Alliance Trust had a good year in 2023, returning 21.6% in NAV terms and 20.2% in share price terms, 6.3 and 4.9 percentage points ahead of the return on the MSCI All Country World Index (MSCI ACWI), respectively. A 5% increase in the annual dividend to 25.2p per share makes this the 57th year of […]
Premier Miton Global Renewables Trust has published its annual report covering the 12 months ended 31 December 2023. In a difficult period for the sector that it operates in, the return on the trust’s assets was -7.5%, which was meaningfully better than the return on the S&P Global Clean Energy Index of -20.1%. Thanks to […]
In QuotedData’s morning briefing 7 March 2024: Aquila Energy Efficiency Trust (AEET / AEEE) says it didn’t receive any definitive proposal from potential buyers that it believes, at this time, could deliver greater value to shareholders than its ongoing managed run-off of the portfolio. It wants to hold back a cash buffer but plans to […]
In our note published 7 February 2024, we wrote “The managers envisage that Klarna could be worth $18bn based on Klarna trading on the same gross profit multiple as closest-listed peer, Affirm. CHRY has a 1% stake. On those figures, a Klarna sale could add about 30p to the NAV.” Unfortunately, there was a drafting […]
The board of Digital 9 Infrastructure (DGI9) has announced that the Icelandic regulator has given its approval for the sale of the Verne Global group of companies (which included Verne Iceland). As a result all closing conditions related to the Verne Transaction have now been satisfied. However, the change of control consent is still conditional […]
CLS Holdings, the office landlord with assets across the UK, France and Germany, has reported a sharp fall in EPRA net tangible assets (NTA) in full year results to the end of December 2023, as the office sector continues to struggle with valuation declines. The group’s NTA fell 23.2% to 253.0p from 329.6p at the […]
In QuotedData’s morning briefing 6 March 2024: CVC Income & Growth (CVCE) has announced that 50,000 shares were issued as a result of its March 2024 tender. CVCE currently has 96.6m shares in circulation, 52.7m of which are held in treasury. The merger of LondonMetric Property (LMP) and LXi REIT (LXI) has completed. A total […]
HydrogenOne Capital Growth notes that its portfolio company Sunfire GmbH has announced a successful equity funding round, part of a wider funding package totalling more than €500m. The investment adviser believes this is a significant financial milestone for Sunfire, with €215m raised in a Series E equity financing round, further complemented by a term loan […]
RIT Capital says that its NAV total return for the year ended 31 December 2023 was 3.2%. There was quite a big dispersion of returns by asset class within the portfolio. The trust’s quoted equities delivered strong performance, returning +18.1% for the year. Uncorrelated strategies produced solid returns, led by credit positions returning double digits. […]
Triple Point Energy Transition has published a circular convening a meeting to approve its managed wind down proposals. Approval will be sought from Shareholders for: the proposed change to the investment objective and investment policy to facilitate the managed wind-down of the company and orderly realisation of its assets; the conditional disposal by TENT Holdings […]
Apax Global Alpha says that its NAV return for the year ended 31 December 2023 was 4.1%. This is a long way behind the return on the MSCI World Index for the year of almost 20%. The chairman notes that deal activity in private equity was more muted during the first half of 2023, but […]
In QuotedData’s morning briefing 5 March 2024: The shareholder consultation exercise that GCP Asset Backed Income (GABI) was undertaking in connection with its strategic review is complete. Shareholders have expressed a broad range of views. Expect to see an announcement on the way forward in the week beginning 11 March 2024.That could include selling the […]
Bellevue Healthcare Trust (BBH) released its annual report for the 12 months ending 30 November 2023. Over the period BBH reported a negative NAV total return of -12.7%, and a negative share price total return of -12.7%. This compares to the -7.1% negative return of its benchmark, the MSCI World Healthcare Index total return. This […]
The board of Digital 9 Infrastructure (DGI9) has provided a progress update on the closing conditions required for the sale of the Verne Global group of companies, a transaction that is key to repaying DGI9’s revolving credit facility (RCF). The board notes that the RCF lenders have granted their approval to proceed with the completion […]
Hipgnosis Songs Fund (SONG) provided an update on its valuations. During the release of its interim results, the board stated that there were multiple data points and transactions within the market which were at material discounts to the implied fair value of SONG’s assets at that time. The board therefore sought advice on this matter […]
In QuotedData’s morning briefing 4 March 2024: Princess Private Equity Holding (PEY) announced its NAV performance for January, increasing 0.8% to €14.27 per share, equivalent to a total NAV of EUR 986.7m. Currency movements contributed 0.9%, while value creation added 0.2%. HgCapital Trust (HGT) has announced an investment in Induver and Clover, two leading independent […]
Super Tuesday is almost upon us, a pivotal moment in the political calendar of the United States, as it is the day in which the greatest number of US states hold their primary elections and caucuses. These votes will determine which candidates are put forward as presidential nominations from their respective parties and, given that […]
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, Matthew Read covered the week’s top stories: • HICL Infrastructure (1:10) • Renewables – Bluefield Solar Income (4:48), TRIG (9:46), Greencoat UK Wind (10:31) • Property – SEGRO (11:11), Hammerson (12:14) Andrew McHattie reflected […]
In the latest episode of the Scottish Mortgage Invest in Progress podcast, Lawrence Burns speaks to digital marketing company Brandtech’s CEO about how his company connects content, data and media to help global brands navigate the complexities of marketing in the digital age. Capital at risk. Listen to the podcast.
Murray International (MYI) has released its annual results for the 12 month period ending 31 December 2023. Over the 12 month period MYI reported a NAV total return of 8.6% and share price total return of 1.1%. This compares to the 15.7% return of its reference index, the FTSE All World Index. The largest contributors […]
Tritax Big Box REIT has said improving market conditions has reinforced its conviction for logistics development projects. In annual results for the period to 31 December 2023, the company said that easing inflation, continuing rental growth, and improving yields on cost make its development programme more attractive. It added that it will continue to sell […]
In QuotedData’s morning briefing 1 March 2024: UK Commercial Property REIT (UKCM) has sold its 67,000 sq ft office building in Temple Quay, Bristol, to Tri7, a value-add real estate investment and asset management firm. 2 Rivergate in Temple Quay, Bristol, has been sold for £14.5m, which is in line with the 31 December 2023 […]
Spanish retail REIT Lar España posted strong annual results, as a recovery in retail continues at pace. The company, which owns shopping centres and retail parks across Spain, reported total revenues of €95m in the year to 31 December 2023, an increase of 14% over the €83.6m in 2022. Recurring net profit, excluding the accounting […]
European Opportunities (EOT) has released its interim results for the half year ended 30 November 2023. Selected highlights as follows: EOT generated a NAV total return of 4.3% over the period and a share price total return of 7.7%. Both of these represent an outperformance relative to EOT’s benchmark, the MSCI Europe Index, which returned […]
Greencoat UK Wind (UKW) has released its results for its financial year ending 31 December 2023. UKW’s NAV fell slightly from £3.9bn to £3.8bn, equal to a fall from 167.1p to 164.1p on a per share basis. UKW’s share price also fell over the period, from 152p to 151.5p, finishing the year with a market […]
Riverstone Energy (RSE) has released its annual results for the 12 month period ending 31 December 2023. Over the 12 month period RSE reported a NAV return of 9.9%, with a total NAV of £529m, equal to a NAV per share of £12.53. It also reported a share price return of 18.1%. 8.7m shares were […]
In QuotedData’s morning briefing 29 February 2024: NextEnergy Solar Fund (NESF) has provided a quarterly NAV and operational update for the three months ending 31 December 2023. As of the year end, its NAV per share was 107.7p, equal to a total NAV of £636.4m. This represented a fall in NAV over the three months, […]
Shaftesbury Capital has reported solid results for the year to 31 December 2023, as leasing activity picked up and valuations declines were muted. The company transacted 526 leasing deals, representing £37.0m of rent, 10.0% ahead of estimated rental value (ERV). Annualised gross income increased 10.4% on a like-for-like basis to £192.8m. The portfolio ERV grew 6.9% […]
Retail property landlord Hammerson reported a record year of leasing, which contributed to an 11% uplift in adjusted earnings in annual results to 31 December 2023. The group completed 306 lettings, which generated £46m of headline rent up 23% on a like-for-like basis. Permanent deals signed were 37% above the previous passing rent and 12% above […]
Although spot power prices have softened recently and despite irradiation levels some 13% below those experienced in the second half of the prior year, Bluefield Solar Income Fund’s (BSIF’s) interim results for the six months to 31 December 2023 are strong with BSIF benefiting from its adviser’s strategy of fixing prices up to 36 months […]
