Update: The government has announced plans to remove the carbon price support (CPS) tax on fossil fuels used in electricity generation, putting more pressure on the valuations of renewable funds. Greencoat UK Wind (UKW), one of the loudest critics of the government’s change to the inflation link in renewable subsidies late last year, says its […]
The second half of last year provided no let up forJPMorgan US Smaller Companies (JUSC) whose underperformance against the Russell 2000 index worsened, its annual report today shows. The £213m investment trust managed by Don San Jose, Daniel Percella and Jonathan Brachle at JP Morgan Asset Management with a “growth at a reasonable price” philosophy, […]
Schroder Japan (SJG), the best performer in its sector over one and ten years, has announced a cut in the annual management fee it pays Schroders. From August the £382m investment trust will pay 0.7% of its first £200m of assets, down from 0.75%, and 0.65% above that. More importantly, the fee will be applied […]
Mark Mobius, the founder and former fund manager of Templeton Emerging Markets (TEM) investment trust, has died in Singapore, age 89. Mobius Capital Partners, the firm he co-founded in 2018 after leaving Franklin Templeton, said he was a “cherished mentor, partner and source of inspiration to all of us”. Mobius joined Franklin Templeton in 1987 […]
Ecofin US Renewable Infrastructure (RNEW), an £18m investment trust in the third year of its wind-down, has warned its two largest shareholders against making further purchases in its stock or risk the fund losing tax breaks, including shelter from capital gains tax. In a market announcement this afternoon, RNEW’s chair, restructuring expert Brett Miller, said […]
Henderson Far East Income (HFEL), the highest-yielding trust in the Asia Pacific Equity Income sector, has reported a strong first half to its financial year with a 23.3% underlying return in the six months to 28 February driven by technology, materials and energy stocks. However, it lagged the 26.2% gain in the MSCI AC Asia […]
AVI Global Trust (AGT) says its net asset value (NAV) fell by 9.8% in March with its 26% and 17% allocations to Japan and South Korea bearing the brunt of the market turmoil sparked by the US-led war on Iran and the subsequent surge in oil prices. While the bargain-hunting value investor said its portfolio […]
Finsbury Growth & Income (FGT) fund manager has bought another £45,500 of shares to lift his total to over 5.8m, or just under 5.4% of the £811m UK equity income investment trust. Train, who has managed the 100-year-old listed fund since 2000, bought 6,086 shares at an average price of 747.6p to take his total […]
HarbourVest Global Private Equity (HVPE), the £2.1bn private equity fund investor under pressure from activists Asset Value Investors and Saba, has agreed to hold a $400m (£296m) tender offer in the autumn to secure support for its first continuation vote in July. The proposed tender offer is bigger than the landmark £150m tender made by […]
Ruffer Investment Company (RICA) fund managers pounced on five-year UK government bonds last month, lifting their allocation to 15% as exaggerated fears of interest rate rises in response to the inflationary impact of higher oil prices from the war in the Middle East caused a sell-off in gilts that left their yields “inappropriately high”. Ruffer […]
