James Carthew: Two glimmers of hope for investment trusts
Seraphim Space’s £350m fundraise and investment trusts’ inclusion in the Pension Bill provide some good news for the sector.
While I’m disappointed about the Edinburgh Worldwide (EWI) annual general meeting (AGM) result last week, it was already feeling like a foregone conclusion, hence why I sold my shares. However, this past week also saw two bits of good news in the investment companies sector which are worth celebrating.
The first of these is the launch of Seraphim Space’s (SSIT) C share issue, which could see the trust raise £350m.
It has staged a remarkable comeback from a share price low of 26.1p on 12 July 2023, when it was trading on a discount of over 70%, to an all-time high of 222.5p on 22 April 2026 and a premium of 56%. Thank goodness its recovery came before Saba could get its teeth into it.
As things have turned out, SSIT has been the best way to play the surge in defence spending that began following the Russian invasion of Ukraine, has been accelerated by Trump’s undermining of NATO, and looks to have a long way to go yet.
In Ukraine and Iran, satellite imagery has been invaluable in monitoring movements of troops and arms, and in targeting key installations.
SSIT reckons… read more here