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Marten & Co / Quoted Data Word Template QuotedData Monthly roundup | Investment companies October 2017 Winners and losers in September Best performing funds in price terms in September Worst performing funds in price terms in September (%) (%) Alternative Liquidity Fund +21.2 Qannas Investments -32.8 Syncona +15.3 British & American -22.2 Livermore Investments +13.0 CatCo Reinsurance Opportunities -15.6 Pantheon International Redeemable +9.7 Blue Capital Alternative Income -12.9 Dunedin Enterprise +9.2 Globalworth Real Estate -11.4 River & Mercantile UK Micro Cap +8.6 Reconstruction Capital II -11.2 Phoenix Spree Deutschland +8.1 Duke Royalty -10.4 Miton Global Opportunities +6.6 Empiric Student Property -10.0 Bluefield Solar Income +6.1 VietNam Holding -7.0 Baker Steel Resources +6.1 Polar Capital Global Healthcare -6.8 Source: Morningstar, Marten & Co Source: Morningstar, Marten & Co Best performing funds in NAV terms in September Worst performing funds in NAV in September (%) (%) Crystal Amber +5.2 Golden Prospect Precious Metals -9.6 Keystone +3.3 Aberdeen New India -7.8 Chelverton Small Companies Dividend +3.1 BlackRock World Mining -7.7 JPMorgan US Smaller Companies +2.7 Infrastructure India -7.6 Alpha Real Trust +2.6 Qatar Investment Fund -6.8 Jupiter US Smaller Companies +2.5 UIL -6.7 Invesco Perpetual Select UK Equity +2.5 Kubera Cross-Border -6.3 Schroder UK Mid Cap +2.3 JPMorgan Indian -5.9 Dunedin Smaller Companies +2.3 Premier Energy & Water -5.8 JPMorgan Global Convertibles Income +2.2 City Natural Resources -5.8 Source: Morningstar, Marten & Co Source: Morningstar, Marten & Co Alternative Liquidity Fund sold its stake in an Indonesian Qannas’ shares had a fairly extreme reaction to a small fall in resort. Syncona investment, NightstarX, listed on NASDAQ. its NAV. British & American’s premium moderated a little. Livermore’s discount narrowed as it released its interim CatCo Reinsurance Opportunities and Blue Capital results. Pantheon said it would combine its ordinary and Alternative Income have been making statements in relation redeemable share classes. This was good news for Miton to potential losses from the three recent major hurricanes. Global Opportunities which has a holding in the redeemable Debt restructuring costs hit Globalworth Real Estate. shares. Dunedin Enterprise said that its investment, Empiric Student Property’s share price fell after Numis Alpha FMC Topco, would float on AIM. UK mid and small highlighted its uncovered dividend and high expense ratio. cap stocks had a good month. River & Mercantile UK VietNam Holding’s share price fell. It had a major shake-up Micro Cap figured highly in share price terms but in its board during the month. The Indian market succumbed Keystone was the best performer in NAV terms. to profit taking. Infrastructure India’s auditors refused to give Phoenix Spree Deutschland announced a significant an opinion on its accounts. (22%) uplift to its NAV in September, backdated to 30 June. NB: this report has been prepared by Marten & Co and is for information purposes only. It is not intended to encourage the reader to deal in any of the securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the FCA. Marten & Co is not permitted to provide investment advice to individual investors QuotedData October 2017 Significant moves in discounts and premiums More expensive relative to NAV (notable changes) Cheaper relative to NAV (notable changes) % discount (-ve) or premium (+ve) % discount (-ve) or premium (+ve) (%) (%) (%) (%) Syncona +17.3 +36.0 British & American +117.4 +76.7 Phoenix Spree Deutschland -1.2 +11.9 Qannas Investments +10.5 -21.1 Livermore Investments -38.3 -27.3 Duke Royalty +30.3 +17.0 Pantheon International Redeemable -27.0 -16.9 CatCo Reinsurance Opportunities +1.1 -11.1 River & Mercantile UK Micro Cap -4.1 +4.3 Empiric Student Property +7.5 -3.3 Source: Morningstar, Marten & Co Source: Morningstar, Marten & Co Syncona’s shareholders are hoping for substantial uplifts in British & American’s premium remains high even after its NAV akin to that achieved on its NightstarX investment. October’s sharp fall in its share price. Qannas’ shares reacted Phoenix Spree Deutschland reported a big jump in its NAV. badly to a small fall in its NAV. Duke Royalty’s premium Livermore announced interim results that incorporated the decreased despite a rejig of its broking arrangements and uplift from its recent property disposal. Pantheon board, and a buy note from another broker. CatCo International is combining its ordinary and redeemable share Reinsurance Opportunities’ shares fell after it made classes. River & Mercantile UK Micro Cap continues to statements on the potential impact of recent hurricanes on perform well but has said that it will not issue additional its NAV. Empiric Student Property's shares were hit shares. by a negative research note from Numis. Baillie Gifford has been managing investments since 1909. Our success has been built on finding good investment opportunities for clients through extensive independent research. Our fundamental analysis and judgement over the years have helped us to become one of the UK’s largest independent investment management groups with over £166.6 billion of funds under management and advice as at 30 June 2017*. Baillie Gifford is one of the largest investment trust managers in the UK with a range of seven trusts. We also have an extensive range of OEIC sub-funds and manage investments globally for pension funds, institutions and charities. *Source Baillie Gifford & Co As with all stock market investments, your capital is at risk ADVERTISMENT Money raised and returned in September Money raised in September Money returned in September (£m) (£m) Warehouse REIT 150.0 NB Global Floating Rate 10.4* BB Healthcare 64.1 Scottish Investment Trust 8.8* Finsbury Growth & Income 11.9* NB Distressed Debt Extended Life 6.6* Worldwide Healthcare 11.3* British Empire 5.8* Personal Assets 9.3* JPMorgan American 4.7* Source: Morningstar, Marten & Co, *approximate value of shares at 30/09/17 Source: Morningstar, Marten & Co, * approximate value of shares at 30/09/17 Warehouse REIT was the only new issue in September. It There were no particularly significant returns of capital during raised £150m to invest in a portfolio of urban warehouses. BB September. VinaLand is in the process of returning $60m to Healthcare raised another £64m and plans to expand further its shareholders via a tender offer but the results of that will in the future. Utilico Emerging Markets expanded as be announced in October. Only four funds bought back more holders of 4m subscription shares exercised them. A number than £5m worth of stock and these funds feature regularly in of other funds continued to expand through regular share these tables. issuance. In addition to Finsbury Growth & Income, Worldwide Healthcare and Personal Assets, we saw at least £5m raised by Custodian REIT, City of London, Scottish Mortgage and European Assets. Monthly roundup Page | 02 QuotedData October 2017 September’s major news stories – from our website Portfolio developments Corporate news • Amedeo Air Four Plus bought a new plane for Thai • Blue Capital Alternative Income said it was looking at Airways ways of addressing its discount • Syncona said NightstarX had IPO’d and backed a • Jupiter Dividend & Growth shareholders have the fundraise for Autolus option of a rollover into Jupiter UK Growth • VinaLand sold its Vina Square project • Atlantis Japan Growth will scrap its subscription rights • Adamas Finance Asia is selling Global Pharm • Pantheon said it would combine its share classes • Global Fixed Income Realisation sold its Indonesian • Infrastructure India’s auditor refused to give an opinion asset on its accounts • CatCo Reinsurance Opportunities made a statement on Hurricane Harvey • SQN Asset Finance Income announced that Suniva had won its trade case • Global Resources wrote up the value of its Bougainville investment • Blue Capital Alternative Income made a statement on the recent hurricanes • Foresight Solar bought a solar farm in Australia Property news Managers and fees • Supermarket Income bought a Sainsbury’s superstore • Murray Income cut its fees • Ground Rents Income said it would offer alternatives to • Strategic Equity Capital‘s board said it was looking at doubling rents fee levels • Triple Point Social Housing made more investments • UK Mortgages cut its management fee • Civitas Social Housing made a number of investments and said it would raise more money • AEW UK Long Lease bought a Travelodge and a waterpark • Custodian REIT bought a warehouse in Plymouth and sold three properties • Tritax Big Box REIT bought a Royal Mail distribution facility • LXi REIT continued to expand its portfolio • MedicX’s plan to transition to a REIT was approved by shareholders • Standard Life Property Income sold Elstree Tower • Warehouse REIT bought four industrial estates from Hansteen • Safestore bought Stork self storage Hurricanes Harvey, Irma and Maria have been impacting • Pacific Industrial bought nine logistics assets CatCo Reinsurance Opportunities and Blue Capital Alternative Income Visit www.quoteddata.com for more on these and other stories plus in-depth research on some funds, the chance to compare similar funds and basic information, key documents and regulatory news announcements on every investment company quoted in London Monthly roundup Page | 03 QuotedData October
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