QuotedData investment companies roundup – July 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 May 2017. Kindly sponsored by Baillie Gifford.
Money raised in July
Newly launched in June were AEW UK Long Lease REIT and ScotGems which raised £80.5m and £50.3m respectively. It might be fair to say that both funds were hoping to be bigger. The AEW fund is focused on UK property, predominantly in alternative and specialist sectors, on long leases. ScotGems is a global, smaller companies fund with a reasonably focused portfolio of 20-30 stocks.
HICL Infrastructure raised £268m having targeted £205m. It says it needs the money to address its current investment pipeline. NewRiver REIT was looking for at least £200m and managed to rake in £225m. Funds managed by Woodford Investment Management and Invesco Limited contributed £106m of this. Amedeo Air Four Plus raised £140m to help fund the acquisition of three Airbus A350-900s which will be leased to Thai Airways. NextEnergy Solar has been on an acquisition spree. Its £126.5m placing cements its position as the largest of the dedicated solar power funds. CVC Credit Partners European Opportunities placed, from Treasury, £77.5m of its sterling shares and €13.9m of its euro shares. Scottish Mortgage issued a whopping £53.3m worth of shares in response to demand from investors. Likewise, BB Healthcare issued stock worth £15.2m, Personal Assets £12.9m, Baillie Gifford Japan £9.2m, Finsbury Growth & Income £7.8m, Fundsmith Emerging £7.3m, Redefine £6.5m, Mid Wynd £5.7m and City of London £5.4m.
Money returned in July
Threadneedle UK Select’s absorption by Henderson High Income went through at the end of the month, 58.3% of the shares were rolled over and 41.7% elected for cash. SVG Capital changed its name to Sole Realisation as it appointed a liquidator and delisted. Industrial Multi Property cancelled trading in its shares following the Hansteen bid. Vinaland held a tender for $40m worth of its shares. Alliance Trust bought back shares worth £24.3m as it strove to control its discount. River & Mercantile UK Micro Cap handed back £15m to shareholders after an extended run of good performance pushed it through its self-imposed £100m limit. NB Distressed Debt made a $16.5m capital distribution.
Other funds returning at least £5m included Mercantile, JPMorgan American, British Empire, JPMorgan Global Convertibles Income, Templeton Emerging Markets and Foreign & Colonial.
In the reconstruction of Aberforth Geared Income Trust, 45m ordinary shares elected for cash totalling £113.1m and 33.2m ZDPs elected for cash totalling £53.0m. Shares in the rollover vehicle started trading 3 July.
Last, but by no means least, following its reconstruction, Polar Capital Global Healthcare has gross assets of £288m.