Tokyo Gas is one of Japan’s leading utility companies, serving around 12 million customers. However, beyond its established gas operations lies a substantial portfolio of valuable real estate assets that AVI Global Trust (AGT) believes offers significant potential. In the video below, AGT explore why they see Tokyo Gas as an attractive investment, how Japan’s […]
On 4 November, I joined an audience of investors at the always-fascinating annual update from Lindsell Train in central London. A lively introduction from Nick Train, joint founder and portfolio manager, was followed by presentations from three of the portfolio managers – James Bullock, Madeline Wright and Ben van Leeuwen. The event was well-timed as, […]
Shares in Syncona (SYNC) got a much-needed boost in the half year to 30 September as stake building by activist Saba and progress by the fund’s life sciences companies raised hopes that a £250m return of capital can be achieved. Interim results showed the share price leaped 39.9% to 123.8p at the end of September, […]
Henderson Far East Income (HFEL), the highest yielding investment trust in the AIC Asia Pacific Equity Income sector and its worst performer, has raised its dividend for a 19th consecutive year and added more to technology holdings where it has been underweight. In the year to 31 August the £589m 10%-yielder paid total dividends of […]
Montanaro UK Smaller Companies (MTU) has rewarded the patience of its shareholders with a strong first half result. Against a difficult backdrop of high energy prices and rising interest rates, the stock picks of fund managers Charles and Adam Montanaro achieved a total rise in net asset value (NAV) of 22.6% including dividends in the […]
Nvidia shares, a number one holding in the Allianz, Manchester & London and Polar Capital investment trusts, plunged 13% this afternoon after the resignation of chief executive Jensen Huang. Huang’s position had already looked vulnerable on Monday after the revelation that he had an affair with a woman who US intelligence believed was a Chinese […]
Schroder Oriental Income (SOI) has consolidated its position at the top of the Asia Pacific Equity Income sector with an impressive 51.7% investment return in the year to 31 August. This was a strong result that beat the 43.9% return of the MSCI AC Pacific ex-Japan index and reflected fund manager Richard Sennitt’s stock picking […]
State Street Investment Management has partnered with Dutch asset manager Van Lanschot Kempen to launch two actively managed smaller companies ETFs, offering investors exposure to concentrated portfolios of US and European stocks. The funds, which listed on Germany’s Xetra exchange on 10 November, will be managed by Van Lanschot Kempen’s existing team of 10 small-cap […]
AVI Global Trust (AGT) endured a “frustrating” year to 30 September with strong gains in South Korea and Japan largely offset by weaker results elsewhere, particularly in holding company Vivendi and investment company Chrysalis. South Korea, where AGT invests 21% of its assets, generated a 44% return, helped by the 94% gain on Samsung C&T, […]
3i Group (III) has announced a second £750m share buyback programme to immediately follow the first one launched in May which expires today. The £26bn private equity company said the new programme of buybacks would complete by 31 May and will purchase a maximum of 83.3m shares to use up its annual authority approved by […]
Templeton Emerging Markets (TEM) is seeking shareholder approval to lift the current 12% cap on single stocks to the higher of 12% of total assets or four percentage points above a company’s weighting in TEM’s MSCI Emerging Markets index benchmark, subject to an absolute maximum of 25%. The request has been triggered by the rise […]
Schroder Income Growth (SCF) has dipped into revenue reserves for a fourth year in succession to maintain its “dividend hero” status and achieve 31 consecutive rises in the annual pay-out to shareholders. Full-year results yesterday showed quarterly dividends rose 4.1% to 15.3p per share but in what continues to be a “challenging” environment for investment […]
Janus Henderson Investors has launched an actively managed China equity ETF, seeking to capitalise on attractive valuations and widening differences in performance between Chinese companies. The Janus Henderson China Equity Active Core UCITS ETF (JCHN) began trading on the London Stock Exchange on 4 November and has a total expense ratio (TER) of 0.39%. It […]
Temple Bar (TMPL) had a good October, outperforming the FTSE All-Share’s 1.1% rise with a 4% increase in net asset value as UK equities benefited from a broadening in global markets in response to mounting concerns over sustainability of expenditure on artificial intelligence. Shares in the £1.3bn UK equity income trust rose 3.4% taking their […]
Caledonia Investments (CLDN), a £1.9bn public and private equity fund, has declared a £100m special dividend to return over a third of the proceeds from last year’s sale of wealth manager Stonehage Fleming to its shareholders. The £290m disposal in September 2025 of what was Caledonia’s largest private equity position will see shareholders get a […]
AVI Global Trust (AGT) has published its annual results so it’s a good time to show this video I recorded last month with the investment trust’s fund manager Joe Bauernfreund and senior investment analyst Ross McGarry. The point of the webinar was to highlight how AGT and its portfolio of overlooked holding and investment companies […]
3i Infrastructure (3IN) said “macroeconomic volatility” weighed on a couple of its portfolio companies in the half year to 30 September but overall it continued to be supported by long-term mega trends in energy, transport and digital communications. The £3.8bn portfolio increased half-year earnings by 12.3% and posted a 4.5% investment return, down from 7.4% […]
Finsbury Growth & Income (FGT) fund manager Nick Train is hopeful the poorly-performing UK equity income trust has finally passed an “inflection” point after enjoying its best month under his stewardship. The £834m investment trust saw net asset value (NAV) jump 12.6% in October with the shares returning 11.8%, well ahead of the 1.1% rise […]
UK-listed property shares recovered some of their recent losses in October, with the average share price rising 1.8% after a difficult September. The recovery was relatively broad, with 32 of the 50 companies in our dataset recording gains and a median return of 1.1%. The improvement was particularly noticeable among some of the larger property […]
Emerging markets and Asia investment trusts were the biggest risers on Friday as investors assessed the dramatic sell-off in artificial intelligence stocks on Thursday. India trusts were prominent on the leader board as a 1% drop in the pound and a 2% sterling rise in India’s Nifty 50 index saw Aberdeen New India (ANII) rally […]
RTW Biotech Opportunities (RTW), the £559m drug developer backer where activist Saba Capital doubled its stake to 10% last month, has expanded its capital allocation framework with a further $42.8m (£31.9m) for share buybacks. Having returned $42.3m of the $45m buyback target announced three years ago, and purchased 7.2m shares this year, the company says […]
Man Group has launched its first two UCITS ETFs in Europe, including a strategy designed to combine global equity market exposure with protection against sustained market downturns. The launch comes at a particularly interesting time, with technology shares suffering a sharp sell-off amid renewed concerns about the outlook for artificial intelligence (AI) investment. The Man […]
What happens when an investment boom starts solving the shortages that created its biggest winners? Baillie Gifford explores the opportunities for the Monks Investment Trust within and beyond AI As with any investment, your capital is at risk. Past performance is not a guide to future returns. One trillion dollars is an incredible incentive. That […]
International Public Partnerships (INPP) has had an interesting couple of weeks. On 4 November, it announced that its wholly owned German rail business, BeNEX, had secured another 15-year concession, requiring a further €26m investment and offering an expected internal rate of return (IRR) in the low to mid-teens. Meanwhile, its much larger investment in the […]
What a day for Scottish Mortgage (SMT) to report half-year results. With tech shares reeling at a global sell-off in artificial intelligence (AI) companies, Baillie Gifford’s flagship seeker of world-leading growth stocks published impressive numbers for the six months to 30 September but made little direct comment on the current market storm engulfing some of […]
A sharp sell-off in technology and AI shares wiped an estimated $2.5trn from US market value yesterday with the largest “Magnificent Seven” tech stocks alone losing about $1tn. The panic has spread across Asia overnight and looks set to hit Europe when trading opens this morning. We will be discussing this on our 11am show […]
Pershing Square Holdings (PSH), the £6.6bn US equities fund run by Bill Ackman, this week reported a 3.5% investment return for the third quarter to 30 September, beating the S&P 500 which rose 2.3%. However, growth in net asset value of 40% and 62% over three and five years is hampered by the wide 37% […]
Update: Revolut, the digital bank allowed by regulators to commence UK operations this year, has achieved a 53% hike in valuation to $115bn (£85bn), prompting Molten Ventures to take further profits on its eight-year investment and for Scottish Mortgage to add to its more recent holding and for two other Baillie Gifford trusts to invest […]
The Bank of England has raised interest rates to 4%, the first hike in over three years that came with a surprise unanimous vote by policymakers. The quarter of a percentage point rise was totally expected, but the consensus agreement on the nine-strong monetary policy committee was not, with the pound briefly rising and the […]
Unite (UTG), the £2.5bn student accommodation provider, has made changes to its executive committee as chief executive Joe Lister looks to lead a “smaller, more focused business” through its recovery programme. Chief operating officer Karan Khanna and group director of communications and corporate affairs Rebecca Vicary are leaving Unite and there are three new appointments: […]
