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Investment trust insider on my portfolio – James Carthew: New trusts for my portfolio

Our columnist considers where to reinvest his cash from the Hipgnosis Songs takeover, and the forthcoming sale of assets in Abrdn Property Income.

Flush with cash from the Hipgnosis (SONG) takeover and, soon perhaps Abrdn Property Income (API), which just announced that it has buying interest for almost all of its assets, it seems a good time for me to scan for new opportunities for my portfolio.

My Abrdn Property Income shares were acquired at the end of March 2024, and I wrote about that early in April – not normally the way around that I like to do this, hence the idea of flagging potential new ideas today. The net asset value (NAV) slipped a little afterwards from 78.4p when I invested to 73.3p at end June 2024. Of this, 1.8p related to projected costs associated with selling off the portfolio and 1p went on fees associated with the strategic review.

Now, the company says GoldenTree Asset Management is prepared to pay £351m for all of the portfolio bar API’s Scottish forest. That is about £30m less than the value of the portfolio at 30 June 2024.

In September 2021, Abrdn Property Income paid £7.5m for 1,471 hectares of upland rough grazing and open moorland in the Cairngorm National Park, in Scotland. The plan was to plant 1.5m trees (aided by grant funding). The land is being marketed by Knight Frank for £12m.

API shares were 51.5p when I bought them and…     read more here