Prices and Markets

Global Diversified Infrastructure - Does what it says on the tin! Global Diversified Infrastructure (GDIV) is a new investment trust from Gravis Capital Management. Other London-listed infrastructure funds have a strong bias towards UK-based infrastructure investments. GDIV will allow its shareholders to diversify their investment across a number of other countries and types of infrastructure asset. GDIV is targeting long-term and often inflation-linked returns of 8%-10% per annum. In its first year, GDIV is planning to pay a dividend of...

QuotedData is publishing a new Fidelity Closed-End Funds review. This covers funds in the Asia-Pacific ex-japan, Japanese Smaller Companies and UK All Companies sectors. Welcome to the fifth edition of QuotedData’s Fidelity Closed-End Funds Review – a regular publication looking at Fidelity and recent developments in three of its investment trusts – Fidelity Asian Values, Fidelity Japanese Values and Fidelity Special Values. In this issue: Fidelity Asian Values posted decent positive returns during 2017 but has continued to lag its peer group and...

John Laing Environmental Assets Group - Anaerobic diversification Unlike other listed renewable energy funds, John Laing Environmental Assets Group (JLEN) has exposure to waste and wastewater projects. A recent move into anaerobic digestion (see page 3) further differentiates it from its peer group and increases the diversification of its portfolio. The adviser likes this area as it is less exposed to the vagaries of power prices than other areas of the renewables market (a plus, given JLEN’s recent reduction in...

Hg Capital goes large - Hg Capital Trust has announced plans to invest in much larger deals than it has done to date. Hg Capital has announced results for the year ended 31 December 2017. It delivered a 21.5% return on NAV and a 19.5% return to shareholders over the period as the NAV rose to £19.32 but the share price failed to keep pace. The UK market returned 13.1% over this period. The dividend was maintained at 46p. £224m was raised from...

RIT Capital Partners (RCP) has announced its annual results for the year ended 31 December 2017. During the year, RCP saw growth in its net assets of £216m, taking its total net assets to an all-time high of £2.9bn and, during the course of the year, the company’s market capitalisation exceeded £3bn for the first time. RCP paid dividends totalling 32p during the year. Its board says that it intends to pay a total dividend of 33p per share in...

VinaCapital Vietnam invests in local poultry company - VinaCapital Vietnam Opportunity Fund has invested in Ba Huan JSC, Vietnam's leading producer of pasteurised eggs and poultry meat. The fund has invested USD32.5 million to acquire a significant minority stake in the company and may also invest a moderate amount of additional capital during the next twelve months as Ba Huan delivers on mutually agreed milestones. With more than a 30% share of the pasteurised egg market, Ba Huan is a well-known name to...

Ground Rents fund reinstates its double or inflation offer - On 21 December, the Government announced new measures in response to its leasehold market consultation. It proposed to introduce legislation to prohibit new-build leasehold houses and to set future residential ground rents to zero. It is also to consider introducing a ‘prescribed formula’ that would make it easier for leaseholders to buy their freehold. Ground Rents Income Fund's latest fact sheet says that  "Disappointingly, little further detail was provided on this...

Brunner – 46 years of dividend growth. Brunner has announced its final Results for the year ended 30 November 2017. Its NAV total return was 19.5%, which is ahead of its composite benchmark index’s return of 15.1%. In terms of specific drivers of performance, the extract from the annual report released this morning does not include any commentary on this or the investment manager’s review, so we are unable to comment on this here. However, the chairman, Carolan Dobson, says...

Blue Capital Alternative Income - Wind blown but still standing Blue Capital Alternative Income’s (BCAI’s) net asset value declined by 24.8% during 2017 (including dividends). BCAI’s manager says that the 2017 Atlantic hurricane season, which accounts for most of the fall, was perhaps a one in 33-year event and that BCAI’s losses are in line with its internal projections for such a scenario. BCAI now has less capital to deploy although, with insured losses estimated by Munich Re at $135bn...