Top performer as Asia regains momentum Pacific Horizon (PHI) has bounced back strongly over the past year, outpacing both its benchmark and its peers as sentiment towards Asia has improved. The trust’s growth-focused approach, which had been out of favour during the period of rising global interest rates, is once again delivering results. Despite the […]
Top performer as Asia regains momentum Pacific Horizon (PHI) has rebounded strongly over the past year, outperforming its benchmark and peers as sentiment towards Asia has improved. The trust’s growth-focused approach, which had been out of favour during the period when global interest rates were rising, is once again delivering results. Despite the obvious challenges, […]
Top performer as Asia regains momentum Pacific Horizon (PHI) has rallied over the past year, outpacing both its benchmark and its peers as sentiment towards Asia has appeared to improve. The trust’s growth-focused approach, which struggled during the period of rising global interest rates, appears to be delivering results again. Asian markets appear to have […]
Firing up the cylinders RIT Capital Partners’ (RIT’s) performance has turned a corner following a reshuffle of its leadership team last year and the adoption of a more concentrated approach. All three investment pillars – quoted equities, private investments and uncorrelated strategies – have performed well. Having been a drag on RIT’s performance for an […]
Firing up the cylinders RIT Capital Partners’ (RIT’s) performance has improved after last year’s leadership changes and a shift to a more focused strategy. All three investment pillars – quoted equities, private investments, and uncorrelated strategies – have delivered strong results. The private portfolio, which had previously held back performance, has seen some profitable exits […]
Firing up the cylinders RIT Capital Partners’ (RIT’s) performance appears to have improved following a reshuffle of its leadership team last year and the adoption of a more concentrated approach. All three investment pillars – quoted equities, private investments and uncorrelated strategies – have delivered positive returns. RIT’s private portfolio, which had previously weighed on […]
Focused on the future In January, we explained why Saba Capital’s proposals were not in the best interest of Herald Investment Trust (HRI) shareholders and urged a vote against them. Most investors agreed, resulting in a clear rejection of Saba’s proposals. Although Saba remains a shareholder and brings some uncertainty, HRI continues to benefit from its closed-ended structure, allowing long-term […]
Focused on the future In our last note in January, we set out the reasons why we felt that Saba Capital’s proposals were not in Herald Investment Trust (HRI) shareholders’ interest and why shareholders should vote against them to protect their investment in the trust. Thankfully, the vast majority of HRI’s investors agreed, handing Saba […]
Focused on the future In January, the reasons were set out as to why Saba Capital’s proposals were considered by the management not to be in Herald Investment Trust (HRI) shareholders’ interest, and why management recommended that shareholders vote against them. The majority of HRI’s investors voted against Saba’s proposals. Whilst the continued presence of […]
Decision time Shareholders in Polar Capital Global Healthcare (PCGH) are being asked to approve a package of measures that repositions the trust for what is hopefully a profitable future. The package – which we describe in detail in this note – includes lower fees, improvements to the trust’s structure, and regular, five-yearly, 100% exit opportunities. […]
Decision time Shareholders in Polar Capital Global Healthcare (PCGH) are being asked to approve changes aimed at improving the trust’s future prospects. These include lower fees, a better structure, and regular five-yearly opportunities for all investors to exit. There is also an immediate exit option. Investors must decide whether to stay invested. However, with PCGH […]
Decision time Shareholders in Polar Capital Global Healthcare (PCGH) are being asked to approve a package of measures that aims to reposition the trust. The package, which is described in detail in this note, includes lower fees, changes to the trust’s structure, and regular, five-yearly, 100% exit opportunities. There is also an exit available at […]
Looking oversold Rights and Issues Investment Trust (RIII) is battling a number of headwinds. UK small caps face a lacklustre UK economy, a looming budget that is creating market uncertainty, and seemingly indifferent domestic and international investors. To this we can add a large shareholder who appears to be actively frustrating efforts by RIII’s board […]
Looking oversold Rights and Issues Investment Trust (RIII) is battling a number of headwinds. UK small caps face a lacklustre UK economy, a looming budget that is creating market uncertainty, and seemingly indifferent domestic and international investors. To this we can add a large shareholder who appears to be actively frustrating efforts by RIII’s board […]
Looking oversold Rights and Issues Investment Trust (RIII) is experiencing several challenges. UK small caps appear to be affected by a weak UK economy, an upcoming budget that may be contributing to market uncertainty, and what seems to be limited interest from both domestic and international investors. In addition, a large shareholder appears to be […]
A whole new ball game Nicholas Weindling, one of the co-managers of JPMorgan Japanese Investment Trust (JFJ), observes that the investment landscape in Japan has changed almost beyond recognition from the picture that has persisted for most of the last few decades. The country is now seeing inflation, rising interest rates and wage rises – […]
A whole new ball game Nicholas Weindling, one of the co-managers of JPMorgan Japanese Investment Trust (JFJ), observes that the investment landscape in Japan has changed almost beyond recognition from the picture that has persisted for most of the last few decades. Japan is contending with inflation, rising interest rates, wage rises, a possible political […]
A whole new ball game Nicholas Weindling, one of the co-managers of JPMorgan Japanese Investment Trust (JFJ), says that the investment landscape in Japan have changed significantly from the conditions that have persisted for most of the last few decades. According to Weindling, Japan is experiencing inflation, rising interest rates, wage increases, a possible political […]
Difficult conditions make for better vintages Patria Private Equity’s (PPET’s) long-term track record puts it towards the top end of peer group tables for returns and ahead of equivalent listed equities. PPET’s bias to European mid-market deals appears to have served it well despite limited economic growth in the region. The company is also providing […]
Difficult conditions make for better vintages Patria Private Equity (PPET) has been able to build up an enviable long-term track record, with returns towards the top end of peer group tables and well-ahead of equivalent listed equities. It is clear that PPET’s bias to European mid-market deals has served it well despite lacklustre economic growth […]
Difficult conditions make for better vintages Patria Private Equity (PPET) has been able to build up an enviable long-term track record, with returns towards the top end of peer group tables and well-ahead of equivalent listed equities. It is clear that PPET’s bias to European mid-market deals has served it well despite lacklustre economic growth […]
Hi Fidelity! AVI Japan Opportunity (AJOT) has published proposals for a combination with Fidelity Japan Trust (FJV) that would improve liquidity in AJOT’s shares, lower its ongoing charges ratio, and give the manager greater resources to encourage beneficial change within AJOT’s portfolio. FJV shareholders can switch into a much better-performing trust, with improved discount control. […]
Hi Fidelity! AVI Japan Opportunity (AJOT) has published proposals for a combination with Fidelity Japan Trust (FJV) that would improve liquidity in AJOT’s shares, lower its ongoing charges ratio, and give the manager greater resources to unlock value in the companies it invests in. For FJV shareholders the deal offers the chance to switch into […]
Hi Fidelity! AVI Japan Opportunity (AJOT) has published proposals for a combination with Fidelity Japan Trust (FJV) that could improve liquidity in AJOT’s shares, lower its ongoing charges ratio, and give the manager greater resources to encourage beneficial change within AJOT’s portfolio. FJV shareholders are being offered the opportunity to switch into a trust with […]
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 […]
Durability in times of volatility Market volatility at the start of 2025 – brought about by tariff uncertainty and the release of the Chinese 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 in during […]
Durability in times of volatility Market volatility at the start of 2025 – brought about by tariff uncertainty and the release of the Chinese AI model DeepSeek – provided a snapshot into the potential performance of the companies that Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), invest in during times […]
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 […]
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 […]
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 indications of this style of investing coming back into favour, as inflation remains under control and interest rates trend down. More widely, Europe appears to be receiving increased investor attention, […]
