Overview
Herald Investment Trust seeks to achieve capital appreciation through investments in smaller quoted companies, in the areas of technology, communications and multi-media. Investments will be made throughout the world. The business activities of investee companies will include information technology, broadcasting, printing and publishing and the supply of components, equipment and services to these companies.
There is no relevant benchmark, so a hybrid is used as a measure of performance, which is 2/3rd the Numis Smaller Companies Index including AIM in the UK and 1/3rd the Russell 2000 Technology Index in the US.
You can access the manager’s website here
Fundamentals
Price
Research History
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15 Jan 2025 24 min read
Herald Investment Trust – Vote against Saba to protect your investment
Vote against Saba to protect your investment Herald Investment Trust (HRI) exemplifies the benefits of the closed-end structure, allowing its manager to take a long-term view, thanks to its permanent pool of capital, and tap into up-and-coming technology stocks at an early stage of their development, thus providing its shareholders with a differentiated source of […]
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22 min read
Herald Investment Trust – Vote against Saba to protect your investment
Vote against Saba to protect your investment Herald Investment Trust (HRI) exemplifies the benefits of the closed-end structure, allowing its manager to take a long-term view and tap into up-and-coming technology stocks at an early stage of their development, thus providing its shareholders with a differentiated source of alpha. We believe that Saba Capital’s recent […]
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18 Oct 2024 1 min read
Interview with Katie Potts from Herald Investment Trust
In this week’s show, James Carthew spoke to Katie Potts from Herald Investment Trust. If you were looking for the first part of QuotedData’s show, focused on the roundup of the week’s news click here. If there is a guest speaker you’d particularly like to hear from, please email Aiman. Additionally, if you would prefer to watch […]
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25 Jun 2024 26 min read
Herald Investment Trust – Heralding in the age of AI
Heralding in the age of AI In a world where the share prices of AI-related companies have determined the fortunes of global equity markets, Herald Investment Trust (HRI) offers a way to capitalise on these potent tailwinds while still offering an arguably seldom-found discount opportunity within a universe known for its high valuations, coupled with […]
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23 min read
Herald Investment Trust – Heralding in the age of AI
Heralding in the age of AI In a world where AI stocks have appeared to determine the fortunes of global equity markets, Herald Investment Trust (HRI) offers a way to capitalise on these tailwinds. Further, it is trading on a discount within a universe arguably known for its high valuations, currently this is 11.5%. HRI’s […]
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24 min read
Herald Investment Trust – Heralding in the age of AI
Heralding in the age of AI In a world where AI stocks have determined the fortunes of global equity markets, Herald Investment Trust (HRI) offers a way to capitalise on these potent tailwinds while still offering an arguably seldom-found discount opportunity within a universe known for its high valuations, coupled with the trust currently trading […]
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13 Nov 2023 14 min read
Herald Investment Trust – Patience and Power
Herald Investment Trust Investment companies | Updated | 13 November 2023 Patience and Power Herald Investment Trust (HRI) demonstrates why patience can be key when it comes to investing. The managers highlight the drought of funding available to small cap technology stocks. The team has ensured that HRI has sufficient liquidity to take advantage of opportunities […]
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14 min read
Herald Investment Trust – Patience and Power
Herald Investment Trust Investment companies | Update | 13 November 2023 Patience and power Herald Investment Trust (HRI) demonstrates why patience can be key when it comes to investing. The managers highlight the drought of funding available to small cap technology stocks. The team has ensured that HRI has sufficient liquidity to take advantage of opportunities […]
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13 min read
Herald Investment Trust – Patience and power
Herald Investment Trust Investment companies | Update | 13 November 2023 Patience and power Herald Investment Trust (HRI) illustrates why patience can sometimes be important when it comes to investing. The manager says that there is a drought of funding for small cap technology stocks, but its team has ensured that HRI has sufficient liquidity to […]
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09 Mar 2023 64 min read
QuotedData’s Economic and Political Monthly Roundup March 2023
Economic and Political Monthly Roundup Investment companies | Monthly | March 2023 A collation of recent insights on markets and economies taken from the comments made by chairs 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 […]
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11 Jan 2023 26 min read
Herald Investment Trust – Efficiency savings
Herald Investment Trust Investment companies | Annual overview | 11 January 2023 Efficiency savings While Herald Investment Trust (HRI), like many other technology and growth-focused strategies, has been caught up in the grips of 2022’s market selloff, the fundamentals of many of the companies in its portfolio have remained largely unscathed. In fact, HRI’s management […]
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25 min read
Herald Investment Trust – Efficiency savings
Herald Investment Trust Investment companies | Annual overview | 11 January 2023 Efficiency savings While Herald Investment Trust (HRI), like many other technology and growth-focused strategies, appears to have been caught up in the grips of 2022’s market selloff, its manager says that the fundamentals of many of the companies in its portfolio have remained […]
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25 min read
Herald Investment Trust – Efficiency savings
Herald Investment Trust Investment companies | Annual overview | 11 January 2023 Efficiency savings While Herald Investment Trust (HRI), like many other technology and growth-focused strategies, has been caught up in the grips of 2022’s market selloff, the fundamentals of many of the companies in its portfolio have remained largely unscathed. In fact, the management […]
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02 Feb 2022 32 min read
Herald Investment Trust – The future is bright
The future is bright Whilst Herald Investment Trust’s (HRI’s) results for the year ended 31 December 2021 will not be published for some time, it looks as though it had another impressive year, with particularly strong performances from its semiconductor and UK media holdings (see pages 15 to 23 for a detailed look at HRI’s […]
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31 min read
Herald Investment Trust – The future is bright
Whilst Herald Investment Trust’s (HRI’s) results for the year ended 31 December 2021 will not be published for some time, it looks as though it had another impressive year, with particularly strong performances from its semiconductor and UK media holdings (see pages 14 to 22 for a detailed look at HRI’s performance during 2021). Rising […]
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31 min read
Herald Investment Trust – The future is bright
Whilst Herald Investment Trust’s (HRI’s) results for the year ended 31 December 2021 will not be published for some time, it looks as though it had a good year, with particularly strong performances from its semiconductor and UK media holdings (see pages 14 to 22 for a detailed look at HRI’s performance during 2021). Rising […]
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05 Nov 2020 18 min read
Herald Investment Trust – Hot chips
Herald Investment Trust (HRI) has generated an impressive uplift in its net asset value (NAV) over the last 12 months. Reflecting its focus on technology, which has generally performed well as the world tries to adjust to life under the COVID-19 pandemic, HRI’s NAV total return of 26.1% eclipses the return on one of the […]
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18 min read
Herald Investment Trust – Hot chips
Herald Investment Trust (HRI) has generated an impressive uplift in NAV over the last 12 months. Reflecting its focus on technology, which has generally performed well as the world tries to adjust to life under the pandemic, HRI’s NAV total return of 26.1% eclipses the return on the Numis Smaller Companies plus AIM Index, which […]
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18 min read
Herald Investment Trust – Hot chips
Herald Investment Trust (HRI) has generated an impressive uplift in NAV over the last 12 months. Reflecting its focus on technology, which has generally performed well as the world tries to adjust to life under the pandemic, HRI’s NAV total return of 26.1% eclipses the return on the Numis Smaller Companies plus AIM Index, which […]
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01 Apr 2020 24 min read
Herald Investment Trust – Change is a coming
Change is a coming Following an excellent year of performance during 2019 (an nav total return of 27.5%), Herald Investment Trust (HRI) has seen its discount widen and the value of its portfolio companies fall since the outbreak of covid-19. As authorities scramble to contain the virus, our lives are changing in significant ways. Inevitably, […]
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24 min read
Herald Investment Trust – Change is a coming
Following an excellent year of performance during 2019 (a net asset value (NAV) total return of 27.5%), Herald Investment Trust (HRI) has seen its discount widen and the value of its portfolio companies fall since the outbreak of covid-19. As authorities scramble to contain the virus, our lives are changing in significant ways. Inevitably, technology […]
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24 Jan 2020 20 min read
QuotedData’s Investment Companies Annual Review – 2019
In this issue The sector at the end of 2019 Performance data Performance by sector and fund Money in and out of the sector Money in and out of existing funds Money coming into existing funds Money going out of existing funds Liquidations, de-listings and trading cancellations Significant rating changes Major news stories Outlook for […]
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08 Oct 2019 17 min read
Herald Investment Trust – “Profits are only profits when they are realised”
“Profits are only profits when they are realised” Herald Investment Trust (HRI) generated strong absolute returns in the first half of 2019, with marked outperformance by both its UK and US portfolios of their local market indices. Both a general market recovery and a recovery in global technology stocks have helped, but HRI’s UK and […]
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17 min read
Herald Investment Trust – “Profits are only profits when they are realised”
“Profits are only profits when they are realised” Herald Investment Trust (HRI) generated strong positive returns in the first half of 2019, with marked outperformance by both its UK and US portfolios of their local market indices. Both a general market recovery and a recovery in global technology stocks have helped, but HRI’s UK and […]
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07 Aug 2019 5 min read
QuotedData’s economic roundup – August 2019
Economic & Political Roundup 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 any of the […]
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15 Apr 2019 6 min read
Quarterly Investment Companies Roundup – First Quarter 2019
Quarterly Investment Companies Roundup – First Quarter 2019 QuotedData news Through the first quarter of 2019, global equities largely clawed back the losses suffered over the final weeks of 2018. How much longer this ten-year bull market can sustain itself is the subject of much debate. US interest rate rises have stalled, reflecting growing cautiousness. Elsewhere, […]
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22 Mar 2019 2 min read
QuotedData’s economic roundup – March 2019
QuotedData’s economic roundup – March 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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12 Feb 2019 1 min read
Herald Investment Trust – Shifting sentiment
Herald Investment Trust – Shifting sentiment Herald Investment Trust (HRI) is approaching its 25th birthday. HRI’s manager, Katie Potts, has been at the helm since launch, delivering considerable outperformance of equity markets. She has seen significant swings in sentiment towards the technology sector over that time. Growth stocks and the technology sector fell out of […]
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1 min read
Herald Investment Trust – Shifting sentiment
Herald Investment Trust – Shifting sentiment Herald Investment Trust (HRI) is approaching its 25th birthday. HRI’s manager, Katie Potts, has been at the helm since launch, delivering considerable outperformance of equity markets. She has seen significant swings in sentiment towards the technology sector over that time. Growth stocks and the technology sector fell out of […]
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25 Jan 2019 1 min read
QuotedData review of 2018 – Annual report investment companies
QuotedData review of 2018 – Annual report investment companies 2018 – the return of volatility A trade war, Brexit, US interest rate rises, slowing Chinese growth, a US government shutdown, a dispute over Italy’s budget, the Skripal poisonings, numerous elections – there was plenty to worry about in 2018. A last-minute dive left the US […]
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18 Jul 2018 2 min read
Quarterly Investment Companies Roundup – Second Quarter 2018
QUARTERLY INVESTMENT COMPANIES ROUNDUP – SECOND QUARTER 2018 Global equities markets rose in the second quarter of 2018, Markets were volatile, as positive economic data and encouraging company performances played off against geopolitical concerns. Yields from bond markets rose early in the quarter but fell back as investors turned to ‘safer’ investments. The threat of […]
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12 Jun 2018 1 min read
Herald Investment Trust – From small acorns ….
Herald Investment Trust – From small acorns …. – Herald Investment Trust (HRI) provided very strong returns during 2017 (NAV and share-price total returns of 26.9% and 32.7% respectively) with positive contributions coming from all of its regional portfolios. During 2017, a significant proportion of HRI’s NAV performance came from 24 holdings, all of which at least doubled […]
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1 min read
Herald Investment Trust – From small acorns ….
Herald Investment Trust – From small acorns …. – Herald Investment Trust (HRI) provided very strong returns during 2017 (NAV and share-price total returns of 26.9% and 32.7% respectively) with positive contributions coming from all of its regional portfolios. During 2017, a significant proportion of HRI’s NAV performance came from 24 holdings, all of which at […]
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13 Mar 2018 1 min read
QuotedData’s Economic round up – March 2018
QuotedData’s economic round up – March 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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07 Dec 2017 1 min read
Herald Investment Trust – Who wants to be a billionaire?
Herald Investment Trust – Who wants to be a billionaire? Herald, the small cap technology, communications and multimedia trust, recently passed a remarkable milestone. It has created more than £1bn for investors since it launched in 1994. Katie Potts, who has managed the fund over its entire life, points out that £98m was raised from […]
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1 min read
Herald Investment Trust – Who wants to be a billionaire?
Herald Investment Trust – Who wants to be a billionaire? Herald, the small cap technology, communications and multimedia trust, recently passed a remarkable milestone. It has created more than £1bn for investors since it launched in 1994. Katie Potts, who has managed the fund over its entire life, points out that £98m was raised from […]
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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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14 Sep 2017 1 min read
QuotedData investment companies roundup – September 2017
QuotedData investment companies roundup – September 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 August 2017. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Winners and losers in August Ashmore Global’s […]
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03 Aug 2017 2 min read
QuotedData’s economic round up – August 2017
QuotedData’s economic round up – August 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 sell […]
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11 Jul 2017 1 min read
Herald Investment Trust – Backing growing businesses
Herald Investment Trust – Backing growing businesses. Marten & Co has published an update note on a company in the Technology, Media and Telecommunications sector: Herald Investment Trust – Backing growing businesses The Technology sector has been rising strongly in recent months. This note discusses a number of stocks that contributed to a near 40% increase […]
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1 min read
Herald Investment Trust – Backing growing businesses
QuotedData is publishing a new update note on a company in the Small Media, Communication & IT Companies sector: Herald Investment Trust – Backing growing businesses The Technology sector has been rising strongly in recent months. This note discusses a number of stocks that contributed to a near 40% increase in Herald Investment Trust’s NAV over […]
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15 Mar 2017 1 min read
QuotedData’s round up of views on the global economy – March 2017
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 any of the companies mentioned. Kindly sponsored […]
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1 min read
QuotedData investment companies roundup – March 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 February 2017. Kindly sponsored by Baillie Gifford. March Investment Companies Roundup
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31 Jan 2017 1 min read
QuotedData – 2016 review of the year
Our review of 2016 includes performance data, significant moves in discounts and premiums, money raised and money handed back, major news stories and links to the research we have published including our guide to investment companies. 2016 Annual roundup
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20 Dec 2016 1 min read
Herald Investment Trust – Tech bids demonstrate value
Herald Investment Trust – Tech bids demonstrate value; Marten & Co published an update note on Herald Investment Trust. Herald Investment Trust – Tech bids demonstrate value Herald Investment Trust’s (HRI’s) manager believes recent portfolio activity (bids for Avesco and Mentor Graphics) shows that HRI’s NAV does not reflect the true valuations of the underlying companies, […]
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1 min read
Herald Investment Trust – Tech bids demonstrate value
QuotedData has published a note on a company in the Small Media, Comms & IT Companies sector. Herald Investment Trust – Tech bids demonstrate value Herald Investment Trust’s (HRI’s) manager believes recent portfolio activity (bids for Avesco and Mentor Graphics) shows that HRI’s NAV does not reflect the true valuations of the underlying companies, particularly […]
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27 Oct 2016 1 min read
Quarterly investment companies roundup – Third quarter 2016
Q3 saw the market adapt to life post the UK’s EU referendum. Sterling continued to fall but most stock markets stabilised and discounts narrowed across most sectors. While the US election is dominating headlines, it does not seem to be having much impact on markets so far. q3-quarterly-roundup
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11 Aug 2016 1 min read
Herald Investment Trust – Investing in the future
Herald Investment Trust – Investing in the future Marten and Co publishes its first initiation of coverage note on Herald Investment Trust (HRI) Herald Investment Trust (Herald) is a major investor in the small-cap technology sector, especially in the UK. It is the only listed investment trust with a focus on this space. In recent times, […]
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1 min read
Herald Investment Trust – Investing in the future
Herald Investment Trust (Herald) is a major investor in the small-cap technology sector, especially in the UK. It is the only listed investment trust with a focus on this space. In recent times, small-cap technology stocks have become cheaper relative to both the broader market and large-cap technology stocks. Relative valuations are now close to […]
News
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24 Mar 2025 1 min read
Herald shareholders back continuation – Saba rebuffed again
Herald Investment Trust (HRI) has announced that shareholders have voted overwhelmingly in favour of the trust’s continuation at its AGM today. Resolution 11, the continuation vote, was passed with a significant majority, further underlining support for the board and its strategy. Crucially, if votes believed by the board to have been cast by or on […]
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20 Feb 2025 3 min read
Herald reports decent returns in tumultuous year, your vote needed at the AGM
Herald Investment Trust has published results for the 12 month period ended 31 December 2024. The NAV as at 31 December 2024 was 2,488.2p (2023 – 2,219.2p), an increase of 12.1% during the year, compared to an increase in the comparative total return indices of 5.0% for the Deutsche Numis Smaller Companies plus AIM (ex. […]
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14 Feb 2025 1 min read
Edinburgh Worldwide rejects Saba, monumental waste of time and money
At today’s meeting of Edinburgh Worldwide shareholders that was requisitioned by Saba Capital, Saba’s proposals were overwhelmingly rejected by 63.8% to 36.2%. The turnout at the meeting was 64.7%. Edinburgh Worldwide’s chair Jonathan Simpson-Dent said: “Edinburgh Worldwide’s shareholders have spoken: they have rejected Saba Capital’s proposal for a fundamentally different strategy based on fundamentally different […]
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22 Jan 2025 2 min read
Herald wins Saba fight, shareholders reject attempt to seize control
In what is a resounding victory for shareholder engagement and protecting the rights of all shareholders, Herald’s requisitioned general meeting has seen the proposals by Saba Capital LLC to remove all of the existing board and replace them with just two of its own representatives voted down convincingly. At today’s meeting, Herald shareholders voted against […]
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17 Jan 2025 4 min read
Saba: the view from the boards
Boaz Weinstein, head of New York-based hedge fund Saba Capital, pulled no punches when discussing the boards of investment trusts in his recent webcast. They were “obstinate”, a “boys’ club”, protecting their own interests, “part of an ecosystem of greed taking fees away from the pensioners.” Their actions verged on “almost malpractice”, distributing misinformation to […]
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16 Jan 2025 3 min read
Fight back against Saba! – let us show you how
Saba Capital, a US-based hedge fund, has been on the offensive against the UK’s investment trust sector. Having built substantial stakes in seven investment trusts, ranging from 20% to just shy of 30% of the trusts’ outstanding shares (a key level that would require them to make a bid for the trust), it is using […]
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2 min read
QuotedData’s morning briefing 16 January 2025 – HRI, ARR, SRE, RLE
In QuotedData’s morning briefing 16 January 2025: Herald (HRI) says that a second independent proxy adviser – Glass Lewis – has recommended that shareholders vote against Saba’s proposals. Investors who hold their shares through an investment platform provider or nominee are encouraged to contact their investment platform provider or nominee as soon as possible to […]
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14 Jan 2025 2 min read
Herald highlights significant long term underperformance from Saba
In a further response to the requisition request issued by Saba, the board of Herald (HRI) has issued a statement highlighting the trust’s superior performance over that of Saba. From publicly available data sources and press articles, the board believes that Herald has materially outperformed Saba Capital Master Fund, often described as its flagship fund, […]
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2 min read
QuotedData’s morning briefing 14 January 2025 – IBT, HRI, RTW, TMI, FP, CBA
In QuotedData’s morning briefing 14 January 2025: International Biotechnology trust (IBT) has announced Johnson and Johnson’s acquisition of Intra-Cellular Therapies (ITCI) for $132 per share, representing a premium of approximately 40% to ITCI’s closing share price on 10 January 2025. ITCI is IBT’s largest shareholding, representing 7.14% of IBT’s NAV as at 10 January 2025. […]
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09 Jan 2025 1 min read
Herald questions Saba’s cash exit claims
Apparently, Saba published a press release this morning in which it said: “If shareholders support Saba’s resolutions to reconstitute the HRI [Herald] board, Saba would encourage the new board to offer all shareholders a 100% cash exit at 99% of the trust’s NAV. As a result, Saba expects that shareholders will have the opportunity to […]
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03 Jan 2025 4 min read
Herald urges shareholders to VOTE AGAINST Saba’s resolutions
Following its announcement on 20 December, Herald (HRI) has released a circular strongly outlining why the board believes shareholders should vote against all of Saba’s proposed resolutions. The circular also contains a notice of the requisitioned general meeting which is to be held at 10-11 Charterhouse Square, London EC1M 6EE on 22 January 2025 at […]
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20 Dec 2024 2 min read
Herald says shareholders should VOTE AGAINST Saba’s resolutions
Herald (HRI) has issued an initial response to the requisition request from Saba Capital Management LP (you can read more on the original announcement and our thoughts on it by clicking here, and you can see other targets’ responses in a follow up article written by us yesterday here). HRI says that it has received […]
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18 Dec 2024 10 min read
Saba Capital launches campaign “to deliver value” to shareholders of seven UK-listed investment trusts
Saba Capital Management has announced that it has requisitioned the boards of directors of Baillie Gifford US Growth Trust USA), CQS Natural Resources Growth & Income (CYN), Edinburgh Worldwide Investment Trust (EWI), European Smaller Companies Trust (ESCT), Henderson Opportunities Trust (HOT), Herald Investment Trust (HRI) and Keystone Positive Change Investment Trust (KPC) to convene general […]
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23 Aug 2024 4 min read
Heineken trusts: reaching the parts that other trusts can’t
QD view – four idiosyncratic investment options that provide a differentiated and diversifying addition to a portfolio Part of the joy of investment trusts is that they allow fund managers more room to explore. It doesn’t matter too much if a strategy is highly cyclical, goes through periods of unpopularity, or is illiquid, because managers […]
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24 Jul 2024 2 min read
Herald kicks off 2024 with a bang
Herald Investment Trust (HRI) has announced its interim report for the six months to 30 June 2024. The company delivered a NAV total return of 11.4% and a share price total return of 13.7% comfortably outperforming comparative benchmark returns. The company noted that there was a large divergence across geographies during the period. The best […]
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03 May 2024 1 min read
QuotedData’s weekly news show 3rd May 2024
Thank you to everyone that listened in today, whether you watched the Zoom live or on YouTube. In this week’s show, James Carthew covered the week’s top stories: • Aberforth Split Level Income (0:33) • Chrysalis (6:24) Andrew McHattie highlighted a number of funds that were looking unusually cheap or expensive (10:24). This week’s interview […]
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22 Feb 2024 3 min read
Herald’s US investments shine in 2023
Herald Investment Trust (HRI) has released its annual results for the 12 month period ending 31 December 2023. Over the year HRI generated a NAV total return of 5.7%, compared to the 3.2% Numis Smaller Companies plus AIM (ex. investment companies) Index and the 21.0% Russell 2000® Technology Index (in sterling terms). A major factor […]
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08 Dec 2023 5 min read
QD view – your vote will count in Arb fight
Discounts in the investment trust sector are almost double their average[1], with the combination of cost disclosure rules and rising interest rates creating widespread selling pressure. It is perhaps not surprising that this has caught the attention of activist investors who spot an opportunity. Saba Capital is the latest arbitrageur on the block, thought to […]
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24 Nov 2023 4 min read
QD View – AI euphoria gone too far?
The bizarre comings and goings at OpenAI have been dominating business headlines recently. I must admit, I find the ongoing delirium surrounding artificial intelligence somewhat tiring. While I’m certainly not qualified to debate the finer details of the technology, it seems to me that for most people, the extent of it so far amounts to […]
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22 Sep 2023 3 min read
QD view – Lehman terms
A milestone was passed very recently without much fanfare. 15 September 2023 marked the 15th anniversary of the collapse of Lehman Brothers, a vanquished titan of American finance, an event which precipitated the 2008 global financial crisis, the most significant downturn since the great depression of the 1930s. While the societal consequence of the crisis […]
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19 Jul 2023 1 min read
Stable returns for Herald despite market divergence
Herald Investment Trust (HRI) announced its half year results for the period ended June 30 2023. NAV for the company fell 0.3% while shares fell 1.8%, outperforming the Numis Smaller Companies Index which fell 1.8%, although the Russell 2000 Technology Index was up more than 16%. Herald operates a global portfolio with exposure to several […]
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20 Apr 2023 2 min read
QuotedData’s morning briefing 20 April 2023
In QuotedData’s morning briefing 20 April 2023: Fondul Proprietatea (FP) has sold its stakes in E-Distributie Muntenia, Enel Energie Muntenia, E-Distributie Dobrogea, E-Distributie Banat, and ENEL Energie to Public Power Corporation (a Greek company) for RON650m (£116.2m). Andrew Joy is now chairman of Herald Investment Trust (HRI), following the retirement of Tom Black. Sherborne Investors […]
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16 Feb 2023 2 min read
End of a tough year for Herald
Herald Investment Trust (HRI) has announced its final results for the year ended 31 December 2022. NAV fell 22.8% during the year, underperforming its benchmark index, the Numis Smaller Companies plus AIM (ex. investment companies), which fell 22.8%. However, the company did outperform the small cap Russell 2000 Technology Index (in sterling terms) which was […]
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22 Feb 2022 2 min read
Herald proves ‘resilient’ through second year of Covid
Herald proves ‘resilient’ through second year of Covid – Herald has published its annual report for the year to 31 December 2021. During the period under review, the NAV increased by 19%, compared to an increase in the comparative total return indices of 17.8% and 15.2%. The portfolio is focused on growth companies, and only […]
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06 Aug 2021 2 min read
QD view – do we love tech or not?
Our monthly roundup of news and views from the investment companies sector should be hitting your inboxes shortly. The macro roundup contains a long and detailed but fascinating look at the technology sector from Ben Rogoff, manager of Polar Capital Technology. He was writing in the trust’s annual report, which was published on 20 July. […]
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20 Jul 2021 2 min read
QuotedData’s morning briefing 20 July 2021
In QuotedData’s morning briefing 20 July 2021: Miton Global Opportunities (MIGO) has posted its annual report for the year ended 30 April 2021. Over the 12 months, the trust achieved a NAV return of 55% and total share price return of 61.7%, significantly ahead of its SONIA 3 month plus 2% benchmark, which returned 2.1%. Managers, […]
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21 Apr 2021 2 min read
QuotedData’s morning briefing 21 April 2021
In QuotedData’s morning briefing 21 April 2021: Riverstone Credit Opportunities (RCOI) participated in a $63.0m first lien delayed-draw term loan to a lithium-ion battery company [Imperium3 New York – or IM3NY] that will commercialise high performing lithium-ion batteries by developing a large-scale manufacturing facility in Endicott, NY. In addition to having a first lien on the manufacturing […]
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01 Mar 2021 2 min read
QuotedData’s morning briefing 1 March 2021
In QuotedData’s morning briefing 1 March 2021 – SDCL Energy Efficiency Income (SEIT) noted that further to its announcement on 24 December 2020, it has completed the acquisition of a series of portfolios of commercial and industrial on-site solar and energy storage projects in the United States, together with a 50% interest in the platform that has […]
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26 Feb 2021 3 min read
QD view – the rewards of truly patient capital
One of this week’s highlights was Herald’s (HRI’s) annual results for the year ended 31 December 2020. The performance numbers are impressive, a 37% return on NAV and a 51% return for shareholders, helped by some discount narrowing. Herald also celebrated another milestone, you may remember that back in 2017, we published a note – […]
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23 Feb 2021 2 min read
Herald reports impressive returns
Herald reports impressive returns – Herald Investment Trust has published its annual report for the year ended 31 December 2020. Its NAV increased by 37% over the year. This compares to an increase of 4.9% for the Numis Smaller Companies plus AIM (ex. investment companies) Index – UK assets make up about half the portfolio – and […]
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04 Dec 2020 2 min read
QD view – Good governance might start with you
On Tuesday next week we will hold the third and final day of our ESG conference and the main focus will be on governance. The importance of this area to investors cannot be understated. Just think of the damage done at BHS, Carilion, Wirecard, Patisserie Valerie, Boohoo and Volkswagen. It wasn’t just investors taking the […]
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17 Jul 2020 2 min read
QuotedData’s morning briefing 17 July 2020
In QuotedData’s morning briefing 17 July 2020: BMO Private Equity Trust has announced the appointment of Nplus1 Singer Advisory LLP as its sole corporate broker, with immediate effect. Tetragon Financial Group (TFG) will be hosting a conference call for investors on Friday, 31 July 2020 at 15:00 BST / 10:00 EDST. The call is to […]
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19 Feb 2020 2 min read
A great year for Herald shareholders
A great year for Herald shareholders – over 2019, investors in Herald Investment Trust made returns of 37.7%. 27.5% of that came from the NAV return and the rest from a narrowing of the trust’s discount from 17.8% to 11.3%. The report says that over the same period the Numis Smaller Companies Index (of UK […]
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22 Jul 2019 2 min read
QuotedData’s other news 22 July 2019
In QuotedData’s other news 22 July 2019: LXI REIT has agreed a new £100m revolving credit facility, provided by Lloyds Bank plc at 1.55% per annum over LIBOR. This complements the company’s existing 10-year, 12-year and 15-year term loan facilities with Scottish Widows. The new facility has an initial term of three years, which may be extended by […]
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18 Jan 2019 4 min read
Last minute reversal leaves Independent in negative territory
Last minute reversal leaves Independent in negative territory – over the year to 30 November 2018, the trust produced a net asset value total return of -10.8%, following a steep fall from a high point reached only a few weeks previously. Over the same period, the All-Share Index and the World Index would have produced […]
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30 Jul 2018 1 min read
Lazard World Trust Fund reports decent year as it introduces 6% yield
Lazard World Trust Fund reports decent year as it introduces 6% yield – Lazard World Trust Fund says that, for the year ended March 31 2018, the total return on its net asset value was 20.9%, which compares favourably with its benchmark, the MSCI All Country World Index ex-U.S., which increased 16.5%. A revised dividend policy, effective for […]
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22 Feb 2018 2 min read
UK TMT proves a positive hunting ground for Herald Investment Trust
UK TMT proves a positive hunting ground for Herald Investment Trust – The Herald Investment Trust (HRI), which invests in smaller Technology, Media and Telecommunications (TMT) companies has delivered its Annual Financial Report to year ending 31st December 2017. The NAV of the Company increased by 26.9% during the year and the share price increased […]
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18 Jan 2018 4 min read
Independent publishes results for phenomenal year
Independent publishes results for phenomenal year – Over the year to 30 November 2017, Independent Investment Trust produced a net asset value (NAV) total return of 54.8%. However one measures performance this was, by some margin, the best annual result in the history of the Independent: theoretical investments in the All-Share Index and the World Index would […]
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11 Dec 2017 1 min read
Investment Trust Insider on Blue Prism’s inexorable rise
Investment Trust Insider on Blue Prism’s inexorable rise Carthew: the beneficiaries of Blue Prism’s inexorable rise Occasionally, early stage technology companies can produce spectacular share price gains. When this happens, even relatively small investments can make a noticeable difference to a fund’s returns. Regular readers of my column may recall that I wrote about the […]
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17 Feb 2017 5 min read
Herald benefits from sterling depreciation and modestly beats comparative index
Herald Investment Trust has announced its annual results for the year ended 31 December 2016. During the year, the Trust’s NAV increased by 22.8% to 1,083.2p per share, whilst the share price increased by 18.4%. This reflected a widening of the discount, over the year, from 15.5% to 18.5%. The Trust says that during the […]
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15 Nov 2016 1 min read
UIL, Industrial Multi Property Third Quarter Winners – QuotedData
LONDON (Alliance News) – The best performer in both price and net asset value terms in the third quarter was UIL Ltd, boosted by its largest investment, Australian-listed Resolute Mining Ltd, which benefited from a strong gold price. Industrial Multi Property Trust PLC and Kubera-Cross Border Fund Ltd both saw recoveries in their share price […]
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22 Jul 2016 3 min read
Herald navigates volatile period with modest uplift in NAV
Herald Investment Trust has announced its interim results for the six-months ended 30 June 2016. During the period the Trust’s net asset value per share increased by 0.9% to 889.6p in the first half of 2016. The chairman, Julian Cazalet (pictured) says that this small disguises what has been a very volatile period for the […]
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17 Feb 2016 3 min read
Herald benefits heavily from takeovers, more focus on the US going forward
Herald Investment Trust has announced its annual results for the year ended 31 December 2015. During the period, the company’s NAV grew by 8.4% to 881.8p per share, whilst its share price grew by 13.1% to 745.3p reflecting a narrowing of the discount from 19.0% to 15.5%. Both the share price and the NAV beat […]
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22 Jul 2015 1 min read
Herald benefits from buoyant M&A market
Over the first half of 2015 Herald Investment Trust’s total return was 7.9% and the share price return was 8.0%. These figures compare to an 8.3% return on the Numis Smaller Companies plus AIM Index and a 6% return on the Russell 2000 small cap. technology Index. The report says they saw a steady stream […]
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17 Jul 2015 1 min read
World Trust’s biotech and China holdings help outperformance
World Trust Fund has announced results for the year ended 31 March 2015 that show it outperforming the MSCI All Country World Index and the MSCI All Country World ex USA Index. Over the year the fund returned 24.2% on net assets and 25.4% on share price as compared to 11.2% for the ex USA […]
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24 Apr 2015 1 min read
Cayenne Trust says considering proposals for future of the company
The Cayenne Trust’s results for the year ended 31 January 2015 have been published. The company’s net asset value total return and share price total return were both 12.1% for the period. This compares to an 11.6% return on the FTSE All-Share Equity Investments Index. The dividend has been increased from 1.2p to 3.8p. The […]
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19 Feb 2015 1 min read
Allocate Software boosts Herald’s NAV but discount hurts investors
Herald Investment Trust’s results for the year ended 31 December 2014 show its asset value outperforming its benchmark but shareholders losing money as its discount widened. The total return on net assets for the year was 1.3% while a blend of the Numis Smaller Companies Index plus AIM excluding investment companies and the Russell 2000 (small cap) […]
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23 Jul 2014 1 min read
Herald Investment Trust : HRI – interims
Herald Investment Trust has announced its interim results for the first half of 2014. Over the period the net asset value fell, total return -0.3%, this represents an outperformance of the Numis Smaller Companies plus AIM ex Investment Companies and the Russell 2000 Small cap. Technology indices, both of which fell by 1.8%. The manager’s comments […]
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26 Feb 2014 1 min read
Herald Investment Trust : HRI – annual report
Herald Investment Trust has released its results for 2013. Over the year Herald’s net asset value rose by 26.9% but the share price did even better, rising by 33.5% as HRI’s discount contracted from 18.9% to 14.7%. By comparison the Numis Smaller Companies Index plus AIM ex investment companies rose by 27.7% and the Russell […]
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23 Jan 2014 1 min read
F&C Managed Portfolio : FMPI – half yearly report
FMPI has announced its interim results covering the six months ended 30 November 2013. The net asset value returns for the period were 2.9% for the Income shares and 7% for the Growth shares. This compares to a 3.9% return on the FTSE All-Share Index and 3.1% on the FTSE Equity Investments Index. The Board say […]
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In The Press
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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 […]
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21 Feb 2025 1 min read
Herald urges shareholders to vote again to avoid Saba win ‘via the back door’
By Jennifer Hill, Citywire Investment Trust Insider, 20 February 2025: Herald (HRI), the small-cap technology trust, has urged shareholders to come out in force again amid fears that US activist Saba Capital could win its campaign ‘via the back door’. The £1.3bn trust will hold its triennial continuation vote at its 2025 annual general meeting […]
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27 Jan 2025 1 min read
Investment trust insider on shareholder democracy
Investment trust insider on shareholder democracy – Carthew: Platforms could still do better as Saba threat to trusts remains Despite Saba’s resounding defeat against Herald, the challenge of rallying support for upcoming investment trust shareholder votes could still be greater than realised. I have said it here before, but it bears repeating, that one of […]
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23 Jan 2025 1 min read
Saba shows no signs of stopping despite Herald defeat as ‘the battle is still far from over’
Linus Uhlig, Investment Week, 23 January 2025: Manhattan-based activist hedge fund Saba Capital said it “remains committed to putting shareholders’ interests first” and “ultimately rehabilitating” a “broken” UK investment trust sector, despite two thirds of Herald investment trust (HRI) shareholders’ votes cast against all eight of its resolutions. At Wednesday’s (22 January) requisitioned general meeting […]
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22 Jan 2025 1 min read
Herald shareholders overwhelmingly vote against all eight Saba proposals
Linus Uhlig, Investment Week, 22 January 2025: Shareholders of Herald investment trust (HRI) have voted heavily against Saba Capital’s eight proposed resolutions at the first of seven requisitioned general meetings to vote on the changes put forward by the US activist hedge fund. Over two thirds (65.1)% of the total votes were cast against the […]
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21 Jan 2025 2 min read
Retail Votes The Key To Deciding Investment Trusts’ Future
By Najiyya Budaly, Law360, 21 January 2025: Investment trusts on the London stock market should work at persuading retail investors that they have viable plans to increase value for shareholders if they want to defend against activist shareholders moving in to seize control, lawyers say. Analysts in the sector are watching after moves by a […]
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1 min read
Saba Capital: Does the US hedge fund have a point on UK investment trusts?
By: Elliot Gulliver-Needham, Investment Reporter, CityAM, 21 January 2025: US hedge fund Saba Capital triggered fury and an industry-wide defensive effort when it launched an activist campaign against seven UK investment trusts last month. The Manhattan-based hedge fund, led by Boaz Weinstein, has laid siege to the trusts, accused them of failing to perform, and […]
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1 min read
Investment trust insider poses 10 questions to Saba
Investment trust insider poses 10 questions to Saba – James Carthew: 10 questions Saba ignored at ‘scripted’ seminar Saba’s recent webinar was no more than a choreographed attempt to pull the wool over investors’ eyes. Here are the key questions Boaz Weinstein refused to answer Last Tuesday, Saba held a webinar attended by a raft […]
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17 Jan 2025 1 min read
Friday Briefing: The time for talking is over, Saba vote will show how much the industry cares about retail investors
Eve Maddock-Jones, Investment Week, 17 January 2025: Almost a month ago to the day, Saba Capital published its bombshell letter which has since sent the UK investment trust space into a spiral. Back on 18 December, Saba went public with its plans to oust the boards of seven trusts, forcing a spotlight on the closed-ended […]
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16 Jan 2025 1 min read
Saba pushes Herald up to a premium as it ‘aggressively’ buys up shares in bid to ‘force through agenda’ – analysts
Eve Maddock-Jones, Investment Week, 16 January 2025: Herald investment trust (HRI) has moved up to a premium after years of running on a discount following rapid buying activity by its biggest shareholder Saba Capital, which is seeking to take over management of the trust next week.. The activist investor launched a takeover campaign against HRI […]
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1 min read
Investment trusts at crunch point
James Crux, Shares Magazine, 16 January 2025: The normally sleepy world of investment trusts received a wake-up call just before Christmas with the publication (18 December 2024) of a shareholder letter by activist investor Saba Capital Management calling for change at no fewer than seven well-known funds.. ‘Initially Saba is proposing to replace the current […]
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14 Jan 2025 1 min read
Ousting the UK’s fledgling tech champion would be a huge mistake
Ian King, The Times, 13 January 2025: By tradition, young financial journalists learning the ropes have done so by covering the smaller companies sector. For the past 30 years they have learnt rapidly that the sector’s doyenne is Katie Potts, fund manager at the £1.2 billion Herald Investment Trust, now the target of a fierce […]
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13 Jan 2025 1 min read
Saba saga ‘should come as no surprise’ and serves as ‘a wakeup call to boards’ no matter the outcome
Linus Uhlig, Investment Week, 13 January 2025: “This is what Saba does. This is out of the playbook in the US, so it should come as no surprise,” said Baillie Gifford’s director of marketing and distribution, James Budden, speaking as a storm of US hedge fund investor activism has rocked the investment trust sector.. Should […]
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10 Jan 2025 1 min read
Friday Briefing: Where does activism end and independence begin?
Cristian Angeloni, Investment Week, 13 January 2025: As the financial services world was getting ready to shut their laptops, bring out the mince pies and get ready to celebrate the Christmas holidays and the New Year, US-based hedge fund Saba Capital had different plans in mind, as it unveiled some last-minute activism to end an […]
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09 Jan 2025 1 min read
Herald investment trust hits back at Saba over proposed cash exit strategy
Linus Uhlig, Investment Week, 9 January 2025: The board of Herald investment trust has criticised Saba for its proposed cash exit offer to shareholders should it gain control of the trust’s board. Earlier today (9 January), Saba said it would “encourage the new board to offer all shareholders a 100% cash exit at 99% of […]
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1 min read
Update: Saba plans full cash exit option for Herald
Christian Mayes, Portfolio Adviser, 9 January 2025: Saba Capital intends to offer Herald Investment Trust shareholders a full cash exit near net asset value, should their attempts to remove the current board be successful.. The Herald board responded to Saba’s announcement, noting that Saba is not proposing to offer 99% of the value of today’s […]
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07 Jan 2025 1 min read
Investment trust insider on Saba
Investment trust insider on Saba – Carthew: My objections to Saba’s plan and approach Our columnist says he is far from convinced by Saba’s activist campaign against seven trusts, many of which could see incipient recoveries frustrated. US arbitrageur Saba Capital has been investing in the UK investment companies market for a while now. It […]
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03 Jan 2025 1 min read
Questor on Herald
One of the great success stories of the UK’s investment industry is under attack £1,000 invested 30 years ago would be worth £24,200 today, but a US fund casts a dark cloud over the company Herald Investment Trust was launched in January 1994 with a remit to generate capital appreciation through investments in smaller quoted […]
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19 Dec 2024 1 min read
Why one US hedge fund is taking aim at the UK’s biggest investment trusts
By: Elliot Gulliver-Needham, Investment Reporter, CityAM, 19 December 2024: A shake up could be coming for the UK’s investment trust industry after US hedge fund Saba Capital launched a campaign to topple the boards of seven different companies yesterday.. The New York-based hedge fund has been stalking the sector for some time but, despite attempts […]
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1 min read
Activist Saba launches board and management coup at seven London-listed investment trusts
By MIKE SHEEN, This is Money, 19 December 2024: An activist investor is hoping to seize control of seven underperforming London-listed investment trusts after urging shareholders on Wednesday to sack their respective boards.. Saba has built stakes of 19 to 29 per cent in each of the trusts, which have suffered yawning discounts to their […]
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18 Dec 2024 1 min read
Activist Saba unleashes campaign against seven investment trusts
Gavin Lumsden, Investment Trust Insider, 18 December 2024: After months of mystery over its intentions, activist Saba Capital today launched campaigns for change at seven investment trusts in which it is the leading shareholder with stakes of 19-29%. The New York based hedge fund manager has requisitioned general meetings at three Baillie Gifford trusts: Baillie […]
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1 min read
US hedge fund takeover of investment trusts may be ‘positive’
David Thorpe, FT Adviser, 18 December 2024: US hedge fund Saba Capital is attempting to remove the boards of seven UK investment trusts, a move which could be positive for advisers’ clients, according to Iain Scouller, analyst at Stifel.. Each of those trusts has suffered performance issues in recent years and traded at wide discounts […]
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1 min read
US activist looks to oust boards at seven investment trusts
by Kyle Caldwell from interactive investor,18th December 2024: US activist investor Saba Capital has called for the removal of board members at seven investment trusts in which it is the largest shareholder, owning stakes between 19% and 29%.. Saba Capital has called for general meetings to take place for each trust by early February, and […]
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1 min read
Saba Capital launches campaign to replace seven investment trust boards
Christian Mayes, Portfolio Adviser, 18 December 2024: After months of curiosity around its intentions for the investment trust sector, activist investor Saba Capital has launched a campaign to replace seven investment trust boards. The US hedge fund has requisitioned the boards of Baillie Gifford US Growth Trust, CQS Natural Resources Growth & Income, Edinburgh Worldwide […]
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1 min read
Saba slammed for ‘obvious flaw’ in strategy to oust boards of seven investment trusts
Linus Uhlig, Investment Week, 18 December 2024: Analysts have slammed hedge fund manager Saba Capital after it launched campaigns to oust the boards of seven investment trusts of which it is a major shareholder. Activist New York-based hedge fund Saba has requisitioned general meetings of shareholders at seven UK investment trusts to reconstitute their respective […]
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1 min read
The gloves are off: Saba reveals its hand
By Emma Wallis, News editor, Trustnet, 18 December 2024: Saba Capital Management has published a letter proposing dramatic changes to seven investment trusts in which it is the largest shareholder. Its targets include three trusts managed by Baillie Gifford (Edinburgh Worldwide, Keystone Positive Change and Baillie Gifford US Growth) and two from Janus Henderson Investors […]
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2 min read
US activist moves to oust seven investment trust boards
by Dave Baxter, Investors Chronicle, December 18, 2024: Saba Capital wants to remove the boards of seven investment trusts and enact measures it claims will deliver better shareholder value. The activist investor, which has built stakes for several months, called for general meetings to be held at Baillie Gifford vehicles Baillie Gifford US Growth (USA), […]
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1 min read
US hedge fund targets Baillie Gifford in swoop on British trusts
Alex Ralph, Chief Business Correspondent, The Times, December 18 2024: An American activist investor has launched a campaign to remove the boards of seven UK-listed investment trusts, accusing some of delivering “disastrous” returns. Saba Capital, the New York-based hedge fund firm, issued an open letter on Wednesday calling on the boards to call a shareholder […]
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16 Jul 2024 1 min read
Is there a perfect number of stocks for a portfolio?
by Cherry Reynard from interactive investor, 15th July 2024: Running a concentrated portfolio of a small number of companies comes with the risk of a single-stock failure, which can derail a fund manager’s track record.. The vogue has been for managers to hold concentrated portfolios. Many have sought to emulate the Warren Buffett mantra – […]
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29 Apr 2024 1 min read
Investment trust insider on tech trusts
Investment trust insider on tech trusts – James Carthew: Two tech trusts you should hold for the AI revolution One of the weirder things about the investment companies market is that some of its most successful funds are trading at significant discounts. I could point to all sorts of examples but the one I want […]
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15 Feb 2024 1 min read
The revival of technology investment trusts
by Jennifer Johnson, Investors’ Chronicle, February 14, 2024: At first glance, London’s largest dedicated technology trusts aren’t overexposed to the fabled ‘Magnificant Seven’ stocks that dominated the US market last year. Open-ended funds can only hold 10 per cent in a single company, meaning they must underweight the megacap companies that sit at the top […]
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20 Nov 2023 1 min read
Investment trust insider on RTW Biotech
Investment trust insider on RTW Biotech – James Carthew: RTW Biotech will succeed with or without Arix I was singing the praises of capital markets days last week. Last Tuesday, I managed to get along to one held by RTW Biotech Opportunities (RTW). The day was planned some time ago, but the timing was great […]
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05 Jul 2023 1 min read
The funds and trusts that can’t be replaced with an ETF
by Sam Benstead from interactive investor, 5 July 2023: When it comes to sales, there has only been one winner in the active versus passive fund battle over the past decade, with the latter cleaning up. In 2007, before the financial crisis struck, the amount held in tracker funds was a mere £29 billion, which […]
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15 Feb 2023 1 min read
ISA ideas: alternatives to the most-popular funds and trusts
by Jennifer Hill from interactive investor, 15 February 2023: We ask a range of experts for potential fund substitutes for funds and trusts consistently high in demand, including Scottish Mortgage, Fundsmith Equity, City of London, and Vanguard LifeStrategy. Investing can be a fickle business as money follows the latest trend but analysis of the most-bought […]
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14 Mar 2022 1 min read
In Focus: Herald Investment Trust
Trustnet Magazine, February 2022: This tech-focused trust is something of an anomaly in that it has close to half its portfolio in UK stocks. Increases in inflation and interest rates have turned investors away from tech-focused portfolios such as the Herald Investment Trust over the past year. Yet while technology stocks still have a bumpy […]
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22 Feb 2022 1 min read
Bargain Hunter: 10 trusts that have moved from premiums to discounts
These trusts have seen their premiums vanish since the start of the year as growth shares lost ground. Kyle Caldwell from interactive investor 17th February 2022: Given all the volatility in the first six weeks of 2022, a surprising statistic is that the number of equity investment trusts trading on a premium to their net […]
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01 Dec 2021 2 min read
The global trusts on the biggest discounts or premiums relative to their history
Trustnet continues its study into which trusts have the most inflated valuations and biggest discounts relative to their five-year average, this time focusing on global investment trusts. By Eve Maddock-Jones, Reporter, Trustnet, 24 November 2021 Buying cheap trusts on a bigger discount than normal can be a lucrative way to make money over the long-term. Similarly […]
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06 Sep 2021 1 min read
Why a stocks and shares Isa is the perfect gift for a baby
Violet is five months old — a good age to start investing in the market, says her devoted uncle David Brenchley David Brenchley, Friday September 03 2021, 5.00pm, The Times It’s always exciting when you can welcome a new baby to the family. This was certainly the case with the birth of my niece, Violet, […]
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21 Jul 2021 2 min read
QuotedData’s top investment company picks for H2 2021
Five companies to keep on your radar QuotedData, Investment Week, 21 July 2021 • 1 min read Apax Global Alpha invests in a range of private equity funds raised and advised by Apax Partners. To avoid the problem of uninvested cash dragging on returns, the trust invests surplus liquidity in a portfolio of derived investments […]
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08 Jun 2021 1 min read
Global changes being sped up by Covid which could transform fortunes
Could ‘megatrends’ shaping the world make you mega-rich? From automated factories to wind farms, global changes are being sped up by Covid – and could transform YOUR fortunes By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:51, 5 June 2021 | UPDATED: 11:44, 6 June 2021 In a ‘bigger is better’ world, it is no longer enough for economists and […]
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31 Mar 2021 1 min read
Short-term blip or fundamental shift?
Growth trusts tumble: short-term blip or fundamental shift? Citywire Wealth Manager, Jennifer Hill, 30 March 2021 2020 was a vintage year for off-market equity investors. Shares in leading specialist trusts Chrysalis Investments and Scottish Mortgage rocketed 110% and 107% respectively. More recently some of that momentum has gone into reverse, however. Chrysalis is now 9.62% below its […]
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05 Oct 2020 1 min read
Investment trust insider on Asian technology
Investment trust insider on Asian technology – James Carthew: there’s a lot of Asia tech we’re missing I met Mark Sheppard, the fund manager and leading shareholder of Manchester & London (MNL), last week. He was adamant that it was madness that most UK investors’ portfolios were very underweight US technology stocks and had next to […]
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14 Jul 2020 1 min read
The best of British
Make your investments fly high by picking the best of British: Why top fund managers believe future could be rosy for UK shares By ROSIE MURRAY-WEST, FINANCIAL MAIL ON SUNDAY PUBLISHED: 21:58, 11 July 2020 | UPDATED: 08:18, 13 July 2020 Investors who have flown the Union Flag over their portfolios this year have endured some stomach-churning turbulence as the […]
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19 Aug 2019 1 min read
Shares magazine looks at ‘bargain’ trusts
Shares magazine looks at ‘bargain’ trusts – Seven trusts on bargain ratings: which ones to buy? We reveal the trusts trading on a steeper discount to the 12 month average… MONITORING PREMIUMS AND DISCOUNTS Many investors monitor premiums and discounts to NAV very closely as a way of spotting if there is an opportunity to buy something […]
