In QuotedData’s morning briefing 14 September 2020::
- Martin Currie Global Portfolio (MNP) held up well over its interim results period to 30 June 2020, delivering a total NAV return of 8.4%. The result was well ahead of MNP’s benchmark, at 0.2%. MNP sits in the global sector, with healthcare and technology making up about half of the sector weighting. Geographically, the US accounts for over 40% of assets, followed several country allocations in the 5-10% of assets range, including Sweden, the UK, China, and France. Within stocks, Masimo, the pulse oximetry pioneer, performed particularly well over the period. MNP’s manager said that there has been an acceleration in the adoption of Masimp’s devices as a result of the pandemic. In addition, there have been calls for the healthcare system to expand ICU beds globally.
- NB Private Equity (NBPE) delivered a performance update this morning, noting that the year-to-date period to 31 August saw a strong recovery in valuations from the Q1 2020 NAV per share of $16.84. This was driven by a recovery in public market comparable companies used in valuations, while NBPE noted that the portfolio has generally shown resilience.
- Supermarket Income REIT (SUPR) has acquired a Tesco supermarket in Bracknell for £39.5m, reflecting a net initial yield of 5.7%. The asset is being acquired with an unexpired lease term of 10 years with annual, upward only, RPI-linked rent reviews (subject to a 4% cap and 0% floor). The acquisition will be financed via a £40m increase of the £100m revolving credit facility (RCF) provided by HSBC. The increase will be priced at a 1.75% margin over 3-month LIBOR.
We also have interim results from HgCapital Trust, Honeycomb, and a UK office portfolio acquisition by CLS Holdings.