Infrastructure investment trust International Public Partnerships (INPP) was one of a number of investment trusts announcing first half results this week.

The specialist fund said although net asset value (NAV) per share rose only slightly from 112.1p at 31 December 2009 to 112.9p, it remained bullish about prospects for the second half.

Giles Frost, director at INPP, said the fund had delivered a total return of 35.8 per cent since launch in 2006, compared with a total loss from the FTSE 250 of 0.5 per cent over the same period.

Looking forward, Frost said the trust had secured a pipeline of investment opportunities and had invested the £89.3 million it raised earlier this year.

He said, ‘We may have to look for more capital, we have already allocated the money we raised last January.’

Frost said it was unlikely to leverage the fund to take advantage of further investment opportunities, instead looking at ways of raising funds through the existing investor base.

The director said there had been no real change in policy from the UK government, in spite of the new ruling coalition, adding that government support for private finance-led infrastructure spending remained in place.

Frost said he was happy with the fund’s exposure to the UK, which makes up more than 50 per cent of the portfolio’s assets.

‘We don’t mind adding more UK assets, if they are good quality,’ he explained, but expected to add more non-UK investments to the portfolio in the longer-term.
 
Other news:

  • JPMorgan Russian Securities investment trust appointed former UBS Investment Bank head of European equities Alex Easton as independent non-executive director.
  • Melchior Japan Investment Trust reported that its NAV per share had risen by 7.3 per cent to 48.6p during the first half of 2010.
  • Aberdeen New Dawn Investment Trust announced the retirement of director Richard Bradley.
  • Shires Smaller Companies investment trust saw NAV per share rise by 7.6 per cent to 123.27p during the first six months of the year, up from 114.5p.
  • Standard Life Investments Property Income Trust reported that NAV per share rose by 8.3 per cent to 62.4p during the first half of 2010, compared with 57.6p at the end of 2009, which it attributed to a rise in the valuation of its property portfolio.
  • Private equity investment company 3i Group said non-executive director Robert Swannell would retire from the board  in October to concentrate on his new role as chairman of Marks & Spencer.
  • M&G Equity Investment Trust revealed plans to wind-up the fund by 8 March 2011, offering investors he chance roll over into the M&G High Income Investment Trust, another M&G open-ended fund, or receive a full cash exit.
  • Henderson Group and Royal London non-executive Robert Jeens was appointed as a non-executive director on the Gartmore Fledgling Trust.
  • Albion Income & Growth Venture Capital Trust confirmed the retirement of non-executive director David Watkins and named his replacement Robin Archibald.
  • HgCapital, the private equity investment trust, reported that NAV per share grew by 2.9 per cent to 938.6p during the first six months of the year. The trust made five new investments in the first half, compared with just two during the whole of 2009.
  • ING UK Real Estate Income Trust reported a 7 per cent rise in underlying NAV per share to 59p during the first half, following its acquisition of Rugby Estates Investment Trust.
  • The Henderson Private Equity Investment Trust is set to be wound up after failing to attract new interet. For more read here: http://bit.ly/bAZU1T