UPDATE (Oct 2026): FEML returned +92.3% in the year to June 2026 versus +48.2% for its benchmark. This followed a return of +11.8% versus +6.3% in the year to June 2025. The trust beat its benchmark by +83% versus +56% over the five years to September 2026, so it did not hold its 25% conditional tender offer. Another 25% conditional tender offer has been put in place for the five years to September 2031. In September 2025, FEML agreed to repurchase the 25.7% stake held by Strathclyde Pension Fund. Along with its ongoing buyback programme, this reduced its share count from 64.3m to 39.4m over t...