Manager of AI fund Manchester and London “open” to friendly mergers to solve its structural problem
Manchester & London (MNL) fund manager Mark Sheppard has responded positively to a suggestion from QuotedData’s James Carthew that taking over another investment trust might be the solution for its problematic small free float. Sheppard and his company M&L Capital Management own 62% of the £331m closed-end fund which he has wholly committed to investments […]
Trump inflation sceptics at Infrastructure Capital launch first active ETF targeting high yields from US preferred shares
Infrastructure Capital, a New York boutique, has bypassed the buoyant market in London-listed debt funds to launch the first actively managed Dublin-based exchange traded fund (ETF) investing in US preferred shares. The Infrastructure Capital Preferred Income Ucits ETF has been listed by ETF provider HANetf on the London Stock Exchange under the PFFI ticker as […]
Morning briefing: Henderson Smaller passes continuation vote; Riverstone Energy returns £190m; Unite misses targets; plus WKOF, FGT, SJG, MVCT, IPO
Henderson Smaller Companies (HSL), the £549m underperforming UK small-cap investment trust whose fund manager Neil Hermon retired last month after 23 years, has passed its triennial continuation vote. At the annual general meeting yesterday it gained the support of 95% of votes on turnout of 38.6%. Riverstone Energy (RSE) is to return £190m in a […]
Beauty Tech Group’s £300m flotation marks a successful investment for three Northern venture capital trusts
The £300m flotation of the Beauty Tech Group (TBTG) on Thursday not only cheered the London stock market after a dearth of listings, it has also boosted the three venture capital trusts (VCTs) run by Mercia Fund Management. From a 271p offer price, shares in TBTG rose 5% to 285p on Friday and have softened […]
Hugh Osmond and SunCap private equity partners pile into what’s left of Woodford Patient Capital Trust
The managed wind-down of Schroders Capital Global Innovation (INOV), the former Woodford Patient Capital Trust, has caught the attention of financier Hugh Osmond and the senior private equity team at Sun Capital Partners (SunCap). A stock market filing this week showed that Osmond, a veteran deal-maker who bought Pizza Express and helped consolidate the pub […]
Morning briefing: US data centre REIT Fermi splashes in London; plus PEY, EOT, MMIT, SBO, NBDD
The $15bn (£11bn) US flotation of Fermi (FRMI), a data centre real estate investment trust, has given the UK market a new REIT launch after three years in which the number of listed property funds has halved. Shares in the Texan company, which was co-founded by former US energy secretary and Texas governor Rick Perry […]
TwentyFour Income launches share issue to fund “significant” opportunities in high-yield, asset-backed bonds
TwentyFour Income Fund (TFIF) has become the second debt fund to launch a fund raise this week in response to strong investor demand for high-yielding asset-backed securities (ABS). The £883m investment company, whose shares yield 9.7% after consistently beating its dividend targets since launch in 2013, has announced a two-week share placing and open offer […]
CVC Income & Growth EGM 2025
The Board of CVC Income & Growth Limitedis pleased to announce a placing and retail offer of both Euro and Sterling denominated redeemable ordinary shares of no-par value in the capital of the Company. The retail offer will be undertaken via the Winterflood Retail Access Platform. In connection with the Fundraising and WRAP Retail Offer, […]
High-flying AI fund Manchester and London stops share purchases to avoid devastating tax bill
Manchester and London (MNL), the tech-laden global fund spectacularly riding the artificial intelligence (AI) boom, has halted share buybacks and share purchases by insiders in an effort to preserve its investment trust status and avoid a damaging tax bill. In its annual report issued yesterday evening the £331m company said the free float of shares […]
Morning briefing: Lindsell Train splits shares, Baillie Gifford China Growth and North American Income outperform; plus YCA, HVPE, VTA
A 100 for 1 share split at Lindsell Train, half-year results from Baillie Gifford China Growth and North American Income, update from HarbourVest Global Private Equity and a fund raise from Yellow Cake, the uranium investor. Lindsell Train (LTI) investment trust has implemented the 100 for 1 share split announced at its annual results in […]
European Opportunities Trust – European winners, global exposure
European winners, global exposure European Opportunities Trust (EOT) remains the most growth-focused fund in its peer group. This is at a time when there are increasing signs of this style of investing coming back into favour, as inflation remains under control and interest rates trend down. More widely, Europe seems to be coming back on […]
Morning briefing: JPMorgan US Smaller suffers first half reversal; plus RSE, SRE, HGT, RTW, AUGM, SEQI, INV & GSCT
JPMorgan US Smaller Companies reports 12.4% first half fall; Riverstone Energy makes first disposal in its managed wind-down; Sirius Real Estate taps borrowers for more money; plus updates from HgCapital, Augmentum Fintech, RTW Bioscience and Sequoia Economic Infrastructure Income. JPMorgan US Smaller Companies (JUSC) is having a difficult year, reporting a 12.4% fall in the […]
A golden opportunity?
This week, following recent results announcements from trusts such as Ruffer (RICA) (click here to read) and Golden Prospects Precious Metals (GPM) (click here to read), along with commentary in our August investment companies monthly (click here to read) that highlighted a number of funds that have been benefiting recently from their exposure to the […]
Morning briefing: 29% of Henderson European shareholders cash in their shares; plus CHRY, ALW, RTW, GABI, ENRG, ATR, LMP, PCTN, NRR, MWY
Henderson European (HET) says that holders of 89.775m shares opted for cash (29.04% of its share capital) and 219.332m shares were rolled into Fidelity European (FEV). The cap on the cash option was 33.3%, so everyone who wanted cash will get it. Henderson European will delist on 26 September. Having decided to hang onto all […]
Chrysalis’s Klarna completes IPO at $40 per share, valuing it at US$15.2bn
Swedish payments group Klarna – a portfolio company of Chrysalis Investments (CHRY) – has completed its long-awaited US initial public offering (IPO), with its shares priced at US$40 each, above the US$35–37 indicative range. The listing raised $1.37bn and values the company at around $15.2bn. Demand was reportedly strong, with the offering said to be […]
Morning briefing: Fidelity Japan confirms rollover into AJOT; plus SSIT, SOHO, OCI, HHI, PPET, HET/FEV, EAT/ESCT, GRI, HWG & WHR
Fidelity Japan Trust (FJV) has reported a net asset value (NAV) total return of 3.3% for the six months to 30 June 2025, broadly in line with the TOPIX Total Return Index in sterling terms, which rose 3.2%. The trust’s share price delivered a total return of 10.6% as its discount narrowed from 13.1% to […]
QuotedData’s Economic and Political Monthly Roundup – September 2025
The Bureau of Labor Statistics issued a weak jobs report at the start of the month and the White House responded by sacking the boss of the agency. US inflation data came in slightly below expectations – defying fears that tariffs would be pushing up prices – that raised hopes of an interest rate cut […]
REIT Review: Real estate recovery hamstrung by weak economic outlook
A welcome base rate cut in August did little to prevent another mauling in the real estate sector, with an average 3.7% share price fall over the month. Gilt yields, and the five-year swap rate that is closely followed by the sector, widened on persistent inflation and rising public debt. Consequently, just a handful of […]
Fingers crossed at Chrysalis as Klarna has second tilt at $14bn flotation
Klarna, the Swedish credit provider, has revived plans for a $14bn (£10.5bn) flotation, raising hopes for Chrysalis (CHRY) which holds a 15% weighting to the global buy-now-pay-later firm. Shares in Chrysalis, a £600m pre-flotation private equity fund, rose over 1% today on hopes yesterday’s announcement of a New York listing may pave the way for […]
Votes please! It could be a rewarding experience
It is that time of year again when we ask for your views on which investment companies and managers are doing the best job for you. Once again, to reward you for your efforts, we are offering one lucky reader the chance of winning £5,000. As we did last year, we compiled some performance statistics […]
VH Global Energy investors vote for wind-up
Shareholders in VH Global Energy Infrastructure (ENRG) have given their near unanimous support to put the £409m portfolio into a three-year run-off. At an extraordinary general meeting today 94.5% of votes were in favour of changing the investment objective to one of getting the best returns for shareholders through the orderly sale of its assets. […]
Partners Group Private Equity promises action on wide share price discount after weak dollar contributes to 8% asset fall
The dollar’s historically large fall against the euro helped knocked 8.2% off the net asset value of Partners Group Private Equity (PEY) in the first half of the year. Chair Peter McKellar said it was a “disappointing” result after the 11.4% gain the £705m investment company made last year. The shares were unchanged at €10.20 […]
Baillie Gifford UK Growth Trust – Significant catch up potential
Significant catch up potential After three challenging years, there are now signs that sentiment towards both growth stocks and the wider UK market is improving. Baillie Gifford UK Growth Trust (BGUK) has been a clear beneficiary of this, delivering a marked uptick in performance over the past year. The tide may be turning, but UK […]
Scottish Mortgage AI holding Databricks soars 60% to $100bn valuation in nine months
Baillie Gifford investment trusts Scottish Mortgage, Schiehallion and Baillie Gifford US Growth have made a 60% gain on Databricks, one of their artificial intelligence (AI) investments, in just nine months. The San Francisco company – which accounts for 0.8% of the £14.6bn Scottish Mortgage (SMT) portfolio, 2.6% of £1.1bn private equity fund Schiehallion (MNTN) and […]
QuotedData’s Economic and Political Monthly Roundup – August 2025
The IMF sounded an upbeat note in July, upgrading its global growth forecast on the back of the weakening US dollar Tariffs featured prominently in headlines as the extended 1 August deadline for a return to tariffs imposed on Liberation Day loomed and countries scrambled to do deals. The big news was an agreement with […]
MIGO: Aquila setback was a blow, but Klarna float plans should deliver more from buoyant Chrysalis
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 […]
Morning briefing: Unite seals £634m Empiric deal; plus RSE, JAM, JCH, RTW, SEED, GRIT & NRR
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 […]
Edinburgh Worldwide – Significant progress on “Reset for growth”
Significant progress on “Reset for growth” In November 2024, Edinburgh Worldwide (EWI) set out its “Reset for growth” plan, which included team changes, process changes, a more-focused portfolio, and a commitment to return up to £130m to shareholders in 2025 (see pages 5 and 6 for more details). Shareholders approved changes needed to implement the […]
Morning briefing: 62.9% of Assura shareholders back PHP merger; plus AAIF, NRR, DIVI, GABI, RLE, LWI
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 […]
Alliance Witan – A new giant for a new market reality
A new giant for a new market reality Alliance Witan (ALW), the result of the merger between Alliance Trust and Witan in October 2024, is now an investment juggernaut. The combined entity now has c.£4.5bn in assets and has been propelled into FTSE 100. Investors are benefitting from superior liquidity in its shares, lower fees, […]
