Civitas Social Housing – Regulatory action is positive
Civitas Social Housing - Regulatory action is positive

Civitas Social Housing – Regulatory action is positive Civitas Social Housing (CSH) has met its dividend targets, grown its NAV and invested over £674m into 557 properties (housing almost 3,750 tenants) since its launch in November 2016. It has now merged its C share and ordinary share portfolios and is focused on making best use […]

Herald Investment Trust – Shifting sentiment
HRI : Herald Investment Trust - Investing in the future Herald Investment Trust - Shifting sentiment

Herald Investment Trust – Shifting sentiment Herald Investment Trust (HRI) is approaching its 25th birthday. HRI’s manager, Katie Potts, has been at the helm since launch, delivering considerable outperformance of equity markets. She has seen significant swings in sentiment towards the technology sector over that time. Growth stocks and the technology sector fell out of […]

Bluefield Solar Income Fund – Walking on sunshine
Bluefield Solar Income Fund - Walking on sunshine

Bluefield Solar Income Fund – Walking on sunshine Faced with rising prices for secondary solar power projects, Bluefield Solar Income Fund (BSIF) has taken a strategic decision not to focus on growing its portfolio during the last couple of years. Instead, a focus on increasing operational efficiency, coupled with a 32.5% increase in the power price, has […]

QuotedData review of 2018 – Annual report investment companies
QuotedData review of 2018 - Annual report investment companies

QuotedData review of 2018 – Annual report investment companies 2018 – the return of volatility A trade war, Brexit, US interest rate rises, slowing Chinese growth, a US government shutdown, a dispute over Italy’s budget, the Skripal poisonings, numerous elections – there was plenty to worry about in 2018. A last-minute dive left the US […]

JPMorgan Russian Securities – Expert access to attractively valued market
JPMorgan Russian Securities JRS - Expert access to attractively valued market

JPMorgan Russian Securities – Expert access to attractively valued market Russia’s economy benefitted for much of 2018 from a recovery in the oil price and rising prices for a range of other commodities. A weaker rouble has offset the recent oil price fall. Oleg Biryulyov, longstanding manager of JPMorgan Russian Securities (JRS), has many years […]

Aberdeen Emerging Markets – A reversal of fortune
Aberdeen Emerging Markets - A reversal of fortune

Aberdeen Emerging Markets – A reversal of fortune In 2018, Aberdeen Emerging Markets (AEMC) gave up the gains it made in 2017; this left its shares trading on a 3.9% dividend yield (one of the highest in its peer group) and a wider discount to its net asset value, currently 15.0%. The shift was largely […]

QuotedData’s investment companies roundup – January 2019

QuotedData’s investment companies roundup – January 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2018. Kindly sponsored by Baillie Gifford. Extract from money raised and returned in December The only new issue […]

QuotedData’s economic roundup – January 2019

QuotedData’s economic roundup – January 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of […]

BlackRock Throgmorton Trust – Throg’s shorts shine
BlackRock Throgmorton Trust - Throg's shorts shine

BlackRock Throgmorton Trust – Throg’s shorts shine – With a decision on Brexit looming and US rates climbing, many investors appear to have adopted a more defensive stance. Dan Whitestone, manager of BlackRock Throgmorton Trust (THRG), has reduced the portfolio’s net exposure to markets to well below 100%, taking profits on some positions. Otherwise, Dan’s focus […]

QuotedData’s investment companies roundup – December 2018
CATCo expecting large losses after California Fires

QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]

QuotedData’s economic roundup – December 2018

QuotedData’s economic roundup – December 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]

Aberdeen Frontier Markets – Incentivised to perform
Aberdeen Frontier Markets - Incentivised to perform

Aberdeen Frontier Markets – Incentivised to perform is QuotedData’s latest update note on this frontier markets fund Mark Gordon-James, manager of Aberdeen Frontier Markets (AFMC), has made a material personal investment in the trust, and therefore has shared in the pain experienced by AFMC’s shareholders as the fund has underperformed a falling benchmark index. He […]

India Capital growth – Shakeout uncovers value
India Capital Growth - Shakeout uncovers value

India Capital growth – Shakeout uncovers value is QuotedData’s latest update note on this Indian small and mid-cap focused investment company. The Indian stock market slid in September, extending its run of losses in 2018, and has seesawed since. Higher oil prices fed through into inflation concerns; rising interest rates; a fall in the exchange […]

CQS New City High yield – Escalators do not go to the sky!
CQS New City High Yield - Escalators do not go to the sky!

CQS New City High yield – Escalators do not go to the sky! Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that although markets seem buoyant, investors should be warier than they are. He sums this up with a quote from his former boss, who cautioned him by saying “Escalators […]

QuotedData’s economic roundup – November 2018

QuotedData’s economic roundup – November 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any […]

QuotedData’s investment companies roundup – November 2018

QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone […]

Pacific Horizon – Pause for breath?
Pacific Horizon - Pause for breath?

Pacific Horizon – Pause for breath? After two years of strong performance, Pacific Horizon (PHI) has suffered a reversal of fortune over the last three months. Sentiment swung against both China and the technology sector (both significant portfolio weights for PHI), with savage share price falls in some areas. However, it is possible that this reversal of […]

Sareum Holdings – TYKing the boxes
Sareum Holdings - TYKing the boxes

Sareum Holdings – TYKing the boxes Sareum Holdings’ (Sareum’s) investment case centres on the development of a therapy for the treatment of solid tumours (SRA737, a Chk1 inhibitor – see page 6 for an explanation) and the potential licensing of internally-generated candidates for the treatment of autoimmune disease and cancer (TYK2/JAK1 inhibitors –see page 8). […]

IPO: The Global Sustainability Trust – “Creating a better world”
The Global Sustainability Trust - "Creating a better world"

IPO: The Global Sustainability Trust – “Creating a better world” – The Global Sustainability Trust Plc (GSTR) is a new investment trust that aims to access investments that are creating a better world. GSTR’s primary focus will be on unlisted/unquoted private market investments (see page 5). GSTR’s manager can draw on the resources of Aberdeen Standard […]

The North American Income Trust – Reasons to be cheerful
The North American Income Trust - Reasons to be cheerful

The North American Income Trust – Reasons to be cheerful Investors in the US may be preoccupied by a possible trade war with China and rising interest rates but the manager of North American Income Trust (NAIT) is relatively upbeat. He points out that the US economy is doing better than most other developed economies; […]

Shires Income – Sustainable high yield
Shires Income - Sustainable high yield 1

Shires Income – Sustainable high yield Within the universe of UK equity income investment trusts, Shires Income (SHRS) stands out from the herd. It sets out to offer investors a meaningfully higher dividend yield than UK equity markets and aims to make this sustainable by diversifying the fund’s sources of income. SHRS also makes use of the […]

Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018

Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018.  This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]

Ecofin Global Utilities and Infrastructure – Staying nimble
Ecofin Global Utilities and Infrastructure - Staying nimble

Ecofin Global Utilities and Infrastructure – Staying nimble Ecofin Global Utilities and Infrastructure Trust (EGL) is two years old. The period since its launch has been one in which utilities and infrastructure have faced significant headwinds from rising interest rates and investors’ focus on growth stocks. Despite this, it has thrived. EGL’s manager has been nimble, […]

QuotedData’s Economic round up – October 2018
QuotedData’s investment companies roundup – October 2018 1

QuotedData’s Economic round up – October 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]

QuotedData’s investment companies roundup – October 2018
QuotedData’s investment companies roundup – October 2018

QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of August 2018. Kindly sponsored by Baillie Gifford. Money raised and returned in September Trian Investors 1 is a new fund that will adopt […]

Aberdeen New Dawn – Market setback creates opportunities
Aberdeen New Dawn - Market setback creates opportunities

Aberdeen New Dawn – Market setback creates opportunities Aberdeen New Dawn (ABD) has been using recent falls in Asian markets to reduce its underweight exposure to China (Chinese stocks dominate ABD’s benchmark). The manager has become more comfortable with the Chinese market (see page 13) and has demonstrated its ability to pick stocks, delivering strong outperformance from […]

Henderson Diversified Income Trust – ‘Winter is coming’

Henderson Diversified Income Trust – ‘Winter is coming’ The managers of Henderson Diversified Income (HDIV) are increasingly cautious on markets. Co-manager, John Pattullo, went as far as to quote the famous “Winter is coming” line from ‘Game of Thrones’ in his latest blogpost. Not only are HDIV’s managers convinced that the upward phase of this […]

Seneca Global Income & Growth – Mind the (inflation) gap!
SIGT : Seneca Global Income & Growth - Mind the (inflation) gap!

Seneca Global Income & Growth – Mind the (inflation) gap! Seneca Global Income & Growth Trust’s (SIGT’s) manager, is gradually reducing the trust’s equity weighting over the next couple of years, in advance of a global recession it expects in 2020. Consistent with its view, the recent trend in developed economies has been one of falling […]

CEIBA Investments – Unique access to Cuba
CEIBA Investments - Unique access to Cuba 1

CEIBA Investments – Unique access to Cuba CEIBA Investments Limited (CBA) is an existing investment company focused on real estate investments in Cuba, with a pre-IPO NAV of $175m (approximately £135m). CBA is the pre-eminent foreign investor in Cuban property. Its directors believe there is a window of opportunity to invest in expanding its portfolio […]

QuotedData’s Economic round up – September 2018
QuotedData’s Economic round up – November 2018

QuotedData’s Economic round up – September 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]