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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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 ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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 Mighty oaks and little acorns? I noted in the last edition of the Investment Trusts Handbook that we cannot finally say that the supply and demand crisis in the investment trust sector has been fully resolved until we start to see a new wave of trusts coming to market to replenish and ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
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...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
It is too late to jump on the bandwagon that has driven shares in chip manufacturers through the roof, 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.
Shares in semiconductor stocks have been surging As investment in artificial intelligence surges, demand for semiconductors has gone through the roof. Prices for logic and memory chips have climbed fa...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
The infrastructure sector has been one of many within the wider alternatives space to suffer from wide discounts of late. However, with a more mature and diversified asset base, the damage has been less severe than in other sectors, such as renewable energy, and there have been some early signs of a sustained recovery in recent months. Here, we look at the ratings of the various trusts and the (fairly limited) measures they have taken to address their discounts.
HICL, the first listed infrastructure trust, was launched in March 2006, so the infrastructure sector now has a twenty-year record ...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers