Alternative Income REIT (AIRE) has urged shareholders to reject Glenstone REIT’s cash offer, arguing that it materially undervalues the company and could leave minority investors trapped in an illiquid, unlisted vehicle. Glenstone has offered 71.4p per AIRE share, but AIRE’s board says the headline figure overstates the value being offered. Should AIRE declare a fourth […]
Brunner Investment Trust (BUT) generated a net asset value (NAV) total return of 5.6% over the six months to 31 May 2026, compared with 12.0% from its 70% FTSE World ex UK/30% FTSE All-Share benchmark. A modest narrowing of the discount lifted the share price total return to 8.1%. The managers attributed the relative shortfall […]
Last week, I attended Troy Asset Management’s annual investment trust seminar. The event clearly has a loyal following, with many investors returning year after year, and the presentations offered some interesting perspectives. As space was limited, I thought I would share some of the key points for those unable to attend. Long-term capital preservation For […]
Golden Prospect Precious Metals (GPM) has agreed heads of terms to appoint Baker Steel Capital Managers as its new investment manager and AIFM, opting not to follow its former portfolio managers to Tufton Investment Management. The appointment is expected to take effect during the third quarter of 2026. Baker Steel’s Mark Burridge and Trevor Steel […]
Polar Capital Technology Trust (PCT) delivered an exceptional year to 30 April 2026, with its net asset value (NAV) per share rising by 102.2%, comfortably ahead of the 55.0% return from its benchmark, the Dow Jones Global Technology Index. The trust’s share price performed even more strongly, increasing by 109.0% to 603p, as the discount […]
It has been reported that ISS, the proxy advisory firm that provides independent research and voting recommendations to institutional investors, has recommended that shareholders vote against the re-election of two of Workspace Group’s (WKP’s) incumbent non-executive directors, Nick Mackenzie and David Stevenson, and instead vote in favour of the appointment of two new non-executive directors […]
This week, I attended a capital markets event at the London Stock Exchange to celebrate the 25th anniversary of Patria Private Equity Trust (PPET). For those less familiar with it, PPET aims to deliver long-term total returns by giving shareholders access to a diversified portfolio of private equity-backed companies, most of which are focused on […]
Apologies, Aberdeen issued a press release on 7 May 2026 that said the standstill agreement that it had come to with Saba in respect of Herald might also cover up to a further eight investment trusts in Aberdeen’s range – and we missed the story, hence we are correcting this now. We spotted the potential […]
British Land (BLND) has released an upbeat set of annual results, with record leasing activity across its campuses portfolio and continued momentum in retail parks helping to drive rental growth, higher earnings and a more confident outlook from management. Underlying profit for the year to 31 March 2026 rose 5% to £294m, while underlying EPS […]
Schroder UK Mid Cap Fund plc has reached an agreement with activist investor Saba Capital that appears to draw a line under the threat of a prolonged campaign against the trust. The company is proposing a tender offer for up to 100% of the share capital at NAV less costs, giving shareholders the option of […]
