Baker Steel Resources Trust (BSRT) enjoyed a highly “positive” first half against the challenging backdrop of the US attack on Iraq with shares in the mining fund soaring 65.2% in the six months to 30 June, well ahead of the 15.4% growth in the net asset value (NAV) of its investments. These beat the 10.2% […]

Interview with Mick Dillion from Brown Advisory Experian is a global data and analytics company that helps businesses assess credit risk, prevent fraud and verify identities, underpinned by a proprietary dataset built over nearly 200 years. Brown’s Mick Dillon believes the company benefits from the essential role credit plays in economic growth and financial inclusion, […]

Saba Capital has stopped publishing the daily portfolio of its UK investment trust ETF, arguing that the transparency allowed other investors to copy its trades and made it more expensive to build positions. The Saba Capital Investment Trusts UCITS ETF (UKIT) has moved to a semi-transparent structure and will now disclose its full holdings quarterly, […]

A lack of ships and the necessity to take longer voyages to avoid the danger zones in the Strait of Hormuz and approach to the Suez Canal have created buoyant conditions for Tufton Assets (SHIP). The £364m dollar-based shipping fund reported net asset value (NAV) rose 19% in the year to 30 June with its […]

Annual results from technology fund Manchester and London (MNL) highlight the dangers of going all-in on artificial intelligence with the portfolio plunging 25% at the end of its financial year to 31 July. At 22 June MNL had notched up a 51% investment return but saw this almost evaporate as the near collapse of the […]

Neuberger Private Equity Partners (NBPE), previously NB Private Equity, sold $150m of investments in the first half of the year, lifting realisations from $86m a year ago. With $68m of exits expected to close in the coming months, the company said it was making good progress refreshing the portfolio and supporting share buybacks, which it […]

Next month’s five-year continuation vote at Invesco Global Equity Income (IGET) looks to be a shoo-in after the company reported a highly successful year for growth.  IGET grew its market value by 86% to £510m in the year to 31 May, principally helped by a successful merger with Franklin Global which swelled assets by 55% […]

The completion of two big disposals in the first half of the year for Pantheon Infrastructure (PINT) proved something of a mixed blessing, interim results showed today.  The sale of Intersect Power to Alphabet and of Calpine to Constellation Energy of the US announced last year generated $70m (£52.6m) of cash that enabled the company […]

A difficult first half to its financial year has not stopped Baillie Gifford China Growth (BGCG) from continuing to reverse the poor performance inflicted on shareholders since the former Witan Pacific appointed Baillie Gifford to run it as a China fund six years ago. After two strong years of 38.8% and 35.4% investment returns, the […]

Baillie Gifford US Growth (USA) is under threat from Saba Capital once again. Ahead of the annual general meeting on 23 October when the activist hedge fund will for a third time attempt to replace the investment trust’s board, shareholders have two opportunities to learn why they should oppose the takeover of their unique fund. […]

European-listed cybersecurity ETFs attracted €155.9m of net inflows in the week to 18 September, as several funds tracking the theme featured among the strongest-performing equity ETFs. Trackinsight figures, published by ETF Express on 21 September, showed the theme attracted more money than global infrastructure and biotechnology and genomics, which gathered €76.4m and €47.2m respectively. WisdomTree […]

Strategic Equity Capital (SEC) has reported a difficult year to 30 June. After seeing 78% of shareholders hold on to their shares in last October’s 100% tender offer, the company was hit in the first half of this year by a double whammy of Middle East turbulence and the sell-off of software and data companies […]

Brown Advisory US Smaller Companies (BASC), the £171m investment trust that launched a strategic review in July after underperforming its benchmark over five years, has published annual results showing an investment return of 24.5%. Despite the strong absolute performance, it again lagged the Russell 2000 index which rallied an “impressive” 45.7%, ahead of US large […]

Foresight Solar Fund (FSFL) has stepped up its efforts to address its persistent discount to NAV, with the board saying change needs to be accelerated and that it is considering all strategic options to maximise shareholder value. The comments accompanied half-year results showing NAV per share fell 4.3% from 99.2p at the end of December […]

Target Healthcare REIT (THRL) has delivered its best annual financial performance since launching in 2013, helped by inflation-linked rental growth, rising property values and profitable asset sales. The specialist care home investor generated a total accounting return of 12.0% in the year to 30 June 2026, up from 9.3% last year. EPRA net tangible assets […]

Octopus Renewables Infrastructure Trust (ORIT) reported a NAV total return of -5.0% for the first half of 2026 after a review of expected generation from its onshore wind assets knocked £30.4m off valuations. NAV per share fell from 93.8p to 86.2p, also reflecting lower long-term power price forecasts and higher discount rates. However, underlying cash […]

CQS New City High Yield Fund (NCYF) delivered a NAV total return of 10.2% for the year to 30 June 2026, while its share price returned 10.1%. NAV per share edged up to 48.55p from 48.37p, while the shares ended the period at 51.80p, leaving the trust trading at a 6.7% premium. That premium allowed […]

Syncona (SYNC) has announced a major clinical milestone at portfolio company Beacon Therapeutics after its gene therapy, laru-zova, delivered a positive topline result in the pivotal Phase II/III VISTA trial for X-linked retinitis pigmentosa (XLRP). The trial met its FDA-endorsed primary endpoint, with laru-zova demonstrating a statistically significant improvement in low luminance visual acuity compared […]

North Atlantic Smaller Companies Investment Trust (NAS) reported a 7.7% increase in NAV over the six months to 31 July 2026, while the share price rose by 18.1% as the discount narrowed materially. NAV per share increased from 555.4p at the end of January to 598.1p, while adjusted NAV (which reflects Oryx International Growth Fund […]

Infrastructure Capital Advisors has launched an actively managed ETF combining US equities with an options strategy designed to generate monthly income while also seeking capital growth. The Infrastructure Capital S&P 500 Option Income UCITS ETF, launched with HANetf, begins trading on the London Stock Exchange today, 18 September. The Ireland-domiciled fund has a total expense […]

European active ETFs attracted $33.9bn of net inflows in the eight months to 31 August 2026, surpassing the previous full-year record of $33.4bn set in 2025. Fidelity International’s September ETF flows review, based on etfbook data, shows inflows were almost 80% higher than the $19.1bn recorded over the same period last year. The milestone comes […]

Aberdeen UK Smaller Companies Growth (AUSC), once a leading trust in its sector, has sought out a merger with rival JPMorgan UK Small Cap Growth and Income (JUGI) after a five-year downturn that shrank the company and made it less attractive to investors. Liz Airey, chair of AUSC, said her board had chosen to combine […]

Interview with Danielle Menichella from Sands Galderma is a specialist skin health company operating across aesthetics, skincare and therapeutic dermatology. Danielle from Sands sees strong growth potential, driven by rising consumer interest in skin health, younger customers entering the market earlier and increasing uptake among men, while highlighting the company’s trusted brands, loyal professional customer […]

Scottish Mortgage (SMT) and Baillie Gifford US Growth (USA) have registered a 120% uplift in their holdings in Zipline, the US drone delivery company that, as we reported yesterday, is in the midst of a $1bn fund raise that will more than double its valuation to $20bn from $7.6bn at its last funding round just […]

AVI Japan Opportunity (AJOT), the £400m smaller companies activist, has celebrated the end of a 17-month “drought” in corporate actions with a tender offer for its biggest holding perking up the investment trust’s shares after a challenging first half. Last week MBK Partners, an Asian private equity firm, launched a tender offer for Sharingtechnology with […]

Baillie Gifford Shin Nippon (BGS) has achieved its best performance in years with the Japanese smaller companies trust generating a 22.9% underlying investment return in the six months to 31 July.  While shareholders had to make do with a 19.8% total return in the half-year period as the share price gap, or discount, to net […]