News

14 Aug 2025
a woman reading her phone next to a cup of tea

Morning briefing: Unite seals £634m Empiric deal; plus RSE, JAM, JCH, RTW, SEED, GRIT & NRR

Empiric Student Property agrees to takeover by Unite; Riverstone Energy sets “adjustment payments” to its fund manager ahead of next week’s wind-down vote; and JPMorgan American and JPMorgan Claverhouse issue half-year results. Unite (UTG) is to buy Empiric Student Property (ESP) after the two companies agreed a recommended cash and share offer in talks that […]

13 Aug 2025
a red cross - like a vote

Maven Renovar shareholders reject ex-manager Paul Jourdan’s election bid; board threatens to cut termination fee

Veteran small-cap fund manager Paul Jourdan’s attempt to get on the board of Maven Renovar (MRV), the former Amati AIM VCT that sacked him and his company last year, has failed with around 60% of votes against him and fellow requisitionists at a general meeting of shareholders today. Chair Fiona Wollocombe, who has been under […]

13 Aug 2025

Diverse Income: Is time running out for this UK trust or is this just the moment to buy its smaller company portfolio?

Good stock picking by Diverse Income (DIVI) fund managers Gervais Williams and Martin Turner saw the £238m UK equity income trust outperform the domestic stock market for the first time in four years, but with 31% of investors having recently chosen to sell their holdings, time may be running out for the small-cap focused portfolio. […]

13 Aug 2025

Morning briefing: 62.9% of Assura shareholders back PHP merger; plus AAIF, NRR, DIVI, GABI, RLE, LWI

Primary Health Properties (PHP) has won the battle for rival NHS landlord Assura (AGR) with 62.9% of Assura shareholders accepting its cash and shares offer by yesterday’s 1pm deadline. The offer of £460m in cahs and a 48% stake in the enlarged business has been declared unconditional while the rival £1.7bn private equity cash offer […]

12 Aug 2025

Baillie Gifford US Growth finally takes stock after 2022 crash with “guide rails” for its fund managers

Baillie Gifford US Growth (USA) fund managers Gary Robinson and Kirsty Gibson have promised to take profits more often and monitor the balance of their high-growth portfolio to avoid a repeat of the 2022 crash from which the £757m investment trust is still recovering. In annual results to 31 May, the company admitted its five-year […]

12 Aug 2025

Scottish Mortgage has bought back over £2.5bn of its shares but the global gaint still trails close to a 10% discount

Our monthly review of investment companies returning capital and raising new money shows the £12bn Baillie Gifford flagship has greatly exceeded its £2bn minimum buyback target as its shares continue to lag the underlying growth in its global portfolio. Scottish Mortgage (SMT) has bought back more than £2.5bn of its shares since activist hedge fund […]

12 Aug 2025

Morning briefing: Fidelity Japan Trust to merge with AVI Japan Opportunity; plus USA, SRE, DLN, AGR, PHP, BSRT, PEY & CREI

More consolidation in the Japan trust sector, strong annual results from Baillie Gifford US Growth and a “transformational” £100m UK acquisition for Sirius Real Estate. Plus updates from Derwent London, Baker Steel Resources, Partners Group Private Equity and a 1pm deadline for acceptances in the bid battle for Assura. The £231m Fidelity Japan Trust (FJV) […]

11 Aug 2025

International Public Partnerships sells Angel Trains stake at 28% premium to help buybacks and Sizewell C investment

International Public Partnerships (INPP), the £2.3bn infrastructure fund that surprised investors with a £250m investment in Sizewell C nuclear power plant project last month, has sold down part of its 10% stake in Angel Trains. The investment company has agreed to sell 1.6% of the rolling stock leasing company to London-based Arjun Infrastructure Partners for […]

11 Aug 2025

Allianz Technology outperforms as “Magnificent Seven” hit turbulence to give its “emerging” leaders portfolio a break

Allianz Technology Trust’s focus on “emerging” technology leaders paid off in the first half as tech titans Apple and Amazon struggled against the turmoil of US tariff policy. A breakdown in the dominance of “Magnificent Seven” stocks helped Allianz Technology Trust (ATT) beat its benchmark in the first half of the year, holding out the […]

11 Aug 2025