North American Income Trust
The port in the storm America may still be in better economic health than its developed peers, yet Fran Radano, the manager of North American Income Trust (NAIT), says that it is not all plain sailing for US equity investors. He believes that cracks are starting to show, but the market is yet to reflect […]
North American Income Trust
The port in the storm America may still be in better economic health than its developed peers, yet Fran Radano, the manager of North American Income Trust (NAIT), says that it is not all plain sailing for US equity investors. He believes that cracks are starting to show, but the market is yet to reflect […]
North American Income Trust
The port in the storm test quote block America may still be in better economic health than its developed peers, yet Fran Radano, the manager of North American Income Trust (NAIT), says that it is not all plain sailing for US equity investors. He believes that cracks are starting to show, but the market is […]
Alliance Trust
Coming into its own Thanks in no small part to Alliance Trust’s (ATST) diversified blend of actively managed strategies, the trust’s performance has been ahead of global equity markets over multiple time frames. ATST has been able to capture benefits of the major sentiment shifts behind the differing segments of global equities over the last […]
Vietnam Holding Limited
Bringing you redemption Vietnam Holding (VNH) has provided both a peer group and benchmark beating performance (it is the top-performing Vietnamese fund in NAV terms over one, three and five years – see pages 18 to 20) and, with the support of Vietnam’s long-term structural growth drivers, its manager continues to see very strong growth […]
Alliance Trust
Coming into its own Thanks in no small part to Alliance Trust’s (ATST) diversified blend of actively managed strategies, the trust’s performance has been ahead of global equity markets over multiple time frames. ATST has been able to capture benefits of the major sentiment shifts behind the differing segments of global equities over the last […]
Alliance Trust
Coming into its own Thanks in no small part to Alliance Trust’s (ATST) diversified blend of actively managed strategies, the trust’s performance has been ahead of global equity markets over multiple time frames. ATST has been able to capture benefits of the major sentiment shifts behind the differing segments of global equities over the last […]
Economic and political roundup
Despite further geopolitical uncertainty, US growth appeared undeterred, and the inflation rate continued on its downward trend, strengthening the likelihood of a soft landing. However, the inflation rate was higher than had been expected and the US central bank (the Federal Reserve or Fed) may delay interest rate cuts as a result; that unnerved markets. […]
North American Income Trust
Share price and discount Time period 31/10/2018 to 26/11/2023 Source: Morningstar, Marten & Co Performance over five years Time period 31/10/2018 to 31/10/2023 Source: Morningstar, Marten & Co The port in the storm America may still be in better economic health than its developed peers, yet Fran Radano, the manager of North American Income Trust […]
Apax Global Alpha posts strong returns for 2020
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 […]
QD view – More REIT M&A to come?
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, […]
QD view – the rewards of truly patient capital
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 – […]
RDI REIT subject of £467.9m takeover approach
RDI REIT has announced an agreement on the terms of a £467.9m cash offer for the company by Starwood. Starwood already owns 29.59% of the company and has made an offer of 121.35p for the remaining shares. This price presents a premium of 33.1% to last night’s closing price of 91.2p and a 38.2% premium […]
A mixed year for Tetragon Financial
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 […]
Polar Capital Global Financials Trust – The tide has turned
The tide has turned Having played a supporting role in the initial phase of the stock market recovery – breaking historical precedent in the process – the share prices of financial stocks, and banks in particular, have come back sharply since November. Demand for its shares meant that Polar Capital Global Financials Trust’s (PCFT’s) premium […]
QuotedData’s morning briefing 24 February 2021
In QuotedData’s morning briefing 24 February 2021 – Vietnam Enterprise Investments (VEIL) announced yesterday that with effect from 1 July 2021, the management fee will be amended to 1.85% per annum of NAV for the first US$1.2bn of the company’s NAV, reducing to 1.65% per annum for NAV between US$1.2bn and US$1.5bn and further reducing […]
Aberdeen Emerging Markets benefits from strong fund selection
Aberdeen Emerging Markets (AEMC) has announced its annual results for the year ended 31 October 2020, during which fund selection contributed strongly to the outperformance during the year, allowing AEMC to provide NAV and share price total returns of 8.9% and 12.2% respectively. The chairman, Mark Hadsley-Chaplin, says that there were notable contributions from certain […]
QuotedData’s weekly news show 12 February 2021
QuotedData’s weekly news show 12 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: Immunocore upsized IPO (RTW Ventures – RTW – and Schroder UK Public Private – SUPP) Greencoat UK Wind […]
QD view – From infectious enthusiasm to IPO fever?
Back in December, we published a note on BlackRock Throgmorton, which we called “Infectious enthusiasm”. In it, we tried to bring out the excitement that its manager, Dan Whitestone, had about the future of the companies in his portfolio, and by implication the future of the trust. Over the two months since, the trust’s share […]
Apax Global Alpha – Apax X acquiring majority stake in Herjavec Group
Apax Global Alpha (AGA) has announced that, on 11 February 2021, the Apax X Fund, in which AGA is a limited partner, announced that it has entered into a definitive agreement to acquire a majority stake of Herjavec Group (HG), a global Managed Security Services Provider (MSSP) and cyber operations leader. The transaction is expected […]
QuotedData’s Round the World Webinar series – Americas day playback
On 10th February 2021, QuotedData hosted the second of four Round the World webinars. This webinar was focused on the Americas and included presentations and Q&As from 4 investment companies’ managers, covering markets across North and South America. We would like to thank all of our speakers and attendees for joining us. Click on the links […]
QuotedData’s Economic Roundup – February 2021
Economic and Political Monthly Roundup Kindly sponsored by Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
QuotedData’s Investment Companies Roundup – February 2021
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Performance January’s median total share price return from investment companies was (0.2%) (the average was 0.6%), which compares with 4.4% in December 2020. The continued allure of the private companies accessible via the growth capital sector was evident as the year began for […]
QuotedData’s weekly news show 5 February 2021
QuotedData’s weekly news show 5 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: IPO boom – Next Energy Renewables, Digital 9 Infrastructure and Great Point Entertainment Round Hill Music update He […]
EPE Special Opps updates on profitable year
EPE Special Opps updates on profitable year – EPE Special Opportunities has taken the unusual step of making a trading statement on its performance for the year ended 31 January 2021. Audited accounts covering the same period will be published, probably in a couple of months. [The trust might be keen to explain its run of […]
Strategic Equity Capital – Back to its roots
Back to its roots Since May 2020, Strategic Equity Capital (SEC) has been managed by the public equity team at Gresham House Asset Management. The head of that team, Ken Wotton, became lead-manager of the trust in September, working alongside Adam Khanbhai. The chair of SEC’s investment committee is now Tony Dalwood, SEC’s lead manager […]
QuotedData’s weekly news show 29 January 2021
QuotedData’s weekly news show 29 January 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: Standard Life Private Equity Update Riverstone Energy Transformation IPOs – VH Global Sustainable Energy Opportunities and Cordiant Digital […]
James Carthew’s investment trust weekly news round-up show – Alan Gauld from Standard Life Private Equity Trust
James Carthew’s weekly news roundup show – Every Friday at 11am Join our weekly webinar where we discuss the key stories and events in the investment companies sector over the last week and where you have the chance to ask questions. This week James will be joined by Alan Gauld from Standard Life Private Equity […]
Another impressive set of results from Standard Life Private Equity
Another impressive set of results from Standard Life Private Equity – Standard Life Private Equity (SLPE) has announced results for the year ended 30 September 2020. Over the period the trust produced an NAV total return of 11.7%. This compares to a return of -16.6% from the All-Share Index. The total shareholder return was -4.6%. [Here is […]
Standard Life Private Equity AGM 2021
Standard Life Private Equity AGM 2021 – Given the likelihood that some measure of restriction on public gatherings and maintaining social distancing may remain in place in March 2021, the AGM will follow the minimum legal requirements. It is unlikely that shareholders will be able to attend the AGM but the Board will keep the restrictions […]