A director of the Baillie Gifford investment trust, Scottish Mortgage, appears to have been removed from a board meeting on Thursday following a disagreement around the appointment of two new board members and risks surrounding the trust’s investments in unquoted assets worth almost £4bn, or 27% of the total portfolio. The FT has reported that […]
Blackstone Loan Financing Limited (BGLF / BGLP) announced the results of its shareholder consultation for the purpose of addressing potential policy amendments in light of the prevailing and persistent discount to net asset value at which the company’s shares trade. There were no significant changes resulting from the meeting, however, the board will propose a […]
Empiric Student Property has posted a 8.2% uplift in EPRA net tangible assets (NTA) in annual results to the end of 2022. The student accommodation specialist said EPRA NTA was 115.4p at the end of the year, up from 106.7p. This was in part due to a 7.3% like-for-like increase in the value of its […]
Downing Renewables and Infrastructure has announced an NAV as at 31 December 2022 and an update on operational performance. The NAV was 118.6p, up 0.8% on the NAV as at 30 September 2022 and after the payment of the dividend of 1.25p. The movement in NAV during the quarter was attributable to several factors: Portfolio […]
Home REIT’s board is considering candidates to become investment adviser of the company, as it continues to consider all options for its future. It said that discussions had commenced with a number of candidates to take over from Alvarium Home REIT Advisors Limited. The board is also considering selling some or all of its assets […]
AVI Japan Opportunity Trust has published results for the year ended 31 December 2022. Over the period the NAV total return was -4.3% and the share price return -4.5%, both a little behind the return on the MSCI Japan Small Cap Index (in sterling) which was -1.1%. The chairman notes that performance across the portfolio […]
The board of Ediston Property Investment Company (EPIC) has launched a strategic review into the future of the company that could result in it being merged with another REIT or sold. The company, like many other REITs, has been battling a persistent wide discount to net asset value (NAV), which has severely impacted its ability […]
Schroder Asian Total Return has published what it describes as a disappointing set of results for the year ended 31 December 2022. The NAV total return was -12.7%, underperforming its performance benchmark which fell by 7.1%. The share price total return was -17.4%, as the shares moved from trading at a premium to NAV at […]
In QuotedData’s morning briefing 16 March 2023: Highbridge Tactical Credit Fund (HTCF) recently received final distributions from Highbridge Multi Strategy Master Fund and Highbridge Tactical Credit Master Fund. There will now be a compulsory redemption of about 95% of the outstanding shares, made at the December 2022 NAV of £2.6368 per share. There will also […]
Following strong performances over recent years, 2022 saw a reversal of fortunes for the portfolio with the trust experiencing a fall in asset values and a negative investment return to shareholders. NAV dropped 15.3% while shares fell -7.3% after returning 19.8% the previous year, falling well behind the S&P Global Clean Energy Index return of […]
Foresight closed out an impressive year as NAV per share rose 16.9%. The shares also returned almost 17% and while the company doesn’t reference a benchmark, returns are well in excess of global market indices. While the headline numbers are strong, the company did benefit to a certain extent from timing as the calendar year […]
Witan Investment Trust announced its final results for the year ended 31 December 2022. While performance improved in the back half of the year, the company underperformed over the 12 month period, with the share price down -9.8% compared to a benchmark return of -6.2%. NAV fell 10.3% while the discount was 5.4%. Management acknowledged […]
Seraphim Space (SSIT) has commented on the recent events concerning Silicon Valley Bank (SVB). SSIT confirms that it does not bank with SVB, nor does its investment manager, Seraphim Space Manager LLP. However, eight of SSIT’s portfolio companies use SVB as their primary banking provider. SSIT says that it does not anticipate that the recent […]
The Board of abrdn Latin American Income Fund Limited has announced that proposals will be put forward for the company to be placed into summary winding up (the Jersey solvent liquidation process commenced by members’ special resolution), with the cash proceeds of the liquidation being returned to shareholders. While the board believes that the company’s […]
Volta Finance Limited announced its first interim dividend for the financial year commencing 1 August 2022. The quarterly interim dividend of €0.13 per share is payable on 27 April 2023 amounting to approximately €4.76m, equating approximately to an annualised 8% of net asset value. Aquila Energy Efficiency Trust PLC has announced the appointment of Stifel Nicolaus […]
While AVI Japan ( AJOT) fell in Feb, with NAV down 1.6% for the month, performance for the underlying companies was healthy with TSI Holdings the standout contributor (+20% share price gain adding 110bps to performance). T Hasegawa and NC Holdings detracted with a more difficult cost environment for both weighing on profits. It was […]
A number of funds made comments on the fallout from the collapse of Silicon Valley Bank and Signature – as far as we can tell, there is nothing earth-shattering here. HarbourVest may be worrst-affected. Although as the managers of Polar Capital Global Financials Trust suggest, this episode may not be quite over yet. NB Private […]
International Biotechnology Trust is in line for a big jump in its net asset value as its largest holding has been bid for. The trust owned 200,000 shares in Seagen Inc on 10 March, valued at $34.5m, making it the largest position in the trust, accounting for about 10.2% of the portfolio. On 13 March […]
Literacy Capital (BOOK) announced a transaction involving its portfolio company, Kernel Global, funded by Three Hills Capital Partners. Kernel is a recruitment group, comprised of two trading brands, that Literacy invested into in June 2018. On 31 December 2022, Kernel was Literacy’s fourth largest investment (equating to 7.6% of NAV). The transaction values Literacy’s stake […]
Weiss Korea has published a circular in connection with its latest realisation opportunity. When the company was launched in 2013, it committed to offer shareholders the opportunity to elect to realise all or a part of their shareholding on or prior to the fourth anniversary of its admission to AIM and every two years thereafter. […]
JPMorgan Claverhouse (JCH) announced results for the year ended 31 December 2022. The Company underperformed its benchmark, the FTSE All Share Index, declining by 4.6% on a NAV basis, and 5.1% in share price terms over the period, compared to a positive return of 0.3% for the benchmark. While management acknowledged the disappointing result, they […]
Supermarket Income REIT has exchanged contracts for the sale of its interest in a portfolio of Sainsbury’s let supermarkets to Sainsbury’s for a total of £430.9m. As previously announced, Sainsbury’s has acquired 21 of the 26 stores in the Sainsbury’s Reversion Portfolio (SRP), concluding the contractual unwind of the SRP Portfolio structure. The transaction is expected […]
Fidelity Emerging Markets (FEML) released half year results for the period ended 31 December 2022. The share price was down -2.9%, trailing the MSCI Emerging Markets Index which was -2.19%. NAV fell 3.2% while the discount was 12%. The company highlighted weakness in Chinese material companies amid property sector challenges as the primary cause for […]
HgCapital Trust (HGT) has reported its annual results for the year ending 31 December 2022. Over the 12 month period HGT reported a NAV total return of 5.4%, though it also reported a share price total return of -15.1%. £527m was invested alongside Hg, the managing firm, including seven new portfolio companies. £404m returned to […]
Allianz Technology Trust (ATT) has reported its annual results for the year ending 31 December 2022. 2022 was a difficult year for ATT, and the wider technology sector in general. AGT reported a NAV total return of -33.6%, and share price return of -40.4%. This compares to the -26.4% return of its benchmark, the Dow […]
In QuotedData’s morning briefing for 13 March 2023: Gresham House Energy Storage (GRID) has announced a trading update for its portfolio for the 2022 calendar year, in advance of its annual results, to be published in April. GRID reported 20% like-for-like growth in underlying portfolio EBITDA in 2022, with EBITDA in excess of £48mn. This […]
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: • Oakley Capital Investments (0:32) • Alliance Trust versus F&C (8:58) • Henderson Opportunities (13:04) This week’s interview was with Anthony Catachanas from VH Global […]
Despite its volatility, 2022 favoured global equity income trusts. In recent years, funds in the sector had struggled to keep pace with their global sector equivalents, which could participate in the punchy rise and rise of the (non-dividend paying) technology sector. Last year, many income trusts managed to ride the value wave, even though few […]
In QuotedData’s morning briefing 10 March 2023: Workspace Group (WKP) has sold the residential component of the Riverside mixed-use redevelopment in Wandsworth, London, for £53.95m, in line with its September 2022 valuation (£43.95m is payable immediately with the remaining £10m payable in March 2024). Workspace initially secured planning consent for 402 residential units and a […]
From the AGM results announcement for Henderson Opportunities: While the board is pleased to see the 75.82% support for the continuation of the company from the shareholders who voted, it acknowledges the proportion of the vote against resolution 11 (the continuation vote). The board also notes that only 26.56% of total voting rights were cast […]
