Saba Capital has increased its position in Grainger (GRI), the £1.2bn residential landlord, to 9.2% from 8.9%. The activist hedge fund first disclosed a stake of 5% in June in the build-to-rent developer. Mike Ashley, founder of Frasers (FRAS), the Sports Direct owner, bought 4.2% in May.

Onward Opportunities (ONWD), the £57m UK smaller companies trust run by Laurence Hulse at Dowgate Wealth, generated a 10.7% return in September to take its return for the third quarter to 35.7%, its best quarterly performance since launch in March 2023. Investments in RentGuarantor, The Mission Group, and Aurrigo “again stole the show”, said Hulse, as ONWD ranked among the month’s top performing investment trusts, but were also supported by “great results” at Pebble Beach Systems and Mincon. “There are other investments which we believe may have the potential to contribute to performance in the final quarter,” he said in the September factsheet. Since launch Onward has provided a 75.1% total investment return although shareholders have received 63.5% from shares currently 3.8% discount below net asset value. Those figures are ahead of the AIC UK Smaller Companies sector average of 28.1% and the IA UK Smaller Companies open-ended fund sector average of 25.5%.

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