Golden Prospect Precious Metals (GPM) has agreed heads of terms to appoint Baker Steel Capital Managers as its new investment manager and AIFM, opting not to follow its former portfolio managers to Tufton Investment Management. The appointment is expected to take effect during the third quarter of 2026. Baker Steel’s Mark Burridge and Trevor Steel […]

It has been reported that ISS, the proxy advisory firm that provides independent research and voting recommendations to institutional investors, has recommended that shareholders vote against the re-election of two of Workspace Group’s (WKP’s) incumbent non-executive directors, Nick Mackenzie and David Stevenson, and instead vote in favour of the appointment of two new non-executive directors […]

Workspace (WKP) has blasted the latest proposals for its turnaround from Saba Capital, its second largest investor, as “high-risk, short-sighted and not suitable” for the flexible office provider. Responding to the latest materials posted this week by 28% shareholder Saba on its makeworskpacework.co.uk website, Workspace said the activist hedge fund’s revision to its original plan […]

Foresight Environmental Infrastructure (FGEN) fund manager Chris Tanner is passing on the reins to co-managers Ed Mountney and Charlie Wright as he prepares to start a new role at Foresight Group. Tanner was instrumental in the launch of JLEN in 2014, the former John Laing Environmental Assets, joining Foresight (FSG) in 2019 when it bought […]

SEGRO (SGRO) has reiterated its rejection of last month’s all-share bid approach from Prologis of the US after posting a “significant” first half rise in new rent to £53m from £31m a year ago. Having achieved a 44% uplift on rent reviews, renewals and regears in the UK in the six months to 30 June, chief […]

Seraphim Space (SSIT) has crystallised a gain on its stake in ALL.SPACE, albeit a bit less less than it first expected from the sale of the UK satellite communications company that was previously its second biggest holding. Under the terms of the $355m cash and equity acquisition of ALL.SPACE agreed by US defence group York […]

Amundi is set to convert one of its disruptive technology ETFs into a memory chips strategy, as asset managers continue to build products around the infrastructure behind artificial intelligence. The Amundi MSCI Disruptive Technology UCITS ETF will be renamed the Amundi Global Memory Chips UCITS ETF from 17 July 2026. The fund will also switch […]

Saba Capital has doubled its holding in HarbourVest Global Private Equity (HVPE) to 10%, strengthening its position ahead of next week’s continuation vote. A stock market filing today showed the US activist hedge fund, which has proved a hostile shareholder in trusts such as Edinburgh Worldwide (EWI) and Impax Environmental Markets (IEM), lifted its HVPE […]

RIT Capital Partners (RCP) is slimming down with a tender offer that will see the £3.1bn global multi-asset fund buy up to £300m of its shares at a 15% discount, a move that will boost net asset value (NAV) as its stock currently trades 24% below NAV. The Rothschild family-backed trust said money to buy […]

Brown Advisory US Smaller Companies (BASC) is considering offering a “significant cash exit” to shareholders before its three-yearly continuation vote at the annual general meeting in November. The £177m company, whose board is led by chair Stephen White, revealed it was in the midst of a strategic review but clarified this was unlikely to lead […]

Herald (HRI) says its 66% tender offer to get hostile shareholder Saba Capital off its register was 5.9% undersubscribed. Excluding the US activist hedge fund – which is selling its 30.7% stake in return for a share of the portfolio – index trackers and other short-term traders, Herald estimates just 10% of long-term shareholders sold […]

Mitch Glynn, assistant portfolio manager on CVC Income & Growth (CVCG), is leaving funds group CVC Credit Partners to “pursue other opportunities” as the top-performing debt fund shows its confidence with a share issue. Chair Robert Kirkby thanked Glynn, head of liquid restructuring at CVC Credit, for his contribution, describing him as a “real asset”. […]

Hansa Investment Company (HANA) has reported on one of its best years with a 29.4% return in the 12 months to 31 March boosted by its merger with Ocean Wilsons Holdings in December. The company had to overcome opposition from Ocean Wilsons investor Arnold to complete the deal after the US value investor complained the […]

Fidelity International plans to expand its active ETF range in Europe with the launch of eight options-based funds. The first four exchange-traded funds filed with the Central Bank of Ireland are “buffer” strategies, offering protection against market falls in global, US and Europe equities. They are: The second group filed with the Irish regulator are […]

Saba Capital has lifted its stake in Workspace Group (WKP) to over 28% as the activist hedge fund positions itself for an attempt to seize control of the flexible office provider at its annual general meeting in two weeks’ time. The 1% increase in its holding to 28.2% disclosed yesterday puts Saba just behind property […]

Oryx International Growth (OIG), the £174m UK smaller companies trust managed by activist chief executive Chris Mills, essentially flatlined in the year to 31 March after a turbulent second half hit by the US-led war on Iran and the sell-off of software stocks wiped out an “exceptional” 15.7% gain in the first half of the […]

Scottish Mortgage (SMT) has reassured shareholders it will not move annual general meetings online unless in exceptional circumstances after a 24.1% vote against a change empowering the board to hold virtual AGMs. Although over 260m shares followed SMT’s recommendation in voting for resolution 17 at the AGM on Thursday, nearly 82.5m were opposed to the […]

Glenstone, the largest shareholder in Alternative Income REIT (AIRE), has raised its bid for the company to 71.4p per share in cash. The 1.4p, or 2%, increase from the 70p per share, or £56.3m, offer Glenstone made on 12 June is the equivalent of the fourth quarter dividend AIRE shareholders could expect to receive next […]

Switzerland’s Pictet Asset Management has launched four active ETFs whose stock selection will be entirely driven by artificial intelligence (AI). The “enhanced equity” funds will use a proprietary AI model to interpret a vast amount of data points rather than plugging artificial intelligence into an existing quantitative analysis system. The suite of AI enhanced UCITS […]

The Financial Conduct Authority (FCA) has put in place further measures to reform unfair cost disclosure as it affects investment companies. In a move that should end the “double counting” of the expenses of investing in UK investment companies, the FCA said the ongoing costs of closed-end investment funds (CEIF) that are deducted from their […]

Biotechnology trusts BIOG and IBT replaced technology trusts as last month’s big risers with profit taking hitting Seraphim Space (SSIT) in June, but 3i Group (III) recovering after its tumble in May. June’s top risers Investment company Total shareholder return % Premium (- discount) % Biotech Growth (BIOG) 20.58 -8.59 Bluefield Solar (BSIF) 16.5 -13.96 […]

Real estate share price risers and fallers in June were heavily influenced by M&A announcements, which continue to dominate the listed property landscape following four years that has seen the sector halve in number. Overall, the sector was up 1.5% on average in June and was up 4.5% in the quarter. The war in Iran […]

Gopuff started in a dorm room. Today it delivers groceries and everyday essentials to millions of people – often in as little as 15 minutes, at supermarket prices. In the next podcast episode of Invest in Progress, co-founder Yakir Gola tells Scottish Mortgage manager Tom Slater how a simple idea became a service people rely […]

Saba Capital has raised its stake in Grainger (GRI), the residential landlord whose shares have jumped over 15% since the activist hedge fund emerged with a 5% position a month ago. Yesterday Saba disclosed that it had bought more total return swaps on Monday 29 June to lift its holding to 6.3%. In May Mike […]

CT Private Equity (CTPE), a £356m Columbia Threadneedle managed trust, has sold a portfolio of mature fund investments for £24.7m, 16.1% below their valuation at the end of last year. The disposal to institutional investors of 4.9% of the investment trust’s portfolio has reduced net asset value (NAV) at 31 March by 1.3%. The NAV […]

HICL Infrastructure (HICL) has lifted its medium-term annual return target to 10% and above with plans to add higher-returning “enhancer” investments to its portfolio.  Ahead of a meeting at the London Stock Exchange this afternoon to brief investors on its capital allocation framework, the £2.5bn core infrastructure fund said the new investments would build up […]

Defiance, a US ETF issuer that specialises in thematic, income and leveraged products, has launched the Defiance Memory UCITS ETF (DRAM) in Europe, giving investors targeted exposure to companies involved in memory semiconductors and data storage systems. The fund, launched through HANetf’s white label platform, aims to capture part of the AI infrastructure supply chain […]

European Opportunities Trust (EOT) and JPMorgan European Growth & Income (JEGI) have published circulars for the proposed liquidation of EOT and the option for shareholders to roll their investments into JEGI. As announced on 29 May, shareholders can also choose a cash exit or a new Liontrust fund being launched for EOT fund manager Alexander […]