In QuotedData’s morning briefing 30 June 2025, European Opportunities Trust’s manager – Devon Equity Management – has agreed terms to be acquired by River Global; Majedie’s investment manager, Marylebone Partners LLP, is in discussions to join Brown Advisory and we have interim results from both Schroder UK Mid Cap and Henderson European.

• European Opportunities Trust (EOT) has confirmed that its investment manager, Devon Equity Management, is set to be acquired by River Global, subject to contract and regulatory approval. The board noted River Global’s announcement earlier today outlining heads of terms for the proposed transaction (click here to read our separate story on this deal). No immediate changes to EOT’s investment policy or management arrangements have been announced, and the board says it will monitor developments as the transaction progresses. Further updates are expected in due course once the acquisition process has been finalised and the FCA has completed its review. EOT’s manager and founder of Devon Equity Management, Alexander Darwall, will be joining River Global as co-head of European equities.
• Majedie Investments (MAJE) says that its investment manager, Marylebone Partners LLP, is in advanced discussions to join Brown Advisory, a US-based independent investment and strategic advisory firm, which MAJE’s board sees as a positive development for the trust’s shareholders. The proposed transaction remains subject to regulatory approval and completion of due diligence, which is ongoing. If successful, the Marylebone team will transition to Brown Advisory but will continue to manage Majedie’s portfolio. The board does not expect any material impact on Majedie’s NAV from its interest in Marylebone Partners. It also intends to ensure the continued alignment of interests between manager and shareholders. A further update will be provided in due course.
• Schroder UK Mid Cap Fund (SCP) has published its half-year report for the six months to 31 March 2025. Over the period, the trust’s NAV fell 9.3%, lagging its benchmark (FTSE 250 ex ITs) which it says fell 7.9%, with the share price down 6.8%. However, performance has improved since the period end, with the NAV delivering a total return of 14.6%, 2.1 percentage points ahead of the benchmark. In March, SCP announced a package of strategic initiatives designed to enhance shareholder value, including a cut in the management fee to 0.60% of market cap, the introduction of a three-yearly continuation vote, and a commitment to a more active buyback policy. The discount narrowed to 7.9% at the end of March and has held around this level since. An interim dividend of 6.3p per share was declared, a 5% increase, reflecting confidence in income recovery from portfolio holdings. Gearing stood at 9.5% at period-end. The board believes UK mid-caps are showing renewed appeal against a backdrop of low valuations, robust balance sheets and rising M&A activity. Chair Harry Morley highlighted that investors may be turning away from US tech dominance, which could help correct valuation gaps in UK mid-caps. Among key contributors, Babcock and Chemring benefited from stronger defence spending, while Games Workshop continued to deliver, helped by ongoing brand strength and diversification. Weaker performers included 4imprint, hit by softer US demand, and Workspace, which suffered from negative sentiment around UK interest rates. The report also noted portfolio additions such as OSB Group, Future, and Playtech, while names including Britvic, Computacenter, and Johnson Matthey were exited. Management remains cautiously optimistic given attractive valuations, strong fundamentals and corporate activity in the sector, and sees opportunities in specialist retail, defence, and the UK’s resilient service-based economy.
• Henderson European Trust (HET) has released its interim results for the six months to 31 March 2025. Over the period, the trust’s NAV total return was -0.2%, underperforming the benchmark FTSE World Europe ex-UK index, which it says returned 3.5%, though ahead of the AIC Europe sector average of -2.7%. The share price total return was -0.3%, with the discount ending the period at 9.4%. The half-year was marked by significant change for HET, following the surprise departure of its co-managers in February. Since then, the portfolio has been managed on an interim basis, while the board carried out a strategic review. In June, the board recommended a combination with Fidelity European Trust, citing access to a stronger investment team, enhanced liquidity, lower forecast costs, and an improved discount control policy. Shareholders will have the option of a cash exit on up to a third of their holdings. An interim dividend of 1.4p has been declared. In portfolio terms, Novo Nordisk weighed on performance as its shares fell following disappointing trial results and supply issues. Semiconductor holdings such as ASM International and ASML also detracted, reflecting geopolitical tensions. On the positive side, financials helped, supported by increased exposure to names including BBVA and Erste Group, while SAP performed well after reassuring results in its cloud ERP division. Looking ahead, the managers see European equities benefiting from reforms in Germany, more supportive monetary policy, and potential positive effects from trade negotiations between the EU and US. The trust’s board expects to circulate documentation on the proposed combination with Fidelity European Trust by the end of August.
• PRS REIT (PRSR) has provided an update on the company’s sale process. A proposal from Long Harbour, which we reported on earlier this month, priced at 115p per share is in pole position with PRSR confirming that it had not received any other written proposals on superior terms – despite entering NDAs with 19 interested parties since it put itself up for sale in October last year. It said it remains in discussions with Long Harbour, whose proposal is subject to completion of due diligence and financing, and added that there can be no certainty that an offer will be made, nor as to the terms of any offer if made. The board said it intends to consult with its shareholders regarding the options available to the company under the wider strategic review and will provide a further update by the end of July 2025.
• Tritax Big Box REIT (BBOX) is holding an investor seminar today in person and online detailing the earnings growth potential of its portfolio over the medium-term, which it says could grow by 50% by 2030 through rental reversion, logistics development and data centre opportunities. The seminar starts at 2.30pm – to attend in person email [email protected] or to register for the live webcast click this link Tritax Big Box – Investor Seminar 2025.

We also have:

Stories you may have missed from Friday: