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 There were n...
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Value And Indexed Property Income (ticker: VIP) has reinvented itself in the last eighteen months. It used to be mostly invested in high-yielding stocks with a UK commercial property portfolio on the side. Now its focus is almost entirely on direct property ownership although it also invests in some listed property trusts. The property side of VIP has been managed since 1986 by OLIM, which is led by the very experienced team of Matthew Oakeshott and Louise Cleary and this part of the trust has an impressive performance record of 12.2% annualised over the last 35 years. It's a small trust with ...
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Caledonia Investments (ticker: CLDN) is a self-managed trust whose story dates back to the 1870s when the Cayzer family set up a shipping business called the Clan Line. Caledonia owned the Clan Line and the Cazyer's other business interests before becoming a dedicated investment vehicle in 1987. It now holds a mixture of quoted equities, large stakes in several private companies, and US/Asian private equity funds. The Cayzer family owns 49% of the trust's shares, which limits buybacks, so the trust often trades on a large discount (it's currently around 30%). Will Wyatt, part of the Cayzer fam...
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Impax Environmental Markets (ticker: IEM) was launched in 2002 making it one of the first ESG funds. Two of its three co-managers have been in charge since its IPO and it has a style bias towards global small- and mid-caps and also towards quality and growth factors. The trust prefers pure-play businesses that derive at least 50% of their revenues from environmental products or services and it typically holds around 60 stocks with low-ish portfolio turnover and minimal gearing. The popularity of ESG investing saw Impax Environmental rise to a significant premium in 2020 and 2021 although it's ...
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Cordiant Digital Infrastructure (ticker: CORD) is one of two digital infrastructure trusts launched in early 2021 that are targeting "the plumbing of the Internet" in the form of assets such as mobile towers, fibre-optic cables, and data centres. This trust is looking for mid-sized deals of up to $500m, mostly based in North America and Europe, that are usually available at more modest valuations. It is aiming for an annualised return of at least 9%. Cordiant raised an impressive £370m in its IPO and has been back to the market twice since then for further funds. It has bought two assets with ...
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North Atlantic Smaller Companies (ticker: NAS), often shortened to NASCIT, has been run by Chris Mills since 1982. Mills turns 70 later this year and he also controls about 30% of the trust's shares. Although the trust sits in the Global Smaller Companies sector, the vast majority of its holdings are listed in the UK with most of the remainder in UK/US unquoted companies. NASCIT runs a concentrated portfolio, often buying large stakes of 10% or more in its investments with Mills sometimes taking a seat on the company's board as well. NASCIT's largest holding is Oryx International Growth, a UK ...
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Warehouse REIT (ticker: WHR) is one of three trusts in the UK logistics sector that has dominated the property performance tables in recent years. It joined the market in 2017 and is planning to move from AIM to the Main Market of the London Stock Exchange in July. Warehouse REIT has accumulated a portfolio valued at just over £1bn with around a tenth of that in development projects and land. Its leases tend to be relatively short and not linked to inflation while its target return is at least 10% per annum. Its properties are concentrated around the English motorway network and consist of 91 ...
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3i Infrastructure (ticker: 3IN) has been the best-performing infrastructure trust in recent years by some distance and since it joined the market in 2007 it has generated an annualised return of just over 13%. 3IN runs a very concentrated portfolio of around a dozen holdings, generally investing in higher-risk infrastructure assets (e.g. energy transition projects and digital infrastructure) that are more geared to economic activity than the availability-based projects that are preferred by many of the other veteran infrastructure trusts. It has only raised fresh money three times since its IP...
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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 a bru...
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BlackRock Throgmorton (ticker: THRG) is one of two trusts run by BlackRock that sit in the UK Smaller Companies sector. It has been managed by Dan Whitestone since early 2018 and before that was run by highly regarded Mike Prentis for nearly a decade. Although it shares many holdings with BlackRock Smaller Companies, it invests a little further up the market-cap scale and takes a different approach to gearing by investing up to 30% of its net assets in a portfolio of contracts for difference (CFDs) using a mixture of both long and short positions. The trust's discount narrowed significantly fo...
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