Over the 12 months ended 30 June 2024, Gulf Investment Fund generated a NAV return of 10.2%, well-ahead of the 2.6% return on its benchmark (S&P GCC Composite Index). Since the mandate widened from Qatari-focused to Gulf-wide in December 2017, NAV has risen 198.7% (dividend adjusted), as against the 85.3% returns recorded by S&P GCC […]
Dignity, the UK’s leading funeral services business is owned by Castlenau (see our interview on 4 October). It is buying Farewill, a company in Augmentum Fintech’s portfolio at a valuation for the entire business of £12.9m. Farewill, founded in 2015 by Dan Garrett (its current CEO) and Tom Rogers, offers a range of later-life products, […]
In QuotedData’s morning briefing 17 October 2024: Octopus Renewables Infrastructure Trust (ORIT) has completed the purchase of a newly constructed 42MW solar farm located close to Dublin, Ireland. Together with the four nearby operational solar farms bought earlier this year, the five-site solar complex now totals 241MW (the largest solar complex in Ireland) and will […]
In QuotedData’s morning briefing 16 October 2024 Invesco Perpetual UK Smaller Companies Investment (IPU) announced its interim results for the six months to 31 July 2024. The company saw a strong NAV total return of 13.8%, ahead of the benchmark index return of 12.1%. Shares were up 13.3%. IPU also paid its first interim dividend […]
Seraphim Space Investment Trust (SSIT) has announced its annual results for the year ended 30 June 2024. The company saw a NAV total return of 2.6%, while shares rallied 102.2%. The strong performance saw the company’s discount narrow significantly, although the share price remained depressed at a discount of 43.2% highlighting the extent of the […]
In QuotedData’s morning briefing 15 October 2024: Bellevue Healthcare (BBH) says that redemption requests were received for the 22 November 2024 redemption point for 163,834,887 shares, representing 36.34% of the company’s issued share capital. Given the size of the proposed redemption, the board is proposing to create a redemption pool (carving off a slice of […]
JPMorgan UK Small Cap Growth & Income (JUGI) has published its annual results for the year to 31st July 2024, which its chairman, Andrew Impey, says has been a “momentous year” for the company. During the year, JUGI provided an NAV total return of 28.4% and a share price total return of 43.3%, both massively […]
AVI Japan Opportunity Trust (AJOT) will be offering shareholders the opportunity to tender all or part of their shareholdings in the company at a 2% discount to NAV. When AJOT was launched in October 2018, its IPO prospectus said that the directors may, at their discretion, offer a full or a partial exit opportunity to […]
In QuotedData’s morning briefing 14 October 2024: Further to its announcement on 4 October 2024 that it had only been partially paid the first instalment of £1m that it was due under a promissory note agreement in relation to loans sold to P3P Partners LLP (click here to see our coverage of this), Triple Point […]
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, James Carthew covered the week’s top stories: Tritax EuroBox (0:19) Digital 9 Infrastructure (3:07) UIL (5:09) This week’s interview was with James Armstrong from Bluefield Solar Income – watch it again here
This week, we were reminded of the challenges that Europe faces, with Germany making the headlines for cutting its growth forecast for 2024 from an already meagre expansion of 0.3% to a contraction of 0.2%. If this comes to pass, it will be the second year in a row that Europe’s ‘motor for growth’ has […]
Fidelity Asian Values (FAS) has released its annual results for the year ended 31 July 2024, during which it provided NAV and share price total returns of 3.2% and 1.7% respectively, both well-behind that of its benchmark, the MSCI All Countries Asia ex Japan Small Cap Index, which returned 13.7% during the same period. Commenting […]
Home REIT (HOME) has published its long-overdue annual results for the year ended 31 August 2022, which have also included a restatement of the 2021 results. The period saw a substantial loss and decrease in NAV for the period, the reasons for which came to light after the period end and which the board says […]
Ground Rents Income Fund (GRIO) has provided a strategy update, portfolio valuation and shareholder consultation ahead of its upcoming continuation vote. This follows on from a shareholders’ decision in April 2023 to opt for a managed wind-down of the company. Shareholders also approved a change to the company’s Articles to replace the obligation to hold […]
Digital 9 Infrastructure (DGI9) has announced that it has entered into an agreement to appoint InfraRed Capital Partners Limited as the company’s investment manager and AIFM in charge of implementing DGI9’s previously announced managed wind-down. The appointment is subject to regulatory approvals and third-party consents although the board anticipates the appointment will become effective in […]
In QuotedData’s morning briefing 11 October 2024: Following its announcement on 9 October that it is considering going private (click here to read), and the subsequent announcement that it is acquiring the remainder of Zeta it does not own (click here to read) UTL directors David Shillson, Alison Hill, Peter Durhager and Stuart Bridges have […]
The European Smaller Companies Trust has published results covering the 12 months ended 30 June 2024. The NAV total return of 12.0% was 1.9% ahead of the benchmark MSCI Europe ex UK Small Cap Index. The share price total return was 19.5%, reflecting a narrowing of the discount. The company repurchased a total of 6.4m […]
With the deal approved by both sets of shareholders, Witan’s investors got 0.224615 of a new Alliance Witan share for every Witan share that they held (based on formula asset values of 1274.592460 pence for Alliance Trust and 286.293752 pence for Witan). Willis Towers Watson has appointed Jennison Associates as an additional stock picker for […]
Tritax EuroBox has received a cash offer for the company from Canadian private equity giant Brookfield that usurps SEGRO’s bid for the company. Brookfield’s bid is 69.0p per share (equivalent to 82.4 cents at the current exchange rate) and values Tritax EuroBox at around £557m (which based on Tritax EuroBox’s net debt implies an enterprise […]
In QuotedData’s morning briefing 10 October 2024: As flagged yesterday, UIL (UTL) has entered into a sale and purchase agreement with General Provincial Life Pension Fund to acquire all of its stake (187,572,396 ordinary shares) in Zeta, following which UIL will own 95.03% of Zeta’s share capital. Based on Zeta’s NAV as at 8 October […]
Fidelity Emerging Markets has published results covering the year ended 30 June 2024 and they are good. After a difficult year in 2022, when the trust was hit hard by Russia’s invasion of Ukraine, and then a period of consolidation in 2023, for the latest year the trust reported a NAV total return of +18.7% […]
UIL has published results for the 12 months ended 30 June 2024. Highlights are: Net asset value total return of -15.3% (2023: -20.6%) Share price total return of -24.8% (2023: -18.5%) Revenue earnings per ordinary share of 10.15p (2023: 6.68p) Dividends per ordinary share of 8.00p (2023: 8.00p) Discount widened to 36.9% (2023: 27.5%) Gearing […]
Syncona has invested a further £19.9m in Purespring Therapeutics as part of an £80m oversubscribed Series B financing for that company. Syncona formed part of a leading Series B syndicate, led by Sofinnova, in collaboration with Gilde Healthcare, Forbion, and British Patient Capital. Syncona founded Purespring in 2020 as one of the first adeno-associated virus […]
In QuotedData’s morning briefing 9 October 2024: RIT Capital Partners (RCP) has a new independent non-executive director and member of the Audit and Risk Committee, Helena Coles. Helena has extensive international experience and spent most of her career as a portfolio manager. She also brings valuable perspectives from asset owners and a UK regulator. She […]
In QuotedData’s morning briefing 8 October 2024: Literacy Capital (BOOK) has announced a variation to the terms of its investment management agreement increasing the fee payable to the investment manager to 1.5% of the adjusted audited net asset value as at the end of that year effective from 1 January 2025. The current entitlement is […]
PRS REIT has reported an 11% uplift in net asset value (NAV) in annual results to 30 June 2024, as the rental income on its private rented housing portfolio increased 12% on a like for like basis. The company’s NAV was 133.2p per share (2023: 120.1p) as the group’s portfolio of completed homes grew to […]
Oakley Capital Investments (OCI) has announced that Oakley Capital Fund V has agreed to acquire Assured Data Protection, which it describes as a managed services provider (MSP) focused on backup, disaster recovery and cyber resiliency as a service. OCI’s indirect contribution to Fund V is anticipated to be c. £26m, which relates to OCI’s share […]
3i Infrastructure (3IN) says it has received a binding offer for its c.33% stake in Valorem, an independent European renewable energy developer and power producer, from funds managed by AIP Management P/S alongside other co-investors. 3IN says that, subject to acceptance of the binding offer, which will follow consultation with Valorem’s employee representative bodies, 3IN […]
CEIBA Investments (CBA) has published an update from its chairman, John A Herring, in which he says that, at its most recent board meeting, CBA’s board instructed the manager to enter into discussions with bondholders regarding the possibility of restructuring CBA’s €25m 10% convertible bonds due on 31 March 2026. CBA’s board wants to change […]
In QuotedData’s morning briefing 7 October 2024: Tufton Oceanic Assets (SHIP) says that “principals and staff of its investment manager”, Tufton Investment Management Ltd, acquired an additional 160,741 of SHIP’s ordinary shares on 30 September 2024. As at 30 June 2024, Tufton stakeholders owned 4.9% of the issued share capital in the company. Boussard & […]
