UzNIF, the $2.4bn National Investment Fund of the Republic of Uzbekistan managed by Franklin Templeton, has declared its intention to float on the London and Tashkent stock exchanges. Marius Dan, CEO, Central Asia at Templeton Global Investments, said the proposed initial public offer (IPO) was “a defining moment” for Uzbekistan’s capital markets. “UzNIF has a strong and diversified portfolio of […]
This is an exclusive interview with Glen Suarez, chair of Impax Environmental Markets (IEM), to discuss the urgent situation facing shareholders as the investment trust seeks to avoid being taken over by Saba Capital, the activist hedge fund holding 22% of the shares. The main purpose of the interview was to highlight tomorrow’s deadline of […]
Dunedin Income Growth (DIG) is watering down its sustainability agenda to enable it to invest in arms companies, nuclear energy providers and miners after a further year of underperformance by the £354m Aberdeen-managed UK equity income trust. Annual results show fund managers Ben Ritchie and Rebecca Maclean generated what chair Howard Williams said was a […]
SDCL Efficiency Income Trust (SEIT) is to start a managed wind-down after failing to get shareholder support to turn the £469m investment trust into an energy services operating company. Tired of a 51% share price discount, investors wanted their money back, said chair Tony Roper. Roper, who in 2019 stated an ambition to make SEIT […]
Tufton Assets (SHIP), the 8.5%-yielding ship investor, says a leading commodities trader has renewed charters on two tankers at 47% higher rates, increasing expected net income by $2.5m per vessel and lifting their annualised yields to 26%. The rates were agreed before war broke out in the Middle East. Riverstone Energy (RSE) will return £30m […]
The announcement of a fragile two-week ceasefire between the US and Iran caused a sharp rebound in many investment company shares yesterday with Manchester and London (MNL) shooting up 13.5%. A 104p rally to 874p pushed the £332m technology fund above its level before the outbreak of war at the end of February with a […]
Schiehallion (MNTN), the £1.7bn Baillie Gifford private equity fund mulling over a possible share issue, has reported on a “defining” year of progress. Annual results show the closed-end fund delivered an underlying return of 32.6% in the year to 31 January with shareholders enjoying a 64.8% total return as the company re-rated from a steep […]
Nippon Active Value (NAVF), the best-performing Japan investment trust over five years, posted a 17.4% sterling return in 2025 as the country’s stock market enjoyed a third year of strong growth. The £440m smaller company activist was unable to keep up with the broad Nikkei 225 index which rose 26% on the back of the […]
Proxy advisers ISS and Glass Lewis have recommended Impax Environmental Markets (IEM) shareholders vote for the exit tender offer at the general meeting on 16 April which the company wants to give investors an escape from the fund before activist 22% investor Saba Capital takes control. IEM chair Glen Suarez said: “These independent endorsements reinforce […]
Schiehallion (MNTN), one of four Baillie Gifford managed investment companies with double-digit holdings in SpaceX, is considering a fund raising after its shares shot up 27% in the first quarter to stand 4% above net asset value (NAV) at 31 March. Co-manager Robert Natzler said the £1.7bn private equity fund, which bills itself as a […]
