July warrant and subscription shares We have updated the warrants and subscription share data for you with numbers from the morning of 1 August 2014. Hope this is useful. You may notice that one issue expired this month – JPMorgan Emerging Markets subscription shares were in the money (the conversion price was less than the price […]
140613 Warrants and subscription shares Following on from the sheet we published on Zeros the other day, here is a similar sheet covering Warrants and subscription share issues in the investment company sector with some basic valuation information. As with the ZDPs. we’ll aim to keep this updated once a month – but this data […]
140610 PEW initiation QD Attached is a sponsored research note on Premier Energy & Water. Almost two years ago the management team and the investment style of Premier Energy and Water (PEW) changed with greater emphasis placed on maximising the company’s total return. The record since PEW’s revamp in the summer of 2012 is impressive; the […]
140531 ZDP We thought readers of the website might find it useful if we started to include more information on the split capital trusts, warrants, subscription shares and convertibles available in the investment company sector. As a start, here is a sheet that looks at the data for Zero Dividend Preference Shares for May 2014. […]
Fidelity’s investment trust range Fidelity currently manage five investment trusts – Fidelity Asian Values : FAV, Fidelity China Special Situations : FCSS, Fidelity European Values : FEV, Fidelity Japanese Values : FJV and Fidelity Special Values : FSV – our report explains their objectives and investment strategies and looks at their recent performance. We also take a look at […]
The biggest event in the quoted fund sector last week was New River Retail : NRR’s raising of £85m of new money – £10m more than they were going for. Other notable issuers of stock were: Polar Capital Financials : PCFT which raised £2.4m Ruffer : RICA which raised £2.4m Finsbury Growth & Income : FGT which […]
JP Morgan American : JAM managed to raise the most money last week by issuing just over £6m worth of shares. Acorn Income did a trade whereby it issued and then immediately repurchased £9m worth or ordinary shares and zeros. The repurchased stock is being held in treasury. Doing a trade like this makes the […]
2013 was a year of mixed fortunes for the listed private equity sector. Some funds did exceptionally well but others, particularly those exposed to emerging markets saw falling NAVs and widening discounts. The recovery in 3i : III ‘s share price following the disclosure of Sherborne’s stake building in the fund pushed it close to the […]
In an article on the back of today’s FT John Authers draws attention to the excellent performance being generated by closed end funds versus their open-ended peers. We at QD think it is good to see the closed-end fund industry getting the recognition it deserves but unfortunately the article is also peppered with phrases such […]
Highly leveraged property funds feature prominently in the lists of both the best and worst performing funds of 2013 by share price Highest increases in share price Alpha UK Multi Property : AUMP +356% Treveria : TRV +200% Avanti Capital : AVA +114% Mirland Dvelopment Corp : MIR +106% Public Service Properties : PSPI +98% […]
A positive close to a vintage year ‘Its time the Fed moved away from ….an artificial world and allowed the economy to stand on its own. The process of getting back to more traditional definitions of ‘normal’ interest rates and economic activity will pose new challenges for investors, businesses, consumers and policy makers alike’. Financial […]
