Mobius (MMIT), the £93m emerging markets smaller companies fund shrunk by a 43% exit by shareholders in November, underperformed in 2025. Annual results confirmed a total portfolio return of 6.9% compared to the 21.9% advance in the MSCI Emerging Markets index. Shareholders received just 3.2% as the share price discount to net asset value widened from 8.2% to 11.5%. It said the underperformance was driven by the dominance of top MSCI mega-cap tech stocks with the benchmark’s five biggest companies – TSMC, Samsung, SK Hynix, Tencent and Alibaba – accounting for 42% of returns. MMIT does not hold them.

STS Global Income & Growth (STS) has negotiated an 18% cut in the annual management fee paid to Troy Asset Management. From April, Troy will be paid a flat 0.4% of net assets down from 0.55% up to £250m and 0.5% above that. The £268m global equity income investment trust is managed by James Harries and Tomasz Boniek of Troy.

Hydrogen Capital Growth (HGEN) has sold part of its stake in Strohm, a Dutch low-carbon offshore pipeline manufacturer, for €1.5m as it races to wind down. Although at a discount to the latest valuation, it says the sale represents the best outcome for shareholders. HGEN retains a 9% stake in the business. In November it had £1.1m of cash left.