Shires Income (SHRS), a £112m, high-yielding UK equity and bond income fund, saw all the sectors in its portfolio rise in the six months to 30 September as it handsomely beat the FTSE All-Share. The investment trust achieved an underlying net asset value total return of 15% that outperformed the UK benchmark’s 11.6% by 3.4%, although shareholders had to make do […]
Activist Saba Capital has increased the pressure on Pantheon International (PIN) to do more to narrow its 29% share price discount by taking a 5% stake in the £1.5bn listed private equity fund. A filing on Friday showed the hedge fund held the £80m position in Pantheon Ventures’ flagship mostly through swap derivatives rather than […]
Vietnam Holding (VNH) says net asset value fell 3.1% in October, underperforming the Vietnam Index which dipped 0.7%. The country suffered severe weather with typhoons battering the north and central regions leading to flooding that claimed 90 lives and persisted into early November. As a result, retail sales growth eased to 7.2% as consumers stayed […]
AEW UK (AEWU) real estate investment trust says commercial property capital values are “at their lowest point” in its 10-year history, providing the £165m top performer, which won a QuotedData Investors’ Choice award last month, with plenty of attractive opportunities if only it could raise more money. At the end of September, AEWU had £13.2m […]
VH Global Energy Infrastructure (ENRG), the £300m international renewables fund, increased net asset value (NAV) by 5.8% in the third quarter in an encouraging start to the three-year wind-down approved by shareholders in August. NAV per share rose 5.8p from 100.9p at 30 June to 106.7p on 30 September as a result of market feedback […]
Montanaro European Smaller Companies (MTE), the £239m investment trust run by George Cooke and Stefan Fischerfeier at Montanaro Asset Management (MAM), saw 20.5% of its shares put up for sale in the 5% tender offer announced last month. Winterflood analyst Emma Bird said the level of over-subscription for the first semi-annual tender suggested a lack […]
HgCapital Trust (HGT) private equity fund manager Hg has sold its holding in Intelerad, a medical imaging software provider, to GE Healthcare in a transaction valuing the company at $2.3bn. HgT’s stake in Intelerad was valued at £52m, a £20m, or 62%, uplift over the £32m carrying value at 30 September. This lifts the investment […]
Foresight Solar (FSFL) has shocked shareholders with news that it will have to pay more tax in future, reducing its current valuation, and that its potential hit from the government’s reform of legacy renewable incentives could knock a further 10% off net asset value (NAV). Long-suffering shareholders in renewable infrastructure funds have had to get used to falling power prices, […]
Gresham House Energy Storage Fund (GRID) shares have risen nearly 4% after the £415m battery fund announced it would start construction on its biggest project yet. The company has agreed to buy a 100MW battery energy storage system in Elland in West Yorkshire next to an operational project it already has there. Elland 2 is […]
Border to Coast, the £70bn local authority pension scheme, and wealth manager City Asset Management have joined CG Asset Management in opposition to the proposed merger of HICL Infrastructure (HICL) and its sister fund The Renewables Infrastructure Group (TRIG). Amir Kia, a portfolio manager at Border to Coast, which has a £5m stake in £2bn […]
Murray Income (MUT), the £883m underperforming UK equity income investment trust, has appointed Artemis to turn around the fortunes of the 102-year-old fund. Concluding a strategic review begun in July, the board said it had picked the Artemis UK equity income team of Adrian Frost, Andy Marsh and Nick Shenton to run its portfolio. The […]
Biotech Growth (BIOG) has hailed its recovery from its sector’s bear market of the past three years, posting a 36.9% total investment return for the six months to 30 September. The rebound, which smashed the 10.6% in the Nasdaq Biotechnology index, reflected “exceptional returns” from the likes of Mineralys Therapeutics, Alnylam Pharmaceuticals and Avidity Biosciences […]
A look at October’s top risers and fallers reveals another busy month for investment companies. Best performing investment companies October’s biggest share price risers (left) and biggest gainers in net asset value (right). Fund Share price % Fund Net asset value (NAV) % Gore St Energy Storage 24.7 Biotech Growth 16.4 Seraphim Space 19.4 Geiger […]
3i Group (III) directors and insiders have piled into the private equity giant’s shares since their 16% slump last Thursday, snapping up over £3.9m of stock in a sign of their apparent confidence. On 13 November, the day of the half-year results that warned of slowing sales growth at Action, the discount retailer that makes […]
Positive half-year results from HICL Infrastructure (HICL) underline why some shareholders in the £2.1bn investment trust object to its proposed merger with sister fund Renewables Infrastructure Group (TRIG). Net asset value (NAV) per share rose by 2.9p to 156p in the six months to 30 September with the annualised underlying total return jumping to 10.3% from […]
British Land (BLND), the £3.7bn real estate investment trust, says it delivered a good operational and financial performance in the half year to 30 September with its core sectors of prime London office campuses and retail parks delivering 4% like-for-like net rental income growth. “This, combined with a 12% reduction in admin expenses, more than […]
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 […]
Rockwood Strategic (RKW), the £139m UK smaller companies investment trust that won a QuotedData Investors’ Choice award last month, narrowly beat one of its benchmarks in the half year to 30 September. An underlying net asset value total return of 12.5% compared to the 12.1% rise in the FTSE Small Cap (ex-ITs) index although it was […]
Looking for TwentyFour Income Fund Limited (TFIF)? Click here for our story on its half-year results. And for our report on Rockwood Strategic (RKW) interims, click here. Hydrogen Capital Growth (HGEN) has had its listing restored by the Financial Conduct Authority after the publication of its delayed half-year results last week. Home REIT (HOME), the […]
(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 […]
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 […]
