Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week On the podcast this week, there are two episodes. In the first, I talk about commercial property in depth with Marcus Phayre-Mudge, the long-serving manager of TR Property (TRY), a trust that invests in the shares of other property funds. In the second, I discuss recent news from the s...
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This is our weekly roundup of investment trust announcements and movers. Tables courtesy of Winterflood Securities follow with the trust price and NAV performance, along with a table 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 stock exchange announcement. The percentage figures in this list show the trust's discount/premium on the day of the announcement. Please note that the charts and weekly and year-to-date performance data are correct as of Friday mornings.
Winterflood Average Di...
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3i Group (ticker: III) was founded in 1945 as the Industrial and Commercial Finance Corporation to provide funds for smaller UK companies. It joined the London market in 1994, but its shareholders endured a rocky first fifteen years, with strong gains in the TMT boom and in the run-up to the financial crisis, followed in both cases by sharp drawdowns. A rescue rights issue in 2009 put 3i's finances on a firmer footing. Then, in 2012, Simon Borrows was appointed as its CEO, and he streamlined both the business and its investment approach. In 2011, 3i invested in a Dutch discount retailer called...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week On the podcast this week, I talk to David Barron, the experienced former head of investment trusts at JP Morgan Asset Management, who is now chairman of two investment trusts, BlackRock American Income (BRAI) and Baillie Gifford European Growth (BGEU), both of which have recently annou...
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This is our weekly roundup of investment trust announcements and movers. Tables courtesy of Winterflood Securities follow with the trust price and NAV performance, along with a table 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 stock exchange announcement. The percentage figures in this list show the trust's discount/premium on the day of the announcement. Please note that the charts and weekly and year-to-date performance data are correct as of Friday mornings.
Winterflood Average Di...
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Artemis UK Future Leaders (AFL) is the new name for Invesco Perpetual UK Smaller Companies, after Mark Niznik and William Tamworth of Artemis took over running its portfolio in March 2025, ending Invesco's three decades in charge. The trust had a decent long-term record under Invesco (Niznik was also its manager from 1994 to 2002), but its performance tailed off in the last few years. Although it is still early days for Artemis, the trust's struggles have continued, with a 0% return over the year to April 2026 versus +16% for its benchmark, with performance hit by losses in consumer discretion...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust and market news - Recent issuance and buybacks - Good reads - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week In the latest episode of the podcast, I talk to Ben Conway, head of fund management at Hawksmoor Fund Management, about the health of the investment trust industry. We discuss whether the sector has done enough to see off the challenges of the last four years, the recent amendments to ...
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Indexing has become such a large part of the market that it can no longer be called passive investing, says financial historian Edward Chancellor, author of a definitive history of past speculative excesses, from the South Sea Bubble onwards, and a brilliant recent book, The Price of Time, about the folly of sustained low interest rates. This article is reproduced with the author's permission.
Goodhart's Law is at work again Goodhart’s Law states that when a measure becomes a target, it ceases to be a good measure. The British economist Charles Goodhart came up with the idea in the mid-1970...
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This is our weekly roundup of investment trust announcements and movers. Tables courtesy of Winterflood Securities follow with the trust price and NAV performance, along with a table 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 stock exchange announcement. The percentage figures in this list show the trust's discount/premium on the day of the announcement. Please note that the charts and weekly and year-to-date performance data are correct as of Friday mornings.
Winterflood Average Di...
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European Smaller Companies (ticker: ESCT) was launched in 1990 and, until a few years ago, was known as TR European Growth. This trust was managed by Stephen Peak for its first two decades, with Ollie Beckett taking over in 2011, so it has only had two lead managers in 36 years. ESCT has returned about 12.5% per annum since inception, but performance under Peak was considerably more volatile, with bumper returns in the 1990s followed by a torrid decade in the 2000s. Over the last decade, its returns have been somewhat more consistent, and it has beaten its benchmark by about 1.5 percentage poi...
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