QuotedData investment companies roundup – January 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 December 2017. Kindly sponsored by Baillie Gifford.
Winners and losers in December
Infrastructure India’s share price rose after it reiterated that it was in advanced talks about refinancing its debt. Phoenix Spree Deutschland sold €73m worth of properties. LXB Retail Properties sold two properties in Stafford. Aberdeen Private Equity said it would sell its entire portfolio. Taliesin Property said it had received a cash bid for the company. Duke Royalty issued new shares at a large premium to NAV, boosting the NAV per share for existing shareholders. Many of the other best NAV performances come from funds exposed to the mining and resources sector, funds such as BlackRock World Mining, City Natural Resources and Baker Steel Resources but, for the most part, this was not reflected in the fund’s share prices. The sector had a good run on the back of soaring commodity prices. The Qatari stock market was strong, benefitting Gulf Investment Fund, as investors anticipated further infrastructure investment and a relaxation of property ownership laws. The Vietnamese market continues to attract attention from foreign investors, providing a strong finish to 2017 for VinaCapital Vietnam Opportunities.
Better Capital 2012’s share price dived after it released its interim results showing a negative 40% total return for the six months to the end of September 2017. EPE Special Opportunities was one of only a handful of funds to see a meaningful dip in its NAV in December as, key holding, Luceco, issued a profit warning. Masawara will delist now that the largest shareholder has over 90% of the company. British & American’s investment in Geron continues to see-saw in value. Geiger Counter bucked the trend in the resources sector and gave up the gains it made in November. Schroder European Real Estate’s results were OK but its share price fell, possibly on the back of last month’s manager change.