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Investment Trust Stars

This year has been a tumultuous year for markets and the investment trust sector has not escaped the action. After three years of strong demand supporting discount tightening, 2016 saw discounts to net asset value (NAV) go back out at the start of the year due to concerns over China, then over the forthcoming referendum on the European Union (EU), and after it as markets and currencies tanked. However, since then there has been a tightening of investment trust discounts as investors have calmed and the UK market has enjoyed a rally.

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Alliance Trust beats benchmark over volatile 2022

While returns were negative in 2022, Alliance Trust did beat its benchmark (MSCI All Countries World Index) over the course of the year, returning -7.1% in NAV terms as compared to -8.1% for the index. Shareholders did even better as the discount narrowed, the return to shareholders was -5.8%. The trust also points out that […]

Independent Investment Trust reveals unchanged interim dividend after tough period

Independent Investment Trust reveals unchanged interim dividend after tough period – The Independent Investment Trust (IIT) has released its interim report for the six months ended 31 May 2021. During the period, is NAV rose by 15.8% while its share price total return was up by 11.7%. This compares with the FTSE All-Share index which […]

Quiet year for JPMorgan Indian despite outperformance

JPMorgan Indian Investment Trust (JII) has announced its annual results for the year ended September 30 2023. NAV total return for the year was 1.2%, marginally ahead of the benchmark return of 0.7%. Share price total return was 2.2% with the discount closing at around 18%. The manager noted that It was a year of […]

QuotedData’s morning briefing 19 October 2023 – HTCF, RSE, ABD, PIN, AERI, ASLI, AEWU

In QuotedData’s morning briefing 19 October 2023: Highbridge Tactical Credit (HTCF) will compulsorily redeem almost all of its shares on 1 November 2023 and then go into liquidation. Round Hill Music (RHM) shareholders overwhelmingly approved the takeover by Concord Bidco. The shares will stop trading before the market opens on 31 October and shareholders should […]

Scottish Mortgage: How NVIDIA is accelerating AI

As with all investment strategies, your capital is at risk. NVIDIA’s co-founder Jensen Huang is Silicon Valley’s longest-serving chief executive. But his greatest impact may still be ahead of him, as Scottish Mortgage’s Claire Shaw explains Jensen Huang recently celebrated three decades as NVIDIA’s chief executive. It’s a remarkable achievement, particularly given that many recent […]

QD view – Time to buy Scottish Mortgage?

Scottish Mortgage’s share price is almost 60% below its November 2021 peak. It published results for the 12 months ended 31 March 2023 this week and they were not pretty. Over the period, the NAV return was -17.8%, but – as the discount widened – the return to shareholders was -33.5%. Discount at 30-year record […]

QD view – private companies dominate in 2021

It might be too late to start an email with ‘Happy New Year’ now but coming to your inboxes early next week will be our annual review of the investment trust world in 2021. We won’t give you too many spoilers, but it would be rude not to share a few snippets early. It was […]

QuotedData’s morning briefing 15 October 2021

In QuotedData’s morning briefing 15 October 2021: Marwyn Value Investors (MVI) has updated following the completion of Zegona’s tender offer (at £1.535 per Zegona ordinary share). Following the tender, the Marwyn Funds are due proceeds of £45,425,386 attributable to MVI’s ordinary shares and £6,686,881 attributable to MVI’s realisation shares. The Zegona Realisation Share Proceeds, along […]

Aberdeen Smaller Cos Income held its nerve through pandemic

Aberdeen Smaller Cos Income held its nerve through pandemic – Aberdeen Smaller Companies Income Trust has published results for the year ended 31 December 2020. Over the year, the trust returned -4.1% in NAV terms, just ahead of the Numis Smaller Companies Index which returned -4.3%. Share price performance was slightly behind the benchmark with a return […]

Moderna a major success story for Baillie Gifford US Growth

Baillie Gifford US Growth’s (USA) interim results to 30 November 2020 brought share price and NAV returns of 50.8% and 53.8%. This compares with a total return of 11.1% for the S&P 500 index (in sterling terms). Some of the highlights from the period include: Moderna, held by USA since 2018, is one of the biotechnology companies […]