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 […]
At the foothills of an AI mountain Over the past 12 months, Polar Capital Technology (PCT) has posted stunning outperformance of its benchmark, with its NAV total return almost doubling that of the Dow Jones Global Tech Index. The results highlight the payoff from its maximalist strategy in AI. It has taken comparatively outsized positions […]
Some welcome improvements India Capital Growth Fund (IGC) is asking shareholders to approve replacing its biennial (every other year) redemption facility with five-yearly performance-based tender offers. This change aims to help the adviser take a longer-term approach to investments. The board also plans to introduce a new dividend policy, paying out about 2% of NAV […]
Some welcome improvements India Capital Growth Fund (IGC) is asking shareholders to approve plans to swap its biennial redemption facility with five-yearly performance- related tender offers. This will make it easier for the adviser to take a long-term view when evaluating investments. At the same time, the board is proposing to introduce an enhanced dividend […]
Delivering on its promises GCP Infrastructure (GCP) is now over 15 years old. Investors who joined at IPO have already received back their full investment through dividends. The NAV has stayed fairly stable, and from launch to December 2025, GCP delivered a total NAV return of 187%. Despite this strong record, GCP’s shares have traded […]
Delivering on its promises GCP Infrastructure (GCP) is now over 15 years old. Investors who subscribed at IPO have already received all of their investment back in dividends alone. While the NAV has been fairly stable, factoring in both income and capital from launch to the end of December 2025, GCP generated a total NAV […]
Delivering on its promises GCP Infrastructure (GCP) is now over 15 years old. Investors who subscribed at IPO have already received all of their investment back in dividends alone. While the NAV has been fairly stable, factoring in both income and capital from launch to the end of December 2025, GCP generated a total NAV […]
Southern Europe strategy plays to strengths Oakley Capital’s recent investment activity highlights its ability to leverage its strengths in Southern Europe, where many industries are ripe for digital transformation and private equity involvement is low. A key example is Oakley’s investment in Spanish legal tech firm vLex. After investing in 2022, Oakley helped vLex develop […]
“Southern Europe leverages Oakley’s strengths” Oakley Capital experienced a flurry of investment activity in Southern Europe at the end of 2025. This note focuses on the region, a geography Oakley views as under-digitalised with low private equity penetration rates, where it also believes it has strengths it can leverage. The sale in June last year […]
Southern Europe strategy plays to strengths A flurry of investment activity at the end of 2025 underscores Oakley Capital’s ability to leverage its strengths in Southern Europe. This note focuses on the region, which is characterised by under-digitalised industries and low private equity penetration rates. The sale in June last year of Spanish legal tech […]
Back this horse Vietnam appears to have shrugged off the impact of US tariffs and is cantering ahead with reforms designed to remove any bottlenecks to its goal of double-digit annual GDP growth between now and 2030. A 28% jump in one of Vietnam Holding (VNH)’s comparator indices over 2025 might have suggested that this […]
Back this horse? Vietnam continues to push forward with its reforms aimed at addressing obstacles to its goal of double-digit annual GDP growth between now and 2030. A 28% increase in one of Vietnam Holding (VNH)’s comparator indices over 2025 suggests that some of this potential growth may be reflected in valuations, but over half […]
Back this horse Vietnam has largely overcome the effects of US tariffs and is pushing ahead with reforms to support its target of double-digit annual GDP growth through to 2030. While one of Vietnam Holding (VNH)’s comparator indices rose 28% in 2025, more than half of this was due to a single company that VNH […]
Global equity exposure with a little extra juice HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA) is a well-established active ETF that highlights the benefits of this asset class. Using a proven factor investing approach, explained later in this report, it has consistently delivered modest outperformance against its global equity benchmark. Despite a brief setback […]
Global equity exposure with a little extra juice HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA) is a long-standing active ETF that neatly demonstrates the appeal of the asset class. Through a tried-and-trusted investment process based on factor investing – which we explain in this note – it has consistently achieved a modest outperformance of […]
Global equity exposure with a little extra juice? HSBC Multi Factor Worldwide Equity UCITS ETF (HWWA) is a long-standing active ETF that is managed using an investing process based on factor investing, which is described in this note. As discussed on pages 9 and 10, HWWA has been able to achieve modest outperformance compared to […]
The long and short of emerging markets Fidelity Emerging Markets Limited (FEML) offers investors a distinct route into emerging market equities. Its managers run a genuinely unconstrained mandate, investing across the market cap spectrum and maintaining broad diversification by geography and sector. A key differentiator is the fund’s use of short positions held alongside its […]
The long and short of emerging markets Fidelity Emerging Markets Limited (FEML) gives investors access to a wide range of emerging market shares. The managers have a flexible approach, investing in companies of all sizes and spreading investments across different countries and sectors. A key feature is the use of both long and short positions, […]
The long and short of emerging markets Fidelity Emerging Markets Limited (FEML) provides investors with access to emerging market equities. Its managers operate an unconstrained mandate, investing across the market cap spectrum and maintaining broad diversification by geography and sector. According to the manager, a differentiating feature is the fund’s use of short positions held […]
Cash pile grows as valuations climb Strong performance from Global Opportunities Trust’s equity portfolio drove solid NAV growth in 2025. Shareholders also benefited as the trust’s discount to NAV narrowed, though it remains wide. Noting higher valuations in the portfolio and broader market, the manager took profits and increased cash, leaving the trust ready to […]
Cash pile grows as valuations climb Global Opportunities Trust (GOT)’s NAV growth over 2025 was primarily driven by the contribution from its equity portfolio. Shareholders also benefitted from a narrowing of its discount. The manager observed rising valuation multiples on many of the stocks in the portfolio and in the wider market, and decided to […]
Cash pile grows as valuations climb A strong contribution from Global Opportunities Trust (GOT)’s equity portfolio led to decent NAV growth over 2025. Shareholders benefitted further from a narrowing of its – still too-wide, in our view – discount. The manager observed the rising valuation multiples on many of the stocks in the portfolio and […]
