Prices and Markets

Montanaro UK Smaller Companies sets out case for continuation after 43% long term underperformance - over the year to 31 March 2017, the NAV per share of Montanaro UK Smaller Companies (excluding current period revenue) rose by 11.3% to 621.6p in comparison with a gain of 15.4% by the Numis Smaller Companies Index. During the same period, the share price rose by 10.6% to 510.0p, reflecting a modest widening of the discount. The board is proposing a final dividend of 10.5p, an increase...

Seneca Global Income & Growth outperforms strongly Seneca Global Income & Growth Trust (SIGT) has announced its annual results for the year ended 30 April 2017. During the period, the trust provided an NAV total return of +19.6% and share price total return of +20.7%, both of which significantly outperformed its Libor+3% benchmark. The chairman’s statement also highlights that SIGT’s returns have been less volatile than the broader UK equity market. It says that its annualised volatility was 9.7% compared...

Templeton Emerging Markets shareholders make 48% in a year. Templeton Emerging Markets (TEMIT) generated a return of 47.8% on net asset value over the year to the end of March 2017. Shareholders did even better as the discount narrowed slightly leaving them with a return of 48.3%. By contrast, the MSCI Emerging Markets Index returned 35.2%. The dividend was maintained at 8.25p. The Board has reviewed TEMIT's allocation of expenses and has decided that, with effect from 1 April 2017,...

'Healthier tobacco' helps Securities Trust of Scotland outperform. Mark Whitehead, head of Martin Currie's newly resourced income team, was appointed as portfolio manager of Securities Trust of Scotland in May 2016. Since taking over, Mark has repositioned the portfolio with a greater focus on companies that exhibit growth and have a strong degree of security in their dividend payouts and some exposure to alternative asset classes and smaller cap stocks has been introduced. Over the year to the end of March 2017,...

QuotedData investment companies roundup – June 2017 - 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 April 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be invested in May. A number of Japanese funds show up in the table and most of these are focused on Japanese smaller companies. European small...

European REIT may be new vehicle for Quidnet. Quidnet said, in its most recent report and accounts, that its sale of the final property asset in the European REIT's portfolio, La Gaude, located in Nice, France should complete shortly.  The net sale proceeds to the company will be approximately EUR5.75 million, being 0.74 cents per share. Consistent with the realisation strategy in place since 2011, the Board intends to make a further cash distribution to shareholders. This will follow the Annual General Meeting of the...

LXi REIT buys Leeds care home for £8.4m. The Board of LXi REIT has announced that the company has exchanged contracts to acquire the Priory Care Home, Leeds for GBP8.4 million, reflecting a net initial yield of 6.3% (net of acquisition costs to the company). The Property is fully let to Priory Elderly Care Limited and guaranteed by its parent company, Priory Investments Holdings Limited ("the Priory Group"), a leading provider of mental health and elderly care services. The Priory...

QuotedData’s round up of views on the global economy – June 2017 - 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. June Economic and Political Roundup With the exception of the...

Land Securities NAV slips as markets pause for breath For the year ended 31 March 2017, Land Securities NAV slipped as it said that its markets are pausing for breath. The chairman says that “In the London office market, we expected the occupational balance to shift from demand to supply during the course of 2017. The Brexit vote brought that inflexion point forward“…”Over the next 12 months, we’re unlikely to see rental values grow in London unless we have more certainty...