1. finance
2. investing
3. stocks

Monday, 13 October 2014
This Mornings News
Property
Picton Property Income (PCTN) Residential & Food Store Planning Success
PCTN has secured planning permission for the development of a retail and residential scheme at its six acre Westlea
Campus site, Chelmsford Road, Swindon.
PCTN exchanged contracts with Aldi earlier in the year to sell a 1.6 acre retail element of the site, subject to receipt of
planning permission, which has now been given.
The remaining 4.4 acre site will be brought forward for disposal in the coming months.
Investec Insights:
We favour PCTN over many of the property funds due to its successful strategy of disposing of non-income
producing assets, reducing voidage through asset management. The latest transaction is particularly strong as PCTN
have managed to gain planning approval in a relatively short period of time.
PCTN has a high dividend cover versus the peer group at 124%
PCTN has a market cap of £272.3m and total property value of £441.3m spread across 57 properties with average lot
size of £7.8m
The Group’s debt has a weighted average interest rate of 4.5%, of which 99% is fixed with a weighted average debt
maturity profile of approximately 13.1 years. As at 30 June 2014, net gearing, calculated as total debt, including ZDPs,
less cash, as a proportion of gross property value, was 40.2% (31 March 2014: 47.7%).
PCTN 5 YR Performance
Source: Bloomberg
Access fund detail here
Green Infrastructure
Foresight Solar Fund (FSFL) NAV and Initial Placing and Offer Price
Heads of Product
Sales
Sales Trading
Market Making
Corporate
Jamie Lowe
Charles Stagg
Carl Goossens
Peter Brown
David Anderson
+44 (0) 20 7597 5015
+44 (0) 20 7597 5042
+44 (0) 20 7597 5787
+44 (0) 20 7597 5063
+44 (0) 20 7597 5097
[email protected]
[email protected]
[email protected] [email protected]
[email protected]
Fin Bodman
Edward Malone
Research John Davey
+44 (0) 20 7597 5247
+44 (0) 20 7597 5098
+44 (0) 20 7597 5364
[email protected]
[email protected] [email protected]
Readers in all geographies please refer to important disclosures and disclaimers starting on page 9
NAV: At the 30 September the NAV/share was 101.69p/share (30 June: 103.62p)
Dividend: The NAV at 30 September 2014 excludes the interim dividend payable of 3p per share, for which the
payment date was 30 September 2014. The change in NAV includes the positive impact of the completed acquisition of
the Hunter’s Race asset effective as at 30 September 2014.
Placing Program: On 25 September FSFL stated they would pursue a placing programme. The Initial Placing and Offer
Price is equal to the NAV per Share as at 30 September 2014 plus a premium of 2%: 103.9p/share.
Access fund detail here
Alternative Finance
GLI Finance (GLIF) Dividend Declaration and Partnership with UK Bond Network
Dividend: The board have declared a third interim dividend for 2014 covering the period from 1 July to 30 September
2014. It will be 1.25p/share and paid on the 18 December to those on the register at 31 October 2014.
New Investment: GLIF has agreed to invest £1m in UK Bond Network , the UK’s first peer to-peer bond platform, in
return for a 16.6% equity stake.
UK Bond Network gives listed and unlisted businesses the opportunity to create a bespoke financing structure with
terms that suit them, in the form of loans or bonds from £500,000 to £4m.
The platform is said to bridge the gap in the market between the small alternative finance providers (private debt funds)
and the retail bond market, which is typically not a viable option for businesses seeking less than £20m.
Investec Insights
UK Bond Network gives businesses the opportunity to create a bespoke finance structure on terms that suit them,
before offering it directly to a pool of experienced investors via 7-14 day auction. Funding is provided to publicly quoted
as well as private companies.
Investors in the bonds of UK Bond Network can participate from a minimum of £5,000 upwards per auction, and have
access to a suite of offer documents for each issue. Investors are able to select the bonds they want to invest in.
Earlier this year GLIF disposed of its major structured credit holding, which was previously its main source of income.
We think that whilst the underlying businesses of GLIF appear interesting, many are as yet unproven.
Much of GLIF’s income is generated through the CLO portfolio that was recently spun off to form Fair Oaks (FAIR)
Property
F&C Commercial Property (FCPT) End September NAV
NAV as of 30 September: 119p/share, a rise of +3.4% since end-June. Ungeared property valuation increase: +3.1%
(+4.4% inc. gearing).
Investec Insights
We like FCPT as a ‘core’ vehicle to gain property exposure. It has over 40% of the portfolio invested in London
assets and a strong balance sheet: the company is only 18.7% geared. FPCT also has a low reliance on bank debt with
much of its debt drawn in secured bonds due 2017.
More recently, FCPT has capitalised on strong overseas demand for C. London assets.
Letting voids remain the major area of concern for us at 6.5% they stand higher than their 5 year average of c.4%
Sector exposure: Offices 37.4%, Retail 27.0%, Retail Warehouse 19.0%, Industrial 13.9%.
Geographical breakdown: London west end 34.9%, South East 25.9%, Scotland 14.4%, Midlands 12.0%, North West
10.0%
FCPT has a market cap of £1.003bn and trades at an 8.8% premium to NAV.
Access fund detail here
Specialist Debt
Fair Oaks Income Fund (FAIR) End September NAV
NAV: At 30 September stood at $1.0171p/share, a rise of +1.31% over the month.
Acquisition: FAIR has committed to acquire, in the primary market, a minimum of $20m notional of equity notes,
representing a majority of the total equity of a new CLO backed by a portfolio of US broadly syndicated, secured loans.
After this acquisition, 89% of the proceeds of the net IPO proceeds will have been committed.
Page 2 | Monday, October 13, 2014 |
Access fund detail here
Daily Article
Putting Gold into Perspective
To begin with, we have to be very careful with past performance. It’s nice to have a historical record of how certain
asset classes have performed in the past, but it’s always dangerous to assume that the future will necessarily look like
the past. I often gripe about how stock permabulls use a historical record to justify their views. I think this is naive to
some degree so we should apply the same thinking here. That said, we do have some evidence to work with and it
would be equally naive to totally ignore past performance so let’s actually put these historical figures in some
perspective.
The price of gold was fixed before 1971 so we don’t have as much history as we might like, however, we can still make
some sound conclusions based on this time period. So, let’s compare gold with a standard 60/40 stock/bond portfolio
and a bond aggregate. The results are pretty clear:
PCTN 5 YR Performance
Source: Pragcap.com
The 60/40 portfolio has outperformed the other two portfolios in nominal returns, but the bond portfolio has the most
consistent risk adjusted returns. Therefore, being overweight bonds relative to stocks and gold over this period
produced outstanding results (that’s not likely to continue for several reasons so again, take this data with a grain of
salt). But the most interesting conclusion is that gold has actually been an atrocious risk adjusted performer. It
generates a compound annual growth rate that is the equivalent of the bond portfolio, but does so with over 4X the
volatility! Even a pure stock portfolio had a standard deviation that was 40% lower over the same period. Gold’s
quantifiable risk is through the roof relative to other assets.
The one nice thing about the performance of gold over this period is that it has provided some non-correlation to other
asset classes. This creates increased diversification and could boost the risk adjusted returns of a broader portfolio by
having this slice of non-correlation included. But we should not overlook the fact that gold is an extremely volatile asset
class that does not tend to perform well on a risk adjusted basis on its own.
So yes, gold has performed fine in nominal terms since the price fix was removed. But it has not been remotely stable.
In fact, it has been so volatile that its risk adjusted returns are among the worst of all available asset classes over this
Page 3 | Monday, October 13, 2014 |
period. Most importantly, I would add that the past is not prologue. And my rationale for disliking gold as a substantial
holding in any portfolio has nothing to do with past performance, but rests in what I believe is the risk of a collapsing
“faith put”. That is, there is a price premium in gold due to its perception as a currency. I personally believe this
perception is flawed and I think technology will render it entirely false as time goes on. The future of money is not in
rocks, but in spreadsheets on computers. Therefore, it’s my opinion that this faith put will slowly be removed over time
as this added demand for gold disappears.
This is why the past data is even more dangerous than many people think. If I am right about my views going forward
then gold isn’t just risky based on past performance, but it could be even riskier in the future as the faith put subsides
and the myth that “gold is money” disappears.
Full Article Here
The CEF News
FUND NAME
TICKER
BH Global GBP
BHGG
BlackRock World Mining Trust
BRWM
PME African Infrastructure
PMEA
Renewable Energy Generation
WIND
RENN Universal Growth
RUG
ACTIONS
Performance fee high water marks
The Company announces that, for the purposes of calculating the performance fee payable to Brevan
Howard Capital Management LP following reinvestment of the Company into Brevan Howard MultiStrategy Master Fund Limited, the base net asset value per share of the Company's Sterling shares
and US dollar shares as at 1-Sep-14 has been set at GBP 13.69 and USD 13.56 respectively.
These figures represent a 2.85% premium to the actual net asset values per
share as at 31-Aug-14. They take into account the extent to which certain
of the Company's previous underlying investments were performing below existing high water marks
immediately prior to the Company's reinvestment into Brevan Howard Multi-Strategy Master Fund
Limited so that the Company is not required to pay a performance fee in respect of net asset
appreciation up to the aforementioned figures.
Update on revenue position
Further to the announcement made on 8-Oct-14 regarding the write down of the London Mining
royalty contract and convertible bond, the Board has now
assessed the expected impact of these holdings on its anticipated income for
the year ending 31-Dec-14.
Loan Facility
The Company announced that, on 10-Oct-14, it entered into a secured loan agreement with Helvetica
Deutschland GmbH ("Helvetica") for EUR 600,000 (the "Loan").
The Loan is secured on the Company's cash receivables, is repayable at par on 10-Oct-15 and
attracts an interest rate of 10% per annum. Interest payments are payable quarterly in arrears. There
are no arrangement or commitment fees payable.
Project Financing for Whitemoor Bio-Poer Project
The Company announces that it has signed a term loan facilities agreement with Caterpillar Financial
Services for the financing of its 18MW Bio-Power plant at Whitemoor Business Park, near Selby in
Yorkshire. The financing is for a total of GBP4.8m and has a seven year repayment term.
The Whitemoor project is in the final stages of testing and is expected to be operational by the end of
October. The project will be used principally to provide power under National Grid's Short Term
Operating Reserve ("STOR") service. The plant will utilise REG's patented LF100 fuel recovered from
recycled waste cooking oil.
Sale of 2 Wind Farms to blackrock
The Company announces the sale of its 10MW St.Breock and 8MW Ramsey II wind farm projects to
a fund managed by BlackRock for a total enterprise value of GBP36m.
Under the agreement, BlackRock will assume project debts of GBP21m, once fully drawn, and REG
will receive upfront cash consideration of GBP13.1m, with a further £1.9m payable following
commissioning of the projects in 2015. Construction funding will continue to be drawn from the
existing project finance facility with ING Bank N.V. following the successful financing in June 2014.
REG will oversee construction of the projects under a Construction Management Agreement and
once operational, will operate the projects on behalf of BlackRock through an Asset Management
Agreement.
The proceeds will be reinvested into REG's portfolio of consented projects including Rodbaston
(4MW), French Farm (4MW), Brackagh Quarry (6MW) and Barlborough (0.9MW) as well as further
REG Bio-Power projects, which REG intends to build during 2015.
Voluntary liquidation
Accordingly, based on the current degree of portfolio concentration and the
desire for the Manager to continue to realise assets in a timely fashion, the
Board has now determined that it is appropriate to recommend to shareholders
that the Company enters into voluntary liquidation as soon as practicable.
The Board intends to post a circular to shareholders in the next few weeks
which will recommend the Company's voluntary liquidation and the appointment of liquidators.
Source: © 2014 Morningstar
Page 4 | Monday, October 13, 2014 |
UK Listed CEFs: Price, NAV and Volume
Price 1wk
2.0
NAV 1wk
1.0
0.0
-1.0
-2.0
-3.0
-4.0
-5.0
So urce: 2013 M o rningstar
Price Fallers 1 Day
Fund Name
BlackRock World Mining Trust Ord
Baillie Gifford Japan Ord
St Peter Port Capital Ord
Majedie Inv estments Ord
Ashmore Global Opp GBP Ord
JPMorgan Income & Grow th Cap
Polo Resources Ord
Baillie Gifford Shin Nippon Ord
Aberforth Geared Income O/Inc
City Natural Resources Ord
Price Gainers 1 Day
Ticker
BRWM
BGFD
SPPC
MAJE
AGOL
JIGC
POL
BGS
AGIT
CYN
%
-8.3
-4.8
-4.7
-4.5
-4.1
-3.9
-3.8
-3.8
-3.8
-3.7
Fund Name
Liv ermore Inv estments Ord
Vietnam Infrastructure Ord
Sy mphony International Holding Ord
Aberdeen New Thai Ord
NB Priv ate Equity Partners Ord
AFI Dev elopment 'B' Ord
Japan Residential Inv estment Ord
Dragon Ukrainian Properties Ord
JPMorgan Priv ate Equity (Split ZDP
Burford Capital Ord
So urce: 2013 M o rningstar
NAV Fallers 1 Week
Fund Name
BlackRock World Mining Trust Ord
JPMorgan Income & Capital O/Inc
Aberforth Geared Income O/Inc
M&G High Income & Grow th Unit O/Inc
Allianz Technology Trust Ord
TR European Grow th Ord
Edinburgh Worldw ide Ord
European Inv estment Ord
Biotech Grow th Ord
BlackRock Commodities Income Ord
NAV Gainers 1 Week
Ticker
BRWM
JPI
AGIT
MGHU
ATT
TRG
EWI
EUT
BIOG
BRCI
%
-9.6
-7.4
-7.0
-6.8
-6.8
-6.0
-6.0
-5.9
-5.8
-5.6
Daily Volume / 3m Volume
Fund Name
Prosperity Voskhod Ord
Arc Capital Holdings Ord
Cambium Global Timberland Ord
JPMorgan Senior Secured Loan Ord
Doric Nimrod Air Tw o Ord
F&C Priv ate Equity Trust Ord
Doric Nimrod Air Three Ord
F&C Priv ate Equity (Split) O/Inc
Doric Nimrod Air One Ord
Aberdeen Latin American Income Ord
Ticker
PVF
ARCH
TREE
JPSL
DNA2
FPEO
DNA3
FPEO
DNA
ALAI
%
5.0
3.4
2.9
2.4
2.3
2.2
2.2
2.2
2.2
1.9
So urce: 2013 M o rningstar
1 Month Average Daily Volume £m
Ticker
HAN
JETG
BRWM
ATS
MRCH
AUKT
EWI
FGT
FCI
TRG
Ratio
9.7
8.2
5.7
3.9
3.6
3.1
2.8
2.8
2.7
2.6
So urce: 2013 M o rningstar
Page 5 | Monday, October 13, 2014 |
%
10.9
2.6
2.4
2.2
1.9
1.9
1.8
1.8
1.7
1.7
So urce: 2013 M o rningstar
So urce: 2013 M o rningstar
Fund Name
Hansa Trust Ord
JPMorgan European Grow th Pool Ord
BlackRock World Mining Trust Ord
Artemis Alpha Trust Ord
Merchants Trust Ord
Aberdeen UK Tracker Ord
Edinburgh Worldw ide Ord
Finsbury Grow th & Income Ord
F&C Capital & Income Ord
TR European Grow th Ord
Ticker
LIV
VNI
SIHL
ANW
NBPE
AFRB
JRIC
DUPD
JPEL
BUR
Fund Name
3i Ord
Alliance Trust Ord
HICL Infrastructure Company Ord
Scottish Mortgage Ord
BlackRock World Mining Trust Ord
SVG Capital Ord
Templeton Emerging Markets UK Ord
Kennedy Wilson Europe Real Est Ord
RIT Capital Partners Ord
Electra Priv ate Equity (Spl) O/Inc
Ticker
III
ATST
HICL
SMT
BRWM
SVI
TEM
KWE
RCP
ELTA
£m
7.0
4.2
3.6
2.4
2.4
2.0
2.0
1.9
1.7
1.6
So urce: 2013 M o rningstar
US Listed CEFs: Price, NAV and Volume
Price 1wk
5.00
4.00
3.00
2.00
1.00
0.00
-1.00
-2.00
-3.00
-4.00
-5.00
NAV 1wk
So urce: 2013 M o rningstar
Price Fallers 1 Day
Fund Name
Cornerstone Progressiv e Return Ord
Voy a Infrastructure Ind & Mat Ord
Cornerstone Strategic Value Ord
Mex ico Fund Ord
Brookfield Glo List Infr Inc Ord
Calamos Strategic Total Return Ord
Cornerstone Total Return Ord
Aberdeen Australia Equity Ord
Macquarie Glb Infrast TR Fund Ord
Stone Harbor Emerging Mkts FI Ord
Price Gainers 1 Day
Ticker
CFP
IDE
CLM
MXF
INF
CSQ
CRF
IAF
MGU
EDF
%
-5.1
-4.4
-4.0
-3.9
-3.5
-3.3
-3.3
-3.0
-2.9
-2.6
Fund Name
First Trust Specialty Finance Ord
Denali Fund Ord
Global High Income Fund Inc. Ord
Strategic Global Income Ord
Franklin Univ ersal Trust Ord
MFS Intermediate Income Ord
MFS Gov ernment Markets Income Ord
Sprott Phy sical Silv er Trust Ord
Western Asset Variable Rate Ord
GDL Fund Ord
So urce: 2013 M o rningstar
NAV Fallers 1 Week
Fund Name
Brookfield Glo List Infr Inc Ord
Tortoise Pipeline & Energy Ord
Korea Fund Ord
Mex ico Fund Ord
Petroleum & Resources Ord
First Trust Energy Infra. Fund Ord
BlackRock Energy & Resources Ord
Liberty All-Star Grow th Ord
Liberty All-Star Equity Ord
Nuv een Tax -Adv Total Return Ord
NAV Gainers1 Week
Ticker
INF
TTP
KF
MXF
PEO
FIF
BGR
ASG
USA
JTA
%
-7.3
-6.9
-6.3
-6.0
-6.0
-5.9
-5.8
-5.2
-5.1
-5.0
Daily Volume/ 3m ADV
Fund Name
Sprott Phy sical Silv er Trust Ord
Sprott Phy sical Gold Trust Ord
Central GoldTrust Ord
Central Fund of Canada Ord
Aberdeen Latin America Equity Ord
MS Emerging Markets Domestic Ord
Aberdeen Asia-Pacific Inc Inv Ord
First Trust/Aberdeen Global Ord
ASA Gold and Precious Metals Ord
Japan Smaller Capitalization Ord
Ticker
PSLV
PHYS
GTU
CEF
LAQ
EDD
FAP
FAM
ASA
JOF
%
2.8
2.2
1.6
1.4
1.3
0.9
0.6
0.5
0.5
0.5
So urce: 2013 M o rningstar
1 Month Average Daily Volume £m
Ticker
IDE
KF
FIF
DEX
PEO
BGR
NCZ
CSQ
BCX
SCD
Ratio
5.0
3.8
3.4
3.4
2.9
2.8
2.7
2.4
2.3
2.3
So urce: © 2013 M o rningstar
Page 6 | Monday, October 13, 2014 |
%
2.4
1.6
1.5
1.3
1.2
1.0
1.0
1.0
1.0
0.9
So urce: 2013 M o rningstar
So urce: 2013 M o rningstar
Fund Name
Voy a Infrastructure Ind & Mat Ord
Korea Fund Ord
First Trust Energy Infra. Fund Ord
Delaw are Enhanced Gbl Div &Inc Ord
Petroleum & Resources Ord
BlackRock Energy & Resources Ord
AGIC Conv ertible & Income II Ord
Calamos Strategic Total Return Ord
BlackRock Resources & Commdty Ord
LMP Capital & Income Ord
Ticker
FGB
DNY
GHI
SGL
FT
MIN
MGF
PSLV
GFY
GDL
Fund Name
GAMCO Glb Gold Natural Res&Inc Ord
Gabelli Equity Trust Ord
MS China A Share Ord
Calamos Strategic Total Return Ord
Nuv een Credit Strat. Income Ord
H&Q Healthcare Inv estors Ord
PIMCO Income Strategy Fund II Ord
MS Emerging Markets Domestic Ord
AllianceBernstein Glb High Inc Ord
PIMCO Income Opportunity Ord
Ticker
GGN
GAB
CAF
CSQ
JQC
HQH
PFN
EDD
AWF
PKO
£m
3.8
3.4
2.8
2.6
2.2
2.2
2.1
2.1
2.0
2.0
So urce: © 2013 M o rningstar
Upcoming Fund Events and Dividends
UK
Fund Name
US
Date
Fund Name
Date
China Growth Opportunities
13-Oct-14
Liquidation Resolution
Mexico Fund
13-Oct-14
Dividend Ex Date 0.72 USD
DP Aircraft I
13-Oct-14
Dividend Ex Date 0.02 USD
(expected)
Capital Allotment
Invesco VK Dynamic Cred Opps
14-Oct-14
Dividend Ex Date 0.08 USD
Invesco Value Muni Income
14-Oct-14
Dividend Ex Date 0.08 USD
14-Oct-14
Dividend Ex Date 0.07 USD
F&C Capital & Income
14-Oct-14
Investors in Glb Real Estate
14-Oct-14
Extraordinary General Meeting
Invesco Trust NY Inv Gra Mn
HICL Infrastructure Company
14-Oct-14
14-Oct-14
Dividend Ex Date 0.02 USD
15-Oct-14
Dividend Ex Date 1.81 GBX
(expected)
Capital Allotment
Brookfield Mortgage Opp Income
TwentyFour Income
Brookfield Total Return Fund
14-Oct-14
Dividend Ex Date 0.02 USD
Dividend Ex Date 2.50 GBX
Brookfield High Income Fund
14-Oct-14
Dividend Ex Date 0.07 USD
Dividend Ex Date 2.50 GBX
Brookfield Glo List Infr Inc
14-Oct-14
Dividend Ex Date 0.04 USD
14-Oct-14
Dividend Ex Date 0.07 USD
Downing Plan Exit 2011 LowCarb
Downing Plan Exit 2011 Structd
15-Oct-14
15-Oct-14
Downing Planned Exit VCT 2011
15-Oct-14
Dividend Ex Date 2.50 GBX
Invesco Municipal Trust
M&G High Income
15-Oct-14
Invesco Senior Income
14-Oct-14
Dividend Ex Date 0.00 USD
Invesco Quality Muni Income
14-Oct-14
Dividend Ex Date 0.07 USD
Invesco PA Value Muni
14-Oct-14
Dividend Ex Date 0.08 USD
Invesco Muni Opps. Trust
14-Oct-14
Dividend Ex Date 0.07 USD
Invesco Muni Invst. Grade T
14-Oct-14
Dividend Ex Date 0.07 USD
Invesco Muni Income Opps Trust
14-Oct-14
Dividend Ex Date 0.03 USD
Invesco High Income II
14-Oct-14
Dividend Ex Date 0.01 USD
Invesco CA Value Muni
14-Oct-14
Dividend Ex Date 0.07 USD
Invesco Bond Fund
14-Oct-14
Dividend Ex Date 0.00 USD
Invesco Adv Muni Inc II
14-Oct-14
Dividend Ex Date 0.07 USD
Wells Fargo Adv Util & High In
14-Oct-14
Dividend Ex Date 0.04 USD
Wells Fargo Adv Multi-Sec Inc
14-Oct-14
Dividend Ex Date 0.10 USD
Wells Fargo Adv Inc Opp
14-Oct-14
Dividend Ex Date 0.07 USD
Pioneer Municipal High Income
14-Oct-14
Dividend Ex Date 0.10 USD
Pioneer Muni High Inc Adv
14-Oct-14
Dividend Ex Date 0.10 USD
Pioneer High Income Trust
14-Oct-14
Dividend Ex Date 0.14 USD
Pioneer Floating Rate Trust
14-Oct-14
Dividend Ex Date 0.06 USD
Pioneer Diversified High Inc
14-Oct-14
Dividend Ex Date 0.16 USD
MFS Special Value Trust
14-Oct-14
Dividend Ex Date 0.04 USD
MFS Municipal Income
14-Oct-14
Dividend Ex Date 0.03 USD
MFS Multi-Market Income
14-Oct-14
Dividend Ex Date 0.00 USD
MFS Investment Grade Muni
14-Oct-14
Dividend Ex Date 0.04 USD
MFS California Municipal Fund
14-Oct-14
Dividend Ex Date 0.05 USD
MFS Charter Income
14-Oct-14
Dividend Ex Date 0.01 USD
MFS Government Markets Income
14-Oct-14
Dividend Ex Date 0.02 USD
MFS High Income Municipal
14-Oct-14
Dividend Ex Date 0.03 USD
MFS High Yield Municipal Trust
14-Oct-14
Dividend Ex Date 0.02 USD
MFS InterMarket Income Trust
14-Oct-14
Dividend Ex Date 0.00 USD
MFS Intermediate High Income
14-Oct-14
Dividend Ex Date 0.00 USD
MFS Intermediate Income
14-Oct-14
Dividend Ex Date 0.03 USD
Doubleline Opportunistic Cred
15-Oct-14
Dividend Ex Date 0.17 USD
Delaware Invest National Muni
15-Oct-14
Dividend Ex Date 0.07 USD
DoubleLine Income Solutions Fu
15-Oct-14
Dividend Ex Date 0.15 USD
Delaware MN Muni Income II
15-Oct-14
Dividend Ex Date 0.06 USD
Dreyfus Muni Bond Infrastructu
15-Oct-14
Dividend Ex Date 0.01 USD
TwentyFour Select Monthly Inc
16-Oct-14
Dividend Ex Date 1.50 GBX
(expected)
Dividend Ex Date 1.50 GBX
(expected)
Dividend Ex Date 1.50 GBX
(expected)
Dividend Ex Date 0.05 USD
(expected)
Dividend Ex Date 1.58 GBX
Jupiter Dividend & Growth
16-Oct-14
Dividend Ex Date 0.18 GBX
M&G High Income & Growth Unit
M&G High Income Package Unit
Nimrod Sea Assets
JPMorgan Global Convert Income
TR European Growth
NB Global Floating Rate GBP
NB Global Floating Rate USD
15-Oct-14
15-Oct-14
15-Oct-14
16-Oct-14
16-Oct-14
16-Oct-14
16-Oct-14
Dividend Ex Date 2.25 GBX
Dividend Ex Date 6.50 GBX
Dividend Ex Date 0.95 GBX
Dividend Ex Date 0.01 USD
Strategic Equity Capital
16-Oct-14
Dividend Ex Date 0.78 GBX
Henderson EuroTrust
16-Oct-14
Dividend Ex Date 12.50 GBX
F&C Commercial Property
Avarae Global Coins
Aberdeen Smaller Cos High Inc
16-Oct-14
16-Oct-14
16-Oct-14
Dividend Ex Date 0.50 GBX
Dividend Ex Date 0.15 GBX
Dividend Ex Date 1.60 GBX
Dexion Absolute GBP
17-Oct-14
Shares Conversion
Dexion Absolute USD
17-Oct-14
Shares Conversion
British Smaller Companies VCT2
Ingenious Media Active Capital
Target Healthcare REIT
21-Oct-14
23-Oct-14
24-Oct-14
Capital Allotment
Windup resolution
Windup resolution
Industrial Multi Property
24-Oct-14
Miscellaneous Other Event
CVC Credit Partners GBP
28-Oct-14
Shares Conversion
Martin Currie Pacific
Jupiter Second Split
Adams
Jupiter Second Split Pkg Units
31-Oct-14
31-Oct-14
31-Oct-14
31-Oct-14
Miscellaneous Other Event
Windup resolution
Liquidation Resolution
Extraordinary General Meeting
Gresham House
31-Oct-14
Extraordinary General Meeting
JPMorgan Overseas
31-Oct-14
Warrant next Exercise
JPMorgan Overseas
31-Oct-14
Warrant Expiry
Schroder Japan Growth
05-Nov-14
Continuation resolution
US Traded Life Interests
14-Nov-14
Continuation resolution
JPMorgan Emerging Markets
17-Nov-14
Continuation resolution
Strategic Equity Capital
18-Nov-14
Tender Offer
Dexion Absolute EUR
19-Nov-14
Shares Conversion
Advance Frontier Markets
25-Nov-14
Continuation resolution
Source: © 2014 Morningstar
Page 7 | Monday, October 13, 2014 |
UK Listed CEFs: 1yr Z-Scores UK funds > £150m
European Investment Ord
3.16
BBGI SICAV Ord
2.71
Henderson Value Trust Ord
2.49
British Empire Securities Ord
2.47
D
JPMorgan European Growth Pool Ord
E
Hansa Trust A Ord
A
R RIT Capital Partners Ord
2.4
2.26
2.04
Boussard & Gavaudan EUR Ord
2.02
BlackRock Latin American Ord
1.83
Impax Environmental Markets Ord
1.58
C
H
E
A
P
-1.71
British Assets Ord
-1.8
Fidelity China Special Ord
-1.84
JPMorgan Asian Ord
-1.9
Schroder Asia Pacific Ord
-1.94
BlackRock World Mining Trust Ord
-1.97
Scottish American Ord
-2.11
JPMorgan Japanese Ord
-2.14
Henderson Far East Income Ord
Bankers Ord
-2.36
-3.01
NB Distressed Debt Ord
4
3
2
1
0
-1
-2
-3
-4
Source: 2014© Morningstar
US Listed CEFs: 1yr Z-Scores UK funds > £150m
2.86
3.51 AGIC Equity & Convertible Inc Ord
Aberdeen Latin America Equity Ord
1.95
General American Investors Ord
1.94
Mexico Fund Ord
D
BlackRock
Util & Infra Trust Ord
1.84
E
Cohen
& Steers Infrastructure Ord
1.78
1.66
A
Guggenheim
Strategic Opp Fund Ord
1.63
MS Emerging Markets Ord
R
Tri-Continental Corporation Ord
1.26
NASDAQ Premium Income & Growth Ord
1.2
Nuveen Pref Income Opps Fund Ord
-1.71
-1.79
MS Emerging Markets Debt Ord
-1.84
Nuveen Credit Strat. Income Ord
-1.85
AllianceBernstein Glb High Inc Ord
C
H -2.08
E -2.09
A -2.12
P -2.21
Templeton Emerging Mkts Income Ord
BlackRock Core Bond Ord
PIMCO Income Opportunity Ord
PIMCO Income Strategy Fund II Ord
Gabelli Equity Trust Ord
-2.26
-2.3
Japan Smaller Capitalization Ord
4
3
2
1
0
-1
-2
-3
Source: © 2014 Morningstar
Page 8 | Monday, October 13, 2014 |
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