Prices and Markets

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...

Empiric buys Southampton's Emily Davies Hall - Empiric Student Property has acquired the freehold of a 240 bed student accommodation property in Southampton, the Emily Davies Halls of Residence, for GBP10.6 million (excluding costs). The property comprises affordable student accommodation configured in three and four bed apartments with 65 commercially let car parking spaces. The property is fully occupied and leased by Southampton Solent University on a full repairing and insuring basis until September 2019 with the rent subject to...

QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup The oil price was up again over the month and this helped propel EF Realisation (whose largest asset is a US shale oil company) to the top of the tables. Fast Forward Innovations rose...

QuotedData’s economic round up – February 2018 is 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 sell any of the companies mentioned. Kindly sponsored by Martin Currie February Economic and Political Roundup Roundup The major factors at play over January were a weak...

RIT Capital Partners - Healthy absolute return with less risk - RIT Capital Partners (RIT) has established a strong track record over many decades. Over the last five years, its share price total return has almost doubled and it has returned to trading at a premium. RITs investment style emphasises long-term thinking and the avoidance of permanent capital losses. In recent years, RIT has allocated capital away from equities towards uncorrelated strategies (ones whose price movements are not aligned with...

Hansteen sell IMPT portfolio to Warehouse REIT - Hansteen has agreed to dispose of the Industrial Multi Property Trust (IMPT) portfolio for GBP116 million to an entity owned by Warehouse REIT. Hansteen acquired the portfolio through its successful offer for IMPT which was declared wholly unconditional on 25 April 2017. The portfolio consists of 51 UK multi-let properties offering c.500 leasable units with a total floor area of approximately 1.65 million sq ft and a passing rent roll of GBP8.0 million per...