Update: TR Property (TRY) fund manager Marcus Phayre-Mudge has demanded that Unite (UTG) chief executive Joe Lister be held to account for its “disastrous” acquisition of Empiric Student Property. Phayre-Mudge, head of property investment at Columbia Threadneedle subsidiary Thames River Capital, accused Lister and Unite’s management team of “hubris” in pursuing the £723m cash and […]
Saba Capital has bought a 5% position in Grainger (GRI), the £1.1bn residential landlord that has been trading at around a 50% discount to net asset value. Shares in the company rose 4.2% to 159.7p after the activist hedge fund’s stake, mostly held in swap derivatives, was disclosed yesterday afternoon. Saba completed buying the position […]
Lindsell Train (LTI) fund manager Nick Train has invested in US credit scorer FICO, doubling down on an artificial intelligence “winners” bet that has pushed the investment trust to its worst annual loss in 25 years. Annual results show the now £114m investment trust saw the net asset value (NAV) of its holdings slump 21.3% […]
Update: Shares in ICEYE backers Seraphim Space (SSIT) and Molten Ventures (GROW) have jumped 15% and 12% respectively after the Finnish satellite constellation operator quadrupled its valuation to over €10bn ($12bn, £8.6bn) in a €1bn fund raising. ICEYE’s series F funding round, which is expected to close in the next quarter, underlined how fast the […]
Fidelity China Special Situations (FCSS) beat the MSCI China index in the 12 months to 31 March, although the uncertainty exacerbated by the Iran war sharply reduced its returns from the first half of its financial year when the portfolio advanced 29.7% in a relief rally after the US watered down its initially aggressive tariffs. […]
The Financial Conduct Authority has launched legal action against Neil Woodford and the former fund manager’s subscription-based platform W4.0. The FCA alleges that Woodford and W4.0, the trading name of W Four Point Zero FZE LLC registered in the United Arab Emirates, are providing unauthorised regulated investment advice and financial promotions. The City regulator believes this breaches sections 19 and 21 […]
US Solar Fund (USF) took a surprise lead last month, emerging as the investment companies sector’s top riser in May after revealing talks to sell its portfolio to an unidentified buyer. News of the potential sale at a “significant premium” saw shares in the £113m investment trust managed by Amber Infrastructure soar 33% (see table). […]
Seraphim Space (SSIT) will join the FTSE 250 on 19 June after a 39% share price rise this year and last month’s £127m C-share issue lifted the market value of the world’s first listed SpaceTech fund to £698m at Friday’s close. Chair Will Whitehorn said elevation to the “mid-cap” index was a “significant milestone” and […]
Baillie Gifford investment trusts have raised their valuation of SpaceX for a third time in six months with its flagship Scottish Mortgage (SMT) now holding a highly concentrated 21% position in the Elon Musk’s rocket, satellite and artificial intelligence (AI) group seeking a record $1.78tn (£1.3trn) flotation next week. Scottish Mortgage Trust and stablemates Schiehallion […]
Capital Gearing Trust (CGT), the £810m wealth preservation fund and investment company activist, is turning its attention to its largest equity holding, North Atlantic Smaller Companies (NAS), after a prolonged period of poor performance. CGT, whose lead manager Peter Spiller has been a long-term holder of NAS and supporter of its fund manager and chief […]
