Brown Advisory US Smaller Companies (BASC), the £171m investment trust that launched a strategic review in July after underperforming its benchmark over five years, has published annual results showing an investment return of 24.5%. Despite the strong absolute performance, it again lagged the Russell 2000 index which rallied an “impressive” 45.7%, ahead of US large […]
Pacific Horizon Investment Trust (PHI) delivered a 65.1% total investment return in the year to 31 July 2026, almost 30 percentage points ahead of its benchmark, as its exposure to Asian semiconductor and artificial intelligence companies paid off. The performance represented a dramatic turnaround from the previous financial year, when PHI’s underlying net asset value […]
Foresight Solar Fund (FSFL) has stepped up its efforts to address its persistent discount to net asset value (NAV), with the board saying change needs to be accelerated and that it is considering all strategic options to maximise shareholder value. The comments accompanied half-year results showing NAV per share fell 4.3% from 99.2p at the […]
Target Healthcare REIT (THRL) has delivered its best annual financial performance since launching in 2013, helped by inflation-linked rental growth, rising property values and profitable asset sales. The specialist care home investor generated a total accounting return of 12.0% in the year to 30 June 2026, up from 9.3% last year. EPRA net tangible assets […]
Octopus Renewables Infrastructure Trust (ORIT) reported a NAV total return of -5.0% for the first half of 2026 after a review of expected generation from its onshore wind assets knocked £30.4m off valuations. NAV per share fell from 93.8p to 86.2p, also reflecting lower long-term power price forecasts and higher discount rates. However, underlying cash […]
CQS New City High Yield Fund (NCYF) delivered a total return on net assets of 10.2% for the year to 30 June 2026, while its share price returned 10.1%. Net asset value (NAV) per share edged up to 48.55p from 48.37p, while the shares ended the period at 51.80p, leaving the trust trading at a […]
Syncona (SYNC) has announced a major clinical milestone at portfolio company Beacon Therapeutics after its gene therapy, laru-zova, delivered a positive topline result in the pivotal Phase II/III VISTA trial for X-linked retinitis pigmentosa (XLRP). The trial met its FDA-endorsed primary endpoint, with laru-zova demonstrating a statistically significant improvement in low luminance visual acuity compared […]
North Atlantic Smaller Companies Investment Trust (NAS) reported a 7.7% increase in NAV over the six months to 31 July 2026, while the share price rose by 18.1% as the discount narrowed materially. NAV per share increased from 555.4p at the end of January to 598.1p, while adjusted NAV (which reflects Oryx International Growth Fund […]
Infrastructure Capital Advisors has launched an actively managed ETF combining US equities with an options strategy designed to generate monthly income while also seeking capital growth. The Infrastructure Capital S&P 500 Option Income UCITS ETF, launched with HANetf, begins trading on the London Stock Exchange today, 18 September. The Ireland-domiciled fund has a total expense […]
AI has already disrupted software, could the asset management sector be next? Would you let artificial intelligence manage your life savings? I tuned into the Polar Capital Global Technology team’s webinar yesterday; it was a fascinating watch as usual. As you can see below, the Polar Capital Technology Trust (PCT) retains its top spot over […]
European active ETFs attracted $33.9bn of net inflows in the eight months to 31 August 2026, surpassing the previous full-year record of $33.4bn set in 2025. Fidelity International’s September ETF flows review, based on etfbook data, shows inflows were almost 80% higher than the $19.1bn recorded over the same period last year. The milestone comes […]
Aberdeen UK Smaller Companies Growth (AUSC), once a leading trust in its sector, has sought out a merger with rival JPMorgan UK Small Cap Growth and Income (JUGI) after a five-year downturn that shrank the company and made it less attractive to investors. Liz Airey, chair of AUSC, said her board had chosen to combine […]
Interview with Danielle Menichella from Sands Galderma is a specialist skin health company operating across aesthetics, skincare and therapeutic dermatology. Danielle from Sands sees strong growth potential, driven by rising consumer interest in skin health, younger customers entering the market earlier and increasing uptake among men, while highlighting the company’s trusted brands, loyal professional customer […]
Scottish Mortgage (SMT) and Baillie Gifford US Growth (USA) have registered a 120% uplift in their holdings in Zipline, the US drone delivery company that, as we reported yesterday, is in the midst of a $1bn fund raise that will more than double its valuation to $20bn from $7.6bn at its last funding round just […]
AVI Japan Opportunity (AJOT), the £400m smaller companies activist, has celebrated the end of a 17-month “drought” in corporate actions with a tender offer for its biggest holding perking up the investment trust’s shares after a challenging first half. Last week MBK Partners, an Asian private equity firm, launched a tender offer for Sharingtechnology with […]
Baillie Gifford Shin Nippon (BGS) has achieved its best performance in years with the Japanese smaller companies trust generating a 22.9% underlying investment return in the six months to 31 July. While shareholders had to make do with a 19.8% total return in the half-year period as the share price gap, or discount, to net […]
Mid Wynd International (MYI) is standing by its Lazards fund managers after the £205m global growth investment trust was hammered in the sell-off of “AI losers” and underperformed its stock market benchmark by nearly 26% in the year to 30 June. Annual results showed the company made a total investment return of just 2% compared […]
Update: Baillie Gifford US Growth (USA) has published its defence document against Saba Capital, the activist hedge fund seeking to replace its board at the annual general meeting next month, saying shareholders should prevent the US firm from destroying the investment trust’s successful approach. Chair Tom Burnet said the £980m investment trust faced an “existential” […]
JPMorgan US Smaller Companies (JUSC) bounced back from a loss-making 2025 to post a 17.2% total investment return in the first half of the year. However, the £198m investment trust’s “strongly positive” gain in net asset value (NAV) trailed the 24.1% total return from its benchmark, the Russell 2000 index. JUSC shareholders also saw a […]
TwentyFour Income Fund (TFIF) is “deeply saddened” to announce the death of Joanne Fintzen, its senior independent director. Fintzen, who also served on the board of JPMorgan Claverhouse (JCH), was a solicitor and former European general counsel for Citigroup Alternative Investments. She joined the debt fund’s board as a non-executive director in 2019. Home REIT […]
Gore Street Energy Storage (GSF) has survived the attempt by Saba Capital to wind up the battery fund but has seen a big vote against its chairman. Nearly 56% of votes at today’s annual general meeting in London were against the activist hedge fund’s resolutions to discontinue the company and sell its assets. Turnout was […]
City of London (CTY), the biggest UK equity income investment trust, enjoyed a good year to 30 June with the mostly blue-chip portfolio keeping up with the rally in the FTSE All-Share and the company announcing a record 60th consecutive rise in annual dividends. Janus Henderson fund managers Job Curtis and David Smith delivered a […]
Ian Hargreaves, former lead manager of Invesco Asia Dragon (IAD), will retire from Invesco Fund Managers Limited next March after more than 30 years with the firm. Hargreaves was lead manager of the former Invesco Asia Trust from March 2011 to May 2024 before sharing the role with Fiona Yang, who will continue in her […]
European fund managers expanding into active ETFs face a question over how much business will come from new investors and how much will migrate from their existing funds. MSCI’s ETF Intelligence Survey 2026, published on 14 September, found that 58% of respondents said an active ETF allocation from a manager they already use would most […]
Schroder Asian Total Return (ATR) fund managers have sounded the alarm over a potential bubble in Korean and Taiwanese technology stocks as well as the US artificial intelligence developers they supply, amid renewed signs that the immense capital spending on AI may be waning. Half-year results showed the £638m investment trust benefited from the boom […]
Gresham House Energy Storage (GRID) has rejected the call from PrimeStone Capital for the £565m battery fund to put itself up for sale saying its recovery strategy is working. Having consulted extensively with other shareholders since PrimeStone published its open letter on 30 June, GRID chair John Leggate said he had received strong support for […]
Update: Simon Bennett, chair of Alternative Income REIT (AIRE), has resigned after Glenstone director Adam Smith returned to the real estate investment trust’s board after winning control of the company last week. Smith, who stepped down from the AIRE board in July as Glenstone’s bid grew increasingly hostile, returns as a non-executive director with Stephanie […]
Biotech Growth (BIOG) rebounded from July’s 3% pullback with net asset value (NAV) recovering with a 7.9% gain in August. This drove the shares 8.5% higher although the £308m investment trust fell behind the 9.8% advance in the Nasdaq Biotechnology due to not holding Moderna. Its shares surged 150% last month after a late-stage trial […]
London-listed technology trusts beat a retreat today on fears the breakneck speed of development in artificial intelligence could be halted with growth stocks further challenged by the prospect of the US central bank starting to raise interest rates this week. Manchester & London (MNL) fell 5%, or 50p, to 940p, Polar Capital Technology (PCT) slid […]
An 86% write-down in the valuation of drug developer Ensoma cast a shadow on an otherwise bright set of half-year results from RTW Biotech Opportunities (RTW). RTW said Ensoma, a Boston-based rare disease specialist, was the biggest detractor to its performance in the first half of the year. The reduction of what had been a […]
