Half-year results from 10%-yielding Foresight Solar, a first quarter update from Cordiant Digital Infrastructure, plus a new broker for North Atlantic Smaller Companies and share buying by the boss of Molten Ventures. Foresight Solar (FSFL) has received indicative offers from bidders for its Australian portfolio and will “carefully consider” whether to sell and return some […]
Private equity fund Pantheon International (PIN) has simplified the capital allocation policy funding share buybacks but disappointed those who hoped for a step-change in the battle to rerate its depressed share price. Ahead of a capital markets session in the City of London this afternoon to explain phase three of its three-year corporate strategy programme, […]
The auction of PRS Reit (PRSR) has taken an unexpected turn with the £575m rental properties fund accepting a £646.2m cash bid from pension fund manager Waypoint Asset Management. This is a surprise given last week’s statement that the board was in talks with private equity giant KKR. PRS shares jumped 6.1%, or 6.4p, to […]
Annual results from Janus Henderson flagship City of London and Supermarket Income, interims from AVI Japan Opportunity, BH Macro and M&G Global Credit Income, confirmation from Riverstone Energy that it has $250m to return to shareholders and a new co-manager at JPMorgan Global Growth & Income. Janus Henderson flagship City of London (CTY) beat the […]
Utilico Emerging Markets (UEM), the only emerging markets focused infrastructure fund listed in London, has convincingly passed the continuation vote it brought forward a year early as part of the series of shareholder-friendly initiatives announced last month. A total of 97.6% of proxy votes received before today’s annual general meeting approved an amendment to the […]
US Solar Fund (USF), a £120m renewables fund battling technical problems and a hostile policy environment under President Trump, has posted a surprise 3.2% gain in net asset value (NAV) and a 55% increase in its previously cut dividend target. The Amber managed fund, which has shed a third of its value in the past […]
Private equity fund Oakley Capital Investments makes a partial divestment from its stake in two education groups; Riverstone Energy accelerates its wind-down with the second big disposal in two days; Nippon Active Value’s activism keeps it ahead of the Japanese stock market; plus updates from RIT Capital Partners, Gresham House Energy Storage, Ground Rents Income […]
Finsbury Growth & Income (FGT), Nick Train’s struggling investment trust, has issued a public warning after fraudsters cloned its website and LinkedIn page in an attempt to trick people into taking out fictitious loans. In a statement on its website, the company said: “Finsbury Growth & Income Trust PLC (FGIT) has recently been made aware […]
UK smaller companies trust Strategic Equity Capital (SEC) is honouring a commitment made three years ago to offer investors a 100% exit. The £163m UK small-cap fund managed by Ken Wotton at Gresham House said it would hold a tender offer next month allowing shareholders to sell all their shares at a price close to […]
Poorly performing Octopus Titan VCT (OTV2) has cut its fund manager fee by 17% and slashed the notice it needs to give to terminate Octopus Investments’ contract from three years to 12 months. A further 20% fee rebate could be clawed back if the fund manager does not deliver a 5% annual target return after […]
JPMorgan US Smaller Companies reports 12.4% first half fall; Riverstone Energy makes first disposal in its managed wind-down; Sirius Real Estate taps borrowers for more money; plus updates from HgCapital, Augmentum Fintech, RTW Bioscience and Sequoia Economic Infrastructure Income. JPMorgan US Smaller Companies (JUSC) is having a difficult year, reporting a 12.4% fall in the […]
This week, following recent results announcements from trusts such as Ruffer (RICA) (click here to read) and Golden Prospects Precious Metals (GPM) (click here to read), along with commentary in our August investment companies monthly (click here to read) that highlighted a number of funds that have been benefiting recently from their exposure to the […]
BlackRock Latin American (BRLA) has reported a sharp turnaround in the first half of 2025, with net asset value (NAV) rising 40.4% in US dollar terms and the share price up 41.7%, against a 29.9% return from its MSCI EM Latin America benchmark. Net assets increased from US$116m at the end of December 2024 to […]
Golden Prospect Precious Metals (GPM) has published interim results for the six months to 30 June 2025, reporting a significant uplift in both net asset value (NAV) and share price. Over the period, NAV rose 53.6% from 43.1p to 66.2p, peaking at 75.7p in early June, while the share price climbed 63.9% from 35.5p to […]
Polar Capital Global Healthcare (PCGH) has announced draft proposals for a corporate reorganisation ahead of its scheduled fixed life wind-up in early 2026. Following a review of options and consultation with shareholders, the board intends to seek approval for the company to continue, with a number of structural and fee changes designed to enhance long-term […]
Murray Income (MUT) has published annual results for the year ended 30 June 2025. The net asset value (NAV) total return was 2.7% (debt at fair value), with the share price rising 4.3%. Both fell well short of the FTSE All-Share’s 11.2% return, extending a multi-year period of relative underperformance. The board launched a strategic […]
JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) has provided an update on the ongoing lawsuit filed by VTB Bank in Russia. On 10 September 2025, the Russian court of appeal upheld the earlier judgment awarding $439m in damages to VTB against eight JP Morgan legal entities and the company. VTB is now expected […]
Oakley Capital Investments (OCI) generated a 7.1% underlying investment return in the first half of 2025. QuotedData’s James Carthew said: “Six months isn’t long but these numbers make Oakley Capital Investments the best-performing private equity trust over the past six months and have allowed it to extend its lead over rival HgCapital over five years […]
Henderson European (HET) says that holders of 89.775m shares opted for cash (29.04% of its share capital) and 219.332m shares were rolled into Fidelity European (FEV). The cap on the cash option was 33.3%, so everyone who wanted cash will get it. Henderson European will delist on 26 September. Having decided to hang onto all […]
Swedish payments group Klarna – a portfolio company of Chrysalis Investments (CHRY) – has completed its long-awaited US initial public offering (IPO), with its shares priced at US$40 each, above the US$35–37 indicative range. The listing raised $1.37bn and values the company at around $15.2bn. Demand was reportedly strong, with the offering said to be […]
Fidelity Japan Trust (FJV) has reported a net asset value (NAV) total return of 3.3% for the six months to 30 June 2025, broadly in line with the TOPIX Total Return Index in sterling terms, which rose 3.2%. The trust’s share price delivered a total return of 10.6% as its discount narrowed from 13.1% to […]
Cheaper trusts Looking at August’s biggest discount shifts, Seraphim Space (SSIT) appeared to plunge from a 14.7% discount to a 29.0% discount over the month. Today, the discount stands at 31.5%. At first glance, the reason for this is hard to fathom. Andrew McHattie mentioned the trust on the show on Friday (13:07) – highlighting […]
Dunedin Income Growth (DIG) has plans to rocket up the dividend yield league table by introducing an enhanced dividend policy, using reserves to boost its distributions (the trust has distributable reserves totalling £298m). The total dividend for the financial year ended 31 January 2026 will be at least 19.1p per share, 34.5% up on the […]
Dunedin Income Growth (DIG) says it will introduce an enhanced dividend policy, using reserves to boost its dividend yield. The total dividend for the financial year ended 31 January 2026 will be at least 19.1p per share, 34.5% up on the prior year. That pushes it onto a notional 6% yield on NAV or, at […]
Private equity giant Kohlberg Kravis Roberts & Co (KKR) is in discussions with PRS REIT over a potential offer for the company. The board of PRS REIT this morning confirmed media reports about the talks with KKR, stating that the US company was “participating in the company’s strategic review and formal sale process”. However, it […]
Since the process began in January 2023, Starwood European Real Estate Finance (SWEF) has now returned £256m to investors, equivalent to 61% of its NAV at that time. £46m of this was distributed in the first half of 2025, supported by the full repayment of a £47.3m UK hotels loan. After the period end, two […]
Ruffer Investment Company (RICA) reported another month of positive NAV performance in August, driven primarily by gold mining equities. The manager said strong free cash flow generation at higher gold prices continues to provide attractive opportunities, even after the sector’s strong rally this year. Gold bullion resumed its upward trajectory during the month, hitting a […]
While the number of trusts has been falling, certain other, newer, structures have been multiplying. Among these are Long Term Asset Funds (LTAFs) and private structures. Another is the subject of this piece: active Exchange Traded Funds (ETFs). An interesting recent development in the investment companies sector is the planned conversion of Middlefield Canadian Income […]
Our review of last month’s big risers and fallers shows how concerns about President Trump’s threat to the independence of the Federal Reserve exacerbated concerns over US inflationary pressures. This made August a good month for investment companies exposed to gold and Asia, but less kind for listed renewables and some growth funds as forecasts […]
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