In QuotedData’s morning briefing for 11 December 2023: Syncona (SYNC) has provided an update on the clinical study of its portfolio company, Autolus Therapeutics. The results have indicated the strong safety profile of the drug and importantly show a durable response for patients. Taylor Maritime Investments (TMI) has released its half year results for the […]
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: Chrysalis (0:20) Baring Emerging EMEA Opportunities (3:23) Ecofin US Renewables (7:21) This week’s interview was with Joe Bauernfreund from AVI Japan Opportunity Trust – watch […]
Discounts in the investment trust sector are almost double their average[1], with the combination of cost disclosure rules and rising interest rates creating widespread selling pressure. It is perhaps not surprising that this has caught the attention of activist investors who spot an opportunity. Saba Capital is the latest arbitrageur on the block, thought to […]
Schroders Capital Global Innovation (INOV) has announced that its portfolio company Carmot Therapeutics Inc., a clinical-stage biotechnology company dedicated to developing life-changing therapeutics for people living with metabolic diseases including obesity and diabetes, entered into a definitive agreement to be acquired by Roche, on 3 December 2023. Roche is acquiring Carmot at a purchase price […]
Barings Emerging EMEA Opportunities (BEMO) has announced its annual results for the year ended 30 September 2023, during which it provided an NAV total return of 0.5% and a share price total return of -8.8%, which compare to a return on its benchmark of -3.4%. The NAV’s outperformance can largely be attributed to stock selection […]
In QuotedData’s morning briefing 8 December 2023: Barings Emerging EMEA Opportunities (BEMO) says that, earlier this year, Russian retailer Magnit announced a tender offer of its shares. After seeking legal advice that participation in the transaction would be permissible under the current sanctions regime, BEMO applied to tender its shares and has confirmed that its […]
The 12 month period ended 30 September 2023 was not a great one for Finsbury Growth and Income. It is reporting an NAV return for the period of 7.2% and a share price return of 7.5% which compare to an All-Share return of 13.8%. This is now the third consecutive accounting period where the trust […]
Whirlwind – Texas wind asset Ecofin US Renewables’s 59.8 MW Whirlwind Energy wind farm in Texas, has now moved significantly closer to coming back online. The asset management team of Ecofin Advisors, LLC has been working with the relevant counterparties to restore generation from Whirlwind following the tornado damage to a nearby substation in June […]
In QuotedData’s morning briefing 7 December 2023: Laurence Fumagalli plans to step down from his role as co-head of the Schroders Greencoat LLP team managing Greencoat UK Wind (UKW) on 1 March 2024. Matt Ridley, a partner at Schroders Greencoat, will succeed Laurence to co-manage the fund alongside Stephen Lilley. Matt is currently head of […]
River and Mercantile UK Micro Cap announced its annual report for the year ended 30 September 2023. NAV total return for the period was 3.81%, compared to 3.27% for the the Numis Smaller Companies plus Alternative Investment Market index. Shares fell 4% with the discount widening to around 14%. Given the broader sell off in […]
Schroder AsiaPacific Fund (SDP) has announced its annual report for the year ended 30 September 2023. NAV total return for the period was 2.9%, ahead of the benchmark MSCI All Country Asia ex Japan index which rose by 1.5% over the same period. Shares were up 2.3%. This continues the company’s commendable long term record […]
abrdn Property Income Trust (API) has captured strong rental growth within its portfolio with three rent reviews in its industrial portfolio. In Bristol, a rent review at Kings Business Park was agreed at £96,350 per annum, reflecting a 38.6% uplift to the previously passing rent. This was in line with the September 2023 valuation, but […]
Foresight Sustainable Forestry (FSF) has announced its annual results for the year ended 30 September 2023. NAV fell 6.3% for the year while shares were down 23%. The company noted that the key driver of the reduction in NAV per share has been the decline in land values, which was impacted by a significant reduction […]
Schroder European REIT (SERE) reported a 8.9% fall in net asset value (NAV) to 128.2 euro cents per share in annual results to 30 September 2023, reflecting the impact that challenging economic and geo-political risks have had on asset valuations. The group’s portfolio of European real estate declined in value by 8.5% to €214.1m, reflecting […]
JPMorgan Japanese announced its annual results for the 12 months to 30 September. NAV total return was 8%, underperforming the benchmark TOPIX index by 6.7%. Share price total return was 6.4% with the discount widening to around 8%. Commenting on the underperformance, chairman Christopher Samuel noted: “After the earlier periods of underperformance, this year’s numbers […]
In QuotedData’s morning briefing 6 December 2023: Custodian Property Income REIT’s (CREI’s) NAV fell to 95.9p per share at 30 September 2023 (from 99.3p at 31 March 2023). Portfolio valuation remained stable with a marginal 0.6% decline to £609.8m (31 March 2023: £613.6m). The portfolio saw a £15.6m valuation decrease, driven by current investor and market […]
European Opportunities Trust has confirmed that the company will undertake a tender offer for up to 25% of the issued share capital of the company. The offer, which is subject to shareholder approval, is being made at a tender price equal to a 2% discount to the prevailing NAV as at the calculation date, less […]
The Lowland Investment Company (LWI) announced its annual report for the period ended 30 September 2023. The company saw an NAV total return of 17.2% compared to a benchmark total return of 13.8%. Shares were up 8% with the company’s discount now sitting at around 13%. Dividends grew 2.5% to a yield of 5.3%. The […]
In line with the wider real estate sector, Residential Secure Income’s annual results were impacted by the higher interest rate environment. EPRA net tangible assets (NTA) was 81.8p per share, delivering a total return of -18.1%. Portfolio value was down 10% on a like-for-like basis with an 80 basis points (0.8%) outwards yield shift, reflecting […]
In QuotedData’s morning briefing 5 December 2023: Personal Assets Trust (PNL) announced its interm report for the six months to 31 October 2023. The company’s NAV fell by 2.7% while shares fell 4.5% with shares falling to a discount of around 1%. The company continues to be positioned defensively with almost 40% of the fund […]
It was a year of two halves for Tritax EuroBox, which reported a large fall in EPRA net tangible assets (NTA) over the year to 30 September 2023 driven by falls in the value of its portfolio in the first half of its financial year. The value of the group’s European logistics portfolio fell by […]
Life Science REIT (LABS) has completed a major letting at its Oxford Technology Park asset to Oxford Ionics, an Oxford University spinout and pioneer in quantum computing. The letting for the entire Building 6A, comprising 29,661 sq ft of space sees Oxford Ionics (an existing occupier of the park) increase its footprint at the campus […]
In QuotedData’s morning briefing 4 December 2023: Gore Street Energy Storage Fund (GSF) has announced that its investment manager, Gore Street Capital, has been selected as the co-manager of Japan’s first dedicated fund for grid storage batteries, with the Tokyo Metropolitan Government as the cornerstone investor, contributing £10.6m to the fund. Sequoia Economic Infrastructure Income Fund […]
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: abrdn China and Fidelity China Special Solutions (1:08) Troy Income and Growth and STS Global Income and Growth (4:33) Vietnam Holding (8:16) Digital 9 Infrastructure […]
Another week, another bout of corporate activity. Subject to shareholder approval, abrdn China is to be absorbed by Fidelity China Special Situations, and Troy Income and Growth will merge with STS Global Income and Growth. In addition, abrdn European Logistics Income announced a strategic review, Downing Renewables and Infrastructure Trust said that it would consider […]
Life Science REIT (LABS) has completed the sale of Lumen House in Oxford for £7.65m to Harwell Science and Innovation Campus, a joint venture between Brookfield and the UK Atomic Energy Authority together with the Science and Technology Facilities Council. The disposal price represents a 5.6% net initial yield and is 2% ahead of June […]
Tritax EuroBox (EBOX) has exchanged contracts for the sale of its redevelopment site in Malmö, Sweden to a data centre owner-occupier for a headline price of SEK320 million (€28m). The net sale price is 39% above the valuation as at 31 March 2023. EBOX acquired the property with the intention of redeveloping the site for […]
In QuotedData’s morning briefing 1 December 2023: Bluefield Solar (BSIF) has announced a number of changes to the roles and responsibilities of some of its directors. First, Chris Waldron has now been appointed as a non-executive director of BSIF with effect from 1 December 2023. He has also been appointed to each of BSIF’s established […]
Over the year to 30 September 2023, BlackRock Frontier Markets produced an NAV total return of +25.1% (in US dollars), compared to an increase in its benchmark index of +5.0%. For Sterling based shareholders, the equivalent return for the year was +14.3%, with the index returning -3.9%, representing an outperformance of 18.2%. The discount narrowed […]
In NAV terms, the 12 months ended 30 September 2023 were not great for abrdn Equity Income, which generated a return of 1.8%, lagging its All-Share Index benchmark by 12 percentage points. However, a narrowing discount rescued the situation somewhat, leaving shareholders with a return of 11.4% for the period. The chair’s statement notes that […]
