Capital Gearing Trust (CGT), the £800m wealth preservation fund, has said the “tariff swoon” in the two months to 8 April was a “good dress rehearsal” for the more prolonged bear market its fund managers believe is around the corner. While global share prices plunged almost 20% over fears about the impact of Donald Trump’s US trade policies, the investment trust’s net asset value fell by just […]
CG Asset Management has urged HICL Infrastructure (HICL) to pull out of its proposed £5.3bn merger with The Renewables Infrastructure Group (TRIG), with the Capital Gearing Trust (CGT) management group saying it was “appalled “ by the value destruction the deal will bring and that it “can see no strategic rationale” for the all-share transaction […]
TwentyFour Income Fund Limited (TFIF), the £906m income fund investing in asset-backed securities, achieved a 5.9% investment return in the six months to 30 September and declared 4p of dividends in line with its 8p annual target before the final balancing payment at year-end. The company traded at an average premium of 1.3% above net […]
US quantitative investing pioneer Dimensional Fund Advisors has listed two of its systematic active exchange traded funds (ETFs) in London. The Dimensional Global Core Equity and Global Targeted Value Ucits ETFs will have sterling and dollar share classes on the London Stock Exchange and euro shares listed on Xetra in Germany. Dimensional, which has amassed […]
(Update) HICL Infrastructure (HICL) and The Renewables Infrastructure Group (TRIG) have announced plans to merge to create the UK’s largest listed infrastructure company with net assets of over £5.3bn. The move by £2.2bn HICL and £1.7bn TRIG, both managed by InfraRed Capital Partners, comes as they struggle to rerate shares stuck on wide discounts of […]
Castelnau (CGL), the £263m special situations fund run by Phoenix Asset Management Partners, jumped 7% on Friday after announcing the valuation of Valderrama, the company through which it owns undertaker Dignity, was expected to rise by 10%. The impact on Castelnau’s net asset value (NAV) should be of a “similar magnitude”, it said, given Valderrama […]
Private investor Geoff Mills scooped the £5,000 prize at the QuotedData Investors’ Choice Awards 2025 after correctly predicting the winners in every category from the judges’ shortlists. An investment trust investor since the 1980s, he has amassed fund selection skills to rival those of the professionals. We look at his journey from curious novice to […]
Worldwide Healthcare (WWH) has posted its best first half performance in two decades as the £1.5bn investment trust managed by Orbimed in New York looks to make a decisive break from the bear market and hostile politics that have afflicted its sector in the past three years. The diversified 49-stock portfolio, which is designed to benefit from all aspects of the global advance in healthcare spending, made a 5% return in […]
Saba Capital is to finally begin offloading some of its 26% stake in fellow activist Crystal Amber (CRS) after its fund manager Richard Bernstein said he would resign to pursue other ventures. The board of £95m Crystal Amber, which Saba forced into a lengthy wind-down four years ago, is in talks with Tarncourt Capital about appointing it as the new fund manager to run […]
Foresight Environmental Infrastructure (FGEN) says it derives 29% of its revenues from the UK’s renewable obligation (RO) and feed-in tariffs (FIT). Initial analysis by its investment manager of the government’s proposals to change the inflation measure in the incentives to CPI from RPI shows option one – a simple switch next March – would reduce […]
Invesco Global Equity Income (IGET) has capped off a remarkable turnaround, clinching a merger deal with underperforming Franklin Global Trust (FRGT) that could swell its assets to £445m 18 months after it emerged from the reconstruction of Invesco Select. IGET, a £269m trust that consolidated the three former Select portfolios in May last year, has agreed terms to issue new shares to Franklin Global shareholders who […]
Home REIT (HOME), the former homeless accommodation provider blighted by a valuation scandal three years ago, is in talks with real estate investor Patron Capital about selling the bulk of its portfolio for £123m. The indicative price, which has not been finalised, comes as Home agreed to hold exclusive negotiations with London-based Patron. It covers […]
Hydrogen Capital Growth (HGEN), the suspended renewables fund hit by the collapse of fuel cell producer Bramble last week, has just £1.1m cash left with which to pursue its wind-down and salvage something for shareholders. After a delay, half-year results published today will enable the £33m investment trust to apply for a resumption in trading […]
Skittish investors sent 3i Group’s (III) highly-rated shares tumbling 16% today. The private equity giant reported a “very good” first half return of 13% but reiterated its cautious approach to deploying capital against a “challenging” economic and political backdrop. It also warned the downturn in France meant Action, the discount retailer that makes up nearly three quarters of its £29bn portfolio, would likely […]
Pacific Assets (PAC) is to consult its largest shareholders and launch a strategic review after the board said it was “disappointed” by First Sentier Group’s decision to disband its fund management team. The £425m sustainability focused Asia Pacific investment trust said Sydney-based First Sentier had decided to close its Stewart Investors subsidiary in Edinburgh following the departure in August […]
Syncona (SYNC), the £608m life sciences fund seeking to return £250m of capital to compensate shareholders for its steep share price discount, suffered a 1.7% fall in net asset value (NAV) in the six months to 30 September. This was caused by the £15.9m write-down of its investment in the CRT Pioneer Fund, a legacy, […]
Smithson (SSON), the £1.6bn investment trust overseen by star fund manager Terry Smith, is to liquidate and turn itself into an open-ended fund. The sensational decision follows Saba Capital building a 16% stake ahead of a possible continuation vote next year that could have given the activist hedge fund scope to apply pressure on the […]
AVI Global (AGT) says a poor September at the end of its financial year caused the £1bn investment trust to underperform with a 12.4% investment return in the 12 months to 30 September lagging the 16.8% return of the MSCI All Country World index. Shareholders got more than the underlying growth in net asset value […]
Sentiment towards property largely improved in October, with the big names all seeing share price gains as UK inflation data came in slightly below expectations. However, residential REIT Grainger’s shares continue to fall as the Renters’ Rights Bill was passed into law during the month. All eyes now turn to the budget at the end […]
Schroder Income Growth (SCF), a £225m “dividend hero”, has urged shareholders to give the investment trust another five years at next month’s continuation vote but has not ruled out accepting a merger offer if one materialises during the consolidation trend sweeping the listed funds market. Chair Ewan Cameron Watt said the board was “not blind to the argument that […]
AVI Japan Opportunity secures bulk of Fidelity Japan’s assets in their merger; 3i Infrastructure posts good half-year results; high-yielding Henderson Far East Income continues to turn around, its annual report shows; stable mate Henderson Smaller appoints Cassie Herlihy from Gresham House; and HgCapital announces a new software investment. AVI Japan Opportunity (AJOT), the £230m smaller […]
Greencoat UK Wind (UKW) and NextEnergy Solar (NESF) have revealed the hit they face from the government’s controversial proposals to change the inflation link in renewable incentives, setting out the arguments they intend to use with officials. UK Wind, the £2.1bn Schroders Greencoat listed fund, the largest in the renewables infrastructure sector, estimates the Department […]
Foresight Solar (FSFL) fund manager Ross Driver is to leave Foresight Group at the end of the year as the £394m renewables fund grapples with a 37% share price discount and government proposals to cut incentive payments to clean energy generators. The company said Driver, who joined Foresight in 2021 after seven years at InfraRed […]
Literacy Capital (BOOK), the £227m UK private equity fund, will make its first capital distribution this month, returning £6m to shareholders under the shareholder-approved B-share scheme. Plans for the distribution were announced in July when the investment company booked a 52% uplift in the valuation of its then second biggest holding Velociti Solutions and sold […]
Supermarket Income REIT (SUPR) has entered the convenience store sector for the first time after announcing £40.9m of acquisitions which mean it has deployed half of the £200m raised from a joint venture with Blue Owl Capital in April. It has bought 10 Sainsbury’s convenience stores for £15.3m on a net initial yield of 6.1% […]
We have written previously about the rapidly growing European active exchange-traded fund (ETF) sector. One of the more interesting aspects of this growth has been the role of thematic funds, and we have had a good example this week, with the launch of the ARK Space & Defence Innovation UCITS ETF (ARKX). Having listed in […]
Bluefield Solar Income (BSIF), the £445m renewables fund that put up for sale itself and its fund manager this week, has disclosed the biggest potential hit if the government pursues its most radical proposal for replacing the inflation measure used in ROC and FIT incentives. The Department of Energy’s first option of a simple switch from RPI to CP would knock 2p, or 2%, […]
Half-year results from Scottish Mortgage Trust (SMT) show the £12.5bn Baillie Gifford flagship has recorded its best period of recovery since the 2022 growth crash humbled its shares. In the six months to 30 September, the net asset value (NAV) of SMT’s investments rose 22.9%, beating the 15.4% gain in the FTSE All-World index with the half year neatly coinciding with a […]
Based on its weighting within the MSCI All Countries World Index, Japan is the world’s second-largest stock market after that of the US. However, for many decades it was a hard place to make money. Factors such as low to no economic growth, an ageing and shrinking workforce, deflation, zero interest rates, and poor corporate […]
From an AI bubble to Bitcoin exposure, the managers tackle the topics on shareholders’ minds and discuss their investment approach, market outlook and key portfolio decisions. Capital at risk.
