Investment Companies Daily 3iN final results, PIN asset sale and share buybacks, old Hipgnosis portfolio sold to Sony

Research evidence excerpt

Investment Companies Daily 3iN final results, PIN asset sale and share buybacks, old Hipgnosis portfolio sold to Sony

merging Markets 9.5

value changes, mostly from unwinding the discount rate. 3iN level net debt was Mobius Investment Trust 9.7

£531m (14% of NAV), but this will be repaid when TCR completes (~£990m Pacific Horizon 9.7

proceeds). 3iN has committed £394m to new investments, including the Manchester & London 13.2

recently announced €300m Norwegian data centre campus (Lefdal Mine -15 -10 -5 0 5 10 15 20

Datacentre), which has exciting expansion potential, but also follow-ons in Source: LSEG Datastream

ESVAGT (DKK 173m) and Joulz (€107m). Proforma net cash would be Largest movers over the last month (%)

£201m, earmarked for further follow-ons or new investments, but buybacks Home REIT -75.0

will also be considered, if appropriate. The final dividend is in line with target, Aquila European Renewables… -15.0

abrdn European Logistics Income -11.5

with 3iN now setting a target for FY27 of 14.3pps, another 6.3% increase (yield LMS Capital -11.3

3.9%). 3iN remains our core pick in the Infrastructure sector, with its well- RM Infrastructure Income -10.4

diversified portfolio across defensive businesses that also have strong growth Golden Prospect PacificPreciousHorizonMetal 19.520.6

potential via bolt-on acquisitions. Our provisional live NAVe is unchanged at Mobius Investment Trust 20.6

408.2pps, to which the shares at the current price of 370.5pps (@08:15) trade Polar Capital Technology 21.0

at a headline discount of 9.2%. We remain Overweight. Click here for the full Manchester & London 26.5

-100 -80 -60 -40 -20 0 20 40

note published earlier today.

Source: LSEG Datastream

• Pantheon International (PIN, Overweight) - Portfolio asset sale and share