QuotedData’s morning briefing 3 August 2020

Fidelity Changes!

In QuotedData’s morning briefing 3 August 2020:

  • Fidelity Japan (FJV) reported interim results to 30 June 2020. The trust’s NAV increased by 2.3% in sterling terms, which FJV noted was ahead of its reference index which returned (0.8%) and the average of the peer group which returned 0.7%. Manager, Nicholas Price, notes that: “Japan continues to offer an attractive combination of cash-rich companies, low relative valuations and secular growth opportunities.”
  • Invesco Perpetual Select Trust’s four share classes reported annual results to 31 May 2020 (shown below). In what was another disappointing year, chairman, Graham Kitchen, noted: “It is extremely disappointing, both for the Board and for shareholders, to report on another year in which all three Portfolios based on risk assets underperformed their benchmarks. The Board is very aware that performance has been decidedly unsatisfactory over an extended period. Our Manager has taken steps to address the situation with some personnel changes and other initiatives and we will be closely monitoring the outcomes.”
    • UK equity share portfolio (IVPU): NAV return of (12.4%)
    • Global equity income share portfolio (IVPG): NAV return of (6.4%)
    • Balanced risk allocation share portfolio (IVPB): NAV return of (3.1%)
    • Managed liquidity share portfolio (IVPM): NAV return of +1.1%
  • Starwood European Real Estate Finance (SWEF) announced the appointment of Shelagh Mason with effect from 1 September 2020 and Charlotte Denton with effect from 1 January 2021 as non-executive directors.
  • Octopus Renewables (ORIT) announced that its unaudited NAV at 30 June 2020 amounted to £341.5m (97.6p per share). ORIT notes that despite the reduction in energy demand and drops in short and medium-term power prices due to the pandemic, the beneficial timing of its IPO and recent transactions has enabled the vast majority of the recent energy price falls to be incorporated into the prices paid for investments. On 31 July 2020, ORIT announced the acquisition of a 100% interest in a portfolio of subsidised operational solar PV assets in France for a cash consideration of €58.9m. The deal has now bee completed (click here to read our coverage on it from last week).
  • Standard Life Investment Property Income (SLI) said its NAV declined by (3.0%), on a total return basis, over the second quarter period to 30 June 2020. One letting was completed over the period, securing £110k per annum in rent to an existing tenant expanding their business, who also extended their original lease. As at close of business on 22 July 2020, SLI had received payments reflecting 60% of rents in advance billing for the period.

We also have news of another major tie-up by Hipgnosis Songs, bumper interim results from Allianz Technology, and HgCapital Trust‘s manager becoming the majority shareholder in a leading provider of analytics and intelligence to the pharma industry.

Leave a Reply

Your email address will not be published. Required fields are marked *