Investment Companies Daily: BPCR ARCHIMED loan drawn, JPEL update, MIGO final results

Research evidence excerpt

Investment Companies Daily: BPCR ARCHIMED loan drawn, JPEL update, MIGO final results

der its discount control, BPCR is required to use up to Gresham House Energy Storage 4.5

$50m over a calendar year to repurchase shares until the discount over a two JPMorgan EMEA Emg Mkts 5.8

RIT Capital Partners 7.0

week period is less than 5%. We estimate that BPCR has spent $6.6m on -20 -15 -10 -5 0 5 10

buybacks in CY 2026. We are Overweight. Source: LSEG Datastream

• JPEL Private Equity (JPEL, Neutral) - Post Close Statement/Board Largest movers over the last month (%)

Update - In December, JPEL Private Equity (JPEL, Neutral) began the orderly SDCL Energy Efficiency Income -15.9

refreshment of its Board as two of its three Directors had served for at least nine Gabelli Merger HomePlus+ REITTrust -15.1-12.2

years. The first stage commenced at that time, with Sean Hurst stepping-down Partners Group Private Equity -11.0

as Chair and Tony Dalwood becoming Chair to see through the succession BlackRock World Mining Trust -10.3

plan. As part of this process, in April JPEL welcomed two new Non-Executive Gresham House EnergyRTW VentureStorage 10.914.7

Directors - Roy Barrett and Mark Ambrose (Non-Independent). Mr Barrett 3i 16.3

joined as Chair Designate and following a six-month transition period will take International Biotechnology 19.2

Biotech Growth 24.5

on the Chair role once JPEL’s Annual Financial Report is completed in

-30 -20 -10 0 10 20 30

October, at which point Mr Dalwood will step down from the Board. Source: LSEG Datastream

• Cost reductions: Following agreement from related service providers,

accounting and administrative expenses have been reduced from ~$400,000 in

2025 to an annual rate of $150,000 effective as of January 2026.