Investment Companies News
Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).
Investment companies are companies set up to make investments on behalf of their shareholders (also called closed-end funds and, in specific circumstances, investment trusts).
Greencoat Renewables (GRP) reported final results for the year to 31 December 2020, with key highlights from the year including the following: 2020 Generation increased by 22% to 1,404GWh, 3 per cent below budget. (2019: 1,154GWh) 2020 Net cash generation increased by 36% to €66.4 million (2019: €48.7million) Dividend cover for 2020 of 1.7x Increased the portfolio […]
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An update note on Standard Life Investments Property Income Trust (SLI). The group is future-proofing its portfolio fit for a post-pandemic world and has put ESG at the heart of its decision-making process. An update note on Grit Real Estate (GR1T). The pan-African real estate investor’s diverse portfolio has proved resilient during COVID-19, […]
Premier Miton Global Renewables (PMGR), formerly Premier Global Infrastructure, announced annual results covering the period to 31 December 2020. The total assets total return, measuring the return on the portfolio including all income and costs, (including the costs associated with the ZDP refinancing of £0.41 million), was 16.5%. PMGR said that this performance was well ahead of […]
JLEN Environmental Assets (JLEN) announced the acquisition of a 100% equity stake in Gigabox South Road (GSR). GSR holds the development rights to construct the West Gourdie project, a 50MW lithium-ion battery energy storage plant-based in Dundee. The acquisition will see JLEN invest up to £21.2m over the next 12-15 months. JLEN notes that the West Gourdie […]
In QuotedData’s morning briefing 3 March 2021 – Sequoia Economic Infrastructure Income (SEQI), the specialist investor in economic infrastructure debt, raised £110m in a placing. A total of 104,513,064 new ordinary shares will be issued at a price of 105.25 pence per share. Steve Cook, head of portfolio management at Sequoia Investment Management Company (SEQI’s manager), said: “We […]
Strategic Equity Capital pins its hopes on strategy shift – Strategic Equity Capital reports, on a total return basis, an 18.1% increase in its NAV and 19.3% increase in its share price over the second half of 2020. These numbers lag the 28.5% return posted by the FTSE Small Cap Index, the manager attributes this to […]
Sunny days for Bluefield – Bluefield Solar’s interim results for the six months ended 31 December continue on a positive note. Highlights are: Shareholders approved an expansion of the company’s remit to include investment outside of solar infrastructure assets, notably wind and energy storage. Shareholders also approved an update to the dividend policy. Bluefield completed […]
RIT Capital shrugs off effects of virus – RIT Capital Partners results for the year ended 31 December 2020 show an NAV total return of 16.4% for the year, which compares to 12.7% for the MSCI All Countries World Index and 4.2% for the company’s performance objective of inflation (as measured by the RPI) plus 3% […]
Apax Global Alpha’s results for the year ended 31 December 2020 show the company generating a return of 14.8% on NAV, as the NAV hit €2.45 (219p) at the year end and the company declared dividends totalling 10.15p for the year. The private equity portfolio generated a return of 25.4% in euros (the currency that […]
In QuotedData’s morning briefing 2 March 2021: Syncona (SYNC) notes that Achilles Therapeutics, a clinical-stage biopharmaceutical company developing precision T cell therapies to treat solid tumours, announced it has filed a registration statement in relation to a proposed IPO. Syncona owns 44% of Achilles which it values at £72.4m. RTW Venture Fund (RTW) participated in a Series […]
NextEnergy Solar (NESF) announced the acquisition of the UK based Camden solar photovoltaic portfolio comprising two projects totalling 100MWp for a total consideration of c.£64.3m. The portfolio has a 15-year power purchase agreement (PPA) in place covering c.75% of the electricity to be generated over the life of the PPA. The PPA counterparty is AB InBev, the world’s largest […]
City Merchants High Yield (CMHY) has announced that it has signed heads of terms with the board of Invesco Enhanced Income (IPE) in respect of a proposed merger with IPE It is proposed that the enlarged entity will be renamed Invesco Bond Income Plus, which based on the existing net assets of CMHY and IPE, […]
BB Healthcare (BBH) reported annual results to 30 November 2020. The share price total return was 22.5%, the NAV total return was 24.6%, and the MSCI World Healthcare index returned 10.3%. Geographically, BBH’s investments remain centred on the US market. BBH’s managers, Paul Major and Brett Darke, noted that healthcare very modestly underperformed the wider market over the financial […]
In QuotedData’s morning briefing 1 March 2021 – SDCL Energy Efficiency Income (SEIT) noted that further to its announcement on 24 December 2020, it has completed the acquisition of a series of portfolios of commercial and industrial on-site solar and energy storage projects in the United States, together with a 50% interest in the platform that has […]
RTW backs Artiva Biotherapeutics – RTW Venture Fund notes the announcement by Artiva Biotherapeutics of its completion of a $120m Series B financing round. RTW Venture Fund, alongside other of the investment manager’s vehicles, confirms that it participated in the financing round together with other investment firms. Roderick Wong, MD, managing partner and chief investment officer […]
QuotedData’s weekly news show 19 February 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Law Debenture’s results Troy Income & Growth change of manager BlackRock Frontier Markets shrinking Richard Williams also covered: […]
The listed property sector is ripe for merger and acquisition (M&A) activity with many real estate investment trusts (REITs) still trading at significant discounts to net asset value (NAV). Today we saw RDI REIT the subject of a £467.9m takeover bid by Starwood Capital at a price offering a huge premium to its share price, […]
One of this week’s highlights was Herald’s (HRI’s) annual results for the year ended 31 December 2020. The performance numbers are impressive, a 37% return on NAV and a 51% return for shareholders, helped by some discount narrowing. Herald also celebrated another milestone, you may remember that back in 2017, we published a note – […]
Mobius Investment Trust (MMIT) has announced its annual results for the year ended 30 November 2020 (its second year of operations), during which MMIT provided strong NAV and share price total returns of +16.3% and +24.7% respectively. The chairman, Maria Luisa Cicognani, says that Emerging markets were particularly hard hit by the risk-averse sentiment in […]
CC Japan Income & Growth (CCJI) has announced its annual results for the year ended 31 October 2020, which show that it was hurt by its focus on income. During the year, CCJI’s NAV total return fell by 11.1% in sterling terms, while the Tokyo Stock Exchange Price Index (Topix) was fractionally positive at +0.3%. […]
Law Debenture (LWDB) has announced its annual results for the year ended 31 December 2020 and, in the words of its chairman, Robert Hingley, “Law Debenture has delivered a good performance in 2020, demonstrating the advantages of its unique structure, which allows increased flexibility in portfolio construction”. To summarise its performance, while LWDB provided an […]
Tetragon Financial (TFG) has published its annual report for the year ended 31 December 2020, which shows it was a bit of mixed year for the company. During the year, it has provided NAV and share price total returns of 9.5% and -18.5% respectively. In comparison, TFG’s hurdle (LIBOR + 2.75%) returned 3.7%, the MSCI […]
In QuotedData’s morning briefing 26 February 2021: Pacific Horizon is asking shareholders for permission to issue more stock. It has issued a circular for a general meeting that is to be held on 22 March 2021 in which it will put forward three resolutions: to ask for the authority to allot up to 20 per […]
Greencoat UK Wind held back by falling premium – Greencoat UK Wind has announced final results for the year to 31 December 2020. While the NAV increased from 119.7p to 120.4p (+0.6%) during the year, the return to shareholders was -6.2% as the premium fell. This may reflect share issuance but falling power prices have also weighed on […]
Troy’s Francis Brooke secures promotion – Francis Brooke, who has managed the £3.3bn Trojan Income Fund since its launch in October 2004 and the £241m Troy Income & Growth Trust since 2009, will be relinquishing his fund management responsibilities on 31st December 2021 and taking up a new role as executive vice-chairman of Troy Asset Management […]
In QuotedData’s morning briefing 25 February 2021: Following its recent good news, KKV Secured Loan Fund will hand back 5p per share (£17.8m) to ordinary shareholders and 12p per share (£16.7m) to C shareholders. The ex date for these distributions will be 5 March 2021 and payment should arrive within the next couple of weeks after […]
Riverstone Energy (RSE)’s annual results period to end-December 2020 saw it deliver 36% and 38% decreases in NAV in USD and GBP terms. ‘Tightening in supply, as a result of higher demand and lower non-OPEC+ supply, has helped to support a higher commodity price environment’ RSE’s chairman Richard Hayden provided the following summary of the challenges faced […]
Greencoat UK Wind (UKW) has bought the remaining 50% interest in Braes of Doune wind farm from funds managed by the infrastructure team of the international business of Federated Hermes for a sum of £48.1m. UKW also agrees deal to buy 49.4% Kype Muir Extension wind farm for £51.4m Braes of Doune is located in Stirlingshire, Scotland and […]