On the podcast this week On this week's podcast, I talk first to Richard Hulf, co-founder and managing partner of HydrogenOne Capital, which manages HydrogenOne Capital Growth (HGEN). This specialist vehicle came to market in July 2021 and has experienced both the highs and lows of recent investment trust experience, rising to a premium on launch before falling to a disappointing 50% discount, despite making decent operational progress. We discuss why anyone might think about investing in hydrogen, how and whether the trust can grow without the current ability to issue new equity, recent NAV a...
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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 follow 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 announcement. The final table at the bottom of the...
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Henderson High Income (HHI) was launched in 1989 as TR High Income. It was first managed by Job Curtis, the long-time manager of City of London (CTY), and later by Alex Crooke, the 20-year veteran of Bankers (BNKR). Since 2015, HHI has been managed by David Smith, who is also the deputy manager of CTY. Around 90% of HHI's portfolio is invested in UK equities with the remaining 10% in fixed interest although the proportion in fixed-interest securities used to be somewhat higher. Returns have been boosted in recent years by net gearing of between 20 and 25%. HHI has merged or been the rollover o...
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On the podcast this week On this week's podcast, I catch up with Tim Levene, the CEO of Augmentum Fintech (AUGM), a unique vehicle in the mainstream listed investment trust world, as a venture capital investor in European fintech companies. He last featured on the podcast a little over a year ago. AUGM came to market in 2018 and like many other more recent newcomers has had a chequered history since then, initially trading at one of the biggest premiums in the universe, but latterly going to a big discount as interest rates and other factors prompted widespread derating of venture capital and ...
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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 follow 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 announcement. The final table at the bottom of the...
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VH Global Sustainable Energy Opportunities (ticker: GSEO) was launched in February 2021 raising £243m. Two further equity issues raised £190m making GSEO one of the largest renewable infrastructure trusts to have joined the London market in the last wave of IPOs. Its investment adviser is Victory Hill Capital Partners, a new company set up in 2020. Two of Victory Hill's co-founders, Richard Lum and Eduardo Monteiro, manage GSEO's portfolio however Anthony Catachanas, another of Victory Hill's co-founders and previously its CEO, left the firm in the summer of 2023 to pursue other projects. GSEO...
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On the podcast this week On this week's podcast, I discuss the latest market movements and the main headlines from the latest news from the investment trust sector in one of my regular reviews with Andrew McHattie, the editor of the Investment Trusts newsletter. While there have been a dozen or so trusts reporting results, this episode is a little shorter than normal (for which some of you may say "thank goodness"!). If you are being starved of content this might be a good time to remind you that we now have an index of all the guests who have appeared on the podcast since its launch more tha...
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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 follow 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 announcement. The final table at the bottom of the...
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Artemis Alpha (ATS) was launched in 1998 when it was known as Piccadilly Growth Trust. It was initially focused on European equities and managed by JO Hambro's Max King. After a difficult few years following the dot com bubble, Artemis was appointed to run the trust in June 2003 with John Dodd becoming lead manager and its mandate was switched to UK equities. ATS did very well in 2004 and 2005 but its performance over the next dozen years or so matched the FTSE All-Share with its allocation to unquoted companies being a drag on returns. A strategic review in 2018 led to unquoted and smaller co...
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On the podcast this week On this week's podcast, after the usual brief summary of market movements and the main headlines from the latest news from the investment trust sector, I speak first to Dominic Scriven, the founder and CEO of Dragon, the investment management firm that launched and still runs Vietnam Enterprise Investments (VEIL), the oldest and largest of three specialist Vietnamese trusts that sit in the investment trust universe. It has generated an 11% annualised compound return over the past 30 years, though recent performance has been more muted, and it faces a continuation vote ...
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