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 in December was of SDCL Energy Efficient Income, a fund designed to benefit from financing schemes aimed at improving energy efficiency such as LED lighting. Primary Healthcare Properties issued shares to satisfy conversions of its 2019 4.25% guaranteed convertible bonds. GCP Asset Backed Income issued £13m shares in a placing. Otherwise, funds issued shares to match day-today demand. Smithson and Finsbury Growth & Income lead this group but Manchester & London, Personal Assets, City of London, EJF Investments, Capital Gearing and Scottish Mortgage all issued at least £5m worth.
In December we said goodbye to Global Fixed Income Realisation, Northern Investors and Juridica. The funds listed in the table all regularly repurchase shares.
We also recently published our update note on BlackRock Throgmorton Trust. This highlights the added value that its manager has been able to extract by exploiting its ability to sell companies short. This a key point of difference between this trust and competing funds.
QuotedData’s investment companies roundup – January 2019