Winding-down GCP Asset Backed Income Fund (GABI) has exchanged contracts for the sale of social housing properties that will result in the repayment of £19.2m of loans, with the price in line with previous valuations. In an update, the £118m loan fund said net asset value fell 5.1p, or 6.4%, to 74.69p per share in the second half of last year with the decline to 31 December reflecting revisions to how much it expects to recover from further disposals in its 21-month wind-down. Since May 2024 when the wind-down started, GABI has returned £221.6m to shareholders, reducing its market value by over 61%. GCP Infrastructure (GCP) was also involved in the property sales by fund manager Gravis.

Are you looking for a story on 3i Infrastructure? It’s here.

Octopus Renewables Infrastructure Trust (ORIT) reports a further 4.8% hit to net asset value from falling power price forecasts and the government’s switch to CPI indexation on ROC incentives last week. NAV per share falls to 93.79p at 31 December from 98.46p at 30 Sept, a 4.67p, or £28.6m, decline.

Smithson (SSON) continued to underperform in its last set of results before its conversion to an open-ended fund. Interims confirm the £1.6bn global smaller company fund made an underlying 1.8% total return last year against its benchmark’s 10.2% as its “quality growth” stocks fell behind the broad market recovery in the second half of the year. However, shareholders made 5.6% as the share price discount, or gap to net asset value, narrowed from 9% to 3% following the announcement of the restructuring in December in response to stake building by activist Saba Capital.

Winding down Riverstone Energy (RSE) is to receive €43m ($51m) from sale of its stake in Onyx Power to ResInvest Group with fund manager RIGL Holdings getting a $3.8m performance fee. This lifts net cash to $64m (£47m) some of which will be returned to shareholders in a compulsory share purchase. Including previous proceeds of $121m, RSE says it made a 2.8 times its original investment.

Oryx International Growth (OIG) is pleased by Apax Partners’ 500p per share cash offer for Pinewood Technologies Group (PINE) which it says could add about 22.5p per share to net asset value of its small-cap portfolio.

Investment trust bargain hunter City of London (CLIG) has lifted its stake in Mobius (MMIT) to 27.2% from 26% as the £94m global emerging small companies trust trades on a wide 12% discount.