Alternative Investments

QuotedData’s morning briefing 26 November 2021

In QuotedData’s morning briefing 26 November 2021:

  • Baillie Gifford UK (BGUK) has published its interim results for the six months ended 31 October 2021. During the [period, BGUK provided an NAV total return of 2.8% and a share ;price total return of 5.6%. It says that, in comparison, the All-Share provided a total return of 5.4%. The main detractors from performance were Boohoo.com, Renishaw (the founders were unable to find a buyer who shared their long term vision for the company) and Lancashire Holdings (the insurer announced higher than expected storm losses). Not owning the major oil stocks in the period was the other notable detractor. In terms of positives, an agreed bid for Ultra Electronics resulted in a large surge in its share price, while encouraging operational updates meant strong share price performance from St. James’s Place, Ashtead and Volution. Some key highlights are as follows:
    • Four new positions were initiated in the period: the pharma-tech company Exscientia; the online wine retailer Naked Wine; the DNA sequencing developer Oxford Nanopore Technologies; and the online money transfer platform Wise. There were three complete sales in the period: the marine and energy equipment and services provider James Fisher & Sons; the defence business Ultra Electronics; and Jackson Financial following its spin-out from Prudential.
    • The net revenue return per share was 2.28p compared to 1.22p in the corresponding period last year. As highlighted previously, no interim dividend will be declared as all dividends are paid as a single final dividend.
    • Over the period a total of 475,000 shares were re-issued from treasury at a premium to the NAV per share.
    • Despite the backdrop of the Covid-19 pandemic and its impacts, the portfolio managers remain satisfied with the operational performance of the underlying holdings and remain optimistic about the future prospects for the portfolio.
  • Chelverton UK Dividend Trust (SDV) has announced its half-yearly results for the six months ended 31 October 2021. During the period, SDV’s NAV fell from 227.1p per share at 30 April 2021 to 226.6p at 31 October 2021, a decrease of 0.2%, while its ordinary share price had decreased from 220.0p to 214.0p at 31 October 2021, a fall of 2.7%. In comparison, SDV says that the MSCI Small Cap Index decreased by 0.2%. SDV says that,  during the period, it increased its investment in 12 of its existing holdings (2021: 23), taking advantage of lower share prices and shares being available in Appreciate Group, Contour Global, Curtis Banks Group, Duke Royalty, Hansard Global, iEnergizer, McColls Retail Group, Orchard Funding Group, RTC Group, Sabre Insurance, Smiths News and Vector Capital. During the period, three new names were added to the portfolio (2021: 4) – Kitwave Group – an independent food wholesaler which joined the Alternative Investment Market during the period, Topps Tiles – the UK’s largest tile specialist, and financial markets intermediary TP ICAP. Funds were raised from the outright sale of three our holdings, DX Group, Shoe Zone and Strix (2021: 6). The following holdings were reduced as they grew to become larger weightings on lower yields: Braemar Shipping Services, Centaur Media, Clarke (T.), Devro, Flowtech Fluid Power, Redde Northgate, Theworks.co.uk, UP Global Sourcing Holdings and Vertu Motors.
  • Marwyn Value Investors (MVI) has announced the results of its 2021 realisation offer. MVI says that it has received elections for 360,482 ordinary shares, representing 0.65% of its issued share capital, to be re-designated as 2021 realisation shares. It is expected that the Re-designation will be completed, Admission will become effective and that, subject to Admission, dealings on the SFS for normal settlement in the Realisation Shares will commence at 8:00 a.m. on 30 November 2021. MVI says that none of its directors elected to re-designate any of his or her ordinary shares as 2021 realisation shares.

We also have annual results from Keystone Positive change; and Gresham House Strategic’s NAV overstatement.

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