Saba Capital and investors who followed the activist hedge fund in selling out of CQS Natural Resources Growth and Income (CYN) in its tender offer have missed out on a glittering 45% summer rally in the mining fund’s shares as gold and silver have shot up. The £194m investment trust, one of seven targeted by […]
Annual results from UIL and Brown Advisory US Smaller Companies, dire interims from British & American, better half-year progress at Marwyn Value Investors and Baker Steel Resources, a fee cut at BlackRock Greater Europe and more beneficial M&A at RTW Biotech and International Biotechnology. UIL (UTL), a £286m split capital investment trust run by Utilico […]
Fair Oaks Income (FAIR), a £219m investor in high-yield corporate debt known as collateralised loan obligations (CLO), has proposed removing the 2028 maturity date of the master fund through which it invests. Responding to market changes, which had seen CLOs set for longer periods with terms frequently reset and extended, the Guernsey feeder fund said […]
Gore Street Energy Storage (GSF) has confirmed it made additional payments of over £5m in the past two financial years to its fund manager but denied these fees for essential services had not been properly disclosed. In a statement to the stock exchange the international battery fund said it wanted to correct “inaccurate and misleading […]
CVC Income and Growth (CVCG), the top-performing listed loan and bond fund over five and ten years, has launched a £60m share issue in response to investor demand for high yields and a haven from volatile markets. Having issued 39m shares in the past 12 months and seen its stock trade at a small premium […]
Under-pressure JPMorgan Emerging Markets (JMG) is proposing to more than double its dividend and change its name to attract more investors to shares trading 9.5% below their real value. In annual results for the year to 30 June, the £1.2bn investment trust said it would ask shareholders to approve lifting payouts to 1% of NAV […]
Merchants Trust (MRCH) regrets not holding Rolls-Royce (RR), the engineering group making a remarkable comeback under chief executive Tufan Erginbilgic. Shares in the aerospace engineer and small nuclear reactor manufacturer soared 78% in the six months to 31 July, a major contributor to the £938m UK equity income trust underperforming in its half-year results released […]
Fidelity European Trust (FEV) has completed its combination with Henderson European Trust (HET) after shareholders in the latter approved the merger on Friday. FEV will buy £462.7m net assets from HET for the issue of over 111.9m new shares. Added to FEV’s net assets of £1.7bn this will give the enlarged company over £2.1bn, enshrining […]
Activist hedge fund Saba Capital plans to launch an exchange-traded fund (ETF) to achieve its goal of having a vehicle targeting investment companies and trusts on wide share price discounts. The Saba Capital Investment Trusts Ucits ETF is awaiting approval by regulators in Ireland, where it would be domiciled, the Financial Times reported. It will […]
Digital 9 Infrastructure (DGI9), the worst example of value destruction among investment companies in the past three years, has stabilised its portfolio in the first half of the year and should be ready to return what is left of shareholders’ capital in early 2026 after the revelation that its accounts were massively overvalued two years […]
