Polar Capital Technology (ticker: PCT) was listed in 1996 and was initially known as Henderson Technology, before its managers left in 2000 to set up Polar Capital. The trust moved its mandate to the new firm and renamed itself Polar Capital Technology. Ben Rogoff, PCT’s current lead manager, joined Polar Capital in 2003 and took over as lead manager in May 2006. From launch to April 2026, its latest year-end, PCT returned 15.7% a year in NAV terms versus 12.4% a year for its benchmark, the Dow Jones World Technology Index, making it the second-best-performing trust of the last three decades, ...
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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 content - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week I was delighted to learn this week that for the third year running I have been named the broadcaster of the year in the annual AIC media awards, in recognition of the continued success of the Money Makers podcast. Huge credit for this achievement goes to my producer colleague Ben Gamblin,...
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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 D...
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Literacy Capital (BOOK) owns a concentrated portfolio of small UK unquoted companies and was founded by the father-and-son team of Paul and Richard Pindar in 2017 with initial funding of £54m. It joined the Specialist Funds Segment of the London market in June 2021 at 160p per share and a £96m valuation, but raised no fresh capital. Unlike other private equity trusts, it charges no performance fee or carried interest. It donates 0.5% annually to literacy charities, in addition to its 1.5% management fee. Strong early returns saw BOOK's share price climb above £5 by mid-2023, often trading at a...
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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 content - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week This week on the podcast, I talk to Richard Staveley, the manager of Rockwood Strategic (RKW), the best-performing UK small-cap trust over all recent periods. We go over some of his recent buys, talk about what he expects from the Budget (spoiler alert: nothing) and the outlook for the se...
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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 D...
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Murray International (MYI) was launched in 1907 and has followed a global equity income mandate since the mid-1980s. It is comfortably the largest trust in the Aberdeen stable with net assets of around £2.2bn. Bruce Stout managed MYI from 2004 to 2024 before handing over the reins to Martin Connaghan and Samantha Fitzpatrick, who had both worked alongside him for 25 years. Its annualised total return over the 22 years to the end of 2025 was just under 11% on a NAV basis, around one percentage point better than the various benchmarks that the trust has used, with individual yearly returns often...
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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 content - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week Investors in investment trusts are always on the lookout for catalysts that could potentially lead to a rerating and a more positive market view about specific trusts. On the latest Money Makers podcast, I talk to Alec Letchfield, the lead manager of Hansa (HAN), a £650m market cap trust ...
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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 D...
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Baillie Gifford UK Growth (BGUK) was managed by Schroders from its IPO in 1994 until June 2018, during which time it was known as Schroder UK Growth. The trust's directors appointed Baillie Gifford after a prolonged period of underperformance and a persistent discount. Although returns improved for a few years, the switch away from growth stocks in 2022 has seen BGUK underperform its benchmark in each of the last five financial years. A 100% performance-related tender offer at a 2% discount has been promised, measured over the five years to April 2029, and an additional continuation vote is du...
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