In QuotedData’s morning briefing 30 July 2024:

• Fidelity Japan (FJV) announced its interim results for the six months to 30 June 2024. The company delivered a NAV total return of -2.8% and ordinary share price total return of -6.2%. The TOPIX Total Return Index (in sterling terms) returned +6.2% over the same timeframe. The manager noted that a broadening out of the Tokyo Stock Exchange reforms is likely and expects to see a clear improvement in capital efficiency and shareholder returns further down the market-cap scale.
  A peaking out of the interest rate cycle in the US is also conducive to better performance by growth stocks, an area of the market where the manager sees a lot of undervaluation.
• Scottish American (SAIN) announced its interim results for the six months to 30 June 2024. The company saw a NAV total return of 5.5% over the first six months of 2024, whilst global equities returned 12.2% over the same period. The manager noted that in recent months, relative performance has been affected by market sentiment, and by not owning certain non-yielding or deeply cyclical companies which have benefited from the current environment. In addition, the company’s diversifying investments in property and other areas have underperformed equities over the period.
• CQS New City High Yield (NCYF) announced a monthly update, recording a NAV return of 0.71% and a share price return of 0.38%, continuing its momentum so far this year, delivering NAV and share price returns of 19% and 23% respectively.
• BioPharma Credit (BPCR) announced that the company will assist in the financing of Collegium Pharmaceutical’s acquisition of Ironshore Therapeutics for US$525m, with its contribution totalling US$130m.
• Tritax EuroBox (EBOX) has announced that discussions with potential buyers of the business are ongoing, while Brookfield has been granted an extension to announce a firm intention to make an offer until 26 August.