A good number of real estate investment trusts made headway in July despite mounting macroeconomic uncertainty weighing on the sector which, after a strong first half of the year, was down 2.6% on average. Best performing real estate shares   (%) Sirius Real Estate 6.8 International Workplace Group 6.0 Value & Indexed Property Income Trust […]

Three months after activist Saba Capital appeared with a 5.7% stake, the £445m infrastructure investor announces a package of shareholder-friendly measures. Utilico Emerging Markets (UEM), the £445m infrastructure and utilities investor in which activist Saba Capital recently emerged with a stake, is to bring forward its continuation vote as part of a new five-year performance-related […]

Board puts £164m mid-cap healthcare fund in play as a possible merger candidate after a difficult half-year adds to its performance woes. Bellevue Healthcare Trust (BBH) has announced a strategic review of its future options after posting another half-year of underperformance. In the six months to 31 May, net asset value (NAV) of the mid-cap […]

Update: Smithson, the £1.7bn global smaller companies trust, has begun to claw back some of the losses of the last four years, with fund manager Simon Barnard lifting the US to more than half of the portfolio. Smithson (SSON) has bought back over a third of its shares in the past three years as the […]

Our daily roundup includes results and updates from Tritax Big Box, Impax Environmental Markets and Target Healthcare. GRID signs last “floor” agreement Gresham House Energy Storage Fund (GRID) says the revenue “floor” deals it has arranged in the past month will increase the proportion of revenues it pays to insurers and counterparties from 6% to […]

The Financial Conduct Authority bans former star fund manager from running retail funds or holding senior management roles in the City and imposes a £40m fine on his former business Woodford Investment Management. The £5.9m penalty for Woodford and a £40m fine for his former business Woodford Investment Management (WIM) comes six years after the […]

Scottish American (SAIN), the £866m global equity income investment trust managed by Baillie Gifford, has offered itself as an “island of sanity in the eye of the storm” after providing a positive half-year return during the market turmoil over US tariffs. The company, nick-named “Saints”, grew net asset value by 1.1% in the first six […]

Aquila European Renewables posts a 12.1% slump in net asset value a week after pausing its sale process, Hiren Dasani reunites with Ashoka founder Prashant Khemka from Goldman Sachs and Mobius says emerging markets could shine as US falters. Aquila assets plunge 12.1% in June quarter Aquila European Renewables (AERI), the winding-down company that “paused” […]

The market was waiting for bad news from Renewables Infrastructure Group (TRIG) which in an unscheduled update unveiled a 4% first half drop in net asset value (NAV) on Friday following rival Greencoat UK Wind UKW) posting a 4.4% decline last Wednesday. Still there was plenty in the trading update, which preceded the release of […]

Also, HgCapital reports flat first half with its valuation hit by volatile markets, Octopus Renewables’s net asset value dented by a writedown of its stake in a developer, Oakley Capital Investments announces £22m new investment, VH Global Energy Infrastructure switches on new asset in New South Wales and BlackRock Throgmorton and BlackRock Energy Resources Income […]

A quiet financial revolution is reshaping how money moves globally, from infrastructure to customer experience. At Scottish Mortgage, we’re backing innovators like Stripe, Revolut and Nubank, who are transforming finance through technology. As with any investment, your capital is at risk.  From São Paulo to Singapore, a quiet financial revolution is underway. It’s not always […]

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 […]