Morning briefing: Seraphim Space joins the FTSE 250, SHIP posts 12.7% return from Hormuz blockade, JPMorgan China cushions 9.5% half-year slide, and Mike Ashley takes stake in Grainger; Segro in activist talks, Helical launches £5m buyback, plus Ceiba
Seraphim Space Investment Trust is set to join the FTSE 250 on 19 June after a strong share price rally and a recent C-share issue lifted its market value to about £698m. Chair Will Whitehorn described the move as a significant milestone that reflects the company’s growth over the past five years and the increasing recognition of space technology as an institutional asset class. QuotedData analyst Matthew Read said the promotion should improve Seraphim Space’s visibility, liquidity and appeal to investors, while also helping it raise future capital. He pointed to stronger portfolio valuations, growing interest in SpaceTech and the performance of the trust’s largest holding, ICEYE, which has benefited from operational progress and major defence and intelligence contracts.
Tufton Assets, the shipping fund, reported a 12.7% investment return in April and May as tensions in the Middle East pushed up charter rates for its product tanker and bunker vessels. In an unscheduled update, the company said net asset value per share rose from $1.395 at 31 March to $1.546 by the end of May, with May delivering its strongest operating result in three years. The improvement came as the fund’s negative charter rate fell sharply. Management said it remains cautiously optimistic and expects to benefit further as eight vessels come up for charter renewal later this year. The fund, which yields 7.6%, will publish its full second-quarter NAV and dividend on 15 July.
JPMorgan China Growth & Income outperformed the broader Chinese equity market in the six months to 31 March, although it still reported a decline in net asset value. NAV fell 9.5%, compared with a 13.8% drop in the MSCI China index. Fund managers said the period was affected by global geopolitical tensions and pressure on software stocks from emerging AI competition, but exports and AI-related structural growth provided some support. The trust’s share price performance was slightly better than NAV, helped by a narrowing discount. Chair Alexandra Mackesy said the portfolio had been partly protected by its exposure to China A-shares, which were more resilient than Hong Kong-listed H-shares.
In property, Segro has held talks with activist investor Lauro Asset Management about a proposal to spin off its datacentre business and list part of it in the Netherlands, according to the Sunday Times. Separately, Mike Ashley, founder of Frasers, has built a 4.2% stake in residential landlord Grainger, which trades at a steep discount to net asset value. The move came as Frasers was also reported to be considering a possible bid for Newcastle’s Metrocentre shopping centre.
Helical has launched a £5m share buyback programme to return surplus capital to shareholders. The central London office REIT said the repurchases will run until 30 September, with authority expected to be renewed at its annual general meeting in October. Analysts said the buyback is sensible given the deep discount to NAV, though they cautioned it is unlikely on its own to re-rate the shares.
Elsewhere, Ceiba Investments has won Cuban government approval to take full control of Monte Barreto, owner of Havana’s Miramar Trade Center, after long-running negotiations.
