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, along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcem...
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BlackRock Greater Europe (ticker: BRGE) was launched in 2004 to hold a concentrated growth-focused European portfolio along with limited exposure to developing European markets. The main method of discount control has historically been semi-annual tender offers of up to 20% of the trust's shares at a 2% discount to NAV although these are at the board's discretion and none have been held since late 2018. Stefan Gries has managed the portfolio since 2017 and Alexandra Dangoor joined him as co-manager very recently in September 2023. Despite a poor year in 2022, when exposure to Russia and growth...
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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, along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcem...
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International Biotechnology (ticker: IBT) was launched in 1994 making it one of the oldest sector-specialised equity trusts. It was initially run by Rothschild Asset Management but after a turbulent few years, Schroders Ventures Life Sciences took over in 2000. Schroders Ventures Life Sciences eventually split from Schroders and set itself up as SV Health. IBT mostly invests in listed biotech stocks but has always had a significant percentage (currently around 10%) in unquoted companies. Although income from its portfolio is minimal, since 2016 it has adopted an enhanced dividend policy that p...
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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, along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcem...
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Fidelity Asian Values (ticker: FAS) was launched in 1996, not long before the Asian Financial Crisis, so its first few years proved difficult but over time it has built up a solid performance record. Nitin Bajaj took over as lead manager in April 2015 when the directors of FAS decided to adopt more of a small-cap value approach to differentiate the trust from its peers. A fulcrum fee was introduced in 2018 with a base charge of 0.7% of net assets and a variable element of -0.2% to +0.2% that depends on the trust's performance. FAS often used a high level of gearing in the 1990s and 2000s but s...
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The price gains we have seen on many investment trusts in the past few weeks suggests that it was reasonable to highlight the potential for discount narrowing couple of months ago, even if I was a week or two premature in doing so. Falling bond yields and narrowing discounts is a potent backcloth for investment trust investors, and an encouraging one for the equity markets too. With inflation figures falling, it seems likely that we will have another end of year equity market rally, absent further bad news on the geopolitical front. Although some of the movements have been striking, there rem...
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Why is Warren Buffett buying Japanese stocks? Because there is value there, says financial historian Edward Chancellor, author of a definitive history of past speculative excesses, from the South Sea Bubble onwards, and a brilliant new book about the folly of low interest rates. An earlier version of this article first appeared on the online financial website, Reuters Breakingviews.
The upside in Tokyo Conventional wisdom holds that stocks deliver around 6.5% a year after inflation. That’s the historic return from U.S. equities publicised by Wharton professor Jeremy Siegel in his best-selli...
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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, along with a table from Winterflood showing recent aggregate sector movements. If there are trusts you are interested in, the links in the list of news each day will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the trust's discount/premium to NAV on the day of the announcem...
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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 portfolio of around 30 stocks, heavily tilted toward the industrials and materials sectors. Its shares have performed very strongly since their IPO, despite the weakness of the Japanese yen, resulting in two ot...
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