Crystal Amber retains pole position on Winterflood’s list of top monthly movers in the investment company space, but which two funds with practically identical names flew in from nowhere to take the number two and three spots?

Frank Buhagiar•27 Aug

The Top Five
Crystal Amber (CRS) holds on to top spot on Winterflood’s list of highest monthly movers in the investment company space, although the share price gain, at +20.9%, slightly lower than last week’s +23.9%. Could be all down to the news out this week. For as well as announcing more share buybacks, the small-cap fund put out a Holding(s) in Company announcement. This detailed a decrease in US-based 1607 Capital Partners’ stake in CRS to 9.7% from 10.7%. Market chose to focus on this last press release, it seems – share price closed down on the day.
Doric Nimrod Air 3 (DNA3) flies in from nowhere into second place with a +15.4% share price rise. And it has stablemate Doric Nimrod Air 2’s (DNA2) press release of 21 August 2024 to thank – DNA2 announced it will sell its remaining five Airbus A380-861 aircraft to Emirates at each of their respective lease end dates – currently expected between 1 October 2024 and 30 November 2024. The sale proceeds due to the company are £30.71m/US$40m for each plane, generating a combined total of £153.53m/US$200m for all five aircraft. The news was good for a +13.3% share price rise on the day for DNA2 bringing the monthly gain to +14.6%, enough for third place on Winterflood’s list.
Broker Jefferies explains why both Doric funds’ shares reacted well to the news “In our view, market expectations were for the sales to generate somewhere around $37m per aircraft, so the $40m across all five remaining A380s is a strong result. As such, there is positive readacross for the A380s held within sister-fund DNA3, where the leases expire in the latter half of next year”. No wonder both share prices took off.
Jupiter Green (JGC) drops two places to fourth but still managed to keep hold of the majority of its gains for the month – up +12.2% compared to +12.8% previously. That might be down to a press release put out on 21 August 2024 showing that FINDA SPV OY has increased its stake in the environmental investor to 4.15% from 3.05%. FINDA SPV OY, turns out, is managed by Asset Value Investors (AVI), manager of the AVI Global Trust (AGT). So, will be interesting to see if AVI, ahem, FINDA continues to build its stake, particularly as JGC recently announced it is evaluating options for the future of the business.
Golden Prospect Precious Metals (GPM) takes the final spot – shares are up +10.4% on no news. A look at the graph, however, reveals the share price spiked +8% higher on 20 August 2024, the day the gold price hit a year high of US$2,525 per troy ounce. If only all share price moves were that easy to explain.
Scottish Mortgage
Scottish Mortgage’s (SMT) share price finished the week ended Friday 23 August 2024 with a monthly loss of -1.7%, an improvement on the -4.2% deficit seen seven days earlier. The NAV monthly loss came in at -1.7% too, having been down -4.1% previously. The wider global sector is unchanged on the month compared to the previous -2.1%. A positive week for the Nasdaq, along with SMT’s ongoing share buyback programme – around three million shares were bought back over the course of the week – providing a positive backdrop for both share price and NAV.
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