Fidelity Japan Trust (FJV) has reported a net asset value (NAV) total return of 3.3% for the six months to 30 June 2025, broadly in line with the TOPIX Total Return Index in sterling terms, which rose 3.2%. The trust’s share price delivered a total return of 10.6% as its discount narrowed from 13.1% to 6.9%. Since the period end, to 31 August, the NAV has gained a further 5.0% and the share price 10.4%, compared with a 7.6% rise in the index. The board confirmed that, following the failed continuation vote in May, the company will shortly be placed into voluntary liquidation. Shareholders will be offered the choice of cash or shares in AVI Japan Opportunities Trust (AJOT) under a scheme of reconstruction, with a meeting expected in October. Those making no election will default into AJOT. FJV’s chairman, David Graham, noted that the outcome reflects both the company’s recent underperformance and the retirement of portfolio manager Nicholas Price. Performance over the half year was driven by successful stock selection in the retail and transportation equipment sectors, including Ryohin Keikaku (MUJI) and Toyota Industries. Not holding Toyota Motor also helped. Detractors included Recruit Holdings, Riken Keiki and MISUMI, while the position in Olympus was sold. Gearing was reduced from 24.0% at the start of the period to 14.0% by 30 June, and subsequently to 9.5%. Unlisted exposure stood at 7.1% at the half year; the holding in Moneytree was sold in July at a 47% premium to the June carrying value, while the remaining unlisted holdings are expected to transfer to AJOT.
Seraphim Space (SSIT) has published its latest monthly update covering developments across its portfolio and the wider SpaceTech sector during August. Among portfolio companies, ALL.SPACE signed an MoU with Telesat Government Solutions to integrate its multi-orbit user terminals with Telesat’s forthcoming Lightspeed LEO network, while LeoLabs entered a Space Act Agreement with NASA to test its orbital tracking data for satellite collision avoidance. AST SpaceMobile confirmed a fully funded plan to deploy 45–60 satellites by end-2026, aiming to establish the first direct-to-smartphone broadband network. Pixxel was awarded India’s $145m national Earth Observation Satellite System contract and launched three additional hyperspectral Firefly satellites, while Astroscale agreed to supply docking plates for Xona’s Pulsar satellites to support in-orbit servicing and deorbiting. Elsewhere, Voyager Technologies invested in Latent AI to bring advanced edge AI capabilities into space and defence applications. The sector update highlighted growing momentum for space IPOs, with Firefly Aerospace and Voyager Technologies achieving multi-billion-dollar valuations. SpaceX also completed a successful test flight of its Starship rocket, while the global space industry reached a record $613bn in Q2 2025, up 7.8% year-on-year, according to the Space Foundation. SSIT was recognised as the most active global investor in BryceTech’s Start-Up Space 2025 report, which recorded $7.8bn invested in space start-ups during 2024. Meanwhile, UK government reforms will see the UK Space Agency join the Department for Science, Innovation and Technology in 2026, aimed at boosting sector growth and cutting red tape.
Social Housing REIT (SOHO) has reported half-year results to 30 June 2025 – the first under new investment manager Atrato, which took over the running of the trust at the start of 2025. Adjusted earnings rose 21.9% to 3.34p per share, compared to the same period in 2024 thanks in large part to an 18.9% increase in net rental income and substantial cost savings under the new investment management contract (with the fee now based on market-cap rather than NAV). The increased earnings improved dividend cover to 1.21x (up from 0.99x at the end of 2024), with 2.811p of dividends declared in the period – in line with the 5.622p annual dividend target. The group’s portfolio value fell 2.3% to £611.8m as the net initial yield moved out 20 basis points (0.2%) to 6.42%. That contributed to a 3.5% reduction in the EPRA net tangible assets (NTA) to 95.56p per share. Atrato has made solid progress in dealing with the two problem registered providers in the portfolio (which had hit rent collection). The reassignment of the Parasol leases to Westmoreland has resulted in a 75% rent collection rate (which is expected to increase to 90%), and following the My Space CVA in March, the group is progressing the reassignment of leases to Inclusion Group. [QuotedData comment from Richard Williams: These are encouraging first results by the new manager, Atrato, which has quickly got to work tackling the two problem tenants and improving tenant oversight more generally. We have long argued that the REIT structure provides the perfect conduit for growth in the social housing sector, and after a tricky couple of years hope that under new management SOHO can get back to growing and investing more into the much-needed sector. For that to happen, its discount needs to narrow further from its current 27.6%. The benefits for shareholders are great – with a maturing pool of registered providers (from both a financial and governance viewpoint), with income backed essentially by the government, and more importantly helping to provide quality accommodation for those most in need.]
Oakley Capital Investments (OCI) has published restated results from its annual general meeting on 2 September 2025 after Computershare, the company’s registrar, admitted that some votes had been omitted in error. The corrected tallies show that all resolutions were still passed by the required majorities. The board acknowledged the significant opposition to Dubens’ re-election and reiterated that while the board complies with independence requirements, some shareholders maintain a policy of voting against non-independent directors. The company said it has engaged with these investors in the past and will continue dialogue going forward. As announced previously, former chair Caroline Foulger stepped down at the meeting after serving nine years, in line with governance guidelines. Steve Pearce has been appointed interim chair while the board’s succession process, which includes the recruitment of new non-executives, is finalised.
Henderson High Income (HHI) has reported a net asset value (NAV) total return of 11.9% for the six months to 30 June 2025, outperforming its composite benchmark (80% FTSE All-Share, 20% ICE BofA Sterling Non-Gilts) which it says rose 8.0%. The share price total return was stronger still at 14.4%, helped by the discount narrowing to 5.1% from 7.0% at the year-end. NAV per share increased to 190.0p (31 Dec 2024: 174.7p), while the share price moved up to 180.3p (162.5p). Net assets rose to £327.2m from £303.2m. Gearing was modestly reduced to 18.2% from 21.0%. Two interim dividends of 2.675p per share were paid during the period, with a third of 2.775p declared for payment in October. The board said it remains confident in the trust’s ability to deliver a high level of income, supported by resilient UK dividend flows. Performance was boosted by holdings in Phoenix and M&G, with the latter benefitting from a new strategic partnership with Dai-Ichi Life, as well as overseas names Tele2 and Engie. Defence contractors BAE and Chemring also outperformed. Not holding Rolls-Royce, a large benchmark constituent, detracted. The manager added new positions in BNP Paribas and AXA, while exiting SSE, Mobico and Sabre Insurance.
Patria Private Equity Trust (PPET) has declared a third interim dividend of 4.4p per share for the year ending 30 September 2025 (2024: 4.2p). The dividend will be paid on 24 October 2025 to shareholders on the register on 19 September, with an ex-dividend date of 18 September. The board said that, subject to unforeseen circumstances, the fourth interim dividend in January 2026 will also be 4.4p, taking the total for the financial year to 17.6p. This represents an increase of 4.8% on the 16.8p paid for the previous year and equates to a dividend yield of 3.2% based on the share price at 8 September 2025. The company also reminded investors that it operates a Dividend Reinvestment Plan (DRIP) through Equiniti Financial Services. Shareholders wishing to reinvest their October payment must apply by 3 October 2025.
Henderson European Trust (HET) has announced that shareholders approved all resolutions at the company’s first general meeting held on 9 September 2025. The votes, cast on a poll, backed the reclassification of shares and related changes to the articles of association with 97.3% in favour. Shareholders also approved the proposed scheme of reconstruction and voluntary winding-up of the company, which will see its assets combined with Fidelity European Trust (FEV). The scheme received 97.3% support, with more than 157m votes cast, representing around 50.8% of the company’s issued share capital. The board confirmed that the next steps in the liquidation and transfer process will follow in due course.
European Assets (EAT) and The European Smaller Companies Trust (ESCT) have both published circulars in relation to their proposed combination.
Grainger (GRI) has leased up 50% of homes at its Seraphina Apartments development in Canning Town, London, in less than a month after it was launched.
Harworth Group (HWG) has appointed Phil Redding (former chief executive of Tritax EuroBox and chief investment officer of SEGRO) as a non-executive director.
The board of Warehouse REIT (WHR) have resigned following the Blackstone offer for the company becoming unconditional earlier this week.
