After SpaceX exploded onto the public markets earlier this year, it paved the way for other blockbuster IPOs. Anthropic looks likely to be next, coming to market with a valuation of over $1 trillion. Stripe, Databricks, OpenAI and others are all waiting in the wings. For the investment trusts that have backed them, it is […]
European trusts can be a tough sell. Why would investors bother delving into the sclerotic, slow-growing economies of France or Germany when they can enjoy the excitement of the dynamic US? To paraphrase Bill Clinton, it’s not the economy, stupid. It is hard to make a case for Europe on economic growth alone. While Eurozone […]
As SpaceX falls below its IPO price, we ask: Are this year’s mega-cap IPOs worth chasing? 2026 promises to see a reshaping of the US market as a wave of megacap IPOs raise capital. Elon Musk’s SpaceX launched on the Nasdaq in June, while Anthropic and ChatGPT may also come to market in the second […]
AI has created new winners in Asia – but the opportunity goes well beyond semiconductors. SpaceX may be stealing the headlines, but it is arguably Asia that has been delivering the real excitement on technology. Asian technology companies have delivered around 3x the returns of their US equivalents, as investors have discovered that they offer […]
The past month has seen a number of significant triumphs for Saba Capital’s aggressive brand of activism. Herald Investment Trust (HRI) had to be rescued by Aberdeen, with Saba winning a partial tender offer. The activist investor also won Edinburgh Worldwide (EWI), having ousted the chair and five board members. Impax Environmental Markets (IEM) has […]
As his second term began, even Donald Trump’s most ardent detractors recognised that it could be good news for the stock market. A bonfire of regulation, pro-growth economic policies and lower taxes would combine to super-charge markets. The risks appeared to be around inflation, rather than economic turmoil. It hasn’t quite worked out as planned. […]
The UK equity income sector has been the bright spot in the otherwise dull UK stock market. Many trusts benefited from the resurgence in UK large caps in 2025 and the cushion of high yields. However, there has been a real polarisation between styles: with value out in front, and quality-focused strategies trailing. Temple Bar […]
Private equity retains its crown as the AIC sector with the highest 10-year performance, at 595%. Yet its recent history has been chequered, with widening discounts and nerves over valuation. The sector appeared to be stabilising at the start of 2025, and in the second half of the year, has seen some green shoots. Investors […]
2025 was an exciting year for the commodities and natural resources sector. Trusts exposed to soaring gold and silver prices saw triple-digit returns, but it was a different picture for energy, iron ore and other commodities, where share price returns were unexciting. But with Donald Trump intervening in Venezuela and Iran perhaps on the cusp […]
If investors in UK small and mid cap companies were hoping for a big bazooka to turbo-charge the sector in the budget, they were disappointed. The chancellor’s priorities were elsewhere. Nevertheless, some calm after a grim period of uncertainty and speculation may be enough to revive the sector’s flagging fortunes. It is easy to present […]
