Scottish Mortgage needs little introduction, being both the largest investment trust with a market cap of £22bn and the best-performing of the last decade with an astonishing 1,318% return. After a 110% return in 2020, long-time manager James Anderson announced that he would be stepping down in April 2022 after more than 20 years at the helm. Scottish Mortgage is perhaps most famous for its big bets on the likes of Amazon and Tesla but it's recently eased back on these in favour of vaccine maker Moderna and other healthcare stocks that make extensive use of technology. Digitisation of the econ...
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Impact Healthcare REIT is the younger and smaller of the two London-listed property funds that specialise in owning care homes in the UK and it has provided a net asset value return of 8.7% a year inclusive of dividends since its March 2017 IPO, which is just below its medium-term 9% annual target. With increasing numbers of us likely to need care at some point, demand for care homes should continue to rise for many years and this, after many years of hesitancy, recently led to the government announcing a lifetime cap on the amount individuals pay for personal care fees. The care home market ...
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One of the lesser-known 'quality growth' vehicles in the Global sector is Martin Currie Global Portfolio. It's been a very good performer since Zehrid Osmani became its lead manager just over three years ago although, like many such funds, it has lagged a little in 2021. As well as boasting a low fee and a zero discount policy, it has largely steered clear of the mega-cap US tech stocks although it does hold Microsoft, so it may appeal to investors looking for growth while also wanting a little diversification.
Martin Currie, the manager of Martin Currie Global Portfolio, was formed in 1881 ...
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Tritax Big Box REIT is by far the largest trust in the AIC's various property sectors, at nearly three times the size of the next largest fund, and it has one of the best performance records over the last five years. Like many of the newer property funds, it's a specialist, concentrating on large UK distribution centres leased to the likes of Amazon and major retailers. As well as looking to serve increasing demand from rising online sales, its tenants are increasingly turning to larger, state-of-the-art facilities to improve the robustness of their overall delivery networks. This REIT is curr...
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A regulation change in 2012 allowed investment companies to pay dividends out of any capital profits they have made as well as any income received, as long as their shareholders approve the practice. Known as an enhanced dividend policy, it has remained a minority sport with only a few dozen trusts going down this route. Quite a few of them choose to pay out a set percentage of their net asset value each year in order to attract income-seeking investors. Here we look at which trusts are paying out such dividends and what factors investors may need to consider when considering them for their po...
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Allianz Technology Trust has been one of the best performing trusts over the last decade. Its management team is based in San Francisco, close to many of the world's best-known technology companies and lead manager Walter Price has specialised in the sector since the 1970s. While technology has undoubtedly been a great place to invest in recent times, the trust has maintained a comfortable lead over its benchmark ever since Allianz was appointed in 2007. However, the rotation towards cyclical stocks we've seen in the past several months has seen its discount to net assets widen to high single ...
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Bluefield Solar Income Fund (ticker BSIF) was one of the first renewable energy infrastructure trusts to list in 2013 and it has one of the best performance and income records in the sector. Change however is afoot. After a few years with little in the way of acquisitions, it's now expanding once again as technology improvements have made subsidy-free solar plants viable in the UK for the first time. The trust is also branching out into onshore wind and energy storage systems. Like many other renewable trusts, Bluefield has seen its premium to net assets contract over the past year, thanks to ...
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After a long period of outstanding returns, Alexander Darwall's European Opportunities Trust has struggled for the last eighteen months. The demise of Wirecard, once its largest holding, did a lot of damage both financially and reputationally, but the returns from the rest of its portfolio have lagged as well. The trust is trading at a double-digit discount, a level not seen since the Greek financial crisis threatened to spill over into the rest of Europe. The question is whether Darwall has lost his touch or whether his style of investment is just temporarily out of favour.
When Alexander D...
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Supermarket Income REIT's 2017 IPO looks to have been very well timed. Increased demand for grocery services arising from the pandemic has helped drive rental yields steadily lower and therefore asset prices higher. Supermarket Income REIT has expanded its portfolio to 35 stores plus a share in a joint venture that owns a further 26. It targets larger omnichannel stores, i.e. those that offer delivery and in-store purchases, with the vast majority of its rental income contracted to rise in line with inflation. It's currently a member of the Money Makers income portfolio and has just this week ...
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Odyssean Investment Trust launched in May 2018 and it has been one of the best-performing UK small-cap investment trusts since its IPO. It has a highly concentrated portfolio and a strict valuation discipline, seeking out-of-favour quality companies mostly in the £100m to £1bn market cap range. Its managers, Stuart Widdowson and Ed Wielechowski, both used to work in private equity at HgCapital and Odyssean uses a similar approach, actively engaging with company management and encouraging them to take the steps needed to get their businesses back on track.
Like Baillie Gifford US Growth, whic...
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