CT Global Managed Portfolio (tickers: CMPI and CMPG), until recently known as BMO Managed Portfolio, offers investors a ready-made diversified portfolio of investment companies. It has separate Income and Growth share classes with only the former paying out a dividend although investors are able to switch between the two classes at zero cost using an annual conversion facility. This trust has been managed by Peter Hewitt since its IPO in 2008 and he also ran the trust's predecessor, the F&C managed portfolio service, for several years before that. It's quite a small vehicle with around £16...
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Ruffer Investment Company (ticker: RICA) is the only investment trust run by Ruffer LLP and it follows the firm's core strategy, looking to deliver positive returns over any given 12-month period. While the investment trust was launched in 2004, the strategy dates back to the mid-90s. Ruffer LLP manages £26bn assets, mostly for institutional investors, with the investment trust accounting for around £1bn. Like Capital Gearing and Personal Assets, which have a similar wealth-preservation focus, Ruffer has been warning about inflationary pressures for many years, putting a large chunk of its po...
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Caledonia Investments (ticker: CLDN) is a self-managed trust whose story dates back to the 1870s when the Cayzer family set up a shipping business called the Clan Line. Caledonia owned the Clan Line and the Cazyer's other business interests before becoming a dedicated investment vehicle in 1987. It now holds a mixture of quoted equities, large stakes in several private companies, and US/Asian private equity funds. The Cayzer family owns 49% of the trust's shares, which limits buybacks, so the trust often trades on a large discount (it's currently around 30%). Will Wyatt, part of the Cayzer fam...
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Capital Gearing Trust (ticker: CGT) is one of a handful of defensive investment trusts that sit in the AIC's Flexible sector. It has been listed since 1973 and managed by Peter Spiller since 1982 although the trust's investment team has been broadened in recent years with Alastair Laing joining in 2011 and Chris Clothier in 2015. Famously, Capital Gearing has only had one down year since Spiller took charge -- a 2% loss in 2013/14. Since the turn of the century, it has held a reduced proportion of its portfolio in risk assets such as equities preferring index-linked bonds to protect against in...
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RIT Capital Partners (ticker: RCP) was listed in 1988 and is the largest trust in the Flexible sector with a market cap of £4bn. It was chaired up until 2019 by Lord Rothschild and his family still holds a 21% stake and has a seat on its board. RIT invests in a mixture of listed equities, private investments, hedge funds, credit funds, and real assets while also actively managing its currency exposure. While some of its investments are held directly, the last decade has seen it put a much greater emphasis on investing via funds, many of which are now closed to new investments. While RIT aims t...
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My latest Q and A is with Nick Greenwood, the manager of the MIGO Opportunities Trust, a fund of investment trusts. Its aim is to find special situations in the investment trust world, where the share price for any number of reasons may not reflect a trust's potential value. This mostly means looking for less well known trusts that he thinks are trading at undeserved or excessively wide discounts.
Nick Greenwood has been managing this trust (formerly known as Miton Global Opportunities Trust) since 2004. Our last Q and A with him was in May last year (link here). For technical reasons, the ...
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Our latest Q and A for premium subscribers is with Peter Hewitt, the manager of the BMO Managed Portfolio trust. It has two share classes (tickers: BMPI and BMPG) and two portfolios, one for income and one for growth, both of them invested solely in other investment trusts. We last had a Q and A with Peter in May last year (link here), and he was also a guest on the weekly investment trust podcast in September, a week when Simon Elliott was away.
What is the interest in this trust? For one thing, it is a useful one stop shop for around 15,000 private investors and the income share class (t...
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Personal Assets Trust is designed with private investors in mind and famously says its "primary objective is to protect and increase (in that order) the value of shareholders’ funds per share over the long term". It became self-managed in 1990 and was run by Ian Rushbrook from that time until his death in 2008. Sebastian Lyon of Troy Asset Management has been the manager since 2009, employing a similar style to Rushbrook with a large proportion of assets in inflation-linked bonds, similar to the approach taken by the two other popular wealth preservation trusts -- namely Capital Gearing and Ru...
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For premium subscribers we periodically do interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. The latest one is with Peter Spiller, the founder of CG Asset Management and the manager of the Capital Gearing Trust (since 1982, which makes him the longest serving investment trust manager in the UK). Capital Gearing Trust sits in the flexible investment sector and, like Personal Assets, Ruffer and RIT, offers a one-stop shop for those looking to have their money managed for them, but can also be used (as I use i...
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For premium subscribers we periodically do interviews with fund managers and analysts about current market conditions and funds and markets (occasionally shares) that we invest in. This one is with Nick Greenwood, the manager of the Miton Global Opportunities Trust, another fund of investment trusts, though very different in its strategy to Peter Hewitt's BMO trust that we featured a couple of weeks ago. Its aim is to find special situations in the investment trust world, where the share price for any number of reasons may not reflect a trust's potential value. This mostly means looking for tr...
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