and the shares are trading close to NAV so we doubt that there will be much take up of the offer. Redemption requests have to be submitted […]

Companies
03 Oct 2022

Henderson Eurotrust has a tough year

Henderson Eurotrust (HNE) has published its annual results for the 12 months ended 31 July 2022. During the year, which HNE’s chairman, Nicola Ralston, describes as “a tough one for the Company’s investment portfolio”, HNE provided NAV and share price total returns of -13.9% and -19.6% respectively. In comparison, HNE says that its benchmark, the […]

Sectors
03 Oct 2022

Vietnam Holding posts peer beating performance

Vietnam Holding (VNH) has published its annual results for the year ended 30 June 2022. During the year, VNH’s NAV per share declined by 4.36% in USD terms, while the market as a whole, as measured by the Vietnam All Share Index (VNAS), declined by 16.5%. However, in sterling terms, VNH’s NAV increased by 9.0% […]

Sectors
03 Oct 2022
Hipgnosis Songs Fund: SONG

Hipgnosis Songs refinances debt

Hipgnosis Songs Fund has refinanced its debt facilities. The company has entered into a new revolving credit facility (RCF) with a commitment of US$700m which runs for five years until 30 September 2027.  The facility will be used to refinance, in full, the company’s pre-existing RCF and for working capital purposes. In accordance with the investment policy, any […]

03 Oct 2022

QuotedData’s morning briefing 3 October 2022

In QuotedData’s morning briefing 3 October 2022: Jasmine Yeo has been made co-manager of Ruffer Investment Company (RICA). She joins Duncan MacInnes who has co-managed the company since October 2016. Jasmine graduated from Warwick Business School with a degree in international business with Spanish, and joined Ruffer’s UK private client team in 2017. She became […]

Companies
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