Overview
River UK Micro Cap (formerly River and Mercantile UK Micro Cap Investment Company is a closed-ended investment company limited by shares, registered and incorporated in Guernsey. The company’s investment objective is to achieve long term capital growth from investment in a diversified portfolio of UK micro cap companies, typically compromising companies with a free float market capitalisation of less than £100m at the time of purchase.
It is expected that the majority of the company’s investible universe will comprise companies whose securities are admitted to trading on AIM. The number of holdings in the portfolio will usually range between 30 and 50 once the company’s assets are fully invested in accordance with its investment policy.
You can access the fund’s website here.
Fundamentals
Price
Research History
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13 Oct 2022 14 min read
QuotedData’s Investment Companies Quarterly Review – Third Quarter 2022
Third quarter of 2022 Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Piling on the misery In the face of rising inflation, exacerbated by the war in Ukraine, central bankers have condemned for their relative inaction. However, in the third quarter of 2022, they stepped up a gear. Last month’s economic and political roundup […]
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06 Oct 2022 9 min read
QuotedData’s Investment Companies Roundup – October 2022
Investment Companies Monthly Roundup Kindly sponsored by Baillie Gifford and abrdn October 2022 Monthly | Investment companies Winners and losers in September 2022 September’s median total share price return was -6.4% (+0.4% in August). The median NAV return over September was -1.2%. See Appendix 1 for a breakdown of how all the sectors have […]
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04 Sep 2020 1 min read
Interview with George Ensor of River & Mercantile Micro Cap
In this week’s show, James Carthew talked to George Ensor of River & Mercantile Micro Cap Watch it again here If you were looking for James Carthew’s roundup of the week’s news, this is now in the news section – just click here If there is a guest speaker you’d particularly like to hear from, […]
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07 May 2020 8 min read
QuotedData’s Investment Companies Roundup – May 2020
Investment Companies Roundup Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Table of contents New research In this issue Performance data Discounts and premiums Money in and out Major news stories Income Events Guide Appendix – Performance by sector full list New research Here is a list of research we published over April: An update note […]
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07 Feb 2020 6 min read
QuotedData’s Economic Roundup – February 2020
Economic & Political Roundup Kindly sponsored by Polar Capital and Allianz A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you […]
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22 Feb 2019 1 min read
QuotedData’s economic roundup – February 2019
QuotedData’s economic roundup – February 2019 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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18 Jan 2019 1 min read
QuotedData’s investment companies roundup – January 2019
QuotedData’s investment companies roundup – January 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2018. Kindly sponsored by Baillie Gifford. Extract from money raised and returned in December The only new issue […]
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19 Dec 2018 1 min read
QuotedData’s investment companies roundup – December 2018
QuotedData’s investment companies roundup – December 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2018. Kindly sponsored by Baillie Gifford. Extract from ‘winners and losers’ The Californian wildfires took their toll on CatCo Reinsurance as it […]
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16 Oct 2018 2 min read
Quarterly Investment Companies Roundup – Third Quarter 2018
Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018. This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of […]
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11 Jul 2018 1 min read
QuotedData’s investment companies roundup – July 2018
QuotedData’s investment companies roundup – July 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2018. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised and returned in June Newcomer to the market, Yew Grove […]
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25 Apr 2018 1 min read
Quarterly investment companies roundup – First quarter 2018
Quarterly investment companies roundup – First quarter 2018 Quarterly investment companies roundup – First quarter 2018 – Global equity markets declined in the first quarter of 2018. Concerns about US interest rate rises were the feature of the first half of the quarter. However, worries about global trade took over in the second part, particularly […]
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13 Mar 2018 1 min read
QuotedData’s investment companies roundup – March 2018
QuotedData investment companies roundup – March 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of February 2018. Kindly sponsored by Baillie Gifford. Equity markets continued to run up in early February, supported by strong corporate earnings […]
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07 Feb 2018 2 min read
QuotedData investment companies roundup – February 2018
QuotedData investment companies roundup – February 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2018. Kindly sponsored by Baillie Gifford. The oil price was up again over the month and this helped propel […]
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1 min read
QuotedData’s economic round up – February 2018
QuotedData’s economic round up – February 2018 is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell […]
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18 Jan 2018 1 min read
QuotedData – 2017 review of the year
QuotedData – 2017 review of the year – Many commentators, including us, were wary going into 2017. In the event, economic growth and markets surprised on the upside: US markets hit new highs despite three interest rate rises. Perceived low/no growth areas such as Europe and Japan burst into life. Asia’s technology stocks surged. India’s […]
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10 Jan 2018 2 min read
QuotedData investment companies roundup – January 2018
QuotedData investment companies roundup – January 2018 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of December 2017. Kindly sponsored by Baillie Gifford. January Investment Companies Roundup Winners and losers in December Infrastructure India’s share price […]
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11 Dec 2017 2 min read
QuotedData investment companies roundup – December 2017
QuotedData investment companies roundup – December 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of November 2017. Kindly sponsored by Baillie Gifford. December Investment Companies Roundup Money raised and returned in November There were no […]
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19 Oct 2017 1 min read
Quarterly investment companies roundup – Third quarter 2017
Quarterly investment companies roundup – Third quarter 2017 – Markets moved up a little over the course of the three months ended 30 September 2017. Regionally, emerging markets did well. The pound strengthened a bit relative to the US dollar but was flat against the euro. The oil price rose by more than 20%. In […]
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12 Oct 2017 1 min read
QuotedData investment companies roundup – October 2017
QuotedData investment companies roundup – October 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2017. Kindly sponsored by Baillie Gifford. October Investment Companies Roundup Amongst the top performers, Alternative Liquidity Fund sold its […]
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12 Jul 2017 2 min read
QuotedData investment companies roundup – July 2017
QuotedData investment companies roundup – July 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of June 2017. Kindly sponsored by Baillie Gifford. July Investment Companies Roundup Money raised in July Newly launched in June were […]
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14 Jun 2017 1 min read
QuotedData investment companies roundup – June 2017
QuotedData investment companies roundup – June 2017 – is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of May 2017. Kindly sponsored by Baillie Gifford. June Investment Companies Roundup Japan was one of the best places to be […]
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1 min read
QuotedData’s economic round up – June 2017
QuotedData’s economic round up – June 2017 – is a collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or […]
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14 Feb 2017 1 min read
QuotedData’s round up of views on the global economy – February 2017
QuotedData’s collation of recent insights on markets and economies taken from comments made by chairman and managers of investment companies. Kindly sponsored by Martin Currie. February Economic and Political Roundup
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1 min read
QuotedData investment companies roundup – February 2017
Our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2017. Kindly sponsored by Baillie Gifford. February Investment Companies Roundup
News
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09 Sep 2025 2 min read
Trust Spot: Seraphim selloff puzzle and renewables discounts open up again
Cheaper trusts Looking at August’s biggest discount shifts, Seraphim Space (SSIT) appeared to plunge from a 14.7% discount to a 29.0% discount over the month. Today, the discount stands at 31.5%. At first glance, the reason for this is hard to fathom. Andrew McHattie mentioned the trust on the show on Friday (13:07) – highlighting […]
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04 Aug 2025 6 min read
Morning briefing: RM says Gore St board lacks credibility, Invesco Global smashes benchmark, RMMC offers 2028 exit
Also, HgCapital reports flat first half with its valuation hit by volatile markets, Octopus Renewables’s net asset value dented by a writedown of its stake in a developer, Oakley Capital Investments announces £22m new investment, VH Global Energy Infrastructure switches on new asset in New South Wales and BlackRock Throgmorton and BlackRock Energy Resources Income […]
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13 Jun 2025 3 min read
QuotedData’s morning briefing 13 June 2025 – AGT, RMMC, PCGH, SYNC
In QuotedData’s morning briefing 13 June 2025, we have interim results from AVI Global and River UK Micro Cap, a new director for Polar Capital Global Healthcare and updated long-term data from Syncona’s Autolus Therapeutics. We also have: Stories you may have missed from yesterday:
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30 May 2025 3 min read
Betting on a small cap revival
It was great this week to talk to three managers who are investing in UK small and medium-sized companies – if you missed it, you can watch the recording back here. Their message seems to be that portfolio companies are trading well, and coping with a macroeconomic environment that has at times been unhelpful, yet […]
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23 Dec 2024 5 min read
A satisfying year for River UK Micro Cap
River UK Micro Cap (RMMC) has published its annual report for the year ended 30 September 2024, during which it provided NAV and share price total returns of 14.9% and 22.5% respectively, outperforming its Numis Smaller Companies plus AIM ex Investment Trusts benchmark, which returned 14.1%. RMMC’s chairman, John Blowers, says that the last 12 […]
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19 Jun 2024 1 min read
QuotedData’s morning briefing 19 June 2024 – SERE, RMMC
In QuotedData’s morning briefing 19 June 2024: Schroder European REIT (SERE) posted a 3.6% fall in NAV to 123.6 euro cents per share in the six months to 31 March 2024. The group’s property portfolio valuation declined 3.1% to €208.1m. Underlying EPRA earnings increased 3% to €4.3m on the prior six month’s EPRA earnings of […]
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30 Apr 2024 1 min read
QuotedData’s morning briefing 30 April 2024 – GIF, APEO, PPET, RMMC,
In QuotedData’s morning briefing 30 April 2024: Gulf Investment Fund (GIF) says that the 1,157,160 shares that were tendered last month were valued at $2.5088 each or $2,903,083. Those investors that sold will get paid around 15 May 2024. Now that the sale of abrdn’s European private equity business to Patria Investments is complete, abrdn […]
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06 Dec 2023 2 min read
River and Mercantile optimistic despite volatility
River and Mercantile UK Micro Cap announced its annual report for the year ended 30 September 2023. NAV total return for the period was 3.81%, compared to 3.27% for the the Numis Smaller Companies plus Alternative Investment Market index. Shares fell 4% with the discount widening to around 14%. Given the broader sell off in […]
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21 Mar 2023 2 min read
QuotedData’s morning briefing 21 March 2023
Crystal Amber Fund (CRS) announced results for the six months ended 31 December 2022. The total return was 4.4%, comfortably ahead of the benchmark Numis Small Cap Index return of 1.3%. Despite the solid performance, NAV fell 10% and the discount now sits at around 25% as the company continues to wind down after failing […]
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14 Dec 2022 11 min read
Testing times sees major underperformance from River and Mercantile UK Micro Cap
River and Mercantile UK Micro Cap (RMMC) has published its annual results for the year ended 30 September 2022. During the period, RMMC provided an NAV total return of -48.03%, while its benchmark posted a total return of -26.91%. The chairman, Andrew Chapman says “There can be no doubt that the last year has been […]
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30 Sep 2022 4 min read
QD view – Managers question UK small cap weakness
The UK economy looks increasingly precarious. The recent ‘targeted fiscal event’ has sent the pound sliding, gilt yields rising and confidence to rock bottom. With recession looming, it has also proved a tough moment for UK smaller companies, which were already battling poor sentiment. Smaller companies managers are no strangers to volatility, but how are […]
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17 Jun 2022 1 min read
QuotedData’s morning briefing 17 June 2022
In QuotedData’s morning briefing 17 June 2022: River & Mercantile UK Micro Cap (RMMC) has published its interim results for the six months ended 31 March 2022, during which it provided an NAV total return of -23.53%, significantly underperforming its benchmark, the Numis Smaller Companies plus AIM ex Investment Companies Index, which provided a total […]
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09 Feb 2022 2 min read
QuotedData’s morning briefing 9 February 2022
In QuotedData’s morning briefing 9 February 2022: NextEnergy Solar (NESF) has announced an interim dividend of 1.79 pence per ordinary share for the quarter ending 31 December 2021, to be paid on 31 March 2022. NESF will also be offering shareholders a scrip dividend alternative to this, with a reference price to be announced on […]
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10 Dec 2021 6 min read
River and Mercantile UK Micro-Cap provides another year of outperformance
River and Mercantile UK Micro-Cap (RMMC) has published its annual report for the 12 months ended 30 September 2021, during which the portfolio NAV increased by 59.5%, significantly outperforming its benchmark, the Numis Smaller Companies plus AIM ex Investment Companies Index, which increased by 45.7%. Over the five years to 30 September 2021, the portfolio […]
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23 Nov 2021 1 min read
QuotedData’s morning briefing 23 November 2021
In QuotedData’s morning briefing 23 November 2021: Will Wyatt will step down as chief executive of Caledonia Investments (CLDN) in July next year. Will’s successor is Mathew Masters, currently head of Caledonia quoted equity. Mat will join the board as chief executive designate on 1 April 2022. Before joining Caledonia in 2005, Mat worked at […]
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17 Jun 2021 1 min read
QuotedData’s morning briefing 17 June 2021
In QuotedData’s morning briefing 17 June 2021 – Augmentum Fintech (AUGM) will look to raise £40m as part of an ongoing share issuance programme. AUGM says it has a pipeline of over £1bn across all of its target sectors and geographies, including approximately £194m of opportunities in active development, and as such is well-positioned to continue to […]
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28 Apr 2021 2 min read
QuotedData’s morning briefing 28 April 2021
In QuotedData’s morning briefing 28 April 2021 – Vietnam Enterprise (VEIL) delivered a 22.8% total NAV return over its financial year to 31 December 2020. This represented a 5.4% outperformance of its benchmark. Performance was led by its exposure to the banking sector, notably Asia Commericial Bank. Vietnam Prosperity Bank and Techcombank also notably contributed […]
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22 Jan 2021 1 min read
QuotedData’s weekly news show 22 January 2021
QuotedData’s weekly news show 22 January 2021 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on Youtube. In this week’s show, James Carthew covered the week’s top stories: Jupiter Green’s new manager Hipgnosis – another acquisition and another fundraise River & Mercantile Micro Cap update Watch it […]
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2 min read
River and Mercantile Micro Cap will hand back cash
River and Mercantile Micro Cap will hand back cash – The board of River and Mercantile UK Micro Cap intends to undertake a compulsory redemption of the trust’s redeemable ordinary shares. The trust’s redemption mechanism is used periodically to return capital to shareholders so as to return the company’s net asset value to around £100m (in […]
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18 Dec 2020 7 min read
River & Mercantile UK Micro Cap benefits from UK small cap outperformance
River & Mercantile UK Micro Cap (RMMC) has announced its annual results for the year ended 30 September 2020, during which its manager, George Ensor, says that there has been one recent development which has been particularly supportive of the Company’s outperformance; the outperformance of UK smaller company equities when compared to the wider UK […]
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04 Sep 2020 1 min read
QuotedData’s weekly news show 4 September 2020
In QuotedData’s weekly news show 4 September 2020 Thank you to everyone that listened in today, whether you watched the Zoom live, on Facebook or on youtube. In this week’s show, James Carthew covered the week’s top stories: Witan’s new global managers and Greencoat UK Wind’s planned fundraise Andrew McHattie also covered some interesting recent discount and share price […]
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21 Jan 2020 5 min read
River and Mercantile Micro Cap reports on difficult year
River and Mercantile Micro Cap reports on difficult year – the NAV total return of the River and Mercantile Micro Cap’s portfolio over the year ended 30 September 2019 was (17.48%), which compares with the total return of (7.34%) posted by its benchmark index. The share price fell from 211p to 157p as the discount […]
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10 Jan 2019 2 min read
River and Mercantile Micro Cap reports on rollercoaster year
River and Mercantile Micro Cap reports on rollercoaster year – For River and Mercantile Micro Cap, the year to the end of September 2018 was another great one in performance terms. Its NAV return was 24.9%, considerably ahead of the 3.0% return posted by its benchmark. The growth of the company allowed it to give money […]
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20 Jul 2018 2 min read
MINI fails to keep up with AIM index
MINI fails to keep up with AIM index – Miton UK Micro Cap has published results for the year ended 30 April 2018. Over the year, the NAV returned 8.4%. This compares with the AIM All-Share Index, which returned 10.7% (AIM stocks account for three quarters of the portfolio). This performance is somewhat higher than the returns on other […]
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12 Jul 2018 2 min read
River and Mercantile Micro Cap to return more cash
River and Mercantile Micro Cap to return more cash – The Board of River and Mercantile UK Micro Cap intends to undertake another compulsory redemption of its redeemable ordinary shares. The company has a redemption mechanism in place, which is used periodically to return capital to shareholders, so as to return the company’s net asset value to around GBP100 […]
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07 Feb 2018 2 min read
Star fund manager leaves River and Mercantile Micro Cap
Star fund manager leaves River and Mercantile Micro Cap – Philip Rodrigs, manager of River & Mercantile Micro Cap, has left the management company following “an investigation into a professional conduct issue”. He is leaving the company today and the fund has not been affected by his actions. River & Mercantile Group has released the following […]
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19 Jan 2018 4 min read
River & Mercantile UK Micro Cap describes stunning year
River & Mercantile UK Micro Cap describes stunning year – The NAV total return of the River & Mercantile UK Micro Cap portfolio for the year ended 30 September 2017 was 45.30%, which compares with the total return of 21.26% posted by the benchmark index. Therefore the NAV per share closed at 183.42p, compared to […]
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15 Nov 2017 1 min read
River & Mercantile Micro Cap returning more money
River & Mercantile Micro Cap returning more money – River and Mercantile UK Micro Cap Investment Company completed its first partial compulsory redemption in June 2017. This returned approximately GBP15 million to shareholders and reduced the company’s net asset value to around GBP100 million, in accordance with the fund’s policy of keeping itself small and nimble, given the size of […]
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31 Jul 2017 3 min read
Better year for Growth pool in F&C Managed Portfolio
Better year for Growth pool in F&C Managed Portfolio – F&C Managed Portfolio has published results for the year ended 31 May 2017. The NAV total return (i.e. adding dividends paid to capital performance) was 24.5% for the Income shares and 26.4% for the Growth shares. This compares with the 24.5% total return for the All-Share […]
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25 May 2017 1 min read
River & Mercantile Micro Cap is handing back cash as assets hit £117m
River & Mercantile Micro Cap is handing back cash as assets hit £117m. On 16 January 2017, the Board reminded shareholders that, were the company’s net asset value to grow in excess of GBP100m, the directors intended to operate a redemption mechanism under which a portion of share capital may be redeemed compulsorily so as […]
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18 May 2016 3 min read
River & Mercantile UK Micro Cap boosted by takeovers
River & Mercantile UK Micro Cap’s NAV return for the six months ended 31 March 2016 was 8.3%, well ahead of the benchmark’s return of +0.9%. The manager’s report analyses the largest contributions to the fund’s performance over the period. The largest positive contributions came from KBC Advanced Technologies, IS Solutions, Trakm8, Blue Prism and Sigma Capital. […]
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22 Jan 2016 3 min read
River & Mercantile UK Micro Cap gets off to a good start
River & Mercantile UK Micro Cap, managed by Philip Rodrigs (pictured) has announced its annual results for the period ended 30 September 2015. The trust, which was admitted to trading on the London Stock Exchange on 2 December 2014 having raised £50.6m, has during the ten months to 30 September 2015 grown its NAV to […]
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15 May 2015 2 min read
River & Mercantile edges ahead in first reporting period
River & Mercantile Micro Cap has issued its first interim results, covering the period from incorporation, through its launch on 2 December 2014 through to the end of March 2015. Over that period its net asset value total return was 5.3%, just ahead of the 5% return posted by its benchmark. The return to shareholders […]
Upcoming Events
Videos
In The Press
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26 Feb 2024 2 min read
Perfect Storm
Cherry Reynard, Portfolio Adviser Magazine, February 2024: Investment trusts have a well-deserved reputation as an effective way to manage such illiquid assets as property, smaller companies and infrastructure, yet the past 18 months have also highlighted the problems of this type of vehicle, as discounts have widened in response to higher interest rates, cost-disclosure problems […]
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11 Jan 2024 1 min read
Investment trust bargains: how to find them and where to look in 2024
by Kyle Caldwell from interactive investor, 11th January 2024: There are various ways to improve the odds of investment success, including having a diversified portfolio, investing over the long term, and rebalancing a couple of times a year. Another one is to keep a close eye on valuations and seek out undervalued areas of the […]
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15 Dec 2023 2 min read
The investment trusts facing crunch continuation votes
by Dave Baxter, Investors’ Chronicle, 15 December 2023: The optimists would have you believe that the worst is finally over for the investment trust sector. Interest rates have apparently peaked, wide share price discounts are likely to limit further falls and the reform of cost disclosure requirements could remove one of the many challenges facing […]
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27 Sep 2023 1 min read
Small investments trusts: which to back, and which to avoid
by Cherry Reynard from interactive investor, 27th September 2023: Small is becoming less beautiful in the investment trust world. Problems of wider discounts, poor liquidity and even – in some cases – weaker performance, have started to worry investors. Another headwind is that wealth managers often won’t touch investment trusts with less than £250 million […]
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03 Oct 2022 1 min read
The UK trusts trading on the widest discounts relative to their recent history
By Tom Aylott, Reporter, Trustnet, 30 September 2022: Those holding UK trusts over the past decade could have seen a sizable return on their investment, with the IT UK Equity Income and IT UK All Companies sectors up 83.8% and 69.5% respectively, according to data from QuotedData. But it is the trusts in the IT […]
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29 Mar 2021 1 min read
How to spot smaller companies winners
How to spot smaller companies winners There’s additional risk with small-cap funds but the good ones pay off March 23, 2021, Investors Chronicle, By Mary McDougall Funds that focus on smaller companies tend to outperform their benchmark indices by a greater proportion than their large-cap peers over time. The average share price and net asset value (NAV) total […]
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19 Feb 2020 1 min read
Investment trust insider on permanent capital vehicles
Investment trust insider on permanent capital vehicles – James Carthew: backfiring buybacks can be a permanent waste of shareholder capital I put a comment in last week’s article about Syncona (SYNC) that I thought might attract more attention than it did. Talking about the importance of having cash to back up the financing needs of the […]
