Strong NAV growth underway, with further upside expected Seraphim Space Investment Trust (SSIT) has reported strong NAV growth, mainly from higher valuations in its main holdings and better operational performance. The manager remains very excited about SSIT’s future prospects, expecting further NAV gains as more contracts turn into revenue and momentum increases. SpaceTech is now […]
Strong NAV growth underway, with further upside expected Seraphim Space Investment Trust’s (SSIT’s) recent results show 20.1% NAV growth over the half year to 31 December, which the manager attributes to valuation uplifts across its core holdings and improving operational momentum. The manager remains optimistic about the portfolio’s prospects, believing there may be further NAV […]
Doing good, globally Launched in September 2024, BNP Paribas Easy ESG Enhanced World UCITS ETF (AWDS) is a relatively new active ETF that invests in global developed market shares, using environmental, social and governance (ESG) criteria in its selection process. The fund aims to improve quality, resilience and long-term returns. Since launch, AWDS has slightly […]
Doing good, globally Launched in September 2024, BNP Paribas Easy ESG Enhanced World UCITS ETF (AWDS) is a relatively new active ETF that offers exposure to a portfolio of global developed market equities, while incorporating environmental, social and governance (ESG) criteria into its portfolio construction. The aim is to provide incremental improvements in quality, resilience […]
Doing good, globally? Launched in September 2024, BNP Paribas Easy ESG Enhanced World UCITS ETF (AWDS) is an active ETF that offers exposure to a portfolio of global developed market equities, while incorporating environmental, social and governance (ESG) criteria into its portfolio construction. The stated aim is to provide incremental improvements in quality, resilience and […]
Mining bottleneck fuels uranium upside Uranium and nuclear energy’s strong long-term fundamentals, driven by persistent supply deficits and rising structural demand from both traditional reactors and emerging demand for power such as AI data centres, have been well established. Whilst recent investment has focused on fuel processing stages such as conversion and enrichment, uranium mining […]
Mining bottleneck fuels uranium upside Uranium and nuclear energy have strong long-term prospects, supported by ongoing supply shortages and increasing demand from both traditional reactors and new sources such as power for AI data centres. Whilst recent investment has focused on fuel processing, uranium mining remains the main bottleneck, giving Geiger Counter’s (GCL’s) mining-focused portfolio […]
Mining bottleneck fuels uranium upside Geiger Counter’s (GCL’s) manager believes that uranium and nuclear energy’s long-term fundamentals are strong, driven by persistent supply deficits and rising structural demand from both traditional reactors and emerging demand for power such as AI data centres. Whilst recent investment has focused on fuel processing stages such as conversion and […]
Plenty to do AVI Global Trust (AGT) recently secured a higher bid for its largest holding, Toyota Industries, releasing cash for new investments as markets fell due to the war with Iran. The manager, Asset Value Investors (AVI), remains positive about AGT’s outlook. AVI notes Japanese companies are now more open to engagement, has identified […]
Plenty to do AVI Global Trust (AGT) recently secured an improved bid for what was its largest holding, Toyota Industries. This has freed up cash for redeployment into new investments as markets have declined in response to the war with Iran. The manager, Asset Value Investors (AVI), says that it remains positive about AGT’s prospects. […]
Plenty to do AVI Global Trust (AGT) is celebrating a recent success after securing an improved bid for what was its largest holding, Toyota Industries. This has freed up cash for redeployment into new opportunities just as markets have tumbled in response to the war with Iran. The manager, Asset Value Investors (AVI), remains upbeat […]
A unique approach to UK equities JPMorgan UK Equity Core Active UCITS ETF (JUKE) is the only European active ETF focused entirely on UK shares. Now nearly four years old, it has proven its ability to outperform its benchmark, especially in the past year. This success comes from a benchmark-aware, bottom-up approach based on detailed […]
A unique approach to UK equities? JPMorgan UK Equity Core Active UCITS ETF (JUKE) is the only European active ETF invested solely in UK equities. Now approaching its fourth anniversary, it has outperformed its benchmark since launch, including over the past year. According to the manager, this has been achieved through a benchmark-aware, bottom-up investment […]
A unique approach to UK equities JPMorgan UK Equity Core Active UCITS ETF (JUKE) is the only European active ETF invested solely in UK equities. Now approaching its fourth anniversary, it has demonstrated an ability to outperform its benchmark, particularly over the past year. This has been achieved through a benchmark-aware, bottom up investment process […]
A deep dive into Caledonia’s funds pool Caledonia Investments (CLDN) hosted a funds spotlight event on 27 January, during which its managers presented in detail on its funds pool. This pool is one of three elements of CLDN’s portfolio; it sits alongside separate pools of investments in public and private companies, and represents around a […]
A deep dive into Caledonia’s funds pool Caledonia Investments (CLDN) hosted a funds spotlight event on 27 January, during which its managers presented in detail on its funds pool. This pool is one of three elements of CLDN’s portfolio; it sits alongside separate pools of investments in public and private companies, and represents around a […]
A deep dive into Caledonia’s funds pool Caledonia Investments (CLDN) held a funds spotlight event on 27 January, where its managers gave a detailed overview of its funds pool. This pool is one of three parts of CLDN’s portfolio, sitting alongside investments in public and private companies. It makes up about a third of total […]
Returns based more in reality than hope Alliance Witan (ALW) has just announced its annual results for 2025, over which its returns lagged those of its benchmark, the MSCI All Countries World Index (MSCI ACWI). In this note, we examine the reasons behind that underperformance. Chief amongst them, according to ALW’s manager Willis Towers Watson […]
Returns based more in reality than hope Alliance Witan (ALW) has released its 2025 annual results, showing returns below its benchmark, the MSCI All Countries World Index (MSCI ACWI). This note looks at the reasons for this underperformance. ALW’s manager, Willis Towers Watson (WTW), says markets are now too focused on short-term trends and momentum, […]
Returns based more in reality than hope? Alliance Witan (ALW) has announced its annual results for 2025, during which its returns lagged those of its benchmark, the MSCI All Countries World Index (MSCI ACWI). In this note, the reasons behind that underperformance are examined. According to ALW’s manager Willis Towers Watson (WTW), markets appear to […]
New focus on total returns Following its strategic review, NextEnergy Solar Fund’s (NESF’s) board plans to refocus on delivering both income and capital growth, aiming for long-term total returns of 9%-11%. This year’s dividend target of 8.43p will be met, but future dividends will be set at 75% of operating free cashflows after debt and […]
New focus on total returns Following the conclusion of its strategic review, the NESF board is proposing a reset of NESF’s objectives with a new focus on providing shareholders with both attractive income and capital growth. The aim will be to achieve long-term total returns of 9%-11%. This year’s dividend target of 8.43p will be […]
On the up BlackRock American Income Trust (BRAI) has continued to make good progress both in absolute terms and relative to its benchmark since we last published at the end of November 2025. Whilst it is still relatively early days for the strategy, the results so far are very encouraging. BRAI is benchmarked against a […]
On the up BlackRock American Income Trust (BRAI) has continued to make progress both in absolute terms and relative to its benchmark since we last published at the end of November 2025. Whilst it is still relatively early days for the strategy, the results so far appear positive. BRAI is benchmarked against a value index, […]
On the up BlackRock American Income Trust (BRAI) has performed well both in absolute terms and compared to its benchmark since our last update in November 2025. Although the strategy is still new, early results are promising. BRAI uses a value index as its benchmark, so it holds fewer of the large AI-focused US companies […]
Stronger together BlackRock Throgmorton (THRG) and BlackRock Smaller Companies Trust (BRSC) have published proposals to combine the two stablemates that would create a bigger, more-liquid, and lower-cost trust. The enlarged entity would be co-managed by BRSC’s Roland Arnold and THRG’s Dan Whitestone – bringing together two of the most experienced and well-respected fund managers in […]
Stronger together BlackRock Throgmorton (THRG) and BlackRock Smaller Companies Trust (BRSC) have published proposals to combine the two trusts, with the aim of creating a larger, more liquid, and lower-cost entity. The intention is for the enlarged trust to be co-managed by BRSC’s Roland Arnold and THRG’s Dan Whitestone, who both have significant experience in […]
Stronger together BlackRock Throgmorton (THRG) and BlackRock Smaller Companies Trust (BRSC) have announced plans to merge, creating a larger, more liquid, and lower-cost trust. The combined trust is to be managed by BRSC’s Roland Arnold and THRG’s Dan Whitestone, both highly experienced in UK smaller companies, and is expected to provide a platform for future […]
At the foothills of an AI mountain Over the past year, Polar Capital Technology (PCT) has strongly outperformed its benchmark, with its NAV total return nearly double that of the Dow Jones Global Tech Index. This reflects the success of its bold AI-focused strategy, where it has taken large positions in lesser-known companies expected to […]
‘At the foothills of an AI mountain’ Over the past 12 months, Polar Capital Technology (PCT) has posted NAV total return almost double that of the Dow Jones Global Tech Index. Its manager says the results highlight the payoff from its maximalist strategy in AI. The company has taken comparatively large positions in companies that […]
