QuotedData Morning Briefing April 22, 2022

From QuotedData’s morning briefing of April 22, 2022:

  • Asia Dragon (DGN) released its interim results for the six months ended February 28, 2022. During the period, DGN released an NAV full return of -7.7% in sterling, outperforming the decline of -8.1% in referencethe MSCI AC Asia Pacific (excluding Japan) Hint (also in terms of sterling-adjusted total return). Trust positioning in China was the main source of outperformance versus the benchmark over the period. The Chinese companies to which the Company is exposed have generally shown resilience despite a difficult operating environment. Among the main contributors was Kweichow Moutai, who benefited from the easing of concerns over price regulation for producers and distillers of Chinese spirit Baijiu, and the implementation of well-received market-driven initiatives. Chacha Food, one of the leading nut-based snack companies, performed well on the back of rising prices and strong shipments. DGN Chairman James Will says the walletDGN’s bias towards high-quality companies was rewarded by the strong performance of DGN’s largest holding, China Resources Land, during the period. Despite significant challenges in the real estate sector, China Resources Land recorded gains as investors turned to higher quality real estate companies.
  • SLF Realization Fund (SLFR – formerly KKV Secured Loan Fund and prior to that SQN Asset Finance Income) has announced that it is making a Capital return” data-explanation=”

    The capital return reflects the return generated by the move in the share price or net asset value excluding dividends or income.

    Performance is often quotes on a "Total Return" basis, where the dividend is included with the capital return.

    ” class=”glossary_term”>capital return
    from 1p per ordinary share Shareholdersi.e. £3.6 million based on the current number of outstanding shares, and 4 pence per share to C shareholders, or £5.6 million. Distributions will be made by way of an issue of redeemable B shares and D shares to existing Shareholders, pro rata to their participation in the Registration Date (May 10, 2022) and subsequent redemption of such shares. The principal repayment payment date is May 19, 2022.
  • BioPharma Credit (BPCR) announced the results of the secondary offering of the company’s shares which was previously announced on April 20, 2022. Pablo Legorreta, Founder and CEO of Royalty Pharma and Director and Co-Founder of Pharmakon Advisors, BPCR’s investment managerannounced that it had sold 55,000,000 BPCR ordinary actions at a price of US$0.97 per share. Placement shares represent approximately 4.0% of the shares issued by BPCR shares the capital. BPCR will not receive any proceeds from the Transaction.
  • Fidelity Asian Values ​​(FAS) announced its interim results for the six months ended January 31, 2022. During the period, FAS’ net asset value increased 2.2%, while its share price fell by 1.1%. In comparison, the benchmark FAS index (the MSCI All Countries Asia ex Japan Small Cap Index) fell 1.0% (all figures are in sterling). FAS uses gear on a net basis for the first time in seven years (to reflect the business opportunities available to the Company) and, as of January 31, 2022, FAS had a net debt ratio of -2.2%, which increased to 3.6% on April 18, 2022 The manager, Nitin Bajaj, specifies that, over the period, most detractors come from China, while most contributors come from India. He says this reflects more the state of the stock markets in these two countries than the performance of companies. However, he says he finds more opportunities in China where the market has declined for both structural (policy shifts) and cyclical (economic cycle downturn) reasons. The notable exception to the above trend was China Overseas Land & Investment, a government-owned home builder in China. Nitin says it will be a big beneficiary of the turmoil in the private sector from homebuilders like Evergrande and the like.

We also have

previous story | next story

Comments are closed.