European Opportunities Trust (EOT) has issued an update on the vote on Tuesday when shareholders approved its wind-down. This reveals 58% of shares in the £456m investment trust chose to switch into JPMorgan European Growth and Income (JEGI) meaning the top performer will receive £265m of assets to take it to just under £900m. A new Liontrust fund to be launched by EOT manager Alexander Darwall received the support of 22.9% of shares with 19.1% opting for cash.
James Carthew, head of investment company research at QuotedData, said: “This was a great result for JEGI and well deserved given its vastly superior track record relative to the rest of the European sector. Relatively few investors opted for cash, which might reflect the run of EOT tender offers that preceded this.”
The Renewables Infrastructure Group (TRIG) says a further fall in power price forecasts combined with outages at two wind farms reduced its portfolio valuation by 3% in the first half. Ahead of interim results next month, the £1.8bn renewables fund said net asset value (NAV) fell 3p to 101.1p per share in the six months to 30 June. This was caused by the one of TRIG’s three independent forecasters materially cutting its medium-term power price expectations in response to an increase in global supply of LNG gas. TRIG also saw lower green certificate prices and capacity market revenues, while a planned outage in June at Hornsea 1 in the North Sea and a more serious 10-month outage at Mid Hill in Scotland also reduced revenues. The impact of these were partly offset by initiatives to improve asset performance as well as its £150m share buyback programme. In the second quarter TRIG bought back £26.2m of shares, taking total repurchases since last August to £122m. TRIG, which this month passed its first continuation vote with over 99% of votes, has seen NAV per share fall 22.7% from an end-2022 peak of 134.6p. At 76.8p the shares stand on a discount to NAV of 24%. Last month it sold a £155m stake in the Beatrice wind farm as part of its plan for £400m of disposals over 12 months. It said further disposals were underway.
JPMorgan Global Core Real Assets (JARA) is bringing its 18-month wind-down to a close with plans to liquidate the now £23m investment company. A circular with all the details has been published ahead of an extraordinary general meeting in Guernsey on 27 August 2026 for shareholders to vote on the proposals. Following the sale of its US real estate investments announced on 30 June, the portfolio is entirely in cash. The company has returned £163.5m to shareholders since launching its managed wind-down in December 2024.
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