This Mornings News Property Picton Property Income (PCTN
Transcription
This Mornings News Property Picton Property Income (PCTN
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 | Contact Disclaimer Investec Securities: This is a financial promotion issued by the sales team of Investec Bank plc. It is a "marketing communication", but not a "research recommendation" as those terms are defined by The Financial Conduct Authority (the "FCA"). Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (register number 172330). In the United Kingdom refers to Investment Banking & Securities a division of Investec Bank plc. Investec Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and a member of the London Stock Exchange. This document is not for general distribution and should not be passed, directly or indirectly, to persons outside your organisation. Registered in England No. 489604 Registered Office Address: 2 Gresham Street London EC2V 7QP Telephone: +44 20 7597 4000 Fax: +44 20 7597 4070 Investec Securities (US) LLC (New York) 1270 Avenue of the Americas, 29th Floor New York, NY 10020 USA Telephone: +1 212 259 5600 Fax: +1 917 206 5102 Head of Product Jamie Lowe, Head of Product Tel: +44 (0) 20 7597 5015 [email protected] This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients. This document has been produced for information purposes only and is not to be construed as investment advice or a solicitation or an offer to purchase or sell investments or related financial instruments. Any expressions of opinion in this document are subject to change without notice. The investments referred to in this document may not be suitable for all recipients. Recipients of this document should make their own investment decisions based upon their own financial objectives and financial resources and, if in any doubt, should seek advice from an investment advisor. Sales Charles Stagg Tel: +44 (0) 20 7597 5042 [email protected] Fin Bodman Tel: +44 (0) 20 759 5247 [email protected] Market Making Peter Brown Tel: +44 (0) 20 759 5063 [email protected] Edward Malone Tel: +44 (0) 20 7597 5098 [email protected] Sales Trading Carl Goossens Tel: +44 (0) 20 7597 5787 [email protected] Corporate Finance David Anderson Tel: +44 20 7597 5097 [email protected] Jeremy Ellis Tel: +44 20 7597 5153 [email protected] Analyst John Davey Tel: +44 20 7597 5364 [email protected] Page 9 | Monday, 13 October 2014 | www.investec.co.uk/research