Durability in times of volatility Market volatility at the start of 2025 – brought about by tariff uncertainty and the release of the Chinese artificial intelligence (AI) model DeepSeek – provided an interesting snapshot into the potential performance of the companies that Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), invest […]

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 […]

Public matters On 24 June Caledonia Investments (CLDN) hosted a public companies spotlight event, where the managers presented in detail on the company’s global portfolio of publicly listed investments. This element of the portfolio has a strategic allocation of between 30% and 40% of net asset value (NAV), currently making up 33%. Around 30 companies […]

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 […]

Recovery play When we last published on Polar Capital Global Healthcare (PCGH), President Trump had just been elected, and while there were some nerves about Robert F. Kennedy Jr (RFK) being linked to the top job in the US health system, the mood was reasonably upbeat. The managers observed that the sector’s fundamentals (underlying financial […]

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 […]

AI of the tiger Polar Capital Technology’s (PCT’s) underweight positions in Apple and Alphabet have paid off handsomely in recent months – with the share price of both stalling on fears of their vulnerability in the artificial intelligence (AI) race. This points to the increasingly evident merits of an active approach to investing in AI. […]

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 […]

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, […]

Substantive progress Since interest rates began to rise to tackle inflation, GCP Infrastructure (GCP) has, like many similar investment companies, been afflicted by a wide share price discount to net asset value (NAV). The board and the investment adviser have been working to tackle this through a policy of capital recycling. This aims to free […]

No shortage of targets AVI Global Trust (AGT) offers a distinct investment proposition from its peers, focusing on opportunities to extract value from undervalued companies where structural reform could unlock value. The weighted average discount on the underlying portfolio is close to historically wide levels, reflecting a number of attractive opportunities that the manager has […]

Asian income without compromising on growth JPMorgan Asia Growth and Income (JAGI) has a solid long-term track record of outperformance of its benchmark (the MSCI All Countries Asia ex Japan index), helped by its focus on maximising long-term total returns. In February 2025, the trust introduced an even more enhanced dividend policy, that delivers an […]

Fuel for (AI powered) thought Pantheon Infrastructure’s (PINT) portfolio is focused on areas of secular growth. It helps both enable and take advantage of technological progress and global connectivity. It is also supporting the shift towards more sustainable energy generation. The success of its approach is particularly evident in the area of data centres – […]

Strategic refresh Foresight Environmental Infrastructure (FGEN) has set out its strategic focus over the medium term that will centre on core renewable energy generation assets. This will see it sell its growth assets once operations have ramped up and valuation maximised. This will provide the company with capital allocation flexibility and allow it to invest […]

July Monthly | Investment companies  Winners and losers in June 2025 In a continuation of May’s relative recovery from the effects of the US’ ‘liberation day’ tariffs, technology stocks led the pack of best performers. A renewed optimism for AI stocks contributed to rises for indices such as the S&P500 and the Nasdaq Composite, which […]

The outbreak of war between Israel and Iran, the US intervention, and the subsequent ceasefire dominated headlines but appeared to have only very temporary effects on markets and oil prices. Amid heightening geopolitical uncertainty, June saw the Federal Reserve navigate carefully between growth support and inflation control during key policy meetings. The Trump administration proposed […]

Winners and losers in June Best performing funds in price terms Best performing funds in price terms (%) Warehouse REIT 12.3 Life Science REIT 9.9 CLS Holdings 9.9 IWG 8.4 Henry Boot 8.0 Harworth Group 7.8 Safestore 7.8 AEW UK REIT 7.3 Empiric Student Property 6.6 Regional REIT 6.3 Source: Bloomberg, Marten & Co At […]

Cautiously positioned in volatile markets In times of market turmoil, it is only natural that investors would look closer at trusts such as Capital Gearing Trust (CGT), which seeks to avoid losing shareholders’ money. As we show on page 3, it has done a great job of achieving this over more than four decades, with […]

Enriched prospects A commitment to quadruple nuclear generating capacity in the US, made by President Donald Trump in a series of executive orders signed at the end of May, has provided a significant and much-needed boost to the uranium sector, in which Geiger Counter (GCL) invests. A number of uranium stocks rose by double figures […]

Feeling energised The strong recent performance of Ecofin Global Utilities and Infrastructure Trust (EGL) has continued into 2025. Despite market volatility, manager Jean-Hugues de Lamaze delivered 7.1% net asset value (NAV) total return growth for the six months to 31 May. This was well ahead of the two most relevant utilities and infrastructure indices, as […]

Designed to navigate a world in flux Global Opportunities Trust (GOT) has a distinctive, carefully considered, flexible, go-anywhere investment approach that has done a good job of delivering positive NAV returns over the medium-to-long term, while holding up relatively well in periods of market downturns. The management team believes that the forces that drove markets […]

June Monthly | Investment companies  Winners and losers in May 2025 A number of sectors made good progress over May as markets continued their recovery from April’s tariff-related sell-off. Leading the charge in May was the Financials & Financial Innovation sector, where Augmentum Fintech’s discount narrowed from an overly wide level. Technology & Technology Innovation […]

Winners and losers in May 2025 Best performing funds in price terms Best performing funds in price terms (%) Hammerson 12.0 Real Estate Investors 10.2 Urban Logistics REIT 9.8 Great Porland Estates 9.2 Shaftesbury Capital 8.3 Land Securities 6.8 Supermarket Income REIT 5.8 Empiric Student Property 5.7 TR Property Investment Trust 5.7 Value & Indexed […]

In the United States, May 2025 saw a robust rebound in equities, with the S&P 500 surging 6.2%, its best May performance since 1990. However, it was another month of rising Treasury yields and a falling dollar. The two generally move in the same direction, so this could be construed as a sign that investors […]

Turning tariffs into opportunity: MTE’s edge In an environment of heightened volatility triggered by Trump’s tariff policies, European stocks have actually fared relatively well. Germany’s plans to boost defence and infrastructure spending, coupled with falling interest rates, helped create more positive sentiment towards the region. Montanaro European Smaller Companies’s (MTE’s) high-conviction portfolio of good-quality growth […]

SpaceTech – the critical frontier in modern defence Seraphim Space Investment Trust (SSIT) provides investors with focused exposure to the commercial space sector – one that is increasingly intertwined with defence. Around 78% of the trust’s portfolio has applications in defence, and key holdings such as ICEYE and ALL.SPACE are already embedded in the operational […]

Temple of performance Temple Bar Investment Trust (TMPL) is continuing to deliver for its shareholders. Over each of the past three years, both its NAV and share price total return have been ahead of the UK market and global equities, as well as the closest index comparator, the MSCI UK Value Index. This marked outperformance […]

An entry as well as an exit opportunity The financials sector is too big to ignore, yet too complex for most investors to cover effectively. Fortunately, Polar Capital Global Financials Trust (PCFT) makes an ideal subcontract. Its attractions are amplified by its structure, which provides shareholders with regular exit opportunities (chances for investors to redeem […]

May Monthly | Investment companies  Winners and losers in April 2025 April’s top performing sector, Infrastructure Securities, was buoyed by improving sentiment around interest rate stability and a broader rebound in risk appetite. Although these funds typically move in line with bond markets, their equity-like traits may have drawn income-seeking investors back into the fold […]

Winners and losers in April 2025 Best performing funds in price terms (%) Social Housing REIT 15.7 Urban Logistics REIT 12.0 Regional REIT 10.4 Helical 9.6 NewRiver REIT 9.5 Sirius Real Estate 9.4 Primary Health Properties 9.2 Shaftesbury Capital 8.7 Big Yellow Group 7.9 Land Securities 7.7 Source: Bloomberg, Marten & Co Amid the global […]