Utilico Emerging Markets (UEM) was launched in July 2005 to invest in utilities and infrastructure stocks that operate in emerging markets. It performed strongly in the run-up to the global financial crisis, and bulked up with two large fundraises. Its performance since 2014 has been more muted, but NAV returns since inception are a respectable 9.5% a year, just ahead of the 9.2% year produced by the broader MSCI Emerging Markets index. UEM's discount widened steadily from 2014 onwards, and in May 2025, Saba Capital appeared on the register with a 6% stake. In August 2025, UEM introduced a fiv...
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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 slides - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week Some high-profile trusts are the subject of discussion in the latest podcast, which features Tom Treanor and Charlotte Cuthbertson, co-managers of MIGO Opportunities (MIGO), the special situations trust formerly managed by Nick Greenwood until his retirement. Since management of the trust was ta...
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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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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 slides - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week It's a good moment to catch up on the podcast with two fund managers operating with non-UK mandates: Roddy Snell, the lead manager of Baillie Gifford's Asia Pacific investment trust Pacific Horizon (PHI), the fifth-strongest performer of all investment trusts over the last 12-18 months, and Nish...
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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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Ashoka India Equity (ticker: AIE) joined the London market in July 2018, raising a modest £46m at 100p per share. It has been the best performer of the four Indian trusts since it was launched, and this has led to it frequently trading at a premium rating. Ongoing regular issuance has seen its share count rise from 46m to 169m and its net assets increase nearly tenfold to £440m. AIE also offers an uncapped annual redemption facility, which has so far seen very modest take-up. The highly-rated Indian market has struggled in the last couple of years, though, and so AIE currently trades at a 5% d...
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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 slides - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week This week on the podcast, I talk to Emma Bird, the head of investment trust research at Winterfloods. We discuss the general health of the sector, recent flow data and some of the recent news coming out from those names that have survived the cull of the last three years. Trusts mentioned inclu...
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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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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 slides - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week This week on the podcast, I talk to Georgina Brittain, the long-serving manager of J.P.Morgan UK Small Cap Growth and Income (JUGI), about recent developments in her still unloved UK equity sector. As the steady departure of companies to overseas and private buyers continues, what does she hope...
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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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