Seraphim Space Investment Trust (SSIT) is set to join the FTSE 250 index on June 19, marking a significant milestone for the company and the SpaceTech sector. The company has seen a remarkable 39% increase in its share price this year, spurred by a £127 million C-share issue that boosted its market value to £698 million. Will Whitehorn, the Chair of SSIT, expressed that the elevation to the FTSE 250 reflects the company’s substantial progress and the growing interest in SpaceTech as a vital asset class for institutional investors.
Key Highlights of Seraphim Space’s Progress
- 39% increase in share price this year.
- Market value reached £698 million as of Friday’s close.
- Successful £137 million C-share issue.
- ICEYE, its largest holding, has significantly increased in valuation.
Matthew Read, a senior analyst at QuotedData, acknowledged the positive trajectory since SSIT’s launch five years ago. The company has benefitted from improved portfolio valuations and a deepening interest in SpaceTech. The inclusion in the FTSE 250 is expected to enhance SSIT’s visibility among institutional investors and may broaden its shareholder base.
Tufton Assets’ Impressive Returns
Tufton Assets (SHIP), a £350 million shipping fund, reported an impressive 12.7% yield in April and May. This surge in investment returns was largely due to increased charter rates arising from ongoing conflict in the Middle East and the blockade of the Strait of Hormuz. The company noted a rise in its net asset value (NAV) per share from $1.395 on March 31 to $1.546 in May, marking the highest operating results in three years.
- Investment manager aims to increase yield on charters for upcoming renewals.
- Reported a decrease in negative charter rates from $31.6 million to $18.1 million.
Market Updates and Other Developments
JPMorgan China Growth & Income (JCGI) experienced a 9.5% decline in NAV for the six months ending March 31, outperforming the MSCI China index’s 13.8% drop. The fund’s performance was impacted by economic conditions stemming from international tensions involving Iran, although strong exports and AI-related growth provided some stability.
In real estate news, Segro (SGRO) has engaged with Lauro Asset Management regarding a potential spin-off of its datacentre division. Meanwhile, Mike Ashley has acquired a 4.2% stake in Grainger (GRI), a residential landlord valued at £1.1 billion.
Helical (HLCL), a £245 million London-focused real estate investment trust, announced a £5 million share buyback program to return surplus capital to shareholders. The initiative aligns with current market conditions, reflecting Helical’s confidence in its share value amid ongoing negotiations for renewal of its annual buyback authority.
Ceiba Investments (CBA), a £48 million Cuban property fund, received approval from the Cuban government to gain full control of Monte Barreto, which owns the Miramar Trade Center in Havana, completing a transaction that has been in negotiation since 2017.
