The VenturePulse survey said a total of €820 million was invested in SMEs last year, up from €740 million in 2018, but below the €994 million recorded in 2017.
The fourth quarter provided a welcome boost to figures, with €253 million in investment recorded, compared to €115 million for the same period in 2018. Growth was seen across all deal sizes during the year, IVCA director general Sarah-Jane Larkin said.
However, a number of big deals helped to boost figures, including a €90 million fundraising deal by financial services technology provider Options, which is led by Northern Irish entrepreneur Danny Moore, and more than €11 million raised by Cubic Telecom. Smart energy company GridBeyond raised €10.5 million.
Technology companies raised 87 per cent of total funding last year, with software companies raising 39 per cent of funds in 2019 followed by life sciences at 20 per cent. The fintech and cybersecurity sectors also performed well.
“While 2019 was below the peak of €994 million in 2017, a small number of large deals can have a significant impact – overall it is encouraging to see growth over last year,” said Neil McGowan, chairman of the IVCA. “We hope that the impressive fourth-quarter results suggest that continued momentum.”
Early stage companies
Mr McGowan said the growth had extended into seed or early stage companies, with funding up 55 per cent to €76 million in 2019, with Enterprise Ireland’s new €175 million Seed & Venture Capital Scheme starting to have an impact on the market.
Ms Larkin pointed to the rise of 175 per cent in the value of deals between €5 million and €10 million, a category that saw funding grow to more than €100 million in 2019 across 16 companies. That compares to €37 million in 2018, when five companies in that category availed of funding.
“This is important as these amounts are typically raised by scaling companies who are at a critical stage in terms of expansion in employment and revenues,” Ms Larkin said. “At a time when a programme for government is being considered, it is important that policymakers recognise the need to help create the right environment for local entrepreneurs to build a knowledge-based indigenous Irish economy.”
Market weekly – Healthcare, an investment theme for the coming decade (podcast) – Investors' Corner BNP Paribas
Both US and global healthcare stocks have outperformed their respective broader markets during the coronavirus pandemic. This is just the start of a long-term trend, says Jon Stephenson, senior portfolio manager for US equities and specialist for healthcare innovators in our Boston office. In this week’s podcast Daniel Morris, senior market strategist, discusses with Jon why healthcare stands out as the sector that may become the investment theme for this decade.
This podcast is part of a series articulating our investment views and strategies during the COVID-19 crisis.
For more on the virus, the economic fallout, and the implications for financial markets and investors, read our series of weekly updates. If you need further information on our strategies or investment policies, please contact your dedicated client relationship manager.
Any views expressed here are those of the author as of the date of publication, are based on available information, and are subject to change without notice. Individual portfolio management teams may hold different views and may take different investment decisions for different clients.
The value of investments and the income they generate may go down as well as up and it is possible that investors will not recover their initial outlay. Past performance is no guarantee for future returns.
Investing in emerging markets, or specialised or restricted sectors is likely to be subject to a higher-than-average volatility due to a high degree of concentration, greater uncertainty because less information is available, there is less liquidity or due to greater sensitivity to changes in market conditions (social, political and economic conditions).
Some emerging markets offer less security than the majority of international developed markets. For this reason, services for portfolio transactions, liquidation and conservation on behalf of funds invested in emerging markets may carry greater risk.
Ninepoint Partners LP Announces Proposed Fund Merger, Changes to Investment Objectives and Strategies, Name Changes and Other Changes – GlobeNewswire
TORONTO, May 25, 2020 (GLOBE NEWSWIRE) — Ninepoint Partners LP (Ninepoint Partners) announced today certain changes as described below to some of the funds that it manages.
Merger of Ninepoint Enhanced Balanced Fund into Ninepoint Enhanced Equity Class
Ninepoint Partners proposes to merge (the Merger) Ninepoint Enhanced Balanced Fund (the Terminating Fund) into Ninepoint Enhanced Equity Class (the Continuing Fund). The Terminating Fund will cease to be available for sale effective immediately. Following the Merger, pre-authorized purchase plans established for purchases of securities of the Terminating Fund will be immediately transferred to the equivalent series of securities of the Continuing Fund. Through the Merger, holders of securities of each series of the Terminating Fund will receive securities of the same series of the Continuing Fund (other than Series A1, Series F1, Series T and Series FT securityholders, who will receive Series A, Series F, Series A and Series F of the Continuing Fund, respectively), determined on a dollar-for-dollar basis.
Ninepoint Partners will seek approvals for the Merger from securityholders of the Terminating Fund at a special meeting held on or about July 20, 2020, and from the applicable securities regulator. Next month, further details of the merger and the investment objective change being proposed to the Continuing Fund (see below) will be sent to investors in the Terminating Fund who are entitled to vote. If the required approvals from the securityholders and securities regulator are obtained for the Merger, the Merger will be effective on or about July 29, 2020. As soon as practicable following the Merger, the Terminating Fund will be wound up. The Independent Review Committee has reviewed the potential conflict of interest matters related to the proposed Merger and has provided Ninepoint Partners with a positive decision having determined that the changes, if implemented, will achieve a fair and reasonable result for each of the Terminating Fund and the Continuing Fund.
Investment Objective and Investment Strategy Changes, Termination of Low Load Sales Option and U.S. Dollar Option, and Redesignation of Series of Ninepoint Enhanced Equity Class
Ninepoint Partners also announced today that it proposes to change the investment objective of the Continuing Fund to permit the Continuing Fund to replicate the daily performance, net of expenses, of the S&P 500 Index, or a successor or replacement index and provide downside protection through the use of option strategies. If this investment objective change is approved by securityholders, Ninepoint Partners will adjust the investment strategies to implement the new investment objective and change the name of the Continuing Fund to Ninepoint Risk Advantaged U.S. Equity Index Class. Ninepoint Partners will also be terminating the low load sales charge option and U.S. dollar purchase option. Investors holding units purchased under the low load option will no longer be subject to deferred sales charges effective on or about July 29, 2020 and investors holding units purchased under the U.S. dollar purchase option will receive redemption proceeds and distributions in Canadian dollars effective on or about July 29, 2020.
Additionally, Ninepoint Partners will be redesignating certain series of the Continuing Fund as follows:
|Terminating Series||Redesignated Series|
|Series A1||Series A|
|Series T||Series A|
|Series F1||Series F|
|Series FT||Series F|
Series A1, Series T, Series F1 and Series FT will cease to be offered for sale immediately and any pre-authorized purchase plans established for purchases of the terminating series will be on or about July 29, 2020 transferred to the redesignated series.
Ninepoint Partners will seek approval for the investment objective change of the Continuing Fund from securityholders of the Continuing Fund at a special meeting held on or about July 20, 2020. Next month, details of the investment objective change of the Continuing Fund will be sent to investors in the Continuing Fund who are entitled to vote. If the required approvals from the securityholders are obtained for the investment objective change, the corresponding investment strategy change, name change, termination of the low load sales charge option and U.S. dollar purchase option, and the redesignation of series of the Continuing Fund will be effective on or about July 29, 2020.
Change to Alternative Mutual Fund, Investment Objective and Investment Strategy Changes, Termination of Low Load Sales Option, Base Currency Change and Redesignation of Series of Ninepoint Enhanced U.S. Equity Class
In addition, Ninepoint Partners announced today that it proposes to change the investment objective of Ninepoint Enhanced U.S. Equity Class to permit Ninepoint Enhanced U.S. Equity Class to replicate by a multiple of 200% the daily performance, net of expenses, of the S&P 500 Index, or a successor or replacement index and provide downside protection through the use of option strategies. Ninepoint Enhanced U.S. Equity Class will also be able to use derivatives, borrow cash and sell securities short. The maximum aggregate exposure to short selling, cash borrowing and derivatives used for leverage will not exceed 300% of the fund’s net asset value, calculated on a daily basis. If the investment objective change is approved by securityholders, this fund will convert from being a traditional mutual fund to an “alternative mutual fund” as defined in National Instrument 81-102 Investment Funds. Ninepoint Partners will adjust the investment strategies to implement the new investment objective and change the name of Ninepoint Enhanced U.S. Equity Class to Ninepoint Return Advantaged U.S. Equity Index Class. Concurrently with this change, Ninepoint Enhanced U.S. Equity Class will change from a U.S. dollar-denominated fund to a Canadian dollar-denominated fund. The low load sales charge option will also cease to be available and investors holding units purchased under the low load option will no longer be subject to deferred sales charges effective on or about July 29, 2020. Additionally, Ninepoint Partners will be redesignating certain series of Ninepoint Enhanced U.S. Equity Class as follows:
|Terminating Series||Redesignated Series|
|Series AH||Series A|
|Series T||Series A|
|Series FH||Series F|
|Series FT||Series F|
Series AH, Series T, Series FH and Series FT of Ninepoint Enhanced U.S. Equity Class will cease to be offered for sale immediately and any pre-authorized purchase plans established for purchases of the terminating series will be or on about July 29, 2020 transferred to the redesignated series.
Ninepoint Partners will seek approval for the investment objective change of Ninepoint Enhanced U.S. Equity Class from securityholders at a special meeting held on or about July 20, 2020. Next month, details of the investment objective change of Ninepoint Enhanced U.S. Equity Class will be sent to investors who are entitled to vote. If the required approvals from the securityholders are obtained for the investment objective change, the corresponding investment strategy change, name change, termination of the low load sales charge option, base currency change and the redesignation of series of Ninepoint Enhanced U.S. Equity Class will be effective on or about July 29, 2020.
About Ninepoint Partners
Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $6 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies including North American Equity, Global Equity, Real Assets & Alternative Income.
Ninepoint Partners LP
Investing in Spanish Nissan factory cheaper than closing it: Spanish official – TheChronicleHerald.ca
By Isla Binnie
(Reuters) – Nissan Motor 7201.T> would find it cheaper to invest in its Barcelona factory than to close it, a senior Spanish industry ministry official said on Monday, pegging the estimated cost of a shutdown at more than 1 billion euros ($1.1 billion).
Europe has long been a difficult market for automakers due to overcapacity, stiff competition and tight regulations, and economic shutdowns to stem the spread of the coronavirus have piled on more pressure.
People with knowledge of the matter have told Reuters Nissan may be considering closing its factory in northeastern Spain, but has made no decision yet.
Spain’s secretary for industry, Raul Blanco, said he had received no official confirmation of Nissan’s plans for the plant, which along with related facilities in the area employs 3,000 people. The company is due to unveil a strategy update this week.
“It is much cheaper to invest than to leave,” Blanco said, adding it would cost the company more than 1 billion euros to settle labour and contractual issues in closing what would be its last facility in Europe outside of Britain.
The factory needs around 300 million euros in what he said was overdue investment.
“The situation is very difficult and we have to be realistic,” Blanco told reporters on a conference call. “Nissan has not invested in the plant for 10 years.”
Referring to any potential closure, he said: “This is not a friendly situation.”
The automotive industry accounts for around 10% of Spain’s economic output, according to government trade and investment body ICEX.
“The plant’s situation has worsened but it is fully competitive if it is put to work and the right investments are made for the next 10 years,” Blanco said.
(Reporting by Isla Binnie, editing by Andrei Khalip)
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