HgCapital Trust (HGT) says its underlying investment return for the second quarter was 0.5%. However, the share price discount widened a little and, taking the first quarter’s falls into account, that left investors with a 4.9% drop in net asset value (NAV) in the first half of the year and a 24.9% slide in the […]
There were no surprises in embattled Alternative Income REIT‘s (AIRE) latest quarterly update. A quarterly return of 0.4% reflects a small (£340k) reduction in the valuation of the portfolio, but all its properties are let and all the tenants are paying rent. The board remain adamant in their rejection of the Glenstone offer and remain […]
If you read our recent note on Temple Bar (TMPL), you’ll have seen that we included a section entitled “Compelling UK valuation opportunity”. Below is one of the tables we used to back that up. As you can see, UK stocks are cheap relative to peers, and especially US stocks on a price to earnings […]
Qian Zhang, investment specialist, Baillie Gifford. Many Asia portfolios own the same household names. Baillie Gifford’s Qian Zhang explains why patient investors may find compelling opportunities not only in Asia’s index ‘dragons’, but also in the quieter ‘salamanders’ others miss. As with any investment, your capital is at risk. Asia had a strong year in 2025, and we […]
3i Group (III) extended its recovery from May lows with the £29bn private equity backer of Action, the European discount retailer, rallying just over 15% in July, following an 11.6% gain in June. RIT Capital Partners (RCP) benefited from a £300m tender offer that spurred shares in the Rothschild-backed global multi-asset fund 12% higher. Greencoat […]
Murray International (MYI), the £2.2bn investment trust flagship run by Aberdeen, delivered a 10.5% investment return in the first half of the year with shareholders receiving 9.9% as the shares saw their premium over net asset value dip to 2.4% from 3%. Although the half-year result underperformed the 12.4% increase in the MSCI ACWI High […]
RIT Capital Partners (RCP) continued to fire on all cylinders in the first half of the year, helped by an unrealised gain of £110m in the record $1.7trn SpaceX flotation. Interim results show the £3.2bn global multi-asset fund backed by the Rothschilds generated an underlying investment return of 9% in the six months to 30 […]
Tritax Big Box (BBOX) has raised £350m to fund two new data centres in Greater London after securing 235MW of grid connection agreements to power them. Launching the fund raise after the market closed last night, the £4.6bn real estate investment trust said the new developments would be “materially accretive” to earnings. However, the issue […]
Tetragon Financial Group (TFG), the £1bn hedge fund and alternative investments platform standing on a huge 69% discount to net asset value, has launched a $50m tender offer to let holders of its non-voting shares sell them between $12.75 and $14.75. The tender offer is expected to close on 3 September. The shares stand at $13.60 compared […]
Saba Capital has disclosed a stake of 5.1% in Unite Group (UTG), confirming reports last month that the activist hedge fund was building a position in the UK’s largest student accommodation provider. A filing today shows the US firm has just 0.08% in shares with 5% in total return swaps held across a range of […]
RM Funds, the 4.8% shareholder in Gore Street Energy Storage (GSF) that tapped into investor discontent over the investment trust last year, has signalled its intention to back Saba Capital in voting for the fund’s discontinuation next month. Pietro Nicholls, the VT RM Alternative Income fund manager who led RM Funds’ campaign for better governance […]
We regularly report launches of new active ETFs, many of which can have numerous share classes, but Amundi Asset Management has decided to de-list 26 of its ETF share classes in an attempt to improve liquidity in the remaining ones. The last day of trading in these will be 6 November 2026 and de-listng will […]
Target Healthcare (THRL) boss Kenneth MacKenzie says he is looking forward to Andy Burnham’s social care reforms after the new prime minister’s speech on the subject last week. MacKenzie, chief executive of Target Fund Managers, which runs the £1bn care home portfolio, said: “We note the prime minister’s recent social care plan speech and the […]
Seraphim Space (SSIT) says space start-ups raised approximately $7.5bn across 141 venture deals during the second quarter of 2026. Its research, which features in the investment trust’s latest newsletter, found that investment remained close to record levels, with SpaceX’s IPO helping to broaden investor interest. James Carthew, head of investment company research at QuotedData, said: […]
Pantheon International (PIN) plans to offload more fund holdings as it repositions its £2.1bn private equity portfolio towards direct investments and continues to return capital to shareholders. In annual results today Pantheon partner and PIN’s lead manager Charlotte Morris indicated that the £224m ($300m) of fund stakes sold in May was the first of a […]
Asset Value Investors, the investment trust manager and activist investor, has sold its business to Pacific Asset Management. Joe Bauernfreund, chief executive and lead manager of AVI Global (AGT) and AVI Japan Opportunity (AJOT), said London-based PAM, which manages £18.4bn, would provide a platform for AVI’s growth. Established 41 years ago, AVI has £2.1bn of […]
Seraphim Space (SSIT) has invested over £21m of the £137m it raised in a C-share (SSIC) issue in May, ploughing more money into two companies it already holds in the portfolio: Pixxel, the Indian satellite constellation operator, has received a follow-on investment of $25m (£18.6m); and Zeno Power, the US nuclear battery technology provider, a […]
Gore Street Energy Storage (GSF) has said it will put forward two continuation votes requisitioned by Saba Capital last week for its AGM on 16 September. In a short update, the battery fund said, although it was not “obliged” to proceed with the resolutions as drafted by the activist hedge fund holding 17% of its […]
SEGRO (SGRO) has accepted the improved £14bn bid from Prologis offering the warehouse developer’s shareholders 258p cash per share and 0.0690 new Prologis shares per share. That maintains the same 1,054.3p per share Prologis offered on 22 July. Our view Richard Williams, senior analyst at QuotedData, said: “As expected, Prologis has firmed up its offer […]
Caledonia Investments (CLDN) has invested £49.5m for a majority stake in Conquip Engineering Group, a Hampshire-based construction company and infrastructure services provider. The £2bn flexible investment company has bought 61% of the family-owned business which brothers Daniel and George Critchley will continue to lead and reinvest alongside Caledonia. Founded in 2003, Conquip employs 250 people […]
Allianz Technology (ATT) delivered a “very strong” 44.6% underlying return in the first half of the year with the £2.2bn investment trust smashing its Dow Jones World Technology index benchmark’s 25.8%. Interim results showed shareholders’ total return was 42.7% from positions linked to the artificial intelligence (AI) infrastructure boom as the share price discount widened […]
F&C (FCIT) managed to keep up with the FTSE All-World index in the first half of the year despite being underweight to soaring semiconductor and memory-related stocks. The £6.2bn FTSE 100-listed investment trust, the UK’s oldest, made a 12.4% total investment return in the six months to 30 June, just behind the benchmark’s 12.6%, although […]
Octopus Renewables Infrastructure’s (ORIT) net asset value (NAV) fell 5.8% in the second quarter after the £329m investment trust cut its long-term forecasts for onshore wind generation by 10%. Fund managers David Bird and Chris Gaydon said a review of the maturing onshore wind farms that account for 57% of ORIT’s seven-year-old portfolio had replaced […]
Worldwide Healthcare Trust (WWH) fund manager Sven Borho has stepped down with immediate effect. The OrbiMed partner, who helps lead the New York firm’s public equity team and emerging markets teams, has been involved in the £1.3bn listed fund since its launch in 1995, although he did not become a named manager until 2013. Borho, […]
GCP Infrastructure (GCP) has repaid its revolving credit facility on which it had drawn £24m at 30 June following the £40m debt refinancing of its ground-mounted solar photovoltaic projects and £13m from the sale of an anaerobic digestion plant in Northern Island and two onshore wind assets at Winscales Moor and Burton Wold. James Carthew, […]
It is all too well known that the investment trust sector faces significant headwinds. Therefore, getting a new generation of investors interested in trusts is clearly important. It is in this context that the Association of Investment Companies (AIC) is stepping up its efforts, this week announcing the appointment of the marketing and advertising agency […]
To build a dynamic investment portfolio fit for the future, investors need to align themselves with areas of compelling structural growth. We believe that there are compelling growth opportunities to be found in the world’s emerging markets, where we see a confluence of positive drivers, from several structural and cyclical growth trends to a robust […]
Gore Street Energy Storage (GSF), the £235m battery fund that shocked investors with a 27% fall in net asset value in its annual results this month, has received a requisition notice from activist hedge fund Saba Capital. In a short statement yesterday evening, GSF said Saba, which this week lifted its stake to 17%, had […]
The market’s concentration around artificial intelligence (AI) stocks continues to challenge Alliance Witan (ALW). Extending a trend from the previous two years, the £4.9bn FTSE 100 constituent said its diversified multi-manager portfolio underperformed in the first half of the year, returning 7% against the 12.7% total return from the MSCI All Country World index. Alliance […]
LondonMetric (LMP) and Schroder Real Estate (SREI) have finalised their recommended all-share bid for Picton Property Income (PCTN). As announced in the revised offer this month, PCTN shareholders will receive 0.190 LMP and 0.894 SREI shares per PCTN share, currently worth 78.7p, an 8.2% discount to the net asset value at 30 June. The 20-year-old […]
