UPDATE: On an NAV total return basis, OCI returned +24% in 2022, +4% in 2023, +2% in 2024, +6% in 2025, and +6% in the first half of 2026, making it one of the better-performing private equity trusts over the past three and five years. In the eighteen months since March 2025, it has bought back around 7% of its shares, but its discount to NAV has remained wide and averaged around 30% over the year to September 2026. An updated profile on OCI was published in October 2026.
Oakley Capital Investments (ticker: OCI) is a private equity trust that was launched on the Alternative Investment Market ...
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Update (Oct 2026): Andy Ho, VOF's lead manager, passed away in June 2024, with Khanh Vu, his deputy, taking over the role in early 2025. From 1 July 2026, the trust cut its fees from 1.3% to 1.2% on the first $500m, then 0.8% to $1.5bn, and 0.5% thereafter, while also revising its performance fee so that it is based on the FTSE Vietnam All-Share Index rather than a 10% hurdle rate. VOF returned +7.8% in the year to June 2024, -2.2% to June 2025, and +10.5% to June 2026. Performance has lagged the Vietnamese market over the last couple of years, though, due to being underweight Vingroup and its...
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UPDATE (Sep 2026): ORIT produced a NAV total return of +2% in 2023, +3% in 2024, -3% in 2025, and -5% in the first half of 2026. Dividends per share were 5.79p in 2023, 6.02p in 2024, 6.17p in 2025, with a target of 6.23p for 2026. Selective asset disposals have been made in the last few years, but its debt-to-gross-assets ratio is around 45%, higher than the trust's 40% medium-term target. ORIT launched a five-year plan called ORIT 2030 in September 2025, looking to increase its allocation to construction assets, target a £1bn NAV, produce annual returns of 9-11%, and build 100MW of new capac...
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UPDATE (Oct 2026): On 18 September 2026, JUGI said it planned to combine with Aberdeen UK Smaller Companies Growth (AUSC), which had a market cap of around £215m at the time. The deal is expected to complete around the end of 2026, with AUSC shareholders being offered a cash exit at a 2% discount for up to 35% of its shares. JUGI plans to cut the management fee on the first £200m of its net assets from 0.65% to 0.6% upon completion. JUGI's NAV returns were +28.4% for the year ended July 2024 versus +13.2% for its benchmark, +0.6% versus +2.5% to July 2025, and +7.2% versus +9.8% to July 2026. ...
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UPDATE (Oct 2026): After an abandoned merger with Custodian Property Income, shareholders in Aberdeen Property Income voted for a wind-down in May 2024. Most of its assets were sold to GoldenTree Asset Management in November 2024, but its forestry asset, Far Ralia, was not included. Despite some interest from potential purchasers, Far Ralia has not yet been sold due to "uncertainty surrounding the future value of carbon credits and wider natural capital markets". Once this disposal does take place, the trust plans to liquidate itself, but it may delist before that happens as its shareholder ba...
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UPDATE (Oct 2026): BGFD returned -5.4% versus +6.7% for its benchmark for the year to August 2023, +10.0% versus +14.7% to August 2024, +20.5% versus +12.1% to August 2025, and +17.7% versus 26.7% to August 2026. The trust has bought back around a third of its shares since mid-2022, but its discount has averaged around 10% over the past one and three years. It has put a 25% conditional tender offer in place at a 2% discount for the three years ending 31 August 2029. An updated version of this profile will be published in December 2026.
Baillie Gifford Japan (ticker: BGFD) was launched in 1981...
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An updated profile for this trust will be published in November 2026.
BioPharma Credit (ticker: BPCR) specialises in lending to life science firms. Most of its loans are at variable rates over five years and secured on revenues from already-approved products. It runs a concentrated portfolio that currently consists of just twelve loans. In addition to interest received, the trust gets significant income from prepayment and make-whole fees, as nearly all of its loans are repaid early. BioPharma raised around $1.4bn in its March 2017 IPO and three large follow-up fundraisings and it is by far t...
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UPDATE (Oct 2026): In the year to July 2024, FAS returned +3.2% versus +13.7% for its benchmark, followed by +12.4% versus +7.1% to July 2025, and +6.1% versus +9.1% to July 2026. The trust celebrated its 30th birthday in June 2026, saying that each £1 invested at launch would have become £8.05 with dividends reinvested versus £5.89 for its benchmark. It is asking its shareholders at its 2026 AGM to increase its short exposure limit from 10% to 20%.
Fidelity Asian Values (ticker: FAS) was launched in 1996, not long before the Asian Financial Crisis, so its first few years proved difficult but...
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UPDATE (Oct 2026): NAVF returned +23.1% versus +7.8% for its benchmark in 2023, followed by +15.2% versus +6.8% in 2024, +17.4% versus +19.8% in 2025, and +5.2% versus +17.7% in the first half of 2026.
Nippon Active Value Fund (ticker: NAVF) was launched in early 2020 raising £103m just before the pandemic struck. Similar to AVI Japan Opportunity, NAVF looks to invest in undervalued Japanese smaller companies whose share prices should benefit from the ongoing corporate governance reforms being pushed by both the Japanese government and the Tokyo Stock Exchange. NAVF has a concentrated portfol...
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UPDATE: A revised profile for this trust was published in October 2026.
Polar Capital Technology (ticker: PCT) began trading in 1996 as a roll-over vehicle for TR Technology Trust. It was initially called Henderson Technology but in late 2000 its managers left Henderson to set up a new company called Polar Capital. The trust stuck with them and appointed Polar Capital as its new management firm. Ben Rogoff, PCT's current lead manager, joined Polar Capital in 2003 and has been responsible for running its portfolio since 2006. PCT's shares are currently around 1,900p, representing an annualised...
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