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 […]
Premium investing Temple Bar Investment Trust (TMPL), managed by Ian Lance and Nick Purves, returned 33.9% in NAV terms and 45.3% in share price terms over 2025, which was above the returns of the UK and global markets. The shares moved to a premium to asset value at the end of the year, which has […]
Premium investing Temple Bar Investment Trust (TMPL), managed by Ian Lance and Nick Purves, outperformed again in 2025, delivering a 33.9% NAV return and a 45.3% share price return, well ahead of both UK and global markets. The shares ended the year at a premium to asset value, which has been unusual in the investment company sector recently, and allowed the fund to sell some previously repurchased shares back […]
Premium investing Temple Bar Investment Trust (TMPL), run by Ian Lance and Nick Purves, has once again outperformed; over 2025, it returned 33.9% in NAV terms and 45.3% in share price terms, well in excess of the UK – and indeed world – markets. It was accompanied by the shares moving to a premium to […]
Cheap and cheerful After a couple of years where the global financials sector has been outperforming global equities, the managers of Polar Capital Global Financials Trust (PCFT) remain just as upbeat about the outlook for the sector as they were last May, when we last wrote on the trust. The managers observe that this is […]
Cheap and cheerful After several years of the global financials sector outperforming global equities, the managers of Polar Capital Global Financials Trust (PCFT) remain positive about the sector’s prospects, as they were last May. They note that many investors overlook or underweight financials. Despite recent strong performance, financials still have the lowest valuations compared to other sectors and are […]
Cheap and cheerful After a couple of years in which the global financials sector has outperformed global equities, the managers of Polar Capital Global Financials Trust (PCFT) state that they remain as positive about the outlook for the sector as they were in May of last year, when we last wrote on the trust. The […]
Defensively positioned, cautious on inflation As we detail in this note, the managers of Capital Gearing Trust (CGT) see reason to be cautious on the outlook for markets and for inflation, and have positioned the portfolio accordingly. The portfolio’s exposure to risk assets has been trimmed – to just 25% of the portfolio at the […]
Defensively positioned, cautious on inflation The managers of Capital Gearing Trust (CGT) remain cautious about market and inflation risks, and have adjusted the trust’s portfolio to reflect this. Exposure to risk assets was reduced to 25% by the end of November 2025, while holdings in UK inflation-linked bonds were increased. Last November, the managers opposed a proposed merger for HICL Infrastructure (one of the holdings […]
Defensively positioned, cautious on inflation According to the managers of Capital Gearing Trust (CGT), there may be reasons for caution regarding the outlook for markets and inflation, and they have positioned the portfolio in response. The portfolio’s exposure to risk assets was reduced to 25% at the end of November 2025, and holdings of UK […]
