UPDATE (Oct 2026): NBPE changed its name from NB Private Equity Partners to Neuberger Private Equity Partners in June 2026. Its NAV total return was -8% in the year to December 2022, +2% to December 2023, +2% to December 2024, +5% to December 2025, and +2% in the first half of 2026, making it one of the poorer-performing trusts in the Private Equity sector in the last few years. The company bought back a few shares in 2023 and 2024, but stepped up the pace from early 2025 onwards. In February 2025, it set aside $120m for buybacks over the next three years, subject to conditions, and it added a...
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UPDATE (Oct 2026): SEC launched a 100% tender offer in October 2025, which saw a 22% take-up. NAV returns were +9% versus 0% for its benchmark in the year to June 2023, +17% versus +19% to June 2024, 0% versus +13% to June 2025 and -2% versus +8% to June 2026. The board has said that 50% of net gains from any realised profitable transactions will be allocated to share buybacks at discounts of up to 5% to NAV per share, and it intends to provide a further realisation opportunity in 2030.
Strategic Equity Capital (ticker: SEC) was launched in 2005 and sits in the UK Smaller Companies sector. It...
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UPDATE (Oct 2026): VIP became a REIT in April 2025 and, during 2026, it has been able to issue a small number of new shares, as it has been trading around par. Its NAV returns were -17.9% in the year to March 2023, -9.7% in 2024, +7.1% in 2025, and +5.6% in the year to March 2026. VIP's property returns over the five years to March 2026 were 4.8% a year versus 2.9% a year for the MSCI UK Quarterly Property Index.
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 propert...
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UPDATE (Oct 2026): CGI returned -20.0% in 2022, +17.4% in 2023, +26.6% in 2024, +18.1% in 2025, and +8.6% over the first six months of 2026. Over the five years to December 2025, its annualised NAV return was 11.8% versus 16.1% for the S&P/TSX Composite Index, but over ten years, it was 15.0% versus 12.7%. It has continued to turn over its portfolio at a very low rate, averaging around 10% over the past five years. However, it has not repurchased any of its shares, so it continues to trade at a very wide discount, averaging around 40% over the last one, three, and five years.
Canadian Gen...
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UPDATE (Oct 2026): NAS has continued to trade at a wide discount, averaging 32% over the past three years, although it has been repurchasing some of its shares and did a 10-for-1 share split in June 2025 to improve liquidity. It returned -12% in the year to January 2023, followed by +1% to January 2024, +5% to January 2025, +3% to January 2026, and +9% in the six months to July 2026.
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...
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UPDATE (Oct 2026): CGT produced a rare negative return of -3% in its NAV for the year to March 2022, followed by gains of 1%, 3%, 4%, and 6% over the years ended March 2023 to March 2026. It has continued its defensive stance with a low weighting towards risk assets relative to its history. A 10-for-1 share split took place in July 2026, while in October 2026, Emma Moriarty was promoted to co-manager, allowing Alistair Laing to focus on his duties as CEO of CG Asset Management. The shares have traded at a discount since early 2023, so the trust has bought back around 40% of its shares since th...
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UPDATE: Merchants produced a return of +8% in the year to January 2023, followed by -3% in 2024, +13.5% in 2025, +18.9% for the year to January 2026, and +11% for the six months to July 2026. Over the five years to July 2026, its total NAV return was 76% versus 73% for its benchmark. A full update for this profile will be published in November 2026.
Merchants Trust (ticker: MRCH) is one of the largest and oldest UK equity income funds with around £750m in assets and a history dating back to 1889. It has been managed by Allianz's Simon Gergel since 2006 and after a slow start, he has turned i...
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UPDATE: A revised version of this profile was published on 30 September 2026.
Literacy Capital (ticker: BOOK) joined the market in June 2021 and has seen its share price soar from 160p to around 400p due to an enormous increase in the value of its portfolio of UK unquoted businesses. Set up by Capita co-founder and ex-CEO Paul Pindar and his son Richard, Literacy aims to take a different approach to private equity, backing smaller businesses on a long-term basis and charging no performance fees. It also donates 0.9% of its NAV each year to literacy charities. Literacy raised £54m from investo...
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UPDATE: A revised profile for this trust was published in September 2026.
Murray International (ticker: MYI) was founded in 1907, and it has been managed by Bruce Stout since 2004, although his involvement in the trust dates back to the early 1990s. It's the largest trust in the Global Equity Income sector with £1.8bn of assets. Murray International's portfolio differs from other global trusts with nearly half invested in Asia and Latin America where Stout and his team believe companies have stronger fundamentals and income prospects, thanks to favourable demographics and less indebted govern...
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UPDATE: Total NAV returns at F&C were -5% in 2022, +11% in 2023, +21% in 2024, +12% in 2025, and +12% in the first half of 2026. A 4-for-1 share split took place in early 2026. As of July 2026, the trust was marginally behind its benchmark over the past three and five years, at 56% versus 58% and 69% versus 73%, but sat in second and first place out of nine trusts over those periods in the AIC's Global sector.
F&C Investment Trust (ticker: FCIT) was the first investment company to be launched in 1868. Originally set up to invest in overseas government securities, over several decades ...
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