An anti-deflation campaign in China helped steer BlackRock World Mining (BRWM) to its third monthly gain in a row in July. The £1bn flagship BlackRock trust said the mining sector had reacted positively to Beijing announcing an “anti-involution” push to take out surplus capacity in loss-making industries. Last month its net asset value rose (NAV) […]
Payouts from London Stock Exchange Group and Japan’s video gaming giant are set to grow and alleviate the dividend pressure on Lindsell Train investment trust, says co-manager Michael Lindsell. Lindsell Train (LTI), the highest-yielding global equity investment trust, has reassured shareholders that pressure on its dividend from the decline in Nick Train and Michael Lindsell’s […]
Polar Capital Technology Trust’s (PCT’s) recent strong performance, in an increasingly volatile sector that is being reshaped at breakneck speed by artificial intelligence (AI), reinforces the value of its conviction-led, actively managed strategy. For the 12 months to 31 July, PCT’s net asset value (NAV) rose 30.2%, well ahead of the 20.5% gain from its […]
Bluefield Solar Income has a new chair and says net asset value fell 4.26% in the last quarter; Cordiant Digital Infrastructure amends its investment management agreement; Assura chair steps down ahead of the PHP takeover; plus updates from RTW Biotech, Vietnam Holding and BlackRock Frontiers. Bluefield Solar Income Fund (BSIF) announces a new chair and […]
Temple Bar (TMPL), the best performing UK equity income trust over one and five years, notched up another 3.5% of investment gains last month as the UK stock market rallied on the back of tariff agreements between the US and the EU and Japan. The underlying gain in the investment trust’s net asset value backed […]
US investors have bought more than $15bn (£11bn) of UK equities this year, more than they have allocated to other overseas markets, according to analysis by Schroders that could bode well for undervalued shares in investment trusts. “We are currently seeing increased interest in UK companies from our US and international investors, with many noting […]
Deutsche Numis dismissed after criticising Third Point Investors’ treatment of shareholders in the Malibu Life acquisition; HICL Infrastructure sells £225m of assets to fund share buybacks, Bluefield Solar makes £38m of disposals to pension fund partners and Land Securities sells a £245m office block. International Public Partnerships has a new lead manager at Amber Infrastructure. […]
It is approaching three years since the launch of the first ChatGPT model, commencing a period of tech domination of global markets. As more and more artificial intelligence (AI) models have since launched and the pace of innovation continues to grow, it has become clear that a new world order in AI is forming. At […]
Update: Third Point Investors (TPOU) has won shareholder approval for its controversial acquisition of Malibu Life, angering the rebel investor group which accused it of ignoring the wishes of independent shareholders. At an extraordinary general meeting on Thursday, 66.67% of votes cast were in favour of the reverse takeover that will see Dan Loeb’s £329m […]
European Opportunities Trust cuts the fee it pays fund manager Alexander Darwall after another year of underperformance largely caused by the slump in its top holding Novo Nordisk; Murray International beats its benchmark in the first half; plus results and updates from European Assets, Invesco Bond Income Plus, Vietnam Enterprise and JPMorgan Emerging Europe. European […]
Aquila Renewables (AERI) pausing its sales process with a preferred bidder last month was a “major disappointment” for MIGO Opportunities (MIGO), weighing on returns after two strong months for the bargain-hunting closed-end fund investor, although it did benefit from a positive update from Chrysalis Investments (CHRY). Chrysalis’ announcement of a 14% increase in net asset […]
Empiric Student Property agrees to takeover by Unite; Riverstone Energy sets “adjustment payments” to its fund manager ahead of next week’s wind-down vote; and JPMorgan American and JPMorgan Claverhouse issue half-year results. Unite (UTG) is to buy Empiric Student Property (ESP) after the two companies agreed a recommended cash and share offer in talks that […]
Veteran small-cap fund manager Paul Jourdan’s attempt to get on the board of Maven Renovar (MRV), the former Amati AIM VCT that sacked him and his company last year, has failed with around 60% of votes against him and fellow requisitionists at a general meeting of shareholders today. Chair Fiona Wollocombe, who has been under […]
Good stock picking by Diverse Income (DIVI) fund managers Gervais Williams and Martin Turner saw the £238m UK equity income trust outperform the domestic stock market for the first time in four years, but with 31% of investors having recently chosen to sell their holdings, time may be running out for the small-cap focused portfolio. […]
Primary Health Properties (PHP) has won the battle for rival NHS landlord Assura (AGR) with 62.9% of Assura shareholders accepting its cash and shares offer by yesterday’s 1pm deadline. The offer of £460m in cahs and a 48% stake in the enlarged business has been declared unconditional while the rival £1.7bn private equity cash offer […]
Baillie Gifford US Growth (USA) fund managers Gary Robinson and Kirsty Gibson have promised to take profits more often and monitor the balance of their high-growth portfolio to avoid a repeat of the 2022 crash from which the £757m investment trust is still recovering. In annual results to 31 May, the company admitted its five-year […]
Our monthly review of investment companies returning capital and raising new money shows the £12bn Baillie Gifford flagship has greatly exceeded its £2bn minimum buyback target as its shares continue to lag the underlying growth in its global portfolio. Scottish Mortgage (SMT) has bought back more than £2.5bn of its shares since activist hedge fund […]
More consolidation in the Japan trust sector, strong annual results from Baillie Gifford US Growth and a “transformational” £100m UK acquisition for Sirius Real Estate. Plus updates from Derwent London, Baker Steel Resources, Partners Group Private Equity and a 1pm deadline for acceptances in the bid battle for Assura. The £231m Fidelity Japan Trust (FJV) […]
International Public Partnerships (INPP), the £2.3bn infrastructure fund that surprised investors with a £250m investment in Sizewell C nuclear power plant project last month, has sold down part of its 10% stake in Angel Trains. The investment company has agreed to sell 1.6% of the rolling stock leasing company to London-based Arjun Infrastructure Partners for […]
Allianz Technology Trust’s focus on “emerging” technology leaders paid off in the first half as tech titans Apple and Amazon struggled against the turmoil of US tariff policy. A breakdown in the dominance of “Magnificent Seven” stocks helped Allianz Technology Trust (ATT) beat its benchmark in the first half of the year, holding out the […]
Half-year results from Allianz Technology, Ruffer Investment Company trims equities, Assura rebuffs KKR and continues to back the offer from Primary Health Properties, plus updates from CVC Income & Growth, Develop North, LMS Capital, Menhaden Resource Efficiency and JPMorgan Emerging Europe. Allianz Technology Trust (ATT) made a 2.9% investment return in the first half of […]
A year so far in the trust world August is upon us, and with it, we have now passed President Trump’s tariffs deadline. While it seems that we have found ourselves in a middle ground – with most major economies having negotiated some form of deal with him – the US has still implemented an […]
Private equity, technology, biotech and emerging markets trusts rallied in July, but several funds in wind-down wobbled. Our monthly roundup of the biggest investment company risers and fallers highlights one UK real estate trust offering a cash-covered 9% dividend yield on an attractive discount. Private equity, tech and EM funds rally Welcome to our new-look […]
Private equity group KKR fights back in bid battle for GP surgeries landlord Assura, Third Point investors group demands independent vote on the controversial merger with Malibu reinsurance company, plus news and updates from Gresham House and Gore Street battery funds, Renewables Infrastructure Group, Impax Environmental Markets, Patria Private Equity, Irish Residential REIT and JPMorgan […]
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 […]
Half-year results from RIT Capital Partners (RCP) and Rights and Issues (RIII) and updates from other investment companies including Gore Street Energy Storage, VH Global Energy Infrastructure, Foresight Solar and Syncona. Private equity props up RIT’s half year RIT Capital Partners (RCP) battled against the weak dollar to deliver a 3.4% investment return in the six […]
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 […]
