JPMorgan European Discovery has published results for the 12 months ended 31 March 2025. The trust beat its MSCI Europe ex UK Small cap benchmark, returning 2.9% to the index’s 1.3%. A narrowing of the discount from 10.6% to 7.3% meant that shareholders got a return of 7.0%. During the year, the company repurchased 14,660,188 […]
Syncona’s board is planning to offer shareholders a vote on a change of investment policy. The proposal is for an orderly realisation of its assets. The aim will be to return cash to shareholders in a timely manner while maximising value. A new capital allocation policy would allow the company to support existing portfolio companies […]
JPMorgan Core Real Assets has now fully redeemed its holding in the Mezzanine Debt Strategy and the majority of its holding in the Infrastructure Strategy. That equates to about 29.3% of its end November 2024 NAV. The board observes that the first five months of 2025 have been an exceptionally volatile period for all financial […]
Following the approval of its managed wind down in February 2025, Schroder Capital Global Innovation is ready to start handing back some money to shareholders. With the cash that the trust already had, the realisation of Araris Biotech in April and an anticipated partial realisation of the company’s interests in AI Company II, there is […]
In a blow to Janus Henderson, the board of Henderson European has announced that it is proposing a combination with Fidelity European, creating a trust with net assets of about £2.1bn. The enlarged trust would be managed by Fidelity’s existing team of Sam Morse and Marcel Stötzel. The decision follows the shock resignation of the […]
NextEnergy Solar Fund says it is shifting the way that its fee is calculated from being based entirely on NAV to being based on 50% NAV and 50% market cap. This is a model that has been adopted by others in the renewable energy sector. The fee remains 1% on the first £200m, 0.9% on […]
In QuotedData’s morning briefing 19 June 2025: UIL has a larger borrowing facility, Vietnam Enterprise saw a big vote in favour of a wind up of the trust, Temple Bar has two new directors, and Partners Private Equity has made a profitable disposal. We also have: Did you see from yesterday?
European Opportunities Trust (EOT) has announced the results of its 25% tender offer, initially announced in February 2025 (click here to see our coverage of that), saying that it received applications for 29,961,689 shares – 9,938,378 relating to the basic entitlement and 20,023,311 that were excess applications – around 1.93x the number of shares that […]
Personal Assets Trust (PNL) has released its annual results for the year ended 30 April 2025, reporting a NAV total return of 7.5%, which it says is in line with the All-Share Index. Shareholders saw a total return of 7.4%, with the share price ending the year at 511p. Despite elevated volatility across global markets, […]
Rockwood Strategic (RKW) has reported another impressive set of results for the year to 31 March 2025, delivering a NAV total return of 21.0%, materially outperforming both the AIM All-Share (down 8.2%) and the FTSE Small Cap ex-IT index (up 3.4%). The company’s share price total return for the period was 20.8%, as shares continued […]
In a wide-ranging update, Gore Street Energy Storage Fund (GSF) has announced a material overhaul of its fee arrangements with investment manager Gore Street Investment Management, following a recent shareholder consultation. Effective 1 October 2025, the management fee will be reduced and calculated on a blended basis – 1% per annum of the average of […]
MIGO Opportunities Trust has announced that long-serving co-manager Nick Greenwood will step back from portfolio management after over 20 years at the helm. Charlotte Cuthbertson, already co-manager, will now be joined by Tom Treanor, Asset Value Investors (AVI’s) head of research (both pictured), effective 18 June 2025. Nick will remain at AVI as a consultant. […]
In QuotedData’s morning briefing 18 June 2025, Capital Gearing is holding an retail investor presentation, Augmentum Fintech has published additional information for its upcoming capital markets day, BBGI is delisting on 19 June, Residential Secure Income has published interims, and Derwent London has completed a lease extension and expansion. We also have: Stories you may […]
The boards of directors of Hansa Investment Company and Ocean Wilsons Holdings have reached preliminary agreement on the key terms of a possible all-share combination of Hansa and Ocean Wilsons, under which Hansa would acquire the entire issued and to be issued share capital of Ocean Wilsons. Hansa has held a strategic stake in Ocean […]
Montanaro UK Smaller Companies has announced results covering the 12 month period that ended on 31 March 2025. Over the period, the NAV total return for the trust was -6.9%. That compares to -0.4% for the Numis Smaller Companies ex Investment Companies plus AIM Index or 2.3% for the same index but excluding AIM companies. […]
Polar Capital Global Financials says that, in its latest five-yearly tender offer, 132,912,988 shares were validly tendered or 43.83% of the shares in issue. That means that the trust is more than large enough to continue for at least another five years. Simon Cordery (chair of the company) commented: “Retaining close to 60% of the […]
In QuotedData’s morning briefing 17 June 2025: we see the return of the vowels at abrdn Equity Income, an investor presentation for Ecofin Global Utilities and Infrastructure, and confirmation that the bid for Harmony Energy Income is complete We also have: Did you see from yesterday?
NextEnergy Solar Fund (NESF) has published its latest Sustainability and ESG Report for the year ended 31 March 2025. The report highlights the fund’s continued focus on environmental integrity, biodiversity protection, responsible supply chains and climate resilience, reaffirming its position as a highly engaged ESG investor in the UK-listed renewable infrastructure space. NESF has maintained […]
NextEnergy Solar Fund (NESF) has released its annual results for the year ended 31 March 2025. The fund, which specialises in solar and energy storage assets, faced macroeconomic headwinds and lower power prices, contributing to a fall in NAV, but continues to deliver an attractive dividend and is making progress on strategic initiatives aimed at […]
Utilico Emerging Markets (UEM) has reported its annual results for the year to 31 March 2025. The trust, which invests in infrastructure and utilities across emerging markets, delivered a net asset value (NAV) total return of -2.9% over the year, lagging the MSCI Emerging Markets Index return, which returned 5.7%. UEM’s share price total return […]
In QuotedData’s morning briefing 16 June 2025, EPE Special Opportunities intends to extend the maturity date of its 8% loan notes by a year, a director of Caledonia has received and sold shares back to its employee share trust, Bellevue Healthcare has been granted permission to repurchase shares, Seraphim Space will be taking part in […]
Boards get proactive as discounts retreat and investors return Ahead of our 2025 Investment Trust Forum, I thought it might be worth looking at the state of the London-listed companies market. The message that I want to leave you with is that the outlook for the sector is pretty good. However, I am aware that […]
Lindsell Train Investment Trust (LTIT) has published its results for the year to 31 March 2025. While the trust’s net asset value (NAV) total return fell by -2.2% over the period, its share price rose 9.0% as the discount to NAV narrowed significantly from 22.0% to 14.1%. This was in contrast to a 4.8% total […]
Baillie Gifford UK Growth Trust (BGUK) has released results for the year to 30 April 2025, showing a NAV total return of 7.1%, slightly behind the 7.5% return from the All-Share Index. However, the trust’s share price total return was notably stronger at 13.6%, helped by a narrowing of the discount from 15.3% to 10.5% […]
Primary Health Properties (PHP) has hit back in the battle for Assura stating that a merger of the two healthcare specialists was a highly compelling proposition for both sets of shareholders. This follows Assura board’s recommendation of an improved offer for the company from private equity groups KKR and Stonepeak valuing the company at £1,696m, […]
Pantheon International (PIN) has announced that Helen Steers MBE, co-lead manager and Partner at Pantheon, will retire at the end of 2025, completing the trust’s long-planned succession process. Steers, who has been with Pantheon for 21 years and has led PIN since 2015, will step back following a distinguished 30-plus year career in private markets. […]
Lindsell Train Investment Trust (LTI) has announced plans for a 100-for-1 share split, subject to shareholder approval at its upcoming AGM on 11 September 2025. The move is aimed at improving share liquidity and making the trust more accessible to monthly savers, dividend reinvestors, and those investing smaller amounts. To give this context, LTI’s closing […]
In QuotedData’s morning briefing 13 June 2025, we have interim results from AVI Global and River UK Micro Cap, a new director for Polar Capital Global Healthcare and updated long-term data from Syncona’s Autolus Therapeutics. We also have: Stories you may have missed from yesterday:
Custodian Property Income REIT said that it expects its share price to re-rate back towards NAV, after the company delivered strong earnings growth over the year to 31 March 2025. In annual results, the company posted a 4.9% uplift in EPRA earnings to 6.1p per share, fully covering its dividend of 6.0p (which was up […]
GCP Infrastructure’s interim figures for the six months ended 31 March 2025 show a fall in NAV of 5.3p. This was driven largely by a reassessment of the long-term availability of its anaerobic digestion portfolio (biomethane to grid anaerobic digestion projects and a waste wood power station), which took off 2.87p, and lower than forecast […]
