RTW Biotech Opportunities (RTW), the tenth-best performing investment company last year, has backed the first biotech flotation of 2026. Atkis Oncology raised $318m by listing on Nasdaq on Friday at $18 a share, giving RTW a 12.6% uplift on the cancer specialist that accounted for 0.6% of its assets at 30 November. The stock rose over 24% to $22.40 on its first. Rod Wong, CIO of RTW Investments, fund manager to the £731m investment company, said: “Aktis’ rapid progress reflects the transformative potential we seek in our portfolio companies and underscores our commitment to identifying and supporting assets that drive meaningful advances in patient care.”
James Carthew, head of research at QuotedData, said: “Aktis Oncology may not be a big position for RTW Biotech Opportunities, but the share price performance post IPO is very encouraging, and it suggests a continuation of the biotech rally into 2026. I am a happy holder of the trust.” RTW shares rallied 55% last year.
Herald (HRI) has issued a circular detailing the tender offer it wants shareholders to approve as it attempts to encourage Saba Capital to sell its 30.7% stake in the £1.2bn global technology trust managed by Katie Potts. Chair Andrew Joy urged shareholders to vote in favour of the tender, which will allow investors to sell all of their holdings at close to asset value, at a general meeting at 10am on 5 February at 60 Victoria Embankment in London. “This proposal will enable long-term shareholders to remain invested with the current successful manager and mandate they have chosen, while also providing a full exit route to short-term shareholders,” said Joy. The proposal announced on Friday contains a “backstop” measure to push the tender through should Saba, an activist hedge fund that is currently trying to oust the board of Edinburgh Worldwide (EWI), refuses to sell. You can read our report and views here.
British Land (BLND) chief executive Simon Carter is to leave the FTSE 100 real estate investment trust and become CEO of P3 Logistics Parks, a pan-European logistics investor backed by Singapore’s sovereign wealth fund. Carter first joined British Land in 2004 before leaving in 2015 to become chief financial officer at Quintain Estates & Development and then Logicor. He returned to British Land as CFO in 2018 and was appointed chief executive in 2020. Chair William Rucker said: “During his 18 years here across two stints he has achieved a huge amount, and as CEO has positioned the business for future success with a very strong management team and an exceptional London office campus and retail park platform.” Carter will leave once a successor has been found.
Onward Opportunities (ONWD), the £44m UK smaller companies investment company, saved its best for last in 2025 with a 7.4% return in the fourth quarter pushing the total shareholder return for the year to 7.6%, 1.8 percentage points below the 9.4% underlying return generated by Dowgate Wealth fund manager Laurence Hulse. Since launch in March 2023, the fund has achieved a 50.2% total return on net assets, which it said beat the FTSE Small Cap index by 11.2 percentage points. The top quartile performance has made ONWD one of just three listed funds in its sector not trading at a discount below net asset value. With the shares at a premium to NAV for much of last year, it raised £7.5m in four share issues.
The Renewables Infrastructure Group (TRIG) has restarted its £150m share buyback programme which it suspended in November after announcing a proposed merger with Infrared stablemate HICL Infrastructure (HICL). A storm of protest from HICL shareholders, which opposed merging its better rated portfolio with the £1.6bn renewables fund, saw the transaction scrapped two weeks later. Since then the discount on TRIG shares has widened by three percentage points to 35%. It said it had £71.7m of funds left for buybacks up to 30 June although the programme could be extended.
Abrdn European Logistics Income (ASLI) has completed the €15.6m sale of two further assets in France, a month after rejecting a call from its largest shareholder, DL Invest, to halt its 19-month wind-down. The warehouses in Bruges and La Crèche were sold to their existing tenant, the logistics group Dachser France, at a price in line with their third quarter valuation. ASLI has now disposed of 22 of its 27 assets, generating gross sales proceeds of €415m before debt repayment. A further asset sale has been agreed and should complete this month. The remaining four assets are currently under offer and are expected to complete this quarter.
