UPDATE: A revised version of this profile was published in July 2025.
Fidelity Special Values has a great record of outperforming the UK market since it was launched in 1994, thanks to its value/contrarian discipline, a modest level of gearing, and its recent preference for small- and mid-caps. It also tends to invest around 15-20% of its assets outside the UK. Its popularity with retail investors means its shares have frequently traded at a small premium over the last four years. This trust was famously run by Anthony Bolton from November 1994 to December 2007 and by Sanjeev Shah from Januar...
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UPDATE: A revised version of this profile was published in October 2025.
Polar Capital Global Financials has had a very eventful two years. It was launched in 2013 with a seven-year fixed life but in April 2020 shareholders voted to extend it indefinitely although 39% opted to have their cash returned in a tender offer. The trust's shares have risen by over 70% since then and the number in issue has risen from 123m to 312m, thanks to regular share issuance, a C share offer, and a placing completed this past week. Polar Capital Global Financials is the only trust in the AIC's Financials sector...
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UPDATE: ASCoT has been one of the better-performing UK small-cap trusts of the last five years in what has been a difficult market for most managers in this sector. It returned 33% in 2021, -10% in 2022, 8% in 2023, 12% in 2024, and 8% in 2025. From January to mid-September 2026, it is up 14%.
Aberforth Smaller Companies Trust, often shortened to ASCoT, is the largest trust in the UK Smaller Companies sector with nearly £1.6bn in assets. Launched in 1990, it makes up the majority of funds managed by the UK small-cap specialist, Aberforth Partners. It's run by a team of six individuals, five o...
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It has been a good week for the markets, with equity markets showing good gains despite bond yields edging up and further evidence of investors' love affair with technology stocks continuing, in the shape of IPOs jumping to huge premiums immediately after listing. The pound meanwhile is almost back to its pre-referendum level against the dollar, although that is at least partly due to the general weakness of the US currency. The Bank of England has instructed banks to prepare for negative interest rates, but appears to be shying away from suggesting it will resort to them - the latter, if true...
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