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 […]
Working in finance, I frequently hear the quote, widely attributed to Mark Twain, that “History doesn’t repeat itself, but it often rhymes”. With the new year fast approaching, I am getting a sense of déjà vu as, once again Saba Capital is back launching a campaign that, on the face of it, appears to be […]
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 […]
Oakley Capital Origin II – a fund that Oakley Capital Investments (OCI) has backed – is making a controlling investment in Athena Racing, the company behind Britain’s America’s Cup team. Athena Racing was founded by Sir Ben Ainslie. He is staying on, with a focus on governance and commercial development, while continuing to support its […]
Back in September, Pantheon Infrastructure (PINT) made an investment in Intersect Power – we wrote about it here. Today, it has announced that most of this business has been sold to Alphabet (the parent company of Google) for $4.75bn (plus Alphabet is taking on Intersect’s debt). Intersect is one of the largest renewable platforms in […]
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 […]
Law Debenture – winner of best investment company for income two years in a row in our Investors’ Choice Awards – is a unique trust. There are two distinct components to the portfolio: a UK equity income portfolio and a professional services business. Denis Jackson is Law Debenture’s CEO – not a position that you […]
Annual results from JPMorgan Japanese (JFJ) have demonstrated that style divisions between “growth” and “value” investors are not always as clear cut as they appear. The £1.1bn investment trust of quality growth stocks delivered a 25% underlying investment return in the year to 30 September, beating the 16.9% gain in Japan’s Topix index. Fund managers […]
Private equity fund Oakley Capital Investments (OCI) has committed £3m to an £8m fund raise by Time Out Group (TMO) after the £43m listings and events group suffered a slump in media revenues caused by the growing use by consumers of AI and social media. OCI, a £937m investment company that invests in the private […]
RTW Biotech Opportunities (RTW) has invested $5.9m in the series A financing of Yarrow Bioscience, a new clinical-stage company it helped found to develop transformative therapies for autoimmune thyroid diseases. This week Yarrow and fund manager RTW Investments announced a global ex-China licence agreement for Yarrow’s main treatment with Shanghai Scizeng Medical Technology, a subsidiary of Changchun GeneScience […]
US bond giant PIMCO has expanded its exchange-traded fund range with the launch of two active ETFs focused on global and European government bonds. The PIMCO Advantage Global Government Bond UCITS ETF (GOVI) and PIMCO Advantage Euro Government Bond UCITS ETF (EUGO) will seek to outperform their respective benchmarks, the Bloomberg Global Aggregate Treasury and […]
(Update of article published yesterday) Baillie Gifford has hiked its valuation of SpaceX by 87% according to updates published by four of its investment trusts yesterday. This includes flagship Scottish Mortgage, which saw its net asset value (NAV) jump by a remarkable £1bn in one day Citing a “trigger event that required an upwards adjustment” in the valuation, Scottish […]
Edinburgh Worldwide (EWI) has urged shareholders to come to its rescue for a second time this year after activist hedge fund Saba Capital followed through on its threat to call an extraordinary general meeting. Saba, which holds a 30% position in the £744m global smaller companies investment trust, wants to oust the board’s six directors […]
Pressure on Gore Street Energy Storage (GSF) from activist investors has mounted following this week’s half-year results with Saba Capital doubling its stake to 10% and RM Funds calling on the board to cut costs and consider appointing a new investment manager. Saba, the US hedge fund currently embroiled in an argument with Baillie Gifford […]
Abrdn European Logistics Income (ASLI) has defied the call from its largest shareholder, DL Invest, to halt its wind-down and sale of assets, saying the process is largely complete and the costs of changing corporate direction are too high. Responding to the open letter published this week by the Polish logistics group, which owns 19% […]
Schroder European Real Estate (SERE) has received formal 12-month notice from Dutch telecoms group KPN of its intention to terminate its lease on the company’s Apeldoorn office and data centre in the Netherlands, a move that could impact the 8.4%-yielder’s dividends. The fund manager of the £83m real estate investment trust is “pursuing a number […]
