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Investing in assets to be leased

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RTW Biotech makes 16.5% half-year return as surge in listed drug developers outweighs write-down of Ensoma

An 86% write-down in the valuation of drug developer Ensoma cast a shadow on an otherwise bright set of half-year results from RTW Biotech Opportunities (RTW). RTW said Ensoma, a Boston-based rare disease specialist, was the biggest detractor to its performance in the first half of the year. The reduction of what had been a […]

Morning briefing: CQS Natural Resources changes name as managers Watson and Crayfourd return to work at Tufton; Greencoat Renewables says interest in Drogheda datacentre “exceeded expectations”; Finsbury Growth buys into Spirax and TP ICAP; SREI, LMP and PCTN

CQS Natural Resources Growth and Income has changed its name to City Natural Resources Growth and Income (CYN) as Keith Watson and Robert Crayfourd resume management of the £169m investment trust after their move from CQS Manulife to Tufton Investment Management. Chair Christopher Casey welcomed back the managers who have run the portfolio for 13 […]

Public access to private businesses

After SpaceX exploded onto the public markets earlier this year, it paved the way for other blockbuster IPOs. Anthropic looks likely to be next, coming to market with a valuation of over $1 trillion. Stripe, Databricks, OpenAI and others are all waiting in the wings. For the investment trusts that have backed them, it is […]

Fidelity Emerging Markets Strategy Update

Fidelity remains positive on emerging markets, with opportunities across technology, financials, commodities and infrastructure. The strategy focuses on selecting individual companies rather than making big country bets, while also using tools such as shorting to take advantage of weaker businesses. Overall, Fidelity believes emerging markets continue to offer attractive long-term growth opportunities. Below Chris Tennant […]

Schroders brings Europe and Japan active ETFs to London at 0.25%

Schroders has listed two actively managed equity ETFs in London, offering investors exposure to European and Japanese companies with annual charges of 0.25%. The Schroder Europe Equity Active UCITS ETF and Schroder Japan Equity Active UCITS ETF began trading on the London Stock Exchange on 9 September, following their initial listings on Xetra on 2 […]

Saba responds to Gore Street over failed German asset sale

Saba Capital has responded to Gore Street Energy Storage Fund (GSF) after its board blamed uncertainty created by the activist investor’s proposals for disrupting the sale of its German battery storage asset. Yesterday, GSF revealed that the preferred bidder for its 22MW Cremzow asset had sought to reduce its offer when negotiations were at an […]

Supermarket Income completes deployment of £100m equity raise

Supermarket Income REIT (SUPR) has completed the deployment of the proceeds from its £100m July equity raise after acquiring six grocery properties for £104m. The acquisitions, combined with the £118m purchase of three supermarkets announced in July, take SUPR’s recent investment to £222m. The nine properties have been acquired at an average net initial yield […]

BlackRock Income and Growth puts future up for review

BlackRock Income and Growth (BRIG) has launched a strategic review and invited proposals for the future of the company, as its board looks to address the trust’s small size, limited liquidity and operating costs. The board said that, following consultation with manager BlackRock, it is seeking a “more sustainable and competitive future strategy” that will […]

Lindsell Train launches 20% tender offer to tackle discount

Lindsell Train Investment Trust (LTI) has launched a tender offer for up to 20% of its shares at a 5% discount to NAV, as its board seeks to address the trust’s persistent share price discount to NAV following a prolonged period of underperformance. The tender will allow eligible shareholders to sell up to 20% of […]

Morning briefing: RTW backs $275m Encoded financing; Ruffer revises management fee; INPP’s Coxon resigns

RTW Biotech Opportunities (RTW) has invested a further $4.1m in private portfolio company Encoded Therapeutics as part of a $275m Series F financing. The proceeds will be used to advance Encoded’s lead gene therapy, ETX101, through pivotal and expansion studies in Dravet syndrome, as well as scale up manufacturing and progress its wider neurology pipeline. […]

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