UPDATE (Oct 2026): CGI returned -20.0% in 2022, +17.4% in 2023, +26.6% in 2024, +18.1% in 2025, and +8.6% over the first six months of 2026. Over the five years to December 2025, its annualised NAV return was 11.8% versus 16.1% for the S&P/TSX Composite Index, but over ten years, it was 15.0% versus 12.7%. It has continued to turn over its portfolio at a very low rate, averaging around 10% over the past five years. However, it has not repurchased any of its shares, so it continues to trade at a very wide discount, averaging around 40% over the last one, three, and five years.
Canadian Gen...
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UPDATE (Sep 2026): JAM returned 25% in 2023, versus 19% for the S&P 500, 31% in 2024 versus 27%, and 5% in 2025 versus 10%. It returned 11% in the first half of 2026, versus 12% for the S&P. The manager of its Value portfolio, Jonathan Simon, retired in March 2025, with Jack Caffrey and Graham Spence now looking after this part of the strategy.
JPMorgan American (ticker: JAM) can trace its origins back to 1881. It was a generalist trust up until 1982 before deciding to concentrate on North American equities. JAM runs a main portfolio of large-cap shares, which has been divided into s...
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UPDATE: Saba, which still owns around 29% of USA's shares, is proposing that three new directors be added to the trust's board at its AGM on 23 October 2026. The directors are encouraging shareholders to vote against, saying that Saba had rejected a full cash exit at NAV less costs. USA's NAV return for the year ended May 2025 was 22.1% versus 7.2% for the S&P, and 31.0% for the year ended May 2026 versus 29.8% for the S&P, with outperformance helped by strong performance from its unlisted investments, especially SpaceX. The trust has also invested in both Anthropic and OpenAI.
Bailli...
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UPDATE: Pershing Square launched a closed-ended fund in the US in April 2026, but it has yet to have much effect on PSH's own discount. Pershing Square made an offer for UMG in early 2026, but then sold its holding a few months later after failing to get support from UMG's management. PSH returned 21% in 2025 but -13% in the first six months of 2026.
PSH Pershing Square Holdings (ticker: PSH) was launched as a private fund at the end of 2012, listed on Euronext in October 2014, and in London in May 2017 (although there is a separate private fund that follows the same strategy that dates back ...
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UPDATE: A revised version of this profile was published in June 2025.
Pershing Square Holdings (ticker: PSH) is the third-largest investment trust on the London market with net assets of around £8bn. Although it traces the history of its returns back to 2004, the trust was first listed on the Euronext market in Amsterdam in 2014 before adding a London listing in 2017. Pershing Square is run by the hedge fund manager Bill Ackman, who is a big fan of the investing approach taken by Warren Buffett, and it runs a very concentrated portfolio of between 8 and 12 positions. Ackman has a history of a...
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UPDATE: A revised profile for this trust was published in March 2025.
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 significan...
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