In QuotedData’s morning briefing 15 July 2024: Brunner (BUT) has published its interim results for the six months ended 31 May 2024. BUT provided an NAV total return of 12.8% (with debt at fair value) underperforming its composite benchmark (70% FTSE World Index Ex UK and 30% FTSE All-Share Index with net dividends reinvested), which […]
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: Chrysalis (0:22) Schroder British Opportunities (0:39) Molten Ventures (0:51) Edinburgh Worldwide (1:05) Odyssean (6:08) Sirius Real Estate (9:25) This week’s interview was with Kenneth MacKenzie from Target Fund Managers – watch it again here.
Around half of the world’s population, some 4 billion people, will have the opportunity to go to the polls for national elections in 2024. For many, it’s the first chance to have a say since the COVID-19 pandemic and comes at a time when disaffection among voters has reached record highs. The consequences of this […]
A consortium formed of Hines and Grupo Lar has announced a voluntary cash tender offer to buy Lar España Real Estate – the Spanish shopping centre and retail park owner. The consideration offered to Lar España’s shareholders consists of €8.10 per share, paid in cash, which implies valuing Lar España’s share capital at €678m. The […]
Miton UK Microcap Trust ( MINI) has announced its annual results for the year ended 30 April 2024. The company reported a NAV total return of -12.9%, which was well behind the benchmark return of 7.2%. Shares fell 15% with the discount widening to 9.5%. Chairman, Ashe Windham, noted that almost all of the damage […]
Chrysalis Investments (CHRY) announced that portfolio company, Graphcore, has been acquired by Softbank. Chrysalis expects to receive cash proceeds of approximately $56.0 million; the company’s position in the capital structure of this investment led to a significantly better outcome than otherwise might have been the case. The expected pounds sterling proceeds of £43.8 million (assuming […]
In QuotedData’s morning briefing 12 July 2024: Odyssean Investment Trust (OIT) has announced a placing and retail offer of shares. The company has received interest from an investor wishing to acquire OIT shares and in light of this and the ongoing demand in the market, the board has decided to undertake a placing. Any shares […]
Balanced Commercial Property Trust has sold two office assets for a total of £41.65m, further reducing its exposure to the sub-sector. The sales of 7 Birchin Lane, in London, and 82 King Street, in Manchester, were sold at a discount to book value (as 31 March 2024) of 7.2%. Following the sales, BCPT’s portfolio exposure […]
Schroder British opportunities (SBO) has announced its annual results for the year ended 31 March 2024, during which its NAV per share increased by 2.5% from 107.32p to 110.05p, which follows an increase in the previous year of 3.1% and 12.3% since inception. Its chairman, Neil England, comments that this steady growth is despite portfolio […]
TwentyFour Income Fund (TFIF) has published its final results for the year ended 31 March 2024, during which it provided an NAV total return of 18.10%, which is a marked turnaround from the 3.74% loss reported for the prior year. TFIF says that European ABS has performed strongly across the board, supported by stronger than […]
Gulf Investment Fund (GIF) has published its second quarterly report for the year (for the 3 months to 30th June 2024). GIF’s NAV fell 3.6% during the quarter, outperforming its benchmark – the S&P GCC Index – which was down 3.9%. Positive performance came from Qatar Navigation (up 8.9%), The Mediterranean and Gulf Insurance Reinsurance […]
Apax Global Alpha (AGA) has announced that The Apax IX Fund, in which AGA is a limited partner, has sold its remaining shares in Genius Sports Limited, which it describes as a leading provider of sports data, content, and technology powering the global sports, betting, and media ecosystem. AGA says that, including prior distributions, this […]
In QuotedData’s morning briefing 11 July 2024: Brett Miller has joined the board of Ecofin US Renewables (RNEW) as a non-executive director of the company with immediate effect. Brett, who has wide-ranging investment trust experience, particularly in the restructuring and managed run-off of a number of listed closed end funds across a range of asset […]
Sirius Real Estate has announced a proposed £150m capital raise. The placing of shares at an offer price of 94p is in line with its adjusted NAV at 31 March 2024. The capital raise will enable the company, which owns business parks in Germany and the UK, to execute on its ongoing acquisition strategy. Up to […]
Emerging technologies are poised to reduce the steel industry’s environmental impact, creating compelling investment opportunities in the sector. Executive summary Steel remains a vital component of many products solving environmental challenges and improving resource efficiency, from wind turbines to waste collection. This makes lowering the carbon intensity of its production and aligning the industry with […]
HG Capital says that it has agreed to sell a stake in team.blue to the Canada Pension Plan Investment Board. The deal vales team.blue at €4.8bn, making it one of the largest privately-owned technology companies in Europe. Hg describes team.blue as Europe’s leading digital enabler for entrepreneurs and small and medium sized businesses, serving 3.3m […]
In QuotedData’s morning briefing 10 July 2024: JZ Capital Partners (JZCP) has announced more detail on its planned return of capital to shareholders. The company will hand back about $40m on 25 July 2024 by redeeming 9,803,921 shares at $4.08 per share, equivalent to about 12.65% of investors’ shareholdings. The cash should be received by […]
In QuotedData’s morning briefing 9 July 2024: Schroder BSC Social Impact Trust (SBSI) released its annual impact report. The report demonstrates that the portfolio has positively impacted 400,000 people since inception, provided decent, affordable homes for 35,000 disadvantaged, vulnerable and lower-income people; and delivered £217m in benefits for the public, through savings to government and […]
Unite Group has upped its rental growth forecast for the forthcoming academic year to 7% (from 6%) due to high demand for its student accommodation, and said that the higher education policy remains stable under a Labour government. The company revealed that 94% of rooms were now reserved for the 2024/25 academic year, ahead of […]
On 18 June 2024, the board of Downing Strategic Micro-Cap (DSM) announced that it had received a request to requisition a general meeting from Vidacos Nominees Limited, acting as nominee of Milkwood Capital Limited (Milkwood) – click here to see our coverage. As it said at that time, DSM’s board considers that Milkwood’s decision to […]
In QuotedData’s morning briefing 8 July 2024: Hg, the manager of HgCapital Trust (HGT) has agreed the sale of its remaining investment in TeamSystem, to funds advised by Hellman & Friedman LLC (H&F). TeamSystem is a leading provider of business software solutions to businesses and accountants in Italy, Spain and Turkey. Hg first invested in […]
At the outset of 2024, we challenged our analysts to come up with some ideas for investment companies that they liked, and thought could do well over the course of this year (click here to read the original article which set out our analysts’ thinking and why they liked the stocks). We also promised to […]
Thank you to everyone that listened in today on our YouTube channel. In this week’s show, Matthew Read covered the week’s top stories: 0:00 Introduction 2:09 Tritax Eurobox 9:28 Castelnau 13:01 Andrew McHattie 13:22 Major Rises Over the Last Month 15:28 Major Fallers Over the Last Month 15:58 Technology Leading the Way 16:53 Technology Trusts 12-Months 18:17 […]
Castelnau Group (CGL) is up more than 30% over the last five days thanks mostly to an announcement from portfolio company Dignity/Valderrama (which accounts for almost 80% of the trust), which was up 45.7% (with a NAV impact of 43.0%). The primary driver of this uplift is the reduction in net debt which has been […]
In QuotedData’s morning briefing 5 July 2024: US Solar Fund (USF) provided an update for the first quarter ended 31 March 2024. The company saw a NAV total return of 0.9%. Portfolio performance was also down due to lower than expected solar irradiance. Overall generation was 130.6GWh, 11.6% below forecast. Canadian General Investments (CGI) provided […]
Ground Rents Income Fund has reported large valuations declines having released delayed full year results to September 2023 and updated to March 2024. Portfolio values fell 20.7% to £81.5m in the six months to 31 March 2024, having fallen 2.7% in the year to 30 September 2023. The decline included a negative valuation adjustment of […]
NewRiver REIT has acquired an asset management business, boosting its capital partnerships business to £1.5bn across a portfolio of 21 shopping centres and 18 retail parks, with 13 different partners. The company has bought Ellandi Management Limited, an asset and development management business focused on UK retail and regeneration, for £5m. The Ellandi business brings […]
Oryx International Growth’s results for the 12 months ended 31 March 2024 show the trust generating an NAV uplift of 12.2%. However, the share price fell by 1.8% as the discount widened from 19.0% to 29.1%. There is no dividend. The manager notes that performance was driven by takeovers or offers for significant parts of […]
In QuotedData’s morning briefing 4 July 2024: Polar Capital Global Financials (PCFT) has published six-month numbers covering the period ended 31 May 2024. The trust beat its benchmark, returning 18.2% in NAV terms and 23.3% in share price terms versus 15.9% for the MSCI All Countries World Financials Index. [We covered many of the reasons […]
in QuotedData’s morning briefing 3 July 2024: Downing Renewables & Infrastructure (DORE) announced that Downing Hydro has pre-qualified its first hydropower plant site for participation in the Frequency Containment Reserve markets (FCR) in Sweden. The FCR markets serve to stabilise the Swedish grid. The initial site pre-qualified is the Gottne hydropower plant. The site is […]
