In QuotedData’s morning briefing 5 June 2025: Lindsell Train has a new director, JPMorgan Emerging Markets is concerned about its discount, and Cobalt Holdings has pulled its IPO.
- Lindsell Train (LTI) has appointed a new non-executive director, Sian Hansen. Sian was formerly chief operating officer at a global strategic consultancy group – the CT Group – and before that executive director of the Legatum Institute, managing director of Policy Exchange (one of the UK’s most successful policy think tanks), and had senior roles in investment banking, including as a company analyst at Enskilda Securities and director of Sales at Société Generale.
- The board of JPMorgan Emerging Markets (JMG) has sought to remind investors that it has been increasingly aggressive about the number of shares it has been buying back to control its discount. In Q3 2024, it bought back 4.0% of its shares (11.1m), in Q4 2024 9.9% and 27.1m, and in Q1 2025 10.5% and 28.2m. The discount was 12.0% at end June 2024 and has narrowed to 9.7% today, but in the interval it touched 16.5% in the wake of ‘Liberation Day’. There is a continuation vote in 2026 and a five-year conditional tender offer based on returns to end June 2029. [However, we think that the problem is that the trust’s NAV returns rank towards the bottom of its peer group. Fixing that, will likely fix the discount. In the meantime, it might be worth being more explicit about the target discount that the board is seeking to defend.]
- Cobalt Holdings has said its IPO will not proceed. No reason was give in the announcement, but it seems disappointing given it had anchor investors prepared to stump up $47m.
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