Ecofin US Renewables Infrastructure (RNEW), a £26m investment trust that began a managed wind-down in January 2025, saw net asset value fall 15.9% from $61.7m to $51.9m at 31 December. This was mainly the result of the sale of its DG solar assets in March last year and the potential $30m disposal of Whirlwind wind farm in Texas in December. The valuation of its remaining Beacon 2 and 5 solar assets in California was broadly stable. However, annual results show the company has already forfeited $1.6m from $11m of the Whirlwind purchase price set aside by the buyer as the wind farm’s output remains curtailed by connection problems. The $11m will steadily disappear if full capacity is not achieved this year. Earlier this month the company warned its largest shareholders AVI and Almitas Capital that it risked losing its investment trust status if they increased their stakes and reduced the proportion held by other investors below 35%.

James Carthew, head of investment company research at QuotedData, said: “Remember in November, when I said that I didn’t understand the rush to sell Whirlwind then, rather than wait for the grid connection to be fixed, we are now into the phase where RNEW shareholders lose almost $800,000 per month and that accelerates through the summer and into the autumn. The 54% discount feels justified to me.”

Marwyn Value Investors (MVI), the £74m specialist UK smaller companies investment company on a 49% discount, enjoyed a “highly significant” 2025, its annual report says. Strong progress from portfolio companies including telecom consolidator Zegona and investment platform Investcorp generated 35.4% growth in net asset value (NAV) for ordinary shareholders. The shares returned a total of 63.6% including dividends of 9.06p. They have fallen nearly 5% this year.

James Carthew said: “Marwyn Value Investors had a good 2025, delivering returns well ahead of comparable indices. In November, it will offer investors a switch into a realisation share class, as it does every five years. I like this idea and think it would work well for other trusts that hold illiquid assets. I have to say, though, as a holder of the 2021 realisation shares that haven’t seen any distributions yet, it still requires you to be patient.”

International Biotechnology Trust (IBT) says another of its US portfolio companies has agreed to a premium bid. Nasdaq-listed KalVista Pharmaceuticals, a rare disease specialist and 1.6% holding, has accepted a $27 per share, $1.9bn offer from Italy’s Chiesi Farmaceutici priced at 36% above its 30-day average share price. This is the fifth acquisition this year the £306m investment trust has seen in what its Schroders fund managers say is an “exceptionally strong” mergers and acquisitions market in the sector.

Pantheon International (PINT), the £1.6bn private equity fund under pressure from activist investors to do more about its 28% discount and improve shareholder returns, bought back £10.1m of shares last month. The repurchases of stock provided 1.1p per share, or 0.2%, of the 2.5% gain in net asset value (NAV) in March which saw NAV per share rise 13.1p to 532.2p. The biggest factor in the rise was 1.1%, or 5.7p per share, of increases in its investments with positive currency movements adding 1.3% or 6.8p per share. PIN bought back £71.7m of shares in the ten months to 31 March leaving it with a distribution pool of £51.5m to support further buybacks.

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