Overview
Achilles Investment Company aims to invest in a concentrated portfolio of closed-ended investment companies, admitted to trading on a market of the London Stock Exchange, with a focus on alternative assets (being assets other than publicly quoted equities) and to seek to maximise value for shareholders through constructive activism. The company will seek to identify underperforming or undervalued assets and unlock value and will take an active role in engaging with the boards and the investment managers of investment companies within its portfolio. As a mechanism for returning capital (including realised profits) to shareholders, the company may, from time to time, invite shareholders to tender some or all of their ordinary shares for redemption.
You can access the company’s website here
Fundamentals
Price
News
-
19 Aug 2026 1 min read
Achilles hires Investec veteran Chris Hills as strategic adviser
Achilles Investment Company (AIC), the £52m closed-end fund activist, has appointed Chris Hills, former chief investment officer at Investec Wealth and Investment, as its strategic adviser. Hills, who worked for Investec W&I for over 25 years and became chief investment consul following its acquisition by Rathbones in 2023, retired from full-time work last October. He […]
-
06 May 2026 3 min read
Morning briefing: Will Morgan joins Foresight Solar; Brett Miller resigns from Achilles; Target Healthcare sells home in arrears; Geiger sets next subscription price; ASLI agrees penultimate disposal
Foresight Solar (FSFL) has a new fund manager, Will Morgan, to replace Ross Driver who left Foresight Group in December. Morgan joins as managing director of Foresight’s solar investment team. He previously led True Green Capital Management’s European business for two years until last summer and before that worked as a fund manager and head […]
-
05 May 2026 2 min read
Trust Spot: “Exciting” April sees tech trusts rally but, asks Andrew McHattie, has “fantastic” AI optimism gone too far?
Technology and emerging markets trusts bounced back strongly in April after the previous month’s setback caused by the conflict in the Middle East, but private equity and infrastructure funds dominate our list of fallers. Our two tables show the total returns, or losses, shareholders made from the 15 biggest risers and fallers in April. They […]
-
27 Mar 2026 3 min read
Morning briefing: Action’s US expansion plans spook 3i investors; Manulife managers to work with Geiger Counter duo; Achilles to consult shareholders after Spire Health gambit
3i Group (III) plunged 17% yesterday to a 14-month low and a 24% discount after Action, the European discount retailer accounting for over two thirds of the FTSE 100 private equity fund’s assets, announced a €350m-€400m plan to launch in the US from next year. 3i has more than halved since October when Action first […]
-
23 Mar 2026 1 min read
Morning briefing: FTSE rebounds 2.8% after Trump postpones attacks on Iran’s power plants; plus SHI-AIC, GSF, ASLI
European markets have rebounded after US President Trump postponed strikes on Iran’s power plants saying the US had held “productive discussions” about a halt to the aerial war it launched with Israel on 28 February. From an intra-day low of 9,672 at 10.50am, the FTSE 100 rallied 2.8% to 9,943 at 12.45pm as stocks, including […]
-
26 Jan 2026 2 min read
Morning briefing: Impax Environmental publishes anti-Saba defence; Harwood-backed Spire Healthcare soars on £1.5bn bid talks; Develop North appoints chief exec; plus GRI, ASLI, MPO
Impax Environmental Markets (IEM) publishes the circular for its proposed 100% continuation tender offer to get Saba Capital to sell its 20.7% stake close to asset value and leave the unique listed fund for shareholders who want to remain invested. The tender requires over 75% of votes cast at a general meeting on 23 February. […]
-
25 Nov 2025 1 min read
CGAM gathers 11 signatories and launches website to rally shareholders against HICL-TRIG merger
CG Asset Management has gained the support of stockbroker Albert E Sharp and Hawksmoor Investment Management for its campaign against the proposed merger of HICL Infrastructure (HICL) and Renewables Infrastructure Group (TRIG), for which it has launched a dedicated website. CGAM says the concernedhiclshareholders website is designed to be a forum for shareholders to share their views and to encourage HICL investors […]
-
22 Sep 2025 2 min read
Questions for Achilles as investment companies activist helps Harwood Capital stalk Spire Healthcare
Achilles Investment Company (AIC), the £58m investment company activist launched in February, has strayed beyond its closed-end fund remit by taking a stake in private hospital operator Spire Healthcare (SPI). The Guernsey investment company run by Robert Naylor, former chair of Hipgnosis Songs, is one of four Harwood Capital funds to have recently disclosed a […]
-
14 Jul 2025 3 min read
Deutsche Numis: Where activist Saba is winning after taking less “brash” approach in £1.3bn trusts campaign
A more conventional “behind the scenes” engagement with investment company boards is reaping results for the activist hedge fund after its high-profile defeats in January, says Deutsche Numis. Analysis by Deutsche Numis shows Saba Capital is having more success in extricating itself from investment trust targets than last week’s disclosure of a position just over […]
-
15 Apr 2025 1 min read
QuotedData’s morning briefing 15 April 2025 – BOOK, CORD, HEIT, SHED/AIC, SEQI
In QuotedData’s morning briefing 15 April 2025: We also have: Did you miss from yesterday?
-
27 Mar 2025 2 min read
Urban Logistics and Achilles face off
The board of Urban Logistics REIT has urged shareholders to vote against all of the proposals made by Achilles Investment Company in its requisition request, as a war of words hots up between the two companies. Achilles has requested the immediate replacement of chairman Nigel Rich and director Heather Hancock as well as the removal […]
-
20 Mar 2025 5 min read
Urban Logistics responds to Achilles
On 17 April, Achilles (AIC) issued a statement on Urban Logistics which we reproduce below: Achilles Investment Company Limited notes the potential conflict of interest concerning Richard Moffitt, chief executive officer of Logistics Asset Management LLP, the investment adviser to Urban Logistics REIT plc. Mr. Moffitt also holds an interest in M1 Agency LLP, where […]
-
28 Feb 2025 3 min read
Clouds parting for real estate
Results season has been a depressingly gloomy affair over the last two or three years for property analysts, but a series of 2024 reports posted this week show that the clouds are parting and the light is starting to peer through for real estate. In the main, 2024 was a very positive year for the […]
-
21 Feb 2025 5 min read
Keep it closed! – closed end structures work, here’s some proof
It has been another eventful week in the investment company sector. My colleague Richard covered the launch of Achilles Investment Company here and I wrote about it for Citywire, which you can read here. There is an enormous mismatch between NAVs and share prices in the alternatives sectors. We have done our bit to try […]
-
20 Feb 2025 2 min read
Activist trust – Achilles – launches to tackle alternative sector discounts
A new activist investment company is looking to launch with its sights set on “poor performing” alternative investment companies. A prospectus has been published for Achilles Investment Company, which will start trading on Monday after raising £54m. It will be managed by Harwood Capital Management and led by its chief executive Chris Mills, with Robert […]
In The Press
-
02 Jul 2025 1 min read
Why investment trust discounts are disappearing
by Holly McKechnie, Investors Chronicle, July 1, 2025: For the first time in a long time, there is some positive news on the investment trust discount front. Over the past three months, the average investment trust discount has started to narrow, having reached new highs in April following the tariff turmoil. Analysts are hopeful that […]
-
19 Mar 2025 1 min read
The future of infrastructure: Road to recovery or a dead end?
Jennifer Hill, Investment Trust Insider, 19 March 2025: A few short years ago, the listed infrastructure sector was motoring ahead with regular fund launches and capital raises. In a lower interest rate environment, investors eagerly hitched a ride, drawn to the robust yields and reliable income. But when interest rates and bond yields began to […]
-
10 Mar 2025 1 min read
Investment trust insider on Achilles and North Atlantic Smaller
Investment trust insider on Achilles and North Atlantic Smaller – James Carthew: Activist Achilles and the wide discounts on Chris Mills’ other trusts Our columnist responds to questions about how recently-launched Achilles can attack other trusts for being on discounts when North Atlantic Smaller Companies, run by one of the same managers, trades one-third below […]
-
28 Feb 2025 1 min read
Saba ‘has done a good job in shaking up the industry’ but Plan B is ‘a reactionary position’
Linus Uhlig, Investment Week, 28 February 2025: Saba Capital, the US activist hedge fund causing waves through the investment trust sector, has been accused of “making it up as they go along” by industry commentators. Earlier in February, with six out of six vote losses under its belt and an admittance from the hedge fund’s […]
-
26 Feb 2025 1 min read
Duo behind Hipgnosis Songs sale launch activist investment trust Achilles
Linus Uhlig, Investment Week, 26 February 2025: Christopher Mills and Robert Naylor, the City veterans best known for orchestrating the sale of Hipgnosis Songs to Blackstone last year, have launched Achilles investment company (AIC), a closed-ended strategy looking to take advantage of the discounts within the investment trust sector. Achilles will run a concentrated portfolio […]
-
25 Feb 2025 1 min read
Former Hipgnosis duo set to float trust on London Stock Exchange
By Elliot Gulliver-Needham, Investment Reporter, CityAM, 24 February 2025: The £54m Achilles trust will debut on the London Stock Exchange tomorrow. Achilles Investment Company is set to start trading on the London Stock Exchange tomorrow after raising £54m to make an activist push against struggling investment trusts. The trust, run by City veterans Christopher Mills […]
