CQS Natural Resources & Growth (CYN), the £134m mining fund that has delivered a 107% one-year total return in the gold and silver boom, most of it after Saba Capital exited in a tender off last July, has published a circular for a vote seeking shareholder approval to issue up to 20% more shares. Last […]

SpaceX, the Elon Musk rocket and satellite company backed by Baillie Gifford investment trusts Scottish Mortgage (SMT), Edinburgh Worldwide (EWI), Baillie Gifford US Growth (USA) and Schiehallion (MNTN), has merged with xAI, his artificial intelligence startup and developer of the Grok chatbot. It said the energy to properly develop AI is only available in space […]

Saba Capital has received regulatory approval in Dublin to launch the active exchange-traded fund that will expand the activist’s campaign against UK investment companies. In a filing last week the Central Bank of Ireland upgraded the Saba Capital Investment Trusts UCITS ETF from “null” to “active” and gave a legal entity identity to the fund […]

A dramatic sell-off in gold and silver in response to the appointment of Kevin Warsh as the next US Federal Reserve chairman has seen mining and commodities funds tumble after their breath-taking run of the past year. On Friday gold dropped almost 10% to $4,850 an ounce, its largest intraday drop since the 2008 financial […]

Shares in 3i Infrastructure (3IN) fell nearly 6% after the £3.4bn top performer in its sector shocked investors with news of an impending write-down of its £212m investment in German telecom provider DNS:NET. The company said its full-year valuation for 31 March would likely include the write-off of the position in DNS:NET, which was investing […]

GCP Infrastructure (GCP) is poised to repay its remaining debts and hit a target of returning £50m to investors after exchanging contracts for the £47.5m sale of social housing properties.   The disposals to one buyer represent the large transaction that shareholders were waiting for as the £634m investment company pursues a capital allocation policy […]

Winding-down GCP Asset Backed Income Fund (GABI) has exchanged contracts for the sale of social housing properties that will result in the repayment of £19.2m of loans, with the price in line with previous valuations. In an update, the £118m loan fund said net asset value fell 5.1p, or 6.4%, to 74.69p per share in […]

BH Macro (BHMG), the £1.3bn Brevan Howard hedge fund, has confirmed that closure meetings will be held for its sterling and dollar share classes.  This is the second year that votes to close the share classes and possibly wind up the investment company have been triggered by the average share price discount exceeding 8% during […]

Chrysalis (CHRY) is deliberating when to sell its stake in Klarna (KLAR.N), the credit provider whose disappointing performance since its New York flotation in November helped knock 3.7% off the growth capital fund’s net asset value in the last quarter. The £545m investment company, which is about to start a three-year wind-down and recorded a […]

Good stock picking by fund managers Oleg Biryulyov and Luis Carrillo enabled JPMorgan Emerging Europe, Middle East & Africa Securities (JEMA) to deliver a 25.5% underlying investment return in the year to 30 October. This beat by 6% the 19.5% return from its benchmark, the S&P Emerging Europe, Middle East & Africa BMI Net Return […]

Fidelity International has added to its active fixed income exchange-traded fund range with the launch of the Fidelity USD Corporate Bond Research Enhanced UCITS ETF (FBIU) and the Fidelity EUR Corporate Bond Research Enhanced UCITS ETF (FBIE). The ETFs will initially charge a total expense ratio (TER) of 0.03%, or three basis points, for six […]

Greencoat UK Wind (UKW), the only renewables fund linking dividends to the retail prices index (RPI), has switched its payouts to the lower CPI inflation measure after the government changed its indexation policy towards the sector. This is a response to yesterday’s announcement by the Department for Energy Security and Net Zero that it would […]

3i Group (III) shares hit a two-month high after relieved investors welcomed news of a positive start to the year for Action, the European discount retailer that accounts for over two thirds of the private equity giant’s portfolio. Shares in the FTSE 100 firm jumped 10.5%, or 331p, to £34.78, clawing back over a third […]

Patria Private Equity (PPET) achieved its best underlying performance in three years in the 12 months to 30 September, annual results show. The £941m investment trust generated a total net asset value return of 10.6% from its holdings in private equity funds and stakes in unquoted companies. That was ahead of the modest 5.4% and […]

Saba Capital turns its attention to Henderson Smaller Companies (HSL) with the activist doubling its stake to 10.2%. Its trade on Monday saw the hedge fund buy shares as well as swaps to increase its position in the £538m investment trust standing on an 8% discount. That was two days before yesterday’s half-year results. HarbourVest […]

Shares in listed renewables funds rose today after the government announced it would take the least damaging option in changing the inflation link in its incentive payments. Publishing its response to the indexation consultation it launched in November, the Department for Energy Security and Net Zero said it had opted for a simple, immediate switch […]

British Land (BLND), the £4bn, FTSE 100 real estate investment trust has made a recommended cash and share bid for Life Science REIT (LABS) agreeing to pay 14.1p per share in cash and 0.07 of its shares in a deal that values the beleaguered property fund at £150m. It means LABS shareholders will receive around […]

BlackRock Income & Growth (BRIG) fund managers have corrected their underweight to aerospace and defence stocks after this was a main factor in the £43m investment trust underperforming in the year to 30 October. Annual results showed an underlying investment return of 14.3% against the 22.5% total return from the FTSE All-Share index. The latest […]

The showdown between Abrdn European Logistics Income (ASLI) and DL Invest Group, its largest shareholder, will take place in London on 20 February. DL has tabled resolutions to have itself appointed fund manager and the company’s wind-down stopped. ASLI, which has published a circular for the meeting, urges shareholders to vote against DL saying the wind-down […]

Ground Rents Income (GRIO) sank to an all-time low today after the prime minister set a £250 limit on the annual charge that leaseholders pay freeholders. The cap is part of major changes to home ownership published by the government in a draft Leasehold and Commonhold Reform Bill. Schroders-managed GRIO, which invests in ground rents, […]

Citi has closed its Velocity white-label ETF platform less than a year after launching the challenger to specialist providers HANetf and Waystone. A spokesperson for the bank told ETF Stream, which first reported the news: “Citi’s markets business made a strategic decision to retire its Citi Velocity ETFs platform in Europe following a review of market conditions. […]

European active ETFs enjoyed a strong 2025 with trading up 95% on the previous year, according to stock market data provider xyt. The growing range of actively managed exchange traded funds saw more than €450m (£390) in daily activity, with funds growing 38% or €23bn, according to a Markets Media report. Compared to 2020, there […]

Ruffer (RICA), the £909m “all-weather” multi-asset fund, recovered its stride in the second half of last year as “significantly lower volatility” in world markets helped it overcome its underperformance in the first six months of 2025. The investment company, whose assets are run by Ruffer fund managers Alexander Chartres, Jasmine Yeo and Ian Rees, made […]

UK’s biggest online share dealing platform overhauls its charges; Gore Street Energy Storage appoints two more directors; and high-yielding CVC Income & Growth maintains the dividend target of its sterling and euro shares. Hargreaves Lansdown has overhauled its fees and charges. The UK’s biggest online share dealing platform cut its annual platform charge from 0.45% […]

The sterling shares of BH Macro (BHMG) spiked at the end of trading on Monday after Brevan Howard, manager of the £1.3bn London-listed hedge fund, said it was in the process of launching a new private fund that could buy its discounted shares. Having edged slightly higher, the share price rose nearly 2% from 406p […]

Activist Lakestreet Capital has won the battle for Palace Capital (PCA), with the founder and chairman of the Swiss firm both joining the board of the £42m property investment company reaching the end of a three-and-a-half year wind-down. Their arrival was announced with news on Friday that Palace Capital’s two board directors, executive chair Steven […]

Impax Environmental Markets (IEM) publishes the circular for its proposed 100% continuation tender offer to get Saba Capital to sell its 20.7% stake close to asset value and leave the unique listed fund for shareholders who want to remain invested. The tender requires over 75% of votes cast at a general meeting on 23 February. […]

Baillie Gifford US Growth (USA) has defended its decision to almost halve its investment in SpaceX shortly before the valuation of Elon Musk’s rocket company doubled to $800bn last month. In interim results for the six months to 30 November, chair Tom Burnet said “the position had grown to represent more than 10% of the […]