In QuotedData’s morning briefing 25 June 2025, Polar Capital Global Financials has completed its tender, Invesco Asia Dragon is increasing its dividend, Weiss Korea Opportunity has announced its first capital return, Life Settlement Assets has a c3% NAV uplift following the revaluation of a group of policies, Seraphim Space will be doing a presentation on 2 July, abrdn New India is moving to a market cap based fee, ICG Enterprise has released its first quarter update, we have interims from Bankers and Chenavari Tori Income and Ecofin US Renewables Infrastructure is now a self-managed investment fund.

• Polar Capital Global Financials Trust (PCFT) has confirmed the completion of its 100% tender offer, originally announced on 20 June 2025. A total of 132.9m shares were successfully tendered and repurchased into treasury via Stifel, at a price of 209.43p per share. Shareholders who tendered their shares at the record date can expect proceeds to be paid by 1 July 2025, in line with the published timetable. There were no shares sold via the secondary placing route. Following this transaction, PCFT’s issued share capital remains unchanged at 331.75m shares, with 161.4m held in treasury. This leaves 170.3m shares in issue with voting rights. As per the trust’s articles, the next 100% tender offer is scheduled for around 30 June 2030.
• Invesco Asia Dragon (IAD) has announced a planned increase to its dividend for the year ending 30 April 2026. The board intends to pay a total of 15.8p per share over the year, up from 15.6p last year – a rise of 1.3%. The uplift represents 4.4% of the trust’s NAV at 30 April 2025, modestly above its stated policy of paying out around 4.0% of NAV. The board notes that the trust has significant distributable reserves, which provide flexibility to go beyond the base policy where appropriate. The increased dividend will be paid in four equal instalments of 3.95p, with the first interim dividend scheduled for 25 July 2025. The shares go ex-dividend on 10 July, with a record date of 11 July.
• ICG Enterprise Trust (ICGT) has published its first quarter update for the three months to 30 April 2025. NAV per share stood at 2,011p, with a portfolio return of 0.6% in local currency terms. However, adverse foreign exchange movements pushed the sterling-based portfolio return to -2.4%, resulting in a first quarter NAV total return of -2.6%. Total sale proceeds for the quarter totalled £149m, including £62m net from the partial sale of the portfolio at a 5.5% discount and £48m from the sale of Minimax, formerly the trust’s largest holding. New investments during the quarter came to £48m, while £76m was committed to new funds. The trust also bought back £9m of shares, adding 8.4p (or 0.4%) to NAV total return. Gearing remains low at 3%, and the €300m RCF has been extended to May 2029. A first interim dividend of 9p has been declared, with the board reaffirming its target of paying at least 38p per share for the year ending 31 January 2026, up from 36p last year. The shares go ex-dividend on 14 August 2025, with payment due on 29 August. Management notes that secondaries are providing some attractive opportunities in the current environment. A results presentation will be held at 10:30am BST on 25 June and will be made available on the company’s website.
• Weiss Korea Opportunity Fund (WKOF) has announced the first return of capital under its managed wind-down, with a £70m compulsory redemption of shares to take place after close of business on 9 July 2025. The redemption will be made pro rata to shareholders’ holdings and priced at NAV per share as at the redemption date. For illustration, based on the latest NAV of 163.93p, a holder of 100,000 shares would see 61,648 redeemed and receive approximately £101,060 in cash. Final figures, including the redemption price and number of shares redeemed, will be confirmed shortly after the redemption date. Payments are expected to be made on or around 23 July 2025. Shares held in CREST will be settled electronically, while those held in certificated form will receive payment via cheque. The redemption will result in a cancellation of the redeemed shares. A new ISIN (GG00BT26K977) will replace the existing one from 10 July 2025 to reflect the reduced share capital. The current ISIN (GG00B933LL68) will be disabled after the redemption takes effect. The board has discretion over the size and timing of further redemptions as the wind-down progresses.
• Life Settlement Assets (LSAA) has provided an update following its review of the Mutual Benefits Keep Policy Trust (MBC) policies now managed by its third-party servicing agent, Vespera Servicing LLC. The review, launched in response to a previously reported valuation error, has now largely concluded. The board reports no further instances of overvaluation and says the findings support the integrity of the current policy valuations. The review has also led to a positive adjustment as a group of policies is now expected to be revalued upwards by US$3m, translating into a c.3% increase in NAV. This uplift will be reflected in the company’s next NAV update, due in the first week of July.
• Seraphim Space Investment Trust (SSIT) has announced that CEO Mark Boggett will host a live investor presentation on Wednesday 2 July 2025 at 11am BST via the Investor Meet Company platform. The event is open to both current and prospective shareholders. Investors can submit questions ahead of the session until 9am BST on 1 July, or live during the presentation. Those interested can click here to register for free. Investors already following SSIT on the platform will receive an automatic invitation.
• Chenavari Toro Income Fund (TORO) has announced its interim results for the six months ended 31 March 2025. NAV per share rose 8.18% over the period to 71.25 €cents, with a NAV total return of 13.64% (dividends reinvested). The share price also rose 12.26%, narrowing the discount to NAV to 16.5% from 19.5%. Performance was driven primarily by the fund’s CLO risk retention strategy, which contributed 11.39% to NAV. Public ABS added a further 2.09%, while Spanish real estate (SpRED) added 0.10% as that book continues to wind down. Net profit for the period was €27.2m, up from €15.8m in the comparable period last year, with strong gains on financial assets and liabilities offsetting increased costs. The fund declared total dividends of 3.47 €cents per share for the period, equating to a 5.27% return on the 30 September 2024 NAV. The most recent quarterly dividend of 1.78 cents was paid in June. No shares were repurchased during the period, though 280,461 were issued as scrip dividends. Gearing was around 108% at year end and liquidity remained robust, with €100m of assets in Level 1 or 2 securities. Looking ahead, the manager remains constructive on opportunities in European ABS and CLO markets, although acknowledges the impact of falling rates and tighter spreads may temper returns. SpRED exits continue, with the full exit from Spanish assets expected within 12–18 months.
• abrdn New India (ANII) has announced a change to its management fee structure, aimed at better aligning the interests of the manager with those of shareholders. With effect from 1 April 2025, annual investment management fees will be calculated at 0.8% on the first £300m of the company’s market capitalisation, and 0.6% on any excess above that level. Previously, the fee was based on NAV. In addition, the company will pay a fixed annual secretarial and fund administration fee of £45,000 (plus VAT), which will increase annually in line with inflation. All other terms of the management agreement remain unchanged.
• Bankers (BNKR) has released its interim results for the six months to 30 April 2025, a period marked by significant global political uncertainty. While NAV total return fell by 4.0%, the trust’s share price total return was slightly positive at 0.1%, both outperforming its FTSE World Index benchmark, which BNKR says returned -2.6%. Performance was initially impacted by the market’s reaction to Donald Trump’s re-election and a sharp turn towards protectionist trade policies. Markets fell after peaking in February, but a recovery began in April as investors began to price in potential pragmatic outcomes. The trust’s underperformance versus the benchmark largely came in November, though stock selection and allocation improved thereafter. The trust’s Japanese and European holdings were the strongest performers, each delivering +5.5% in sterling terms. Financials led the way, aided by higher interest rates and improving margins. Technology contributed positively, although hardware stocks faltered amid tariff concerns. Healthcare and retail were relative laggards. Revenue per share fell to 1.16p (2024: 1.31p), reflecting a greater tilt toward growth stocks. Nevertheless, dividends continue to grow. A first interim dividend of 0.686p was paid in May, and the second, also 0.686p, has been declared for August. The board expects the full-year dividend to be at least 2% higher than last year, maintaining a 58-year track record of consecutive annual increases. The trust was active in managing its discount, buying back 82.7m shares at an average 10.2% discount to NAV, totalling £97.1m. The discount narrowed slightly to 9.8% by period-end.
• Ecofin UR Renewables Infrastructure (RNEW) has confirmed that it is now a self-managed alternative investment fund following approval from the Financial Conduct Authority. This move, first signalled in the company’s 6 May 2025 announcement, takes effect immediately. The company intends to remain self-managed for the remainder of its wind-down process.

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