Palace Capital (PCA) has hit back at Lakestreet Capital Partners’ move to oust its executive chair Steven Owen, accusing the Swiss investment company of exhibiting “clear misunderstandings” of the UK property business. While confirming it would convene the general meeting requisitioned by its 22.5% shareholder, Palace Capital said Lakestreet’s announcement this week that it wanted […]

Finsbury Growth & Income (FGT) fund manager Nick Train has lifted his personal stake in the £973m UK equity income trust to 4.9%. Following the purchase of 25,000 shares at 824p yesterday, he owns a total of just over 5.7m shares. The manager, who has a long record of buying shares in his funds, is […]

Bearish investors pulled £6.7bn from open-ended equity funds last year, with the total withdrawn from UK equity funds hitting over £54bn in the past decade, according to data from funds network Calastone. Underlining the poor sentiment weighing on closed-end investment companies, where share price discounts remain prevalent, Calastone said the level of outflows from UK-based […]

Saba Capital’s Boaz Weinstein has threatened to sue the board of Edinburgh Worldwide (EWI) if it does not respond to the activist hedge fund’s questions over the partial sale of its prized holding in SpaceX. Doubling down on criticism he made last month, Weinstein issued an open letter to the investment trust’s board, demanding answers […]

Literacy Capital (BOOK), the £260m UK private equity fund, has sold Wifinity, the internet managed service provider and one of its earliest investments, to Arcus Infrastructure Partners for £15m, in line with its previous valuation and will use the money to repay its borrowings. A £400,000 milestone payment is expected later this year from the […]

A review of the very best and worst investment trusts last year with some thoughts on potential recovery plays. Last year will go down as a golden 12 months for investors in listed commodities funds, but shareholders in a variety of emerging market, technology and recovery plays also have cause to celebrate. As precious metals […]

BlackRock Latin American (BRLA) is to hold a 25% tender offer after failing to hit the performance target set by its board over four years ago despite a rebound in 2025. The £118m investment trust, whose portfolio is managed by Sam Vecht and Gordon Fraser, said its US dollar investment returns had lagged the MSCI […]

Gold mining and defence stocks led the FTSE 100 higher on the second day of trading in 2026 as investors responded to the US seizure of Venezuelan president Nicolás Maduro on Saturday. Crude oil prices dipped 0.2% as traders considered the implications for global supply following an inconclusive meeting by members of the OPEC oil-producing […]

Lakestreet Capital Partners is seeking to oust Palace Capital (PCA) executive chair Steven Owen unless he speeds up the wind-down of the UK property investment company and slashes his “excessive” pay. The Swiss investment firm, which has a total stake of 22.5% in the £39m company, has requisitioned a general meeting of shareholders to remove […]

Global Opportunities Trust (GOT) fund manager Dr Sandy Nairn has stepped down from the board of the £98m real return fund as the investment company ends its self-managed status and appoints Juniper Partners as alternative investment fund manager (AIFM). Nairn will retain day-to-day responsibility for the management of the funds and shares portfolio through sub-adviser […]

International Public Partnerships (INPP) has sold a 49% stake of its investment in the Moray East Offshore Transmission Owner (OFTO) to Daiwa Energy & Infrastructure Co for around £42m. The sale price is at a premium to book value, with the transaction expected to complete in the first quarter of 2026. INPP will retain a […]

Digital 9 Infrastructure (DGI9) has completed the sale of its Atlantic and Irish Sea subsea fibre business, Aqua Comms, for £34.0m. This represents a monumental loss of value to shareholders, with it once being valued at $283m. We covered this in detail when the sale was first announced in January 2025, which can be read […]

The board of Edinburgh Worldwide (EWI), which was requisitioned by Saba in November, has published an open letter to the US hedge fund requesting it provides shareholders full transparency on its plans for the company ahead of a vote in January. It comes after Saba published a presentation yesterday (Monday) reiterating its calls for the […]

Geiger Counter (GCL), the specialist uranium investment company, was buoyed by global recognition of nuclear’s role in future electricity generation, returning 32.9% in NAV terms over the year to 30 September 2025. Its share price kept pace, meaning its discount to NAV remained stubbornly wide at 17.4%. GCL’s manager says that a renewed global push […]

Continuing a tough year for its portfolio of growth stocks, BlackRock Greater Europe Investment Trust (BRGE) saw its NAV decline 3.4% in November and its share price drop 3.9% compared to the Europe ex UK market, which returned +0.7% during the period. The largest detractor centred on concerns around an AI bubble, with semiconductor companies […]

Supermarket Income REIT (SUPR) has continued its spending spree splashing out almost £100m on three UK supermarkets. The company, which recently bought a portfolio of Carrefour stores in France and scaled up its Blue Owl joint venture with the £196m acquisition of 10 Asda stores, today announced the purchase of a trio of supermarkets in […]

Regional REIT (RGL) has agreed a three-year extension to debt facility that matures in August 2026. The facility was originally £128.0m, but has been reduced to £72.4m through the use of proceeds from property disposals. The margin on the facility remains unchanged and existing hedging will stay in place until August 2026, at which point […]

ARK Investment Management – the Florida-based firm founded and run by Cathie Wood – occupies the top two positions for European active ETF performance in 2025 (all figures to 19/12/25). Elsewhere in the top five performers, it was European-focused funds that delivered the best returns. Both ARK funds are technology and innovation focused. ARK Innovation […]

Edinburgh Worldwide (EWI) has published the circular ahead of the meeting that was requisitioned by Saba. The board’s arguments against Saba’s proposals have already been published – we covered them here – but the main message is don’t hand over control to Saba’s nominees (especially since they have refused to articulate what will happen to […]

Majedie Investments (MAJE), the £146m absolute return fund, outperformed its target of inflation plus 4% in the year to 30 September, capping off a successful first three years under fund manager Marylebone Partners. The investment trust delivered an 8.2% underlying investment return from its funds and shares portfolio, 4.4% above the consumer prices index although […]

JPMorgan China Growth & Income (JCGI) chair Alexandra Mackesy has welcomed a narrowing in the investment trust’s underperformance after what she said had been three difficult years. The £238m listed fund generated an underlying return of 29.3% for the 12 months to 30 September. While that was below the benchmark’s 30.3% return, it underpinned a […]

Pershing Square Holdings (PSH) fund manager Bill Ackman has made a public pitch to Elon Musk to help the Tesla mogul float his SpaceX next year. In a tweet on X, the social media platform owned by Musk, Ackman suggested his firm Pershing Square Capital Management could commit $4bn to the initial public offer (IPO) […]

Baker Steel Resources (BSRT) gains 4p, or 5.5%, to 76p on two pieces of good news. Futura Resources, the unquoted Australian miner that is its second biggest holding at nearly a quarter of the portfolio, has refinanced its debt through a “Nordic Bond” arranged by Clarkson Securities that raising US$90m cash to repay all its […]

(Update) Chrysalis (CHRY), the £539m pre-IPO growth capital fund stuck on a 35% discount, has proposed a three-year realisation programme with a 2029 continuation vote. Concluding a lengthy consultation with shareholders, the investment company said it would hold an extraordinary general meeting in February to approve the change in investment policy that will see no […]

Seraphim Space (SSIT) says ICEYE, the €2.4bn (£2.1bn) Finnish satellite constellation operator that is its largest holding at 34.7% of net asset value, has won a €1.7bn contract with Germany’s armed forces through its joint venture with Rheinmetall, the German defence and automotive technology group. The contract to deliver space-based reconnaissance capabilities is expected to […]

Pershing Square Holdings (PSH), the £11.5bn London-listed US equities hedge fund run by Bill Ackman, is to provide up to $1bn (£750m) of financing for an insurance company acquisition by portfolio holding Howard Hughes that is part of the fund manager’s ambition to build a “modern-day Berkshire Hathaway”. The investment company, whose shares stand on […]