3i Group (III) extended its recovery from May lows with the £29bn private equity backer of Action, the European discount retailer, rallying just over 15% in July, following an 11.6% gain in June.
RIT Capital Partners (RCP) benefited from a £300m tender offer that spurred shares in the Rothschild-backed global multi-asset fund 12% higher.
Greencoat UK Wind (UKW) benefited from rising energy prices and a resumption of share buybacks to advance 10%. Like RCP, its shares remain on a wide discount, trailing their underlying net asset value by nearly 20%.
It was a good month for domestic equity trusts with six of our top risers investing in UK larger companies; for example Temple Bar (TMPL) and Finsbury Growth & Income (FGT); smaller companies such as Artemis Future Leaders (AFL) and Odyssean (OIT); or a mixture of both, such as Fidelity Special Values (FSV) and Lowland Investment Company (LWI).
July risers
Our tables show the total return from an investment company’s share price in the middle column, and on the right the gap between the share price and the net asset value (NAV) of its underlying investments. A trust with a share price above NAV stands on a “premium”, ones where the shares are below NAV are on a “discount”.
| Investment company | Total shareholder return % | Premium (- discount) % |
| 3i Group (III) | 15.2 | -7.9 |
| RIT Capital Partners (RCP) | 12 | -18.8 |
| Greencoat UK Wind (UKW) | 10.1 | -19.6 |
| Artemis UK Future Leaders (AFL) | 10.1 | 11.2 |
| SDCL Efficiency Income (SEIT) | 9.2 | -49.6 |
| Fidelity Special Values (FSV) | 8.9 | 0.8 |
| Oakley Capital Investments (OCI) | 8.8 | -33.5 |
| Finsbury Growth & Income (FGT) | 8.7 | -6.5 |
| Odyssean (OIT) | 7.7 | 1.2 |
| Schroder BSC Social Impact (SBSI) | 7.7 | -25.4 |
| Temple Bar (TMPL) | 7.4 | 1.3 |
| Baillie Gifford European Growth (BGEU) | 7.3 | -8.2 |
| GCP Infrastructure (GCP) | 7.2 | -17.2 |
| Sequoia Economic Infrastructure (SEQI) | 7 | -6.8 |
| Lowland Investment Company (LWI) | 6.7 | -9 |
Source: QuotedData 31/7/26
July fallers
Residential Secure Income (RESI) leads our table with a 50.5% decline but that doesn’t reflect a terrible month for its properties but a contraction of the company following the sale and transfer of its retirement housing portfolio to Living REIT (LIVE).
Elsewhere, there was a general correction on technology weighted funds with falls of between 9.5% and 20% as investors took some profits on stocks that had soared on the boom in artificial intelligence boom. Some of our fallers, such as Seraphim Space (SSIT), have already bounced back this month.
| Investment company | Total shareholder return % | Premium (- discount) % |
| Residential Secure Income (RESI) | -50.5 | -68.2 |
| Edinburgh Worldwide (EWI) | -20 | -9 |
| Seraphim Space (SSIT) | -18.6 | -14.8 |
| Gabelli Merchant Partners (GMP) | -16.3 | -30.3 |
| Manchester & London (MNL) | -16.1 | -20.1 |
| Seraphim Space C-share (SSIC) | -15 | -31.1 |
| Polar Capital Technology (PCT) | -12.1 | -8.2 |
| Vietnam Holding (VNH) | -11.4 | -10.7 |
| Allianz Technology (ATT) | -10.9 | -7.9 |
| EPE Special Opportunities (ESO) | -10.6 | -56.6 |
| Fidelity Emerging Markets (FEML) | -10.5 | -2.2 |
| Pacific Horizon (PHI) | -9.7 | -10.1 |
| Scottish Mortgage (SMT) | -9.5 | -8.8 |
| JPMorgan Asian Growth & Income (JAGI) | -9.1 | -3.3 |
| Mobius (MMIT) | -8.9 | -12.8 |
Source: QuotedData 31/7/26
