Investment Companies Daily III June NAV, HICL AGM protest vote, RF FP Interim results, IAD/MTE Final results

Research evidence excerpt

Investment Companies Daily III June NAV, HICL AGM protest vote, RF FP Interim results, IAD/MTE Final results

me REIT 5.0

is unchanged (as expected) at 18.5x with the overall valuation of its 65.4% BlackRock World Mining Trust 5.1

stake of £24.3bn vs JPMe £24.5bn. The remainder of the PE portfolio is abrdn Property Income 5.9

‘resilient’ and trading in line with expectations, and generating good cash. 3iN CQS Natural Resources G&I 8.1

saw a 15.3% TR in the period. Net gearing ended the period at 2% of NAV -15 -10 -5 0 5 10 15

(before dividend), 4% after. We provisionally reduce our live NAVe (ex Source: LSEG Datastream

dividend) by 17.3pps (0.6%) from 3107.9pps to 3090.6pps to reflect the small Largest movers over the last month (%)

shortfall vs our estimate. With a long-term average premium to NAV of 17%, Gabelli Merger Plus+ Trust -15.1

the current discount of 17.4% to our live NAVe at last night’s close (2552pps) Manchester & London -14.7

Geiger Counter -14.1

is high, and should it narrow to zero, then our annualised NAVTR of 19.4% to Pacific Horizon -14.1

31/3/29 implies a TSR of 28.2% pa. We remain Overweight as we think these VietNam Holding -12.8

returns will outpace peers. (click here for our full note published earlier today). RTW Venture3i 11.413.0

• HICL Infrastructure (HICL, Neutral) - Significant protest vote against SDCL Energy EfficiencyBiotech IncomeGrowth 14.714.9

the Board - There was a significant protest vote against the Board at Gresham House Energy Storage 15.4

yesterday’s HICL Infrastructure (HICL, Neutral) AGM. As the table below -20 -15 -10 -5 0 5 10 15 20

shows, the Chairman, Mike Bane, had 23.1% of votes cast against his re- Source: LSEG Datastream

appointment, on high turnout of 66.4%. The Senior Independent Director