In QuotedData’s morning briefing 27 November:

• APAX Global Alpha (AGA) has announced that it expects to invest approximately €28m in the accountancy and advisory practice of Evelyn Partners on a look-through basis. On 25 November 2024, the Apax XI Fund, in which AGA is a limited partner, announced that it had reached a definitive agreement to acquire Evelyn Partners’ accountancy business. The transaction will create a leading standalone UK mid-market accountancy business which, upon completion, will be rebranded S&W, building on the heritage of the Smith & Williamson brand which dates back to 1881. The transaction remains subject to customary closing conditions.
• Cordiant Digital Infrastructure (CORD) announced its interim results for the six months to 30 September 2024. The NAV per share increased 3.6% while the company delivered a share price total return of 38.9%., leading the discount to narrow, although it remains significant at 31% at the time of publishing. The company delivered an interim dividend of 2.1p per share, in line with the 4.2p per share target for the year. The full year target dividend of 4.2p is 4.7x covered by EBITDA, and 1.8x covered by adjusted funds from operations. Commenting, Shonaid Jemmett-Page, chairman of Cordiant Digital Infrastructure Limited, said: “I am pleased to report a good performance by the company for the six months to 30 September 2024, reflecting the excellent performance of our portfolio companies, which offer robust cashflows and strong earnings growth. We maintained our focus on efficient investment in the existing portfolio, through disciplined capex spend, coupled with bolt‑on acquisitions where appropriate. We also continued to selectively look at opportunities which reflect the current pricing environment, and which further diversify the portfolio by geography and asset class. Post period end, we announced agreements to acquire and combine interests in Belgian data centre operators, DCU Invest and DCU Brussels. The company is in a strong position to continue its approach to the allocation of capital in support of shareholder returns through its Buy, Build & Grow model.”
• JPMorgan Global Core Real Assets (JARA) announced its half year results for the six-months ended 31 August 2024. The company’s NAV fell 1.3%, primarily attributable to the adverse impact of the weakening of the U.S. dollar against sterling. The shareholder total return was 15.9%. It is notable that since the period end, and particularly since the re-election of President Trump, the US dollar has strengthened significantly against sterling. Post period end, a resolution regarding the continuation of the company was put to shareholders at the AGM. This was rejected by a significant margin, obliging the board to enter a phase of consultation before making recommendations to shareholders. On 5 November 2024, it was announced that the board had taken the decision to liquidate the company. Based on the current estimates by the investment manager, it is envisaged that approximately 50 – 60% of the company’s portfolio could be liquidated by the end of Q2 2025, with the remaining redemptions expected to be satisfied over the following 12 months.
• Biotech Growth Trust (BIOG) announced its interim results for the six months to 30 September 2024. The company delivered a NAV total return of 2.4% outperforming the increase of 1.4% in the benchmark NASDAQ Biotechnology Index. The share price total return was 3.1%, leading the discount to narrow slightly. This was 8.5% at the time of publishing. The performance of the company during the period continued to be affected by macro-economic factors, in particular shifting expectations about interest rates in the U.S., which affected investor attitudes towards small and mid-capitalisation companies. These factors proved to be both a headwind (in the first half of the period) and a tailwind (in the latter half) to performance. Chair Rodger Yates commented: “For the past few years, biotech companies have had to show remarkable resilience in the face of significant macro-economic challenges, focusing on innovation while also adapting to a shifting economic landscape. There are signs that the long-awaited recovery in market conditions has begun, at least in the U.S. where the majority of our portfolio companies are based. However, our portfolio manager will need to remain vigilant as we navigate ongoing uncertainties. There are a great many promising developments on the horizon and an exciting range and pace of innovation in the biotech sector: recent advancements in cutting-edge areas such as gene therapy and immuno-oncology highlight the potential for groundbreaking innovations, while the ongoing integration of technology into biopharmaceutical processes and drug discovery offers new avenues for efficiency and growth. The ‘patent cliff’ faced by large pharmaceutical companies continues to be an opportunity for the emerging biotech companies that are included in our portfolio, and we hope to see a further increase in M&A activity.”
• Pershing Square Holdings (PSH) says it will buy back a further $100m of stock. Since PSH commenced its first share buyback program on 2 May 2017, it has repurchased 65,952,753 shares for a total of $1.4bn at an average price of $20.81.

We also have an annual report from Keystone Positive Change.