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, […]

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 […]

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 […]