UPDATE: CGI returned -20% in 2022, 18% in 2023, 27% in 2024, 18% in 2025, and 9% from January to mid-September 2026, so it is lagging behind the strong returns produced by most other trusts in the North America sector.
Canadian General Investments (CGI) was launched in 1930 making it one of the oldest surviving North American closed-ended funds. Its main listing is in Toronto but it has also been listed in London since 1995. CGI has produced a compound annual return of 12% over the last five decades and a double-digit annualised return in each of the last three decades. It has been managed by...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is our weekly roundup of investment trust announcements and data. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities, is below the summary of the week's trust news. If there are trusts you are interested in, the links in the last section will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the share price responses on the day of the announcement. Please note that the charts and weekly and year to date performance data were correct as of Friday morning.
This week's news Notable resu...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in October 2025.
Although it suffered badly in the dot com bust, Henderson Smaller Companies has been a highly consistent performer since Neil Hermon was appointed lead manager in November 2002. Hermon has beaten his UK small-cap benchmark in 16 out of 18 financial years to date using a blend of quality and growth at a reasonable price. With assets of just over £1bn, this trust holds a widely diversified portfolio of over 100 companies with only a handful of positions greater than 2% and a fairly low portfolio turnover. It is a member of...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is our weekly roundup of investment trust announcements and data. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities, is below the summary of the week's trust news. If there are trusts you are interested in, the links in the last section will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the share price responses on the day of the announcement. Please note that the charts and weekly and year to date performance data were correct as of Friday morning.
This week's news Markets cont...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in July 2025.
Fidelity Special Values has a great record of outperforming the UK market since it was launched in 1994, thanks to its value/contrarian discipline, a modest level of gearing, and its recent preference for small- and mid-caps. It also tends to invest around 15-20% of its assets outside the UK. Its popularity with retail investors means its shares have frequently traded at a small premium over the last four years. This trust was famously run by Anthony Bolton from November 1994 to December 2007 and by Sanjeev Shah from Januar...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is our weekly roundup of investment trust announcements and data. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities, is below the summary of the week's trust news. If there are trusts you are interested in, the links in the last section will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the share price responses on the day of the announcement. Please note that the charts and weekly and year to date performance data were correct as of Friday morning.
This week's news It was anoth...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: A revised version of this profile was published in October 2025.
Polar Capital Global Financials has had a very eventful two years. It was launched in 2013 with a seven-year fixed life but in April 2020 shareholders voted to extend it indefinitely although 39% opted to have their cash returned in a tender offer. The trust's shares have risen by over 70% since then and the number in issue has risen from 123m to 312m, thanks to regular share issuance, a C share offer, and a placing completed this past week. Polar Capital Global Financials is the only trust in the AIC's Financials sector...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
This is our weekly roundup of investment trust announcements and data. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities, is below the summary of the week's trust news. If there are trusts you are interested in, the links in the last section will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the share price responses on the day of the announcement. Please note that the charts and weekly and year to date performance data were correct as of Friday morning.
This week's news It was anoth...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: LXi was acquired by LondonMetric in March 2024 in an all-share offer.
Launched just under five years ago, LXi REIT is one of the new breed of specialist property trusts. Rather than specialising in a single industry, it seeks out UK commercial properties that can be leased for at least 20 years until their first break clause and that have inflation-linked or fixed rental uplifts. Since its IPO, LXi's net asset value has compounded at 12.0% a year, well ahead of its 8% minimum target. While LXi did have to reduce its dividend a little due to the pandemic, it's rebounded strongly since,...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
UPDATE: ASCoT has been one of the better-performing UK small-cap trusts of the last five years in what has been a difficult market for most managers in this sector. It returned 33% in 2021, -10% in 2022, 8% in 2023, 12% in 2024, and 8% in 2025. From January to mid-September 2026, it is up 14%.
Aberforth Smaller Companies Trust, often shortened to ASCoT, is the largest trust in the UK Smaller Companies sector with nearly £1.6bn in assets. Launched in 1990, it makes up the majority of funds managed by the UK small-cap specialist, Aberforth Partners. It's run by a team of six individuals, five o...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers