In QuotedData’s morning briefing 6 June 2025, we have interim results from both abrdn Diversified Income and Growth and Barings Emerging EMEA Opportunities; a change in director responsibilities for Downing Renewables & Infrastructure; and circulars from Henderson Smaller Companies and JPMorgan Indian.

• abrdn Diversified Income and Growth (ADIG) has published its half-year results to 31 March 2025. The trust, which is in managed wind-down, reported a 4.4% NAV total return over the period. NAV per share rose 1.4% to 68.42p, while the share price advanced 8.1% to 48.10p, narrowing the discount to NAV from 34.1% to 29.7%. ADIG’s portfolio benefited from favourable FX movements, which contributed 2.0% to returns, and strong performance from its private equity holdings, which added 1.8%. Key drivers included Truenoord (+0.9%) and Patria Secondary Opportunities IV (+0.6%). Diversifying Opportunities also added 0.9%, supported by the Aberdeen Global Private Markets fund and litigation finance via Burford. Defensive assets, private credit, and infrastructure added modestly, although real estate detracted. The portfolio stood at £206.1m at the end of March, with £171.4m in investments and £34.8m in net current assets. During the half-year, the trust realised £10.3m from three full exits and received £10.1m from two partial redemptions. Following a previously rejected offer to acquire most of the portfolio, ADIG has appointed Campbell Lutyens to lead a secondary sales process. The board believes this approach offers the best route to realising value and returning capital to shareholders in a timely and tax-efficient manner. The trust is targeting progressive distributions via its B share scheme, with at least one dividend per year to maintain investment trust status. While secondary market conditions remain volatile, the board noted improving sentiment and demand. However, sales are still expected to occur at discounts to NAV. Unfunded commitments totalled £21.4m at the period-end.
• Barings Emerging EMEA Opportunities (BEMO) has reported its interim results for the six months to 31 March 2025. The trust delivered a NAV total return of 10.0%, comfortably ahead of the MSCI EM EMEA benchmark’s 7.8% return. The share price rose 22.5% over the period, resulting in a share price total return of 20.0% and narrowing the discount to NAV from 21.9% to 14.7%. An interim dividend of 6.0p per share has been declared, in line with the prior year. It will be paid on 25 July 2025 to shareholders on the register as at 20 June. The portfolio saw its strongest returns from Central and Eastern Europe, where hopes for a ceasefire in Ukraine buoyed sentiment and valuations – particularly in markets such as the Czech Republic, Poland, and Hungary. Greece also posted strong returns. Conversely, Turkey detracted as political risk resurfaced following the arrest of Istanbul’s mayor. Despite weakness in oil prices and the US dollar, Kuwait and the UAE outperformed on supportive domestic developments, while gold exposure in South Africa was a key driver of returns as prices surged to record highs. Russian assets remain written down to zero, though the company was able to realise £1m from the sale of Nebius N.V. (formerly Yandex). The board notes that BEMO is approaching the September 2025 test date for its performance and discount control targets. While performance is on track, the discount target may be missed. If so, the board will consider a tender offer alongside other strategic options. Looking ahead, the investment manager remains cautious amid global trade tensions and political uncertainty but continues to emphasise the relative resilience and diversification benefits of the EMEA region, especially its low direct US exposure and strong bottom-up opportunities.
• Downing Renewables & Infrastructure Trust (DORE) has announced that Ms Astrid Skarheim Onsum has been appointed chair of the remuneration committee, effective immediately, succeeding Mr Ashley Paxton.
• The Henderson Smaller Companies Investment Trust (HSL) has published a circular convening a general meeting to seek renewed shareholder authority for its share buyback programme. The move comes after the substantial utilisation of the authority granted at the 2024 AGM, with 6.1m shares – equivalent to around 8.2% of the issued capital at the time – repurchased to date out of a maximum 14.99%. HSL’s board notes that market conditions remain particularly harsh, with the trust’s shares continuing to trade at an unusually wide discount to net asset value. It believes this presents a compelling opportunity to enhance shareholder value through further buybacks, provided the appropriate authority is in place. The general meeting will be held at 10am on 1 July 2025 and the newly published circular includes full details of the proposal and notice of the meeting.
• Following the announcement of the outcome of its strategic review on 19 May 2025 (click here to see our coverage of that), JPMorgan Indian Investment Trust (JII) has now published a circular outlining a wide-ranging package of proposals aimed at addressing persistent share price underperformance and a stubborn discount to NAV. The key elements include a tender offer for up to 30% of the Company’s issued share capital (excluding treasury shares), the adoption of an enhanced dividend policy, a reduction in investment management fees, and a new set of discount control mechanisms. The tender offer, open to eligible shareholders, will provide a cash exit at a price determined by the final realised value of the assets in the “Tender Pool.” Deutsche Numis will act as principal in executing the offer. Shareholders may tender up to 30% of their holding, with additional tenders possible on a pro rata basis depending on uptake. Alongside this, the Company proposes to adopt a new enhanced dividend distribution policy, committing to pay at least 4% of year-end NAV annually in four quarterly instalments. This move would make JII the only Indian investment trust currently paying a dividend, with the aim of broadening its appeal and supporting demand for the shares. To enable this, the Company must amend its articles to permit distributions from capital. Shareholder approval for all proposed resolutions – including the tender offer, enhanced dividend policy, and article amendments – will be sought at a general meeting on 8 July 2025. The proposals are inter-conditional, meaning that none will proceed unless all are approved.

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