Rights and Issues Investment Trust (ticker: RIII) was founded in 1962. It was managed for nearly four decades by Simon Knott before he retired from the role in 2022. Throughout Knott's tenure, the trust's NAV per share rose about 100 times and the annualised share price total return was 15.4%, making it one of the top-performing funds over that period. RIII's board selected Jupiter to run the trust when Knott retired with the team of Dan Nickols and Matt Cable appointed to look after the portfolio. Knott has remained as a non-executive director and he is still a significant shareholder. RIII i...
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On the podcast this week On this week's podcast, I discuss some of the more interesting and important news from the sector with one of my regular guests, Andrew McHattie, editor of the Investment Trusts newsletter. Among the trusts discussed are Scottish Mortgage, (SMT), Witan (WTAN), J.P.Morgan American (JAM), Literacy Capital (BOOK), Digital 9 Infrastructure (DGI9), Chrysalis (CHRY) and SDCL Energy Efficiency (SEIT). We also discuss ISAs as we approach the end of the financial year. Andrew reveals two of the six trusts that he is recommending for ISA portfolios this year. Latest trust pro...
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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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Brown Advisory US Smaller Companies (BASC) was launched in 1993. It was originally managed by F&C and then Jupiter before Brown Advisory was appointed in April 2021 and Christopher Berrier became its lead manager. The trust now has more of a growth focus after having a value bias under the previous lead manager, Robert Siddles, who looked after the portfolio from 2001 to 2021. BASC has largely matched its benchmark, the Russell 2000 since Brown Advisory was appointed after underperforming it for several years previously. Its longer-term record since its IPO is still impressive at 9.4% a ye...
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On the podcast this week On this week's podcast, I have an extended conversation with Peter Spiller, the founder of CG Asset Management and manager of Capital Gearing Trust (CGT), about the state of the investment trust sector at present. Drawing on his experience of working for 50 years in the City, he gives his verdict on a range of current topics: liquidity, cost disclosure, regulation, tender offers, consolidation, discounts, buybacks and the all-important issue of corporate governance failings, citing examples such as Smithson (SSON), NextEnergy Solar (NESF) and BH Macro (BHMG). Definite...
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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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Majedie Investments (ticker: MAJE) was founded in the early 1900s by the Barlow family and they still own 54% of its shares. In 1985, it became an investment trust and joined the London market. MAJE set up Majedie Asset Management in the early 2000s -- the initial 70% stake in this business was sold down in stages but from 2009 onwards, it dominated MAJE's portfolio and made up between a quarter and a third of its net assets with the balance invested in Majedie Asset Management funds. However, after a decline in assets managed over the course of several years, the remaining 17% stake in Majedi...
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On the podcast this week On this week's podcast, I talk to James Carthew, director of research at Quoted Data, and Craig Baker, chair of the investment committee at Alliance Trust (ATST). The latter has just reported some excellent annual results and appears to be making a strong comeback from the travails that raised questions about its viability a few years ago before the business was streamlined and repurposed around a single general equity trust. Its relatively low cost, "best ideas" multi-manager stock picking approach is distinctive in the investment trust universe and offers a genuine ...
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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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CC Japan Income & Growth (ticker: CCJI) was launched at the end of 2015 raising £66.5m at 100p per share. However, its strong early performance enabled three placings and plenty of regular issuance and this saw its share count double by 2019. CCJI's annualised NAV return over its first eight years was 10.1%, well ahead of the 7.6% a year generated by the TOPIX and it has been the best performer in the AIC's Japan sector over both the last three and five years. The trust is managed by a small boutique called Chikara Investments, known until recently as Coupland Cardiff, and the portfolio ma...
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