Apologies, Aberdeen issued a press release on 7 May 2026 that said the standstill agreement that it had come to with Saba in respect of Herald might also cover up to a further eight investment trusts in Aberdeen’s range – and we missed the story, hence we are correcting this now. We spotted the potential […]

British Land (BLND) has released an upbeat set of annual results, with record leasing activity across its campuses portfolio and continued momentum in retail parks helping to drive rental growth, higher earnings and a more confident outlook from management. Underlying profit for the year to 31 March 2026 rose 5% to £294m, while underlying EPS […]

Schroder UK Mid Cap Fund plc has reached an agreement with activist investor Saba Capital that appears to draw a line under the threat of a prolonged campaign against the trust. The company is proposing a tender offer for up to 100% of the share capital at NAV less costs, giving shareholders the option of […]

Impax Environmental Markets (IEM) has completed its exit tender offer, repurchasing just over 148.2m shares, all of which will be cancelled. As previously announced, the scale of the tender – which was designed to give shareholders the opportunity to exit and avoid being trapped in a vehicle controlled by Saba Capital – dramatically shrinks the […]

Janus Henderson has listed seven active UCITS ETFs on the London Stock Exchange, broadening the range of actively managed strategies available to UK and European investors. The products cover short-duration high yield, emerging market government bonds, mortgage-backed securities, global equity and high-conviction US equity strategies, with fees ranging from 0.20% to 0.54% a year. The […]

STS Global Income & Growth Trust says its share price return for the year ended 31 March 2026 was -2.5%, behind the return from the Lipper Global – Equity Global Income Index of 13.5%. The net asset value total return was -4.6%. The chair Sarah Harvey says “This represents a material shortfall and is disappointing”. […]

There is a changing of the guard at Caledonia Investments (CLDN) as Will Wyatt steps up as chairman to replace David Stewart, and The Hon Charles Cayzer steps down from the board after 41 years. Will is a member of the Cayzer family that owns around half of the trust. He was also its chief […]

Pershing Square (PSH) fund manager Bill Ackman has sold most of his position in Alphabet and switched it into a new $2.1bn holding in rival “Magnificent Seven” stock Microsoft. A US regulatory filing on Friday by his firm Pershing Square Capital Management showed it had bought around 5.65m Microsoft shares in the first quarter. This […]

Update: Glenstone, the largest shareholder in Alternative Income REIT (AIRE), has launched a bid approach for the £56m real estate investment trust with a view to selling most of the company’s assets and winding it down. Shares in AIRE, the smallest London-listed commercial property fund, rose 3.9%, or 2.7p, to 72.4p on Friday after Glenstone, […]

BlackRock Smaller Companies (BRSC) chair Ronald Gould says the investment trust is looking forward to delivering “better shareholder value”, improved returns and lower costs after last month’s merger with BlackRock Throgmorton lifted its assets by £303m to £886m. However, annual results to the 28 February showed the portfolio underperformed with an 11.2% underlying investment return […]

State Street Investment Management and Ninety One have announced a strategic partnership to launch a suite of co-branded active ETFs, with the first products set to focus on actively managed global equities and emerging markets UCITS ETFs. The partnership will give investors across Europe, the Middle East, Latin America and Asia-Pacific access to Ninety One’s […]

Joe Faraday, the new fund manager of Baillie Gifford European Growth (BGEU), has moved quickly to overhaul the severely underperforming investment trust by replacing nearly a third of its stocks with big additions in defence, financials and energy. Faraday, who officially replaced Baillie Gifford colleagues Stephen Paice and Chris Davies on 1 April, listed 21 […]

Impax Environmental Markets (IEM) will buy back shares sold in the £738m exit tender offer last month at 494.76p each. The investment trust, whose board activist hedge fund Saba is seeking to replace, said all 148.2m shares validly tendered would be accepted and bought by its broker Winterflood next Tuesday. Payments and cheques will be […]

3i Group (III) has launched its first share buyback programme in 21 years after annual results revealed a further slowdown in sales at Action, the European discount retailer that accounts for around two thirds of the private equity giant’s £31.8bn portfolio. Shares in 3i Group plunged 19%, or 450p, to a two-and-a-half year low of […]

A furious row has broken out between Aquila European Renewables (AERI) and Aquila Capital with the investment company’s board accusing its fund manager of welching on a proposed sale of around half its portfolio. The £70m listed fund, whose 20-month wind-down is being overseen by activist and chair Robert Naylor, said it was examining “all […]

The UK economy delivered a surprisingly solid performance in the first quarter with 0.3% growth in March lifting gross domestic product by 0.6% in the first three months of the year, led by a rebound in retailing and construction. The Office for National Statistics said there were signs that consumers and businesses had brought forward […]

Lowland (LWI), the £372m UK equity income trust running a higher-than-normal allocation to companies outside the FTSE 100, returned 7.1% in the six months to 31 March but lagged the FTSE All-Share as blue-chip stocks once again led the way. The benchmark index rose 8.9% with shareholders in the Janus Henderson managed trust receiving 6.8% […]

Xtrackers’ recent launch of two German-listed global active ETFs bucked the trend for lower-risk actively managed exchanged-traded funds in Europe. Artur Stoll, product specialist at DWS, the German fund manager behind the ETF provider, said Xtrackers’ Global Equity Top Active UCITS ETF (XTAX) and Global Growth Leaders Active UCITS ETF (XGLA) had opted for “tracking […]

Schroder Income Growth (SCF), the £228m UK equity income trust run by Schroder’s Sue Noffke, matched the FTSE All-Share’s 18.9% total return in the six months to 28 February as the shares narrowed their discount to asset value, although the portfolio’s underlying return of 17.4% lagged slightly on account of artificial intelligence fears weighing on […]

Scottish Mortgage Trust (SMT) has confirmed its $1.25trn (£920bn) valuation of SpaceX and said it does not yet know what restrictions will apply to its $3.94bn (£2.98bn) investment after the Elon Musk group’s possible record-breaking flotation this summer. There has been intense speculation about the valuation of the space technology giant since its merger with […]

3i Infrastructure (3IN) fund manager Bernardo Sottomayor says the “sustained” wave of capital pouring into the asset class underpins his confidence that the £3.4bn investment company can continue to sell investments at big premiums like it did with the £1bn sale of TCR in March. “Over recent years, significant capital has been raised by ‘core-plus’ […]

Pantheon International (PIN) has sold £224m ($300m) of fund investments in what the £1.6bn private equity fund called a “significant step forward” in its efforts to increase share buybacks and cut the 27% discount at which it stands. The sale of 42 fund exposures across 28 general partners (GPs), or external fund managers, represents 10.7% […]

LondonMetric Property (LMP) and Schroder Real Estate (SREI) have unveiled their joint all-share bid for Picton Property Income (PCTN) that they have been preparing since March, offering 0.190 LMP shares and 0.881 SREI shares per Picton share. At their respective closing prices of 187.7p and 48.3p last night, this values Picton at £403.4m or 78.2p […]

Blackstone has sold the 45,000 song Hipgnosis catalogue to Sony in a deal reported to be up to $4bn. The music rights business, renamed Recognition Music Group last year, includes former London-listed Hipgnosis Songs Fund which Blackstone took private with a $1.57bn bid in 2024. Singapore wealth fund GIC is backing Sony. The rebound in […]

ACATIS Investment has entered the ETF market with the launch of its first actively managed ETF, listing the ACATIS Altersvorsorgedepot UCITS ETF on Deutsche Börse Xetra, on Friday 8 May. The fund has been designed as a long-term savings product for investors building capital for retirement. It is positioned around Germany’s developing Altersvorsorgedepot (AVD) framework. […]

The Renewables Infrastructure Group (TRIG) has sought to shore up shareholder support for its continuation vote next month with the £1.6bn InfraRed Capital fund saying it will raise £400m through disposals and modest debt issuance in the next 12 months, an increase of £300m on existing plans, in order to prioritise share buybacks to tackle […]

F&C (FCIT) says its four-for-one share split has taken place after shareholders in the £6.2bn global equity fund approved the move at its annual general meeting on 29 April. Announced at its annual results in March, the split is designed to improve liquidity in the stock and sees the 158-year-old investment trust quadruple the number […]