Baillie Gifford’s Kyle McEnery shares his approach to meeting the entrepreneurs building the future – including encounters with AppLovin, Anthropic, NVIDIA, Roblox and Reddit. Capital at risk.

Fear of an artificial intelligence (AI) bubble, an underweight position in banks such as JP Morgan and Goldman Sachs and a holding in struggling drinks giant Diageo cost Alliance Witan (ALW) dearly in 2025 as it underperformed the MSCI All Country World index for a second year in a row. The £4.8bn multi-manager trust, which […]

Saba Capital has opened a 5.2% position in Allianz Technology Trust (ATT) and included it in the activist hedge fund’s new active ETF targeting undervalued investments trusts. The New York based firm, which is battling to take control of Herald (HRI) and Impax Environmental Markets (IEM), holds most of the £96m ATT stake in total […]

Update: 3i Infrastructure (3IN) has sold its 71% stake in TCR, the airport ground support equipment provider, for €1.14bn (£1bn), 22% more than the 30 September valuation and 50% more than at 31 March last year when its biggest position was put up for sale. News that the company will repay the €626m drawn on […]

Update: Greencoat Renewables (GRP), the £749m Ireland-focused wind and solar fund trailing on a 31% discount, is looking to sell €350m of assets over 18 months to reduce debts and buy back €100m (£87m) of shares. Alongside annual results, showing an already disclosed 10.3% fall in net asset value (NAV), it also announced a plan […]

Aberdeen UK Smaller Companies (AUSC) is “engaging closely” with fund managers Abby Glennie and Amanda Yeaman after the investment trust endured a “disappointing” half year of underperformance that saw its market value fall by 20%, mostly due to the high level of share buybacks authorised by the board to support the weak share price. For […]

Bellevue Healthcare (BBH) will be left with around £60.5m as it transfers to Columbia Threadneedle after shareholders sold 40.9%, or just over 29.9m shares, in the 100% tender offer announced last month. At its peak in 2021 under former fund manager Bellevue Asset Management, BBH had £1bn of assets. Ameriprise Financial, the parent company of Columbia […]

We already knew Seraphim Space (SSIT) had a strong fourth quarter from gains in its top four holdings ICEYE, AllSpace, D-Orbit and Hawkeye 360 highlighted last month. Interim results for the six months to 31 December today show net asset value (NAV) jumped 20.1% to 142.3p per share from 118.52p. The half-year results show the […]

Foresight Solar (FSFL) has had to pay more to UK tax authorities to settle historic liabilities, knocking another 5.5p from net asset value per share on top of the 3.6p adjustment made in November. Overall NAV per share fell 2.9p to 99.2p in the fourth quarter a trading update showed, benefiting from a higher production […]

Murray International (MYI) benefited from its genuinely global portfolio in 2025 as gains in Latin America and Asia as well as the US pushed the £2.1bn equity income trust to a total underlying return of 21.9%. Shareholders enjoyed a 36% total return as the shares shed their discount and ended December on a small premium […]

HICL Infrastructure (HICL) has resumed buying back its shares on a 22% discount and is near the end of a consultation with nearly half its shareholders since abandoning a merger with InfraRed stablemate The Renewables Infrastructure Group (TRIG) late last year. It will publish its conclusions in May. In a trading update for October to […]

The Financial Conduct Authority has said it will consider how to protect investment company investors from activist shareholders like Saba.   Launching a review into its shakeup of UK listing rules two years ago, the FCA said: “As part of this review, we will also conduct targeted work to assess how our rules, in the context of […]

Dutch investment manager Robeco claims to have taken the use of artificial intelligence (AI) to a new level for its latest active exchange-traded fund investing in global smaller companies. The dollar-denominated NextGen Global Small Cap ETF (RGSC LN) employs machine learning to identify opportunities within an under-researched and inefficient asset class that is ripe for […]

Asia and European stock markets have plunged after Iran threatened to attack ships in the region in response to ongoing air strikes against the country by the US and Israel. The UK’s FTSE 100 slumped 2.7%, or 287 points, to 10,492 as defence and mining stocks joined travel companies and banks in sharp declines at […]

RIT Capital Partners (RCP), the £3bn Rothschild-backed global investment trust, generated a 13.5% underlying return last year, helped by a strong second half recovery in world markets and excellent returns from its private equity investments, including a raised stake in SpaceX. With sentiment towards the multi-asset fund improving following sustained share buybacks and increased transparency […]

Update: Bluefield Solar Income (BSIF) has had “good interest” from potential bidders with a shortlist of parties doing due diligence and the sales process started in November progressing “in line with expectations”. The £460m, 11%-yielding renewables fund also reported good operational performance in the half-year to 31 December despite a 7.5% drop in net asset […]

Custodian Property Income (CREI) has made its second all-share acquisition of a family property company in two weeks, buying Scorpion Properties, a portfolio of five single-let industrial assets in the South Midlands along the M40 corridor for £8.5m. The 6.8%-yielding portfolio comprises of four vehicle accident repair centres let to one of the UK’s leading […]

YieldMax, a US options-based income specialist, has launched a fourth actively managed exchange traded fund (ETF) targeting volatile semiconductor stocks as a source of high yields for income investors. The London-listed YieldMax Semiconductor Option Income UCITS ETF (CHPY) uses a complex variation of a “covered call” strategy which aims to minimise the amount of upside […]

Impax Environmental Markets (IEM) and fund manager Impax are under pressure to give Saba a cost-free exit after the activist hedge fund said that was the only obstacle to selling its 21% stake in the continuation tender offer last week.  In response to an open letter from IEM chair Glen Suarez appealing to Saba founder […]

Update: The FTSE 100 slid 0.9% as travel and economically sensitive stocks such as banks retreated in response to the joint strikes by US and Israel on Iran at the weekend. However, gains by London-listed oil stocks as crude prices jumped more than 7% supported the UK blue-chip index, which fell less heavily than its […]

Private equity fund manager Hg has sold a €500m (£439m) stake in French legal software firm Septeo to a group of institutional investors but with HgCapital Trust (HGT) maintaining its holding, last valued at £129.6m in September. Hg has not previously disclosed the value of its majority ownership of Septeo, which provides legal software for […]

Baillie Gifford Shin Nippon (BGS) says its 15% tender offer was more than three times over-subscribed with holders of over 122m shares offering to sell compared to the 36.8m shares the company said could be sold in December. That’s nearly half the 245m shares the the underperforming £365m investment trust has in issue, excluding the […]

If shareholders in Herald (HRI), Impax Environmental Markets (IEM) and Edinburgh Worldwide (EWI) investment trusts require any reminding of the peril they could face under Saba Capital, they only need look at the “cautionary tale” of the US activist’s record on one of its own funds, says broker Investec. Alan Brierley, head of investment company […]

Impax Environmental Markets: The US government’s action to shift the national diet towards nutrient-rich foods provides tailwinds for companies in ‘real food’ supply chains and reformulation The start of 2026 marks a significant pivot in US federal nutrition policy. By placing ‘real food’ at the centre of new dietary guidelines, the US government is signalling a […]

Tritax Big Box REIT (BBOX) has marked its promotion to the FTSE 100 with annual results demonstrating the momentum in the £4.6bn logistics fund after a year in which it advanced on its strategic fronts. Shares in BBOX have have risen 20% since October when it bought a £1bn portfolio from Blackstone, ensuring its promotion […]

Impax Environmental Markets (IEM) chair Glen Suarez has published an open letter to Saba boss Boaz Weinstein after his activist hedge fund refused to sell its 21% stake in a continuation tender offer, threatening the future of the £843m investment trust. In the letter Suarez says he was surprised to learn from Saba portfolio manager […]

The Renewables Infrastructure Group (TRIG) will present a “fulsome update on strategy” at a capital markets seminar in May, one month before shareholders vote in its first continuation vote at the annual general meeting in June. Announcing TRIG’s annual results, chair Richard Morse hoped this would “give investors the opportunity to support the company’s long-term future […]

Pantheon International (PIN), the £1.5bn private equity fund under pressure from activists Metage and Saba, is looking to improve performance by refocusing on its top 25 external managers. Following “detailed strategic analysis”, Pantheon continues to believe that private equity remains an attractive asset class but has decided a “significant reduction” is necessary in the number […]