Sequoia Economic Infrastructure Income (ticker: SEQI) was launched in 2015 and has raised a total of £1.8bn in its IPO and over several subsequent fundraisings. SEQI provides loans for various types of infrastructure projects, typically for three to five years, having a roughly equal mix of fixed and floating rates. Its portfolio is diversified across various developed markets and by industry sector. This trust targets an IRR of 8 to 9% that should translate into shareholder returns of 7 to 8% a year after costs although its annualised NAV return from March 2015 to September 2023 was a little ...
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Boring but important The first thing to say this week is in the "boring but important" category and concerns subscription housekeeping. We have finally completed the upgrade of our subscription system with the aim of ironing out some of the bugs which have annoyingly affected a small minority of subscribers to our premium service and I hope - fingers crossed - that these will now not be repeated, but as anyone who has attempted reboots of a website will know, it will not be a total surprise if there aren't a lingering glitch or two. If you are having trouble with an aspect of your subscripti...
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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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Witan Investment Trust (ticker: WTAN) was launched in 1909 to manage the assets of the Henderson family and it was listed on the London market in 1924. Henderson Administration (now part of Janus Henderson) was formed to run the trust's portfolio in the 1930s, a state of affairs that continued until 2004 at which time Witan decided to become self-managed and started using a multi-manager approach. Today, Witan has six managers devoted to its core strategies, two with more specialised mandates, and also picks a range of trusts itself. Andrew Bell became Witan's CEO in 2010 and James Hart has be...
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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 2023 and ahead to this year.
Reg Hoare 2023 performance When the market (FTSE100) retraced its 2023 lows in late October, it was all looking pretty depressing. My usually half glass full sentiment was running dangerously low and bei...
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This is the fifth in our new regular weekly feature, an email to subscribers that summarises both our latest thoughts and all the regular bonus features you will find as a premium subscriber to the Money Makers Circle. Thank you again for the positive feedback, but do feel free to continue sending your thoughts (to editormm124@gmail.com). This week's email is again abbreviated because of the lingering holiday period. New features that will be added week by week over the coming weeks include lists of my favourite funds, sector and individual trust performance notes and videos, interesting reads...
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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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Schroder Asian Total Return (ticker: ATR) was launched in 1987. Until 2013, it was run by Henderson but it then switched management firm to Schroders with the pairing of Robin Parbook and King Fuei Lee taking on oversight of its portfolio. ATR typically has around 60 equity holdings with some derivative exposure designed to minimise volatility and provide some downside protection. The trust often has a low level of exposure to some Asian markets, such as China, that have historically delivered lower long-term returns due to factors such as regulatory issues, corruption, and inefficient state-o...
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For the purpose of full disclosure, this page lists the personal holdings of Jonathan Davis and Stuart Watson. You may also be interested in Jonathan's list of favourite funds across the whole trust sector.
Jonathan Davis This is a list of the investment trusts in which I currently have a personal shareholding (updated to December 2025). My family members also own some other investment trusts, which are not included here. Update (January 2024): It is important to note that after a decade of high equity exposure, for most of 2022 and 2023, my holdings were heavily biased towards cash, defensiv...
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