TwentyFour Income Fund (TFIF) is the largest debt trust with assets of just under £1bn, investing predominantly in UK and European asset-backed securities, such as Collateralised Loan Obligations (CLO), Commercial Mortgage-Backed Securities (CMBS), and Residential Mortgage-Backed Securities (RMBS). In October 2025, the trust expanded its geographic focus to include the US and Australia, although it has made limited investments in these countries so far. TFIF has generated annualised NAV returns of 8.0% since its IPO in 2013, which is towards the top end of its historical long-term return targe...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Market watch - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week Regular guest Andrew McHattie, editor of the Investment Trusts newsletter, returns to the Money Makers podcast this week, discussing, amongst other things, the impact of the Middle East crisis on the investment trusts sector, the latest Saba Capital developments, and resignat...
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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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This piece looks at how 76 trusts that joined the market over the last decade have fared in terms of shareholder returns. While a handful have performed well and produced annualised returns of more than 10%, around two dozen have generated negative returns since their IPOs, while 16 others have already been delisted, primarily because they were acquired after a period of lacklustre figures.
In my recent article on how the number of investment trusts has declined in the last four years, I listed the number of new issues we have had over the same period. There were only five of them, so it didn...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust news over the past week - Recent issuance and buybacks - Trust watch - Videos and other recordings - Trust price and NAV performance - Z-scores - Investment Trusts Handbook - Appendices
What's new this week This week on the podcast, I look for a second opinion on the outlook for Japan by talking to Paul ffolkes Davis, the chairman of Rising Sun Management, which manages Nippon Active Value (NAVF), a Japanese activist fund that has grown impressively through a combination of perfo...
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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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BlackRock American Income (BRAI) has underperformed its US value benchmark since it joined the market in 2012, so it has reinvented itself. Initially, it adopted a sustainability-based approach, but since April 2025, it has been using a systematic strategy that combines "the power of big data, artificial intelligence and human expertise ... to unlock new ways to seek consistent portfolio outcomes and exploit market inefficiencies", a first for the investment trust sector. Its shareholders have been supportive, with an accompanying 20% tender offer at a 2% discount seeing a 16% take-up, no doub...
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Exclusive to subscribers to the Money Makers Circle Contents - What's new this week - Latest trust profile - Trust news over the past week - 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 This week on the podcast, I revisit the complex and, for shareholders, frustrating world of battery storage with Ben Guest, the manager of Gresham House Energy Storage (GRID). It has been "the best and worst of times" for this renewable energy trust since its IPO in 2018 - orig...
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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.
Sector and trust perfo...
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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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