F&C fund manager says speculation about the end of American exceptionalism is wide of the mark as investment trust reports a flat first half after a comparatively tough time for both the US dollar and stockmarket. F&C (FCIT) made no headway at all in the first half of the year but the UK’s oldest investment […]

Also, Alliance Witan underperforms during a volatile first half, HydrogenOne Capital Growth changes name for its wind-down, Starwood European Real Estate Finance takes a second write-down on loans in Dublin and proxy vote adviser ISS backs Maven Renovar VCT in its fight with former fund manager. TRIG’s net asset value falls 4% Renewables Infrastructure Group […]

“Marketing is key,” declares outgoing chair John Singer after another year in which the private equity fund’s share price has not reflected the performance of its portfolio. Pantheon International (PIN) is pinning its hopes on a marketing offensive to bring investors into the £1.5bn listed private equity fund after another year in which its share […]

Chrysalis (CHRY) has jumped to a three-year high after the growth capital fund underlined the strength of its recovery with a 13.7% second quarter increase driven by a dramatic 42% hike in the value of Starling bank. Shares in the £582m investment company, which invests in companies preparing to float on the stock market, leaped […]

SDCL Efficiency Income sells a small US asset at a big premium, hoping that impresses shareholders given the wide share price discount, but investors in Abrdn European Logistics have to stomach a loss on its disposal of a portfolio in Spain. SDCL Efficiency Income Trust (SEIT) has sold its convertible loan in ON Energy to […]

Greencoat UK Wind (UKW) has made three disposals to raise £181m after a difficult first half left the UK’s largest listed renewables fund in breach of its 40% borrowing limit. Declining power price forecasts and low wind generation knocked 5.2% from the £3.3bn portfolio’s net asset value, reducing NAV per share at 30 June to […]

Oakley Capital Investments (OCI), a top-performing listed private equity fund, will be easier for investors to buy after the company announced its imminent move to the London Stock Exchange’s official list. The £924m company, which invests solely in the private equity funds of Oakley Capital, has been listed on the LSE’s specialist funds segment for […]

Update: HydrogenOne Capital Growth (HGEN) is to wind down and return what is left of shareholders’ money in the green energy fund after four difficult years. The company, whose shares have lost three quarters of their value since 2021 and languish 70% below net asset value, has appointed Redwheel, the trading name of RWC Asset […]

Gore Street Energy Storage (GSF) has unveiled its strategic review, announcing plans to sell 8% of assets to upgrade the remaining portfolio and increase revenues as it looks to win back shareholders after last week’s dividend cut and head off a challenge to its board. The £314m battery fund said it would seek buyers or […]

JPMorgan Global Growth & Income co-manager Tim Woodhouse steps down and Greencoat UK Wind reports a 4.4% fall in the portfolio and sells £181m of assets. JPMorgan Global Growth & Income (JGGI) co-manager Tim Woodhouse is stepping down to take a new job at JPMorgan Asset Management, leaving Helge Skibeli and James Cook in charge […]

Update: Share price performance figures and yields in this article have been corrected and updated to 31 July. Apax Partners’ cash bid for Apax Global Alpha may not be the catalyst for an immediate, sector-wide narrowing of listed private equity fund, say fund managers, but be in no doubt, ultra-wide share price discounts of 30%-40% […]

Gresham House Energy Storage (GRID) has announced a third long-term floor pricing agreement with EDF Energy to underpin the battery fund’s revenues and secure refinancing for its three-year recovery plan.  The 10-year contract with EDF Energy is at the same floor level in £/MW terms as the deals announced with Statkraft Markets and Markel Bermuda […]

Positive property news with results from Unite and Shaftesbury Capital and an office disposal by Derwent London, while Schroder British Opportunities details its plan to focus on private equity. Shaftesbury Capital (SHC), the real estate investment trust focused on London’s West End, has entered the second half of the year with “strong momentum” after a […]

Former Ruffer Investment Companies (RICA) fund manager Duncan MacInnes is joining Aberforth Partners, the Edinburgh-based UK smaller companies specialist. In doing so he has added his voice to those calling out a turning point in the depressed sector’s fortunes. MacInnes left Ruffer in February, a month after its flagship RICA investment company formally reported a […]

The Association of Investment Companies (AIC) has accused the government of a contradictory approach to the UK’s £262bn listed closed-end funds sector after excluding its members from the Pension Schemes Bill. The new bill will empower the government to force pension schemes to invest some of their portfolios in private assets, but as currently drafted […]

Life Science REIT (LABS) has received “significant amount of interest” from potential buyers but warned its real estate portfolio fell by nearly 11% in the first half.  The “Golden Triangle” property investor put itself up for sale in March as part of a strategic review launched in response to the wide discount the shares have […]

Aquila European Renewables slides 12% as preferred bidder cuts the value of its bid and board pauses sales process, and CVC Income and Growth changes the master fund it feeds into. Aquila European Renewables (AERI) shares slide 12% to 54 euro cents as its board “pauses” the sale of the company after its preferred bidder […]

Literacy Capital (BOOK), the UK-focused, smaller company private equity fund, has cut its stake in its second largest investment, Velociti Solutions, a transaction that enables a £6m return of capital to shareholders and, equally important, validates the valuation of a portfolio stuck on a double-digit discount.  Literacy, named after the reading charity it supports, said […]

Update: Winterflood, the investment company broker and market maker, has been sold to Marex, a US Nasdaq-listed commodoties trading platform, for £103.9m cash. Although not well known in the UK, market observers had spotted Marex’s potential interest in the inevestment trust sector, given Angelo Sofocleous, a former Cantor Fitgerald boss, has worked for the company […]

Law Debenture (LWDB) smashed the UK stock market rally in the first half of the year with its investments and professional services businesses both firing on most cylinders.  Interim results today showed the £1.3bn UK equity income trust made a 15% underlying return in the six months to 30 June, beating the 9.1% advance in […]

GCP Infrastructure reduces its debts with the settlement of an audit dispute and International Public Partnerships declares its first ever quarterly dividend. GCP Infrastructure (GCP) has settled a contractual dispute relating to the audits of the accreditation of a solar portfolio under the renewables obligation certification regime. Terms are confidential but the £667m company will […]

Investors holding more than two thirds of Schroders Capital Global Innovation applied to sell their shares in this month’s tender offer. The £37m tender offer of Schroders Capital Global Innovation (INOV) was oversubscribed by more than three times as investors leaped at the chance to exit the former Woodford Patient Capital Trust at asset value. […]

Update: Third Point Investors reverses yesterday’s gains as shareholders owning 14% of the hedge fund, including Asset Value Investors and Evelyn Partners, join forces to oppose its transformation plan. Angry investors holding 14% of Third Point Investors (TPOU) have formed an action group to oppose the hedge fund’s controversial plan to transform itself into a […]

Peter Spiller, lead manager of Capital Gearing Trust (CGT), has warned of the increasing risk of a gilt market crisis to force the UK government to curb spending. Labour’s recent failure to pass proposed cuts in personal independence benefit payments is a blow to the prime minister and chancellor’s plan to free up investment spending […]

Caledonia Investments confirms its 10-for-one share split will take place tomorrow and Cordiant Digital Infrastructure shares part of its Datacenter investment with a sister fund. Plus updates from AEW UK REIT, Onward Opportunities and GCP Asset Backed Income. Caledonia Investments (CLDN) confirms its 10-for-one share split will take place tomorrow. Cordiant Digital Infrastructure (CORD) confirms […]

Brunner (BUT) fund managers have apologised after UnitedHealth, the US insurer that was their second biggest holding eight months ago, crashed on fears of a Trump clampdown on the business.  Shares in UnitedHealth (UNH.O) have plunged 43% this year, prompting Julian Bishop and Christian Schneider of Allianz Global Investors to dump what had been a […]

Global technology trust saw costs surge in the first half of the year as a result of the attempt to seize control of its board by activist hedge fund Saba Capital. Herald (HRI) investment trust spent nearly £750,000 defending itself against the attempted takeover by Saba Capital earlier this year, interim results show.  Administrative expenses […]

CT Global Managed Portfolio cuts its management fee to boost marketing ahead of the retirement of fund manager Peter Hewitt, and activists raise their stakes in Schroder British Opportunities and Gore Street Energy Storage. CT Global Managed Portfolio Trust, which has separate growth (CMPG) and income (CMPI) portfolios, has negotiated a £135,000 cut in its […]