Strategic Equity Capital (SEC) has reported a difficult year to 30 June. After seeing 78% of shareholders hold on to their shares in last October’s 100% tender offer, the company was hit in the first half of this year by a double whammy of Middle East turbulence and the sell-off of software and data companies […]
Brown Advisory US Smaller Companies (BASC), the £171m investment trust that launched a strategic review in July after underperforming its benchmark over five years, has published annual results showing an investment return of 24.5%. Despite the strong absolute performance, it again lagged the Russell 2000 index which rallied an “impressive” 45.7%, ahead of US large […]
Aberdeen UK Smaller Companies Growth (AUSC), once a leading trust in its sector, has sought out a merger with rival JPMorgan UK Small Cap Growth and Income (JUGI) after a five-year downturn that shrank the company and made it less attractive to investors. Liz Airey, chair of AUSC, said her board had chosen to combine […]
Scottish Mortgage (SMT) and Baillie Gifford US Growth (USA) have registered a 120% uplift in their holdings in Zipline, the US drone delivery company that, as we reported yesterday, is in the midst of a $1bn fund raise that will more than double its valuation to $20bn from $7.6bn at its last funding round just […]
AVI Japan Opportunity (AJOT), the £400m smaller companies activist, has celebrated the end of a 17-month “drought” in corporate actions with a tender offer for its biggest holding perking up the investment trust’s shares after a challenging first half. Last week MBK Partners, an Asian private equity firm, launched a tender offer for Sharingtechnology with […]
Baillie Gifford Shin Nippon (BGS) has achieved its best performance in years with the Japanese smaller companies trust generating a 22.9% underlying investment return in the six months to 31 July. While shareholders had to make do with a 19.8% total return in the half-year period as the share price gap, or discount, to net […]
Mid Wynd International (MYI) is standing by its Lazards fund managers after the £205m global growth investment trust was hammered in the sell-off of “AI losers” and underperformed its stock market benchmark by nearly 26% in the year to 30 June. Annual results showed the company made a total investment return of just 2% compared […]
Update: Baillie Gifford US Growth (USA) has published its defence document against Saba Capital, the activist hedge fund seeking to replace its board at the annual general meeting next month, saying shareholders should prevent the US firm from destroying the investment trust’s successful approach. Chair Tom Burnet said the £980m investment trust faced an “existential” […]
JPMorgan US Smaller Companies (JUSC) bounced back from a loss-making 2025 to post a 17.2% total investment return in the first half of the year. However, the £198m investment trust’s “strongly positive” gain in net asset value (NAV) trailed the 24.1% total return from its benchmark, the Russell 2000 index. JUSC shareholders also saw a […]
TwentyFour Income Fund (TFIF) is “deeply saddened” to announce the death of Joanne Fintzen, its senior independent director. Fintzen, who also served on the board of JPMorgan Claverhouse (JCH), was a solicitor and former European general counsel for Citigroup Alternative Investments. She joined the debt fund’s board as a non-executive director in 2019. Home REIT […]
