Finsbury Growth & Income (FGT), the underperforming UK equity income trust run by Nick Train, had a “challenging” September with net asset value (NAV) and the share price falling 7.9% and 7.8% against a 1.9% decline in the FTSE All-Share index. Despite that, both NAV and shares outperformed in the third quarter with respective gains […]
European investors have poured $12.3bn into unhedged Japanese equity ETFs so far this year, signalling a striking shift in attitudes towards the yen as demand for exposure to Japan’s stock market accelerates. The figure represents 82% of the $14.9bn in net inflows recorded by Japan-focused UCITS ETFs during the eight months to the end of […]
Updated with comments from fund manager Mark Boggett. Seraphim Space (SSIT) has declared 2025/26 a “watershed” year after the portfolio of mostly private space technology companies more than doubled with a 39.7% gain in the fourth quarter rounding off an exceptional 12 months. Annual results show net asset value (NAV) per share increased by 102.9% […]
Mercantile (MRC), the £1.7bn UK mid-cap investment trust run by JP Morgan, is parting company with Anthony Lynch, its co-manager for 14 years. Lynch will step down at the end of the month to take up “new responsibilities” at JPMorgan Asset Management. Manasij (“Manny”) Hajra, co-manager of the JPM UK Equity Growth open-ended fund, will […]
Workspace Group (WKP), the flexible office provider that in July beat off an attempt by activist Saba Capital to replace its board, says the additional £100m of disposals it identified in its defence strategy will not be achieved by its original timetable of March 2027. Charlie Green, the chief executive appointed eight months ago, said […]
Systematic investment strategies are attracting almost twice as much money as traditional discretionary stock pickers in Europe’s rapidly expanding active equity ETF market, according to new figures from Morningstar. Systematic active equity ETFs attracted €12bn of net inflows during the first nine months of 2026, compared with €6.7bn for discretionary strategies. Systematic funds use quantitative […]
Octopus Renewables Infrastructure (ORIT) has committed £34.6m to the purchase and construction of a solar park in West Yorkshire as the 10%-yielder looks for growth investments to boost its annual returns under last year’s five-year plan. Bought from OnPath Energy, a leading onshore solar developer, the 55 MWp Barnsdale Solar Park is expected to generate […]
A trading update from Schroder Real Estate (SREI) shows the real estate investment trust has completed nine new lettings over the past two months as its joint acquisition of Picton Property completed. Although SREI will not comment in detail on the impact of the £404m all-share bid with LondonMetric (LMP) that completed on 11 September […]
Vietnam Holding (VNH), the £60m investment company managed by Dynam Capital, saw 14.7% of its shares tendered in its third annual redemption facility. Shareholders who sold will receive 371.45p per share with payments expected to be made around 21 October. This will leave the company with 15.7m shares in issue with a further 1.1m held […]
Scottish Oriental Smaller Companies (SST) has scrapped plans for a 25% tender offer and launched a strategic review that could see it merge with a rival. Following consultation with some of its largest shareholders, the biggest of which is discount hunter City of London Investment Management with a 17% stake, the £315m Asia small-cap trust […]
Lindsell Train (LTI) believes its shareholders have demonstrated “continued confidence” in the investment trust after a 20% tender offer was over-subscribed with 32.5% of shares put up for sale. Nearly 6.5m shares were validly tendered in the offer announced last month and approved by shareholders last Thursday, giving them the chance to sell shares at […]
Baillie Gifford US Growth (USA) has received a significant boost in its AGM battle with Saba Capital after the three leading, independent proxy vote advisers supported its position in the crucial vote. The £1bn investment trust said Glass Lewis, ISS and PIRC, which institutional investors use to advise them on company votes, had all recommended […]
Literacy Capital (BOOK) has sold its minority stake in Cubo Work back to the majority shareholder of the office and co-working space provider. Financial terms have not been disclosed but Richard Pindar, chief executive of BOOK’s fund manager, said the outcome was a bit better than its warning at the start of this month that […]
Achilles (AIC), the investment company activist launched by Robert Naylor and Chris Mills after their salvaging of shareholder returns at Hipgnosis Songs two years ago, is preparing for a second round of campaigns to revive its share price and invest a cash pile that stood at nearly £17m in June. The company’s maiden annual report […]
Saba Capital has disclosed a new 5% stake in Neuberger Private Equity Partners (NBPE), increasing pressure on the £560m investment company to narrow its 28% share price discount. The filing to the London Stock Exchange on Friday is the first time the activist hedge fund has formally stated its position, although its £38.7m Saba Capital […]
Gore Street Energy Storage Fund (GSF), the £247m battery fund that last month survived a wind-down vote proposed by activist Saba Capital, has announced a two-year tolling agreement on its three Texas projects with Canada’s MAG Energy Solutions (MAG). From 19 October, MAG will manage the bidding, scheduling and dispatch of GFS’ Snyder, Sweetwater, and […]
As government bond yields have been rising, investors have re-embraced the comfort blanket of AI stocks. However, there is an increasing sense that a lot is resting on the success of AI adoption – and that may not be a slam-dunk. There are a number of global fund managers actively seeking out alternative sources of […]
Interview with Tye Bousada from EdgePoint Techtronic is a leading manufacturer of power tools and equipment, with well-known brands including Milwaukee, Ryobi and Hoover. EdgePoint’s Tye Bousada believes the company is well positioned to benefit from the shift from corded to cordless tools, where it is the market leader, while its focus on specialist, efficiency-enhancing […]
JPMorgan Global Growth & Income (JGGI) has unveiled a second year of underperformance with chair James Macpherson saying its fund managers had “underestimated the scale and market impact of the AI investment boom”. JP Morgan portfolio managers Helge Skibeli, who will retire in 2028, James Cook and Sam Witherow admitted the year to 30 June […]
Seraphim Space (SSIT) says Xona Space Systems has jumped to become its second biggest investment after a fund raising earlier this year added £52.2m to the valuation of the Californian company developing a constellation of low-orbit satellites. Seraphim invested $15m (£11.3m) from the £137m it raised in a C-share issue in May as part of […]
Baillie Gifford US Growth (USA) is urging its 13,000 private investors to vote as soon as they can to protect the investment trust from being taken over by its largest shareholder, Saba Capital. The £1bn investment company faces its third “existential” challenge from the hostile hedge fund. The US firm owns nearly 30% of the […]
Baker Steel Resources Trust (BSRT), the £142m mining fund whose shares have rallied 94% in the past year, saw its net asset value (NAV) per share fall by 8.3p, or 4.6%, to 172.4p in September. This was largely due to decreases in the listed share prices of Tungsten West and Blue Moon Metals. At 132p […]
A “resilient” first half performance saw ICG Enterprise Trust (ICGT) post a 3.3% total investment return in the six months to 31 July. At a time when markets are gripped by the rapid rollout of artificial intelligence and unnerved by rising inflation and government debts, the £1.3bn private equity portfolio said its growth was driven […]
Partners Group Private Equity (PEY) has entered a managed wind-down after 99.9% of shares voted at yesterday’s extraordinary general meeting were in favour of realising all the assets of the £457m investment company. The vote on turnout of just over 62% follows the decision of 74.1% of shareholders to choose to exit through a new […]
Fidelity International recorded net outflows from its active ETFs in the third quarter of 2026, bucking a wider trend that saw billions of dollars pour into rival products across Europe. European active ETFs attracted $13.1bn of net inflows between July and September, according to ETFBOOK data reported by ETF Stream. Equity strategies accounted for $9.5bn […]
Xtrackers is seeking shareholder approval for a wholesale overhaul of one of its smallest US equity ETFs, replacing a minimum-volatility strategy with exposure to American small- and mid-cap companies. The Xtrackers MSCI USA Minimum Volatility UCITS ETF currently tracks an MSCI index of large- and mid-cap US companies selected and weighted to reduce volatility. Under […]
Ashoka India Equity (AIE) has asked shareholders to overlook the “minor setback” of a 5.9% fall in net asset value after a difficult year exacerbated by high energy prices caused by the US-led war on Iran. The £416m investment trust outperformed the MSCI India index which fell 8.5% in the 12 months to 30 June […]
CG Asset Management has promoted portfolio manager Emma Moriarty to the investment team on its £802m flagship Capital Gearing Trust (CGT). Moriarty (above), a former senior economist at the Bank of England, will become a co-manager of the multi-asset, capital preservation fund alongside CGAM’s founder Peter Spiller and co-chief investment officer Chris Clothier. This will […]
Update: Brown Advisory US Smaller Companies (BASC) has decided to call it a day and offer shareholders a rollover into rival JPMorgan US Smaller Companies (JUSC). Concluding a strategic review that he revealed in July, chair Stephen White said shareholders would also have the option of an uncapped cash exit at 99.25% of net asset […]
Saba Capital has increased its position in Grainger (GRI), the £1.2bn residential landlord, to 9.2% from 8.9%. The activist hedge fund first disclosed a stake of 5% in June in the build-to-rent developer. Mike Ashley, founder of Frasers (FRAS), the Sports Direct owner, bought 4.2% in May. Onward Opportunities (ONWD), the £57m UK smaller companies trust […]
