HgCapital, a specialised private equity trust, has been one of the stellar performers of the last few decades, posting an annual net asset total return of 14.3% over the last 20 years. It's become increasingly focused on tech investments, particularly software and services, and often trades at a premium to net assets unlike much of the rest of the private equity sector.
Private equity has often been a difficult sector to navigate for fans of investment trusts. The charges are very high and it can be hard to get much detail on exactly what a particular trust is invested in and how well the un...
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Unlike most property trusts, the vast majority of TR Property's investments are UK and Continental European listed property companies rather than direct holdings of physical property. It boasts an excellent long-term track record, both in terms of share price appreciation and dividend growth, and has a long-standing management team led by Marcus Phayre-Mudge.
The AIC lists nearly 40 property trusts across eight different sub-sectors. The majority of them invest primarily in the UK, specialising in either commercial property, logistics, healthcare, or residential and only ten of them have bee...
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Baillie Gifford US Growth launched in 2018, making it the first new Baillie Gifford trust to list since Baillie Gifford Shin Nippon in 1985. Modelled on the popular open-ended Baillie Gifford American fund, US Growth also invests in unlisted companies and it has been one of the best-performing investment trusts on the London market since its IPO. It's consistently traded at a small premium but in common with most other Baillie Gifford trusts, it's been a pretty volatile ride.
2018 was the last year that we saw a significant number of equity investment trusts join the market with the likes of ...
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Fundsmith Equity Fund and its forthright manager Terry Smith need little introduction. Launched in November 2010, this concentrated global fund has generated an annualised return of 18.9% to date, well ahead of the 12.5% posted by the MSCI World Index. Smith is now 68 so, similar to Lindsell Train, succession plans at Fundsmith have become a frequent topic of discussion along with how performance might be impacted should the fund's assets continue to grow from their current level of £27bn.
Fundsmith Equity Fund was launched some eighteen months after the low point for stocks after the financi...
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Lindsell Train Investment Trust (LTI) has been the second-best performing investment trust over the last decade with an annualised share price return of 25.6% a year, only a little behind Scottish Mortgage's 26.9%. And since LTI launched in January 2001, it's up nearly 25-fold. A unique feature is that nearly half the trust's assets consist of a stake in Lindsell Train Limited, the portfolio manager for all of Lindsell Train's funds and the firm's two founders, Michael Lindsell and Nick Train, are now in their early 60s so management succession has become a key consideration.
Lindsell Train L...
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Law Debenture's unique combination of a professional services business and a UK-focused portfolio with a strong value bias enabled it to navigate 2020 with relative ease. This trust was founded in 1889, making it one of the oldest in the UK, and it boasts a strong performance record over the last few decades plus a 42-year stretch of either maintaining or increasing its dividend.
If Law Debenture didn't exist, it seems highly unlikely that someone would try and create it from scratch. But this trust has proved its strength in recent years and seems to have a renewed sense of purpose since 201...
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China is a market that arguably investors can't afford to ignore although it remains a controversial choice for many people who question some of the country's business practices and its record on human rights. The AIC created a new sector for China / Greater China earlier this year and here we look at three trusts it contains, examining the different approaches they take.
When we decided to look at Chinese trusts for our latest fund profile, we didn't appreciate just how timely that choice would turn out to be. It's certainly been a rollercoaster ride for the sector this week. In short, the C...
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Montanaro European Smaller Companies has been a strong performer, particularly since George Cooke took over as the trust's manager in 2013. With a focus on quality and growth, it's put in a more pedestrian performance in recent months, but it looks like an interesting option for investors who want greater exposure to small caps but away from the usual suspects in the UK Smaller Companies sector
Both Jonathan and I are conscious that a lot of investment trusts are managed by gentlemen of a certain age who one day will be thinking about retiring. So our interest is often piqued when younger ma...
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We look at three UK equity income trusts that have undergone significant changes in the last year or so -- Murray Income, Temple Bar, and Edinburgh Investment Trust -- to see how they have fared since their boards took action.
Few sectors have struggled as much as UK Equity Income in the last few years. Even after its recent strong showing on the back of multiple vaccine breakthroughs and gradual economic reopening, returns lie near the bottom of the pile of equity-focused sectors over the last five and ten years. That matters as investors have a lot of money in this sector. With a combined m...
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On 2 July 2021, the board of Genesis Emerging Markets (GSS), the third-largest emerging markets trust valued at £1.1bn, surprised many people with the news that it planned to appoint the well-regarded emerging markets team at Fidelity International as its new manager. Here we look at what's being proposed and just how much emerging-market investing has changed over the last three decades.
Many investors have probably never heard of Genesis Emerging Markets and that's a big factor behind its board's decision to switch the trust's investment mandate to Fidelity International. Genesis Investment...
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