Update: Saba Capital has told Edinburgh Worldwide (EWI) shareholders for the first time that it wants to replace Baillie Gifford as fund manager in a letter to shareholders outlining the exit opportunities it would support if it wins control of the £736m global equities trust at next month’s annual general meeting. Saba said: “In the […]
Pantheon Infrastructure (PINT) has passed an important milestone with the maturing portfolio supporting a covered dividend for the first time since launch in 2021. In annual results the £494m investment trust said net cash flows, not including £31.4m of investment sales, jumped 77% to £22.5m last year from £12.8m to cover the 4%-yielder’s dividends by […]
Schroders Capital Global Innovation (INOV), the former Woodford Patient Capital Trust, plans a second return of capital in its managed wind-down, saying it will hold an £18m tender offer in June. This follows the sale of London-based Bluewater Bio in January and a £37m return of capital last July. Annual results show the now £89m […]
Saba Capital has doubled its stake to 10% in Pantheon International (PIN), the £1.6bn private equity fund on a 31% discount where activists AVI and Metage also hold positions. Sirius Real Estate (SRE) has bolstered its defence exposure with the €93.4m acquisition of a business park in Kiel, Germany, predominantly let to Rheinmetall, the country’s […]
Stefan Gries, head of European equities at BlackRock, has left the group and ended his fund management career to “focus on personal health issues”, according to BlackRock Greater Europe (BRGE). Gries had managed the £475m investment trust since June 2017 but had seen its performance wane after the 2022 growth crash. He is replaced by […]
Half-year results from two of the three Asia smaller company investment trusts shows their managers at Aberdeen and Fidelity becoming more concerned about valuations, so the recent sell-off in response to the Iran war could be helpful so long as the conflict does not drag on. Aberdeen Asia Focus (AAS), a £523m trust managed by […]
A “standout” 2025 propelled by a resurgence in mergers and acquisitions (M&A) has put RTW Biotech Opportunities (RTW) in a bullish mood about prospects for further returns. Fund manager Roderick Wong said biotechnology was “entering a new phase of maturity” with scientific breakthroughs enabling the emergence of a new cadre of profitable $50bn market leaders. […]
The argument between investments trusts and the City regulator over the Saba crisis has escalated with Glen Suarez, chair of Impax Environmental Markets (IEM), joining Edinburgh Worldwide (EWI) in demanding the Financial Conduct Authority take their calls for intervention against the hostile US hedge fund seriously. Like EWI chair Jonathan Dent-Simpson, Suarez and the IEM […]
HICL Infrastructure (HICL) has been quick to make good on its promise last week to make further investments alongside increased share buybacks, announcing an additional £52m to its holding in Cross London Trains. The acquisition of a further 6.6% takes its total holding to 13.1% in the operator of the Thameslink electric train fleet and […]
BlackRock Latin American (BRLA), the last remaining UK investment trust dedicated to the South Americas, has raised the prospect of its demise after announcing plans to offer shareholders a 100% exit in 2030 if it does not beat its benchmark. The four-year conditional tender offer heaps pressure on fund managers Sam Vecht and Gordon Fraser […]
