This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. 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 F...
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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 it gradually branched out into corporate debt and then equities. Today it is one of the largest global equity trusts, with assets of over £5bn and a 51-year record of increasing its dividend. F&C has around 400 individual holdings, spread over ten strategies, with 13% of its assets in private companies. The trust uses some external managers for its US holdings and private equity positions but around 60% of its p...
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Jonathan Davis, editor of the Investment Trusts Handbook, talks to Paul Pindar, the former CEO of Capita, the listed outsourcing business, and his son Richard about Literacy Capital, the private equity investment fund they founded and have been running since 2017. The trust (ticker: BOOK) listed in 2021 and was granted investment trust status earlier this year. It donates an amount equivalent to 0.9% of its Net Asset Value each year to support charities dedicated to improving literacy in the UK.
Paul Pindar, chairman of Literacy Capital BOOK has made a successful start to life as a listed com...
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Edward Chancellor, the financial historian, whose excellent book The Price of Time I mentioned a few weeks ago (link here), is an astute reader of developments in the financial markets, who in addition to writing books and articles has also spent several years working as a strategist for the fund management group GMO. I am happy to be able to share some of his recent columns for Reuters Breakingviews with Money Makers subscribers. They are of particular interest for those looking for longer term perspective on the current investment climate.
Where next for commodities? Historian Edward Chan...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. 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 F...
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Ashoka India Equity (ticker: AIE) joined the London market in July 2018 but only managed to raise £46m in its IPO due to concerns over how high oil prices might affect the Indian economy. It focuses on stock selection rather than making sectoral, macro, or market timing calls and has been the best-performing Indian trust since its launch. Ashoka has frequently traded at a premium rating and regular issuance has seen the share count rise from 46m to 111m. With its share price more than doubling as well, its market cap has climbed to £234m. Ashoka is run by White Oak Capital Management, which wa...
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I plan to stick with a thoughts of the week approach for now and supplement that with periodic market and portfolio reviews, as well as resuming some longer Q and As with relevant fund managers and analysts, to supplement the rather shorter weekly investment trust podcast that will be the norm from here on. I hope that you are continuing to value and make use of the comprehensive trust profiles which my colleague Stuart Watson produces and find the data and news summaries useful.
Thoughts of the week What Buffett says If you are a long term investor, then always worth bearing in mind words ...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. 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 F...
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Pantheon Infrastructure (ticker: PINT) joined the market in November 2021 raising £400m at 100p per share. Subscription shares were attached to the IPO offer and these have all now been exercised, raising another £81m. Pantheon Infrastructure is aiming to produce a total return of between 8% and 10% a year, paying a 2p dividend for 2022 and then 4p for 2023. It has built up a portfolio of eleven infrastructure assets at a cost of £390m. Roughly half the initial portfolio is in Europe and the UK with the other half in North America. Although five infrastructure sectors are being targeted, Digit...
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The pension fund crisis last month that did for Kwasi Kwarteng as Chancellor and eventually for Liz Truss as well really was a serious event, posing a real threat to the public finances and the stability of the financial system. The Treasury Select Committee has been looking into what happened and taken evidence from a lot of those involved. The so-called LDI (Liability Driven Insurance) problem arose because of the derivative contracts which many pension funds, faced with the legal requirement to match their future liabilities, had taken out to try and add some extra return to their funds. I...
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