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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STS Global Income & Growth (ticker: STS), originally known as Securities Trust of Scotland, was launched in 2005 when it was reconstructed to fend off a bid from Perpetual Income & Growth. The original version of the company dated back to 1889 and both the old and new incarnations were run for many years by Martin Currie, firstly as a UK equity income trust and then from 2011 onwards under a global equity income mandate. Troy Asset Management took over from Martin Currie in late 2020 and earlier this year STS was merged with another Troy trust, Troy Income & Growth, taking its asse...
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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 Paul ffolkes Davis, chairman of Rising Sun Management, the investment adviser to Nippon Active Value (NAVF), the Japanese activist trust which has been going from strength to strength since its IPO in February 2020, taking over two of its peers, issuing more shares and currently having the distinction of being one of just a dozen trusts in the whole universe to be trading at a premium. After that, I s...
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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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Chrysalis Investments (CHRY) was launched in late 2018 in a £100m IPO and it raised a further £730m from investors over the next few years. CHRY is a 'crossover' fund meaning that while it primarily invests in private companies, it is happy to keep holding them should they later list on the stock market. It has a highly concentrated portfolio of around 15 high-growth investments, the best-known being Klarna (which might be listed later this year), Starling, and Wise. A wide discount to NAV of over 60% opened up during 2022 and 2023 when the valuation of CHRY's portfolio was subject to consider...
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On the podcast this week On this week's podcast, after a short summary of market movements and the main headlines from the latest news from the investment trust sector, I speak first to Richard Pindar, CEO of Literacy Capital (BOOK) for an insider's view of what is happening in the private equity market and the outlook for NAVs and discounts from here, as well as the trust's interesting B share scheme proposal. Next, I speak to Ewan Lovett-Turner, head of investment trust research at Deutsche Numis, for one of our regular lookbacks at the first quarter in the markets and ahead to the opportuni...
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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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This is the latest article from our contributor Reg Hoare, who has worked for 40 years in the City, initially in investment banking and the securities business, latterly as managing director of MHP Communications. He has been investing in investment trusts as a private investor for more than three decades. Here he looks back on the performance of his holdings in the first quarter of 2024.
Reg Hoare A bit of a damp squib After the promise of Q4 last year, Q1 2024 turned out to be a bit of a damp squib for my SIPP’s performance. There were plenty of decent bright spots as my thesis on a number ...
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On the podcast this week On this week's podcast, I discuss two very different topics - first, the outlook for emerging markets and secondly, what investment trust boards can do to improve their marketing if you agree, as Ed Warner suggested last week, that the best thing trusts on a big discount can do is "market the hell out of" their company. For the first, I speak to Austin Forey, the long-serving manager of J.P.Morgan Emerging Markets (JMG), and for the second I turn to Lucy Walker, who combines a professional career in fund selection and analysis with being the chair of the Aurora Investm...
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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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