A new home for a proven approach City Natural Resources Growth and Income’s (CYN’s) management contract transferred to Tufton Investment Management in September 2026. This reestablished management by longstanding portfolio managers Keith Watson and Robert Crayfourd while gaining access to Tufton’s complementary energy and shipping expertise. CYN’s NAV rose 28.8% and its share price 37.2%, […]
A new home for a proven approach City Natural Resources Growth and Income (CYN) has entered a new chapter following the transfer of its management contract to Tufton Investment Management in September 2026. The move preserves the expertise of longstanding portfolio managers Keith Watson and Robert Crayfourd, while providing access to Tufton’s complementary energy and […]
A new home for a proven approach? City Natural Resources Growth and Income (CYN) transferred its management contract to Tufton Investment Management in September 2026. The move retains longstanding portfolio managers Keith Watson and Robert Crayfourd, while providing access to Tufton’s energy and shipping expertise. CYN has delivered positive returns, with its NAV rising 28.8% […]
New managers, renewed focus Geiger Counter (GCL) has moved beyond the period of uncertainty created by its long-standing portfolio managers’ departure from Manulife CQS. After considering its options, GCL’s board has retained Manulife CQS on improved terms, with Toronto-based managers Diana Racanelli and Craig Bethune maintaining its specialist uranium strategy. A 27.9% management fee reduction […]
New managers, renewed focus Geiger Counter (GCL) has emerged from a period of uncertainty following the departure of its long-standing portfolio managers, with its board electing to retain Manulife CQS under a new investment team and on improved terms. The appointment of Toronto-based managers Diana Racanelli and Craig Bethune provides continuity in GCL’s specialist uranium […]
New managers, renewed focus Geiger Counter (GCL) has moved past a period of uncertainty following the departure of its long-standing portfolio managers, with its board opting to retain Manulife CQS under a new investment team and improved terms. Toronto-based managers Diana Racanelli and Craig Bethune provide continuity for GCL’s specialist uranium strategy, while the management […]
Tomorrow’s UK market leaders The Mercantile Investment Trust (MRC) offers an actively managed portfolio of UK-listed medium-sized and smaller companies that its investment manager believes could become market leaders. Skilled, well-resourced managers can add value in this market, as MRC’s long-term record demonstrates. Its end-August factsheet shows average annual outperformance of 2.66% against its benchmark […]
Tomorrow’s UK market leaders The Mercantile Investment Trust (MRC) offers investors access to an actively managed portfolio of UK-listed mid- and small-cap (SMID) companies that its investment manager believes have the potential to become future market leaders. This is a part of the market where a well-resourced and skilled manager can add real value, as […]
Tomorrow’s UK market leaders The Mercantile Investment Trust (MRC) offers investors access to an actively managed portfolio of UK-listed mid- and small-cap (SMID) companies that its manager believes have the potential to become future market leaders. This could be a part of the market where a well-resourced, skilled manager adds value, as MRC’s long-term track […]
More than meets the eye Alliance Witan (ALW) has had a frustrating period as global equity returns have become concentrated in a few large US AI-related stocks. Its diversified portfolio missed some of the rally, while its managers’ combined positioning arguably made it less responsive to rising markets than its manager, Willis Towers Watson (WTW), […]
More than meets the eye? Alliance Witan (ALW) has faced performance challenges at a time when global equity returns have become increasingly concentrated in a narrow group of large US AI-related stocks. Its diversified portfolio has not captured the full extent of the rally, while the combined positioning of its underlying managers appears to have […]
More than meets the eye Alliance Witan (ALW) has endured a frustrating period of performance as global equity returns have become increasingly concentrated in a narrow group of large US AI-related stocks. Its diversified portfolio has not captured the full extent of the rally, while the combined positioning of its underlying managers arguably left the […]
Strong NAV growth, more winners emerging Seraphim Space Investment Trust (SSIT) has continued to deliver strong portfolio progress, with a series of transactions providing further validation of the value being created across its holdings. ICEYE’s latest funding round has crystallised a substantial uplift, HawkEye 360 has successfully listed, and ALL.SPACE has been acquired by York […]
Strong NAV growth, more winners emerging? Seraphim Space Investment Trust (SSIT) claims to have reported progress across its portfolio, with a series of transactions involving its holdings. ICEYE’s latest funding round has seen a marked uplift in valuation, HawkEye 360 has listed, and ALL.SPACE has been acquired by York Space Systems. At the same time, […]
Strong NAV growth, more winners emerging Seraphim Space Investment Trust (SSIT) has continued to make strong portfolio progress. ICEYE’s latest funding round confirmed a substantial rise in its valuation, HawkEye 360 has listed, and York Space Systems has acquired ALL.SPACE. SSIT’s £137m C share issue provides capital for existing holdings and new opportunities, while Seraphim’s […]
Ready for a small-cap reset The April 2026 combination with BlackRock Throgmorton reinforced BlackRock Smaller Companies Trust (BRSC) as the largest growth-focused trust in the UK smaller companies sector. It also gave shareholders lower fees, an exit mechanism if performance disappoints and greater scope to invest overseas. The outlook for UK smaller companies remains difficult, […]
Ready for a small-cap reset? The April 2026 combination with BlackRock Throgmorton has reinforced BlackRock Smaller Companies Trust’s (BRSC) position as the largest growth-focused trust in the UK smaller companies sector. The transaction also seems to provide shareholders with lower fees, an exit mechanism in the event of underperformance and greater flexibility to invest overseas. […]
Ready for a small-cap reset The April 2026 combination with BlackRock Throgmorton reinforced BlackRock Smaller Companies Trust’s (BRSC) position as the largest growth-focused trust in the UK smaller companies sector. The transaction also brought shareholders lower fees, an exit mechanism in the event of underperformance and greater flexibility to invest overseas. The backdrop for UK […]
New chapter, same compelling story The cloud of uncertainty that has hung over Herald Investment Trust (HRI) for almost two years, following Saba Capital’s stake-building and attempts to take control of the trust, has finally lifted. A tender offer in July gave Saba a full exit, and a three-year standstill arrangement is now in place, […]
New chapter, same compelling story The uncertainty hanging over Herald Investment Trust (HRI), caused by Saba Capital’s stake-building and attempts to take control, has lifted. A July tender offer gave Saba a full exit, while a three-year “standstill agreement” allows manager Katie Potts and her team to focus on HRI’s portfolio of pioneering technology companies. […]
New chapter, same compelling story? The uncertainty surrounding Herald Investment Trust (HRI) for almost two years, following Saba Capital’s stake-building and attempts to take control of the trust, appears to have now lifted. A tender offer in July gave Saba a full exit, and a three-year standstill arrangement is now in place, allowing manager Katie […]
Gathering momentum BlackRock American Income (BRAI) appears to be strengthening in its new form. Consistent outperformance of its benchmark and peers since April 2025’s revamp is attracting investors, while strong returns are supporting higher dividends. The company is re-issuing shares and nearing a £200m market value. It could soon reach thresholds that attract larger wealth […]
Gathering momentum BlackRock American Income (BRAI) appears to be going from strength to strength in its new form. Consistent outperformance of the benchmark index and the peer group since April 2025’s revamp is attracting interest from investors. This strong run of returns is also feeding through into higher dividends. The company is re-issuing shares and […]
Gathering momentum? BlackRock American Income (BRAI) has delivered consistent outperformance of its benchmark index and peer group since April 2025’s revamp. This appears to be translating into buying interest from investors. A rising NAV is also feeding through into higher dividends. The company is re-issuing shares and is now nearing a £200m market cap. It […]
On the right side of AI The rapid progress of AI has raised legitimate concerns over the durability of parts of the software sector, weighing on several private equity trusts with exposure to the sector. We believe this to be overdone in the case of Oakley Capital Investments (OCI), which appears well positioned to benefit […]
On the right side of AI The rapid progress of AI (especially agentic AI) has raised legitimate concerns over the business models of some companies within the software sector, affecting several private equity trusts exposed to these sorts of businesses. We believe these concerns are overstated for the companies in Oakley Capital Investments’ (OCI) portfolio. […]
On the right side of AI? Progress in the capabilities of agentic AI has raised concerns for some investors over the durability of parts of the software sector, weighing on several private equity trusts with exposure to the sector. However, the managers of Oakley Capital Investments (OCI) feel it is well positioned to benefit from […]
A listed gateway to private AI Shaires Holdings Ltd (SHR) is seeking to provide public market investors with exposure to some of the world’s largest private technology businesses, particularly those at the forefront of AI. A large proportion of technology value creation now occurs before companies reach public markets, leaving traditional equity investors excluded from […]
A listed gateway to private AI Shaires Holdings Ltd (SHR) is seeking to provide public market investors with exposure to some of the world’s largest private technology businesses, particularly those at the forefront of AI. A large proportion of technology value creation now occurs before companies reach public markets, leaving traditional equity investors excluded from […]
A sharper edge for BGUK Baillie Gifford UK Growth Trust (BGUK) offers a different way to invest in the UK through a concentrated portfolio of high-quality growth companies. Performance has been held back by a long period in which UK growth investing has been out of favour. Even so, many holdings have continued to make […]
