Caledonia Investments (ticker: CLDN) is a self-managed trust whose story dates back to the 1870s, when the Cayzer family established a shipping business called the Clan Line. After the shipping business was sold off during the 1970s and 1980s, Caledonia continued as the Cayzer family's investment vehicle. It only became an investment trust in 2003, soon afterwards buying out some dissatisfied family members. The Cayzers remain the dominant holders, with the family owning around 50% of the trust's shares; this limits its ability to do significant buybacks, and CLDN's discount has widened from a...
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Tetragon Financial Group (TFG) is one of the oddities of the investment trust sector. Set up by the founders of a hedge fund called Polygon, it went public on Euronext in 2007 at $10 per share, listing on the London market in 2015, and introducing a separate sterling quote in 2018. Originally an investor in debt instruments called CLOs, its business model has evolved to focus on investments in private equity firms and the funds they manage, plus direct private investments and listed equities. Governance is a key concern here as management controls the trust's 10 voting shares, and all its list...
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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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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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RIT Capital Partners (ticker: RCP) was listed in 1988 and is the largest trust in the Flexible sector with assets of over £4bn. It was chaired up until 2019 by Lord Rothschild, who passed away last year, but his family still holds a 23% stake and his daughter, Dame Hannah Rothschild, is a director. RCP invests in a mixture of listed equities, private investments, absolute return/credit funds, and real assets while also actively managing its currency exposure and having a modest level of gearing. While some of its investments are held directly, the last 15 years have seen it put a much greater ...
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Personal Assets Trust (PNL) says its "primary objective is to protect and increase (in that order) the value of shareholders’ funds per share over the long term" and it is the largest of the three wealth preservation trusts in the Flexible sector (the other two being Capital Gearing and Ruffer). PNL was launched in 1983, became self-managed in 1990, and was run by Ian Rushbrook from 1990 until he died after a short illness in 2008. Troy Asset Management was appointed as the management firm in early 2009 and Sebastian Lyon has been the lead manager for the last decade and a half. PNL currently ...
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Global Opportunities (GOT) was launched in 2003 and has been managed since that time by Sandy Nairn. It became a self-managed trust in 2022 and amended its investment policy to encompass a broader range of assets, which prompted a move from the AIC's Global sector to the Flexible Investment sector. GOT currently invests in around two dozen stocks and three specialised funds with around a third of its portfolio in cash. Net assets are around £100m but the discount to NAV has widened from single-digits to around 20% over the last few years. According to its latest factsheet, the NAV total return...
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Majedie Investments (ticker: MAJE) was founded in the early 1900s by the Barlow family and they still own 54% of its shares. In 1985, it became an investment trust and joined the London market. MAJE set up Majedie Asset Management in the early 2000s -- the initial 70% stake in this business was sold down in stages but from 2009 onwards, it dominated MAJE's portfolio and made up between a quarter and a third of its net assets with the balance invested in Majedie Asset Management funds. However, after a decline in assets managed over the course of several years, the remaining 17% stake in Majedi...
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MIGO Opportunities (ticker: MIGO) was launched in 2004 and it invests in other closed-ended UK companies with a particular emphasis on those with wide discounts that have a catalyst to help them rerate. Nick Greenwood, a regular guest on the Money Makers podcast, has managed the trust since its IPO and Charlotte Cuthbertson has worked alongside him in recent years. In 2023, the investment management agreement was switched from Premier Miton to Asset Value Investors with Greenwood moving over and Cuthbertson rejoining after a brief hiatus. MIGO benchmarks itself against SONIA+2% (i.e. the UK ba...
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JPMorgan Global Core Real Assets (ticker: JARA) was launched in 2019 raising just under £150m. It owns a globally diversified portfolio of real estate, infrastructure, and transportation assets targeting a long-term annualised return of between 7% and 9%, inclusive of a yield of between 4% and 6% on its IPO price of 100p. JARA, as it is commonly called, uses JPMorgan's Alternative Solutions platform to hold stakes in over 1,000 underlying private assets via five separate sub-funds. It also has around a sixth of its portfolio in publicly-listed companies involved in real estate, infrastructure,...
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