Middlefield Canadian Income (MCT) will start its new life as an actively managed exchange-traded fund (ETF) with just over £75m, it was confirmed today. The £150m investment trust said 52.7% of its shares would roll over into the ETF that will start trading on Thursday with the remainder receiving cash as they exit. Middlefield was […]
John Scott, the outgoing chair of Bluefield Solar Income (BSIF), has warned shareholders in the renewables fund that the “business as usual” option is unavailable as he held out the prospect of the double-digit yielder merging with its fund manager Bluefield Partners and cutting its payout. Delivering his last annual report, Scott said the £493m […]
Life sciences fund Syncona (SYNC) has withdrawn plans for a managed wind-down and will instead focus on returning £250m of capital to shareholders. Following consultation with its biggest shareholders on its strategic options, Syncona Investment Management (SIML) will, however, continue to launch a new private fund for institutions once the board of the listed investment […]
Mobius (MMIT), the £166m emerging markets smaller companies investment trust, proposes moving its triennial 100% redemption facility to two-yearly once the next redemption in December is complete. That would mean the next exit opportunity would be in 2027. James Carthew, head of investment company research at QuotedData, commented: “As I have said before, I think […]
Mercantile (MRC), the £1.8bn UK mid-cap equities investment trust run by JPMorgan’s Guy Anderson and Anthony Lynch, underperformed in the half-year to 31 July with its 6% investment and total shareholder returns both trailing the 7.2% return from the FTSE All-Share excluding the top 100 blue chips and all investment trusts. Performance was bolstered by […]
RTW Biotech Opportunities (RTW) is to extend share buybacks by $15m (£11m) following a flurry of four bids for portfolio companies since 30 June. This is in addition to the $24.2m of capital the £397m investment trust has returned to shareholders through share repurchases since launching a $30m buyback programme in 2023. The updated capital […]
Seraphim Space (SSIT) saw its largely unquoted portfolio of space commercialisation companies rise by 28.9%, or £58.3m, to £259.8m in the year to 30 June. The strong underlying performance was helped by a doubling in the value of ICEYE, the satellite constellation provider that accounted for 37.4% of net assets at the financial year-end, which […]
Home REIT inches towards a relisting of its suspended shares with publication of its delayed 2024 results; Sirius Real Estate makes another big acquisition in Germany; and Montanaro European Smaller Companies will hold its first semi-annual tender offer next month. Home REIT (HOME), the former homeless accommodation provider subject to a regulatory probe over an […]
By the time the concept of speed dating emerged, I had settled down, so the whole idea had passed me by, that was, until last week. In a format more often associated with romance than finance, a small group that included journalists, and analysts such as me, were given the opportunity to sit down with […]
Crystal Amber Fund (CRS) has reported further progress in its wind-down strategy for the year ended 30 June 2025, highlighted by a successful exit from De La Rue and regulatory approval for its key holding Morphic Medical Inc (MMI). After £9.1m of share buybacks and a £1.4m net loss, total NAV declined to £116.2m from […]
Hg, the manager of HgCapital Trust (HGT), has agreed the sale of GTreasury, which it describes as a global leader in adaptable treasury solutions for the Office of the CFO, to Ripple, the digital asset infrastructure group, in a transaction valuing GTreasury at over US$1 billion. The deal, which remains subject to customary regulatory approvals, […]
Bellevue Healthcare Trust (BBH) has published a circular and notice of general meeting to seek shareholder approval for renewed authority to repurchase its own shares in support of its zero discount policy. The policy, introduced in April 2025, aims to ensure the trust’s share price trades close to net asset value (NAV) in normal market […]
Sequoia Economic Infrastructure Income (SEQI), the £1.2bn high yielding debt fund, has finally drawn a line under the collapse of Bulb Energy that contributed to a derating in its shares four years ago. In its monthly valuation update the investment company said “successful settlements in the full recoverability” of the £55m secured loan to Bulb […]
UK smaller companies funds Strategic Equity Capital and JPMorgan UK Small Cap Growth & Income made little overall headway in their latest financial years but express confidence that their sector offers “compelling” returns in future. Strategic Equity Capital (SEC), the £161m UK smaller companies investment company that saw 22% of shares tendered this month, had […]
Biotech Growth (BIOG) is ploughing on with share buybacks in the hope investors will soon sit up and notice the startling recovery in its shares. Since early April, when the investment trust had tumbled to more than a six-year low on Trump tariff fears, the shares have shot up 77%, lifting its market valuation to […]
Last month was a great one for investment companies exposed to gold, biotechnology, emerging markets and corporate actions aimed at restoring shareholder value. Infrastructure fund prospects look less than golden with high interest rates and declining power price forecasts, but one £422m renewables portfolio perhaps deserves a closer look with shares on a wide 35% […]
Strategic Equity Capital (SEC), a UK smaller companies fund managed by Ken Wotton at Gresham House, has avoided a damaging exodus by investors but will have to soldier on with a diminished portfolio after 22%, or 9.5m, of its shares were tendered in this month’s 100% tender offer. That leaves the investment company with £142.8m […]
British Land reports a strong start to its financial year; Renewables Infrastructure Group signs a power supply contract with Virgin Media O2; plus news from Oakley Capital Investments, EJF Investments, RTW Biotech Opportunities, Abrdn Asia Focus, Sirius Real Estate, Great Portland Estate and Sequoia Economic Infrastructure. British Land (BLND) shares gain 5.6% to 382.8p in […]
The long period of poor performance by Nick Train’s £1.1bn UK equity income trust presents a challenge ahead of a shareholder continuation vote in January. Finsbury Growth & Income (FGT) fund manager Nick Train has vowed to make no changes to his investment process after the investment trust fell to a loss for the year […]
Target Healthcare (THRL), a £580m investor in care homes, is lobbying the government to reconsider its proposed ban on upward only rent reviews in leases made in July. “Whilst aimed at retail properties, this has the potential for significant unintended consequences elsewhere,” even if legislation was not retrospective the real estate investment trust said. “We […]
Oakley Capital Investments (OCI), the £965m investor in Oakley Capital’s private equity funds, is investing £10m in ONHC, an Italian specialist private healthcare insurance services provider, as part of a bigger investment by the fund manager. OCI’s investment is being made through Oakley Capital Fund V alongside chief executive Filippo Ceppellini, who founded the company […]
Blackstone, the US alternative assets group that won the bid battle for Warehouse REIT (WHR) in August, has struck a deal to take an 8.7% stake in rival bidder Tritax Big Box (BBOX). Confirming a Sky News report at the weekend, Tritax Big Box said it was buying a £1bn logistics portfolio from Blackstone in […]
Busy Blackstone has not only tied up a £1bn deal to invest in Tritax Big Box, it is also considering a cash offer for UK self-storage group Big Yellow, sending its shares sharply higher; RIT Capital Partners sees stake held by Rothschild family foundation rise; and Vietnam Holding is to redeem 17.9% of its shares […]
Here’s an anomaly – a UK REIT trading at net asset value (NAV). Having endured a miserable three years of high interest rates and persistent inflation, there have been very few listed property companies whose shares have rated close to par in that time. Even fewer have traded at a premium and been able to […]
Manchester & London (MNL) fund manager Mark Sheppard has responded positively to a suggestion from QuotedData’s James Carthew that taking over another investment trust might be the solution for its problematic small free float. Sheppard and his company M&L Capital Management own 62% of the £331m closed-end fund which he has wholly committed to investments […]
Ashoka India Equity (AIE) is to pay its first dividend since launch seven years ago after shielding investors from the turmoil of US President Trump’s chaotic tariffs policy. Annual results yesterday showed the £470m investment trust emerged essentially unscathed from the turbulence caused by Trump eventually slapping a 25% tariff on India’s imports along with […]
Saba Capital has increased its position in Smithson (SSON) to 15% from the 14.1% the activist hedge fund revealed a month ago. It now holds over 16.4m voting rights in Terry Smith’s £1.7bn global smaller companies investment trust on a 9% discount. International Biotechnology Trust (IBT) and RTW Biotech Opportunities have benefited from another acquisition […]
Maven Renovar VCT (MRV), the former Amati AIM venture capital trust, has said it will not fund raise in the current financial year following shareholders’ failure to approve a change in the investment policy for Maven Capital Partners which it controversially appointed in May. In a revolt at the VCT’s decision to sack smaller companies […]
Saba Capital’s holding in Herald (HRI) has strayed further above the 30% threshold it passed in July. The activist hedge fund now owns just over 31% of Katie Potts’ £1.2bn global technology trust resulting from its unsuccessful attempt to oust the board at the start of the year. The increase from just over 30% is […]
The average real estate share price was flat in September, a welcome respite after a couple of bruising months of losses, although persistent inflation and high gilt yields continue to cloud the outlook. There were some big winners and losers in the month. Best performing funds in price terms (%) PRS REIT 11.5 Alternative […]
