After 17 years running CT Global Managed Portfolio, Peter Hewitt handed over to Paul Green and Adam Morris last June. The pair have reshaped the trust's Income and Growth portfolios, particularly the latter, and plan to reduce the number of holdings in each share class from 40 to around 30. Here, we look at the various trusts that they have bought and sold, and how their selections might help investors think about their own portfolio construction.
CT Global Managed Portfolio was listed in April 2008, just as the financial crisis was unfolding, but it can trace its roots to the F&C managed...
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As its name suggests, Geiger Counter (GCL) specialises in uranium-focused mining companies. It was floated in 2006 at 50p, and its shares have endured a rollercoaster ride over the last twenty years. At the end of 2019, it traded at just 15.5p, but its shares have performed very strongly since, and they are already up 25% this year at 75p. GCL has a market cap of around £80m, typically has double-digit gearing, and holds a very concentrated portfolio with its top five positions accounting for around 70% of its gross assets. Its rating can be volatile, and has ranged between plus and minus 20% ...
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Since the end of 2021, over a third of trusts have disappeared or look set to do so soon. They have either been wound down, bought, or swallowed up in a merger. Here, we look at all the trusts that have left the sector over the last four years, plus the long list of those currently heading for the exit, and consider what sectors look set for further activity.
Most observers of the investment trust sector will be aware that the last few years have seen large numbers of funds leave the market, but only a handful of new joiners. The sector has reinvented itself numerous times over the years, of ...
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Aberforth Geared Value & Income Trust (ticker: AGVI) is the fifth in a succession of fixed-life trusts that have run alongside the much larger Aberforth Smaller Companies Trust (ticker: ASL). The portfolios held by the two trusts are similar, although not identical, both having a strong focus on the value end of the UK small-cap market, and they are managed by the same group of individuals. Like its two immediate predecessors, AGVI utilises zero dividend preference shares to offer a highly geared alternative to the main Aberforth trust, providing potential additional upside if UK small-cap...
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After spending much of the 2010s trading at somewhat narrower discounts, private equity trusts saw their ratings deteriorate sharply in 2022 to their widest level since the financial crisis. While discounts across the sector have narrowed a little since, most still trade at wider than 20% despite their fairly impressive long-term performance records. In this article, we look at the history of private equity discounts, how they have varied by trust, and what steps each is taking to improve its rating. In short, while much progress has been made over the last couple of years, some trusts have ma...
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Achilles Investment Company (ticker: AIC) was launched in February 2025, raising £54m from a range of institutional investors. It looks to buy trusts and property companies trading on a wide discount and unlock value via asset disposals, takeovers, and other restructuring measures. Robert Naylor, who has been involved in several trust takeovers and wind-downs, is its investment manager, while Christopher Mills of Harwood heads up its Advisory Group. Achilles produced a 12% NAV rise in its first few months, helped by a successful foray into Urban Logistics, but its NAV per share has since slid ...
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Saba Capital and the Baillie Gifford-run Edinburgh Worldwide (EWI) are at loggerheads again, a year after the activist first tried to oust its directors and replace them with its preferred alternatives. This time, a lot of focus has been on EWI's stake in SpaceX, where it recently sold down a large chunk of its holding a few months before a large increase in the company's valuation. Here, we look at the history of SpaceX in the various Baillie Gifford trusts that have invested in it. At $800bn, SpaceX is the world's most highly valued private company, and it is rumoured to be targeting an IPO ...
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BH Macro (BHMG/BHMU) is effectively the last trust remaining in what was once a much larger AIC Hedge Fund sector, and it serves as a feeder fund for the Brevan Howard Master Fund. BH Macro has net assets of around $2bn and has generated an annualised NAV return of 8.2% since it was listed in March 2007 (the Master Fund was launched a few years earlier in 2003). Although its returns since inception are a little lower than the MSCI All World Index, NAV drawdowns have been rare and fairly minor, and its performance has tended to be negatively correlated to both equity and bond returns, producing...
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Ashoka WhiteOak Emerging Markets (ticker: AWEM) was launched in May 2023. It is run by Prashant Khemka of White Oak, which also manages Ashoka India Equity. Like its sister trust, AWEM has no basic management fee but charges a three-yearly performance fee set at 30% of returns above its benchmark. The trust outperformed by 4% in its first year, 3% in its second, and 1% in the last six months, and has generally traded at a premium to NAV. It operates an annual redemption facility that has seen a very low take-up so far, and regular issuance has increased its share count from 30.5m at its IPO to...
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Onward Opportunities (ticker: ONWD) was launched in March 2023, raising £12.75m at 100p per share. It is managed by Lawrence Hulse, who worked alongside both Richard Staveley and Ken Wotton at Gresham House before deciding to set up this trust with Dowgate Capital. ONWD invests in UK-listed companies valued at up to £250m, but it concentrates on those worth £100m or less. Like Rockwood Strategic, Strategic Equity Capital, and Odyssean, it uses what is termed a private-equity approach, taking significant stakes in 15-25 underperforming businesses where it believes it can unlock value over a 3-5...
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