Oakley Capital Investments (OCI) generated a 7.1% underlying investment return in the first half of 2025. QuotedData’s James Carthew said: “Six months isn’t long but these numbers make Oakley Capital Investments the best-performing private equity trust over the past six months and have allowed it to extend its lead over rival HgCapital over five years […]
Henderson European (HET) says that holders of 89.775m shares opted for cash (29.04% of its share capital) and 219.332m shares were rolled into Fidelity European (FEV). The cap on the cash option was 33.3%, so everyone who wanted cash will get it. Henderson European will delist on 26 September. Having decided to hang onto all […]
Swedish payments group Klarna – a portfolio company of Chrysalis Investments (CHRY) – has completed its long-awaited US initial public offering (IPO), with its shares priced at US$40 each, above the US$35–37 indicative range. The listing raised $1.37bn and values the company at around $15.2bn. Demand was reportedly strong, with the offering said to be […]
Fidelity Japan Trust (FJV) has reported a net asset value (NAV) total return of 3.3% for the six months to 30 June 2025, broadly in line with the TOPIX Total Return Index in sterling terms, which rose 3.2%. The trust’s share price delivered a total return of 10.6% as its discount narrowed from 13.1% to […]
Cheaper trusts Looking at August’s biggest discount shifts, Seraphim Space (SSIT) appeared to plunge from a 14.7% discount to a 29.0% discount over the month. Today, the discount stands at 31.5%. At first glance, the reason for this is hard to fathom. Andrew McHattie mentioned the trust on the show on Friday (13:07) – highlighting […]
Dunedin Income Growth (DIG) has plans to rocket up the dividend yield league table by introducing an enhanced dividend policy, using reserves to boost its distributions (the trust has distributable reserves totalling £298m). The total dividend for the financial year ended 31 January 2026 will be at least 19.1p per share, 34.5% up on the […]
Dunedin Income Growth (DIG) says it will introduce an enhanced dividend policy, using reserves to boost its dividend yield. The total dividend for the financial year ended 31 January 2026 will be at least 19.1p per share, 34.5% up on the prior year. That pushes it onto a notional 6% yield on NAV or, at […]
Private equity giant Kohlberg Kravis Roberts & Co (KKR) is in discussions with PRS REIT over a potential offer for the company. The board of PRS REIT this morning confirmed media reports about the talks with KKR, stating that the US company was “participating in the company’s strategic review and formal sale process”. However, it […]
Since the process began in January 2023, Starwood European Real Estate Finance (SWEF) has now returned £256m to investors, equivalent to 61% of its NAV at that time. £46m of this was distributed in the first half of 2025, supported by the full repayment of a £47.3m UK hotels loan. After the period end, two […]
Ruffer Investment Company (RICA) reported another month of positive NAV performance in August, driven primarily by gold mining equities. The manager said strong free cash flow generation at higher gold prices continues to provide attractive opportunities, even after the sector’s strong rally this year. Gold bullion resumed its upward trajectory during the month, hitting a […]
While the number of trusts has been falling, certain other, newer, structures have been multiplying. Among these are Long Term Asset Funds (LTAFs) and private structures. Another is the subject of this piece: active Exchange Traded Funds (ETFs). An interesting recent development in the investment companies sector is the planned conversion of Middlefield Canadian Income […]
Our review of last month’s big risers and fallers shows how concerns about President Trump’s threat to the independence of the Federal Reserve exacerbated concerns over US inflationary pressures. This made August a good month for investment companies exposed to gold and Asia, but less kind for listed renewables and some growth funds as forecasts […]
You are invited to the annual Scottish Mortgage Digital Conference on 8th October 11am – 12:30pm. This year we explore how transformative change creates extraordinary growth opportunities. The agenda: Register here.
You are invited to the annual Scottish Mortgage Digital Conference on 8th October 11am – 12:30pm. This year we explore how transformative change creates extraordinary growth opportunities. The agenda: Register here.
Third Point Investors (TPOU) has received further criticism for not allowing shareholders a bigger exit ahead of its controversial reverse takeover of Malibu Life after a $136m (£101m) redemption offer was over-subscribed by more than two times. The Dan Loeb managed global hedge fund said over 9.5m shares were submitted for sale compared to the […]
More change at the £333m Japanese smaller companies trust looms following the appointment of a new fund manager in May as chair Jamie Skinner acknowledges the impatience of shareholders with its poor performance. The chair of Baillie Gifford Shin Nippon (BGS) has said its plans for a 15% tender offer if the Japanese smaller companies […]
VPC Specialty Lending Investments (VSL), a £46m loan fund in the midst of a lengthy wind-down, is seeking shareholder approval to ratify its oversight in failing to hold a five-yearly continuation vote at the AGM on 11 June. A general meeting has been called for 22 September to propose a resolution to release the fund […]
A welcome base rate cut in August did little to prevent another mauling in the real estate sector, with an average 3.7% share price fall over the month. Gilt yields, and the five-year swap rate that is closely followed by the sector, widened on persistent inflation and rising public debt. Consequently, just a handful of […]
Saba Capital, the activist hedge fund, has opened a 5% position in SDCL Efficiency Income (SEIT), a move that could see it apply pressure to the board of the £615m renewables fund ahead of a continuation vote in 12 months’ time. A stock exchange filing yesterday evening shows funds at Boaz Weinstein’s New York-based firm […]
Fidelity European, International Public Partnerships and BlackRock World Mining report half-year results; Abrdn UK Smaller Companies publishes annual results and a plan to change its name to Aberdeen; and the Competition and Markets Authority looks into the merger of Primary Health Properties and Assura. Fidelity European (FEV) underperformed by 4.7% in the first half of […]
BioPharma Credit (BPCR), one of four alternative income funds shortlisted in our Investors’ Choice Awards, has announced a $62.5m (£46.5m) five-year loan to a US drug company developing a treatment for a rare form of sexually transmitted disease. Precigen, a Maryland-based biotech specialising in difficult-to-treat conditions, has obtained a $125m secured loan from Pharmakion, the […]
Klarna, the Swedish credit provider, has revived plans for a $14bn (£10.5bn) flotation, raising hopes for Chrysalis (CHRY) which holds a 15% weighting to the global buy-now-pay-later firm. Shares in Chrysalis, a £600m pre-flotation private equity fund, rose over 1% today on hopes yesterday’s announcement of a New York listing may pave the way for […]
Janus Henderson, manager of Bankers (BNKR), the underperforming £1.3bn global investment trust, has appointed technology fund manager Richard Clode to run the bulk of its assets. Clode, manager of the £1.7bn Janus Henderson Global Technology Leaders fund for 11 years, will work as co-manager with Alex Crooke, the trust’s lead manager since 2003. After a […]
Alternative Income REIT’s dividend bears the impact of refinancing its debts on a higher interest rate; plus updates from Vietnam Holding, Oakley Capital Investments and Aurora UK Alpha. Bankers (BNKR) fund manager Janus Henderson has appointed Richard Clode, manager of its top quartile Global Technology Leaders fund as co-manager of the £1.3bn global equities investment […]
Fidelity Emerging Markets (FEML) has agreed to buy back the 25.7% legacy stake held by Strathclyde Pension Fund at a price 14% below net asset value (NAV). Given the £548m investment trust stands on about a 10% discount, that should lead to a 4% uplift to NAV per share, which analysts welcomed. On a poor […]
Caledonia Investments (CLDN) has agreed to sell its top holding in wealth manager Stonehage Fleming for around £288m in cash. The disposal of its six-year investment, which accounted for 7.5% of its £3bn global multi-equity portfolio, comes after Stonehage, multi-family investment office, sold its business to Miami-based Corient Private Wealth. Caledonia will receive £251m for […]
Rufus Darwall, son of European Opportunities Trust (EOT) fund manager Alexander Darwall, has increased his holding in the investment trust to 7.6% from 3.1%, a stock exchange filing shows. That leaves Darwall junior with a £32.8m stake in the £432m closed-end fund, an increase of £19.4m on the £13.4m position he previously held. That’s not […]
HarbourVest Global Private Equity commits money to the simpler seperately managed account announced in May; Value & Indexed Property offers an exit and investment opportunity; and updates from Custodian Property Income and Sirius Real Estate. Fidelity Emerging Markets (FEML) has agreed to buy back the 25.7% stake held by Strathclyde Pension Fund at a price […]
Listed private equity funds may not invest in quoted companies but they badly need the post-April recovery in public stock markets to continue if they’re going to see a rehabilitation in their own share prices, says broker Stifel. The first batch of half-year results from private equity funds last week confirmed a drop in realisations, […]
Gore Street Energy Storage makes the first of four new non-executive director appointments having survived a challenge to its board last month and Home REIT promises all its long-delayed accounts will be published this year. Plus news from RM Infrastructure Income, Great Portland Estates, Diverse Income, Downing Renewables & Infrastructure and Cordiant Digital Infrastructure. Gore […]
