Having extricated itself from the grip of Saba Capital and gobbled up rival European Assets Trust (EAT) last year, European Smaller Companies Trust (ESCT) sounds confident as it looks ahead to the rest of 2026. ESCT, the biggest trust in its sector following the EAT merger that’s lifted its market value to £779m, made a 7.7% […]
The Investment Company (INV), one of the oldest but smallest investment trusts with a market value of just £6.5m, is changing fund manager. Chelverton Asset Management (CAM), manager of the £31m Chelverton UK Dividend (SDIV) trust, has relinquished the mandate for the UK smaller companies minnow after less than three years following a strategic review […]
BlackRock Frontiers (BRFI) has taken a knock but will survive after holders of 13.7% of shares in the £381m investment trust elected to sell in the five-yearly 100% tender offer announced in December. Nearly 25.9m shares were validly tendered and will be put into a tender pool with investors receiving net asset value minus costs […]
Impax Environmental Markets (IEM) has passed the first hurdle in its effort to escape the clutches of Saba Capital, though, like Herald (HRI), the other investment trust being stalked by the activist hedge fund, its future remains uncertain. Yesterday the unique £831m London-listed investment company got almost unanimous approval from the 38.9% of its shares […]
Herald (HRI), the £1.2bn global technology trust in a fight for survival with Saba Capital, has complained to the Financial Conduct Authority (FCA) about the actions of its 31% shareholder, which it “deplores”. Saba, an activist hedge fund with stakes in dozens of UK investment companies, was pushing to take control of Herald by “a […]
Saba Capital, the scourge of UK investment companies, has joined efforts to throw a lifeline to investors stuck in three US listed private credit funds run by Blue Owl which have been hit by the recent sell-off in software companies. Saba, the New York-based activist hedge fund, has joined with Cox Capital Partners, a provider […]
Well over half, or 58.6%, of Smithson (SSON) shareholders have opted to take cash rather than roll over into the new open-ended Smithson Equity Fund. In an update on the liquidation of the £1.5bn global smaller companies investment trust announced in November, Smithson said holders of 58.6%, or over 62.9m, of its shares had chosen […]
Chrysalis (CHRY) has denied its fund managers’ claim that dismissing them will endanger its biggest holding in Starling bank. On Friday, in an angry response to the investment company serving notice on them, fund managers Richard Watts and Nick Williamson said the move risked the fund’s recently acquired seat on the board of Starling, a […]
Abrdn European Logistics Income (ASLI) will complete its wind-down after shareholders overwhelmingly voted against proposals from Polish logistics group DL Invest, an 18% shareholder, which wanted to replace Aberdeen as fund manager and resume the listed fund’s investment activities. Nearly three quarters, or 72.6% of shares, were voted in the general meeting requisitioned by DL […]
Fidelity Special Values (FSV) fund manager Alex Wright has told The Times that this month’s “AI scare” has created some of the best investment opportunities since the 2020 pandemic. While he believed that some of the sell-down in highly-rated stocks such as London Stock Exchange Group (LSEG), Relx (RELX) and Experian (EXPN) was “a valid […]
