F&C (FCIT) says its four-for-one share split has taken place after shareholders in the £6.2bn global equity fund approved the move at its annual general meeting on 29 April. Announced at its annual results in March, the split is designed to improve liquidity in the stock and sees the 158-year-old investment trust quadruple the number of its shares. There are now 1.88bn shares of 6.25p in issue. In addition it holds over 360m in treasury.

QuotedData’s senior analyst Matthew Read said: “F&C’s share split is good news for smaller investors, particularly those investing regular lump sums. By reducing the share price to a more accessible level, the split should make it easier for retail investors to build positions incrementally and reinvest dividends efficiently, without needing to commit larger amounts of capital each time. While a share split does not change the underlying value of the trust, it can improve accessibility and liquidity, which should help support broader investor participation over time.”

Mid Wynd International (MWY) has cut the annual tiered fees it pays fund manager Lazard by 20% for two years as the £210m global equity trust’s quality growth investments continue to lag the market. The first tier of up to £250m falls to 0.32% from 0.4% up to £250m. If the trust grows beyond that the fee up to £500m will fall to 0.304% from 0.38%, and above £500m will fall to 0.256% from 0.32%. Under Lazard’s Louis Florentin-Lee and Barnaby Wilson, MWY has seen zero growth in net asset value over the past year with the shares off 1% compared to the 29% advance in the MSCI All Country World index. The managers took over from Artemis in October 2023. “The board believes that the reduction in the investment management fee will enhance the company’s competitiveness and ensure that it remains attractively priced for investors,” MWY said.

QuotedData’s Matthew Read said: “While the reduction in Mid Wynd’s management fee is welcome, it comes more than two-and-a-half years after Lazard’s appointment and follows a prolonged period of underperformance relative to peers. The fee cut should help cost competitiveness versus its Global peer group, and the trust’s discount control policy has been effective at keeping it trading at a modest discount in recent years. However, we think an improvement in performance is needed if the trust is going to stem the tide of repurchases.”

Ruffer Investment Company (RICA) saw net asset value dip 0.9% in April as the capital preservation fund stood by as stock markets enjoyed a “blistering rally”. After slumping in March in response to the US-led war on Iran, markets rebounded after both sides expressed their wish for a diplomatic resolution. In their monthly update, fund managers Jasmine Yeo, Ian Rees and Alexander Chartres said in the second half of April “US exceptionalism reasserted itself as more energy-exposed markets struggled to hold their ground”. They said war-related volatility had offered “interesting opportunities” as they moved money in floating rate notes into 10-year US Treasury inflation-protected securities offering real yields above 2%, and briefly bought S&P 500 call options to buy the US index at its lows before the ceasefire announcement. Following a 1.8% fall in March, the £907m multi-asset fund’s assets rose 1.5% in the first four months of the year, though its shares gained 6.6% as investors took shelter in the defensive portfolio that has just 33.1% exposure to equities, removing their earlier small discount to asset value. 

Unite Group (UTG), the UK’s biggest student accommodation provider, has completed the £186m sale of its St Pancras Way building to the UK Student Accommodation Fund it manages. Unite’s share of the disposal, which was made at a 1% discount to book value, is £126m, of which £115m is in cash and will be used to extend its £100m share buyback programme by £65m. The remainder of the purchase price will be in USAF units and lift £2.6bn Unite’s ownership of the unlisted, open-ended fund to 32% from 30%.

Grainger (GRI), the £1.2bn listed residential landlord, has extended £540m of its main banking facility to 2033 with AIB, Barclays, HSBC and NatWest. The extensions were agreed at lower margins, resulting in an annual saving of about £1m in finance costs.

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