Investment Trust , REIT and ETF's- Thoughts (June 2026)
Investment Trust , REIT and ETF's- Thoughts (June 2026)
Links to older monthly thoughts.
May 2026 April 26 March 26 Feb 2026 January 2026 December 25 November 2025 October 25 September 2025
For more information on Investment trusts visit:
Association of Investment Companies.
https://www.theaic.co.uk/
Free to sign up. On the site you can create portfolios, screen and compare Investment Trusts by Geographic region, Sector , Yield and more. A few Trusts who are not AIC members have limited data.
Jonathan Davies's website https://money-makers.co/.
You can also sign up(Paid membership) for insights on Investment Trusts from him and others. Weekly email and podcast .
Citywire do a daily Investment trust email. Free, does have sponsored content but keeps you up to-date with Investment Trust news.
https://citywire.com/investment-trust-insider
Trustnet have an Investment trust section. https://www.trustnet.com/
Kepler Trust intelligence produce reports for Investment trusts
Edison cover Investment Companies and do a monthly Investment trust round up. You can sign up for free.
https://www.edisongroup.com/equities/investment-companies/.
You can sign up for newsletters/fact sheets from most of the Investment Trusts on their websites.
For ETF's I use https://www.justetf.com/uk/. You can screen buy region, sector and see performance comparisons.
May 2026 Investment Trust monthly performance.
Top 10 (All trusts)
Us Solar Fund (LON:USF) +26.3%
Edinburgh Worldwide Investment Trust (LON:EWI) +20.5%
Manchester And London Investment Trust (LON:MNL) +20.3%
Hansa Investment (LON:HAN) +20%
Seraphim Space Investment Trust (LON:SSIT) +19.9%
Allianz Technology Trust (LON:ATT) +19.3%
Polar Capital Technology Trust (LON:PCT) +18.6%
Templeton Emerging Markets Investment Trust (LON:TEM) +16.5%
Herald Investment Trust (LON:HRI) +16%
Foresight Environmental Infrastructure (LON:FGEN) +15.6%
Bottom 10 (All trusts)
British and American Investment Trust (LON:BAF) -23.1%
RM Infrastructure Income (LON:RMII) -13.8%
Aquila European Renewables (LON:AERS) -10.6%
Geiger Counter (LON:GCL) -9.6%
Chrysalis Investments (LON:CHRY) -8.4%
JPMorgan Global Core Real Assets (LON:JARA) -7.2%
Tetragon Financial (AMS:TFG) -7.1%
CQS Natural Resources Growth and Income (LON:CYN) -7%
Bluefield Solar Income Fund (LON:BSIF) -6.2%
Lindsell Train Investment Trust (LON:LTI) -6.1%
To make things easier just doing the 10 ten trusts of all types. The ETF was tricky to get any meaningful figures.
Disclaimer
This is not financial advice. Our content is intended to be used and must be used for information and education purposes only. Please read our disclaimer and terms and conditions to understand our obligations.
290 comments
Citywire has an article re Gresham House Energy Storage Fund (LON:GRID) about a large shareholder seeking an outright sale of the company. I hold and if they (PrimeStone) can get £1.40 per share for the company I would be very happy -although NAV is £1.71! https://citywire.com/investmen...
I am more than happy with any stock being discussed . But the monthly performance figures will only be Trusts. It was too much trying to do ETF's and property companies other that ones with Trust status.
This thread is from the Daily Stock report today after a question asked by cafcash49 re getting Drone exposure..
Drone UCITS - Accumulating ETF (LON:DRN) "This is Europe's first dedicated, pure-play drone ETF. It uses strict revenue screening to target companies directly involved in the research, manufacturing, or core technologies of unmanned systems, aiming to avoid dilution from massive, legacy aerospace conglomerate". I hold WisdomTree Physical AI Humanoids and Drones UCITS - USD Acc ETF (LON:PAIG) - which holds automation , robotics and drone companies. "It allocates across five segments: drones and autonomous mobility, humanoid robotics, smart manufacturing, next-gen logistics, and emerging applications in fields like agriculture and defence."
After a reply this:
Glad you asked the question- found Drone UCITS - Accumulating ETF (LON:DRN) which I had not really looked at. Only launched in March 2026 and been volatile. I might buy a small holding to get more Drone exposure. It is 80% invested in US companies. As far as I can find out most European drone manufacturers are still private.(Quantum Systems in Germany or Delair in France)
The high failure rate of standalone hardware makers is exactly why the VettaFi Drone UCITS Index is structured the way it is:
It isn't too early to look at the failure rate; rather, the high failure rate is the primary reason to use a diversified ETF for this sector instead of trying to hand-pick individual micro-cap drone stocks."
You would think the European drone sector would grow rapidly- especially with Ukrainian input. Molten Ventures (LON:GROW) which I hold does have some exposure through Isar aerospace- a satellite launch company with software to help long range drone infrastructure, ICEYE whose software feeds into managing drone swarms and Focalpoint which has software to stop spoofing and jamming. Harbourvest Global Private Equity (LON:HVPE) probably has exposure as it is a fund of funds. But unlikely therefore a drone success story would have a huge effect.
Just picked up some Taylor Wimpey (LON:TW.) for my sins. They're languishing like the rest of the sector at multi year lows, but a headline dividend of 9%.Lord Lee is a fan and I seem to be easily influenced. The other thing that might help moral, even before it has a chance to materially stimulate the market, is the incoming Burnham premiership. In which case, a return to £1 plus dividend would seem to me a handsome return over next 12 months. Ample cash on the balance sheet.
Builders do look cheap as chips Brucie but there was an article today on the "this is money " site saying about claims companies looking to try and extract £6 bil from the big builders for anyone who has bought a new build in last six years.
And in the Telegraph apparently -
''A multibillion-pound class action lawsuit is targeting nine of the UK's largest housebuilders over allegations of colluding to inflate new-build home prices. Filed on behalf of over 700,000 buyers, the claim seeks between £3,100 and £6,200 in compensation per affected homeowner who purchased property between October 2015 and June 24, 2026.''
I think this sums up all that is rotten with business in this country - the buyers were happy to pay the price but then along comes some ambulance chaser to extract cash. What happened to Caveat et Emptor?
What incentive is there to start a business in this country? The Gov.t fleece you for taxes to pay for a bloated and inefficient health service and an overly generous welfare system and then screw you when you've made ''too much'' profit.
Glad I sold my business a few years ago. Anyway, rant over, sorry. It must have been the Malbec. :-)
Spot on yet another reason we struggle to get growth in the UK with the claims culture and 20% of working age population economically inactive.
Lincs
I'd be interested to know how many buyers of new builds over the last 10 years have had no snags or been happy with the builders rectification process. I don't believe their internally produced stats for one minute. The only people I know that have bought new in recent years have never had things fully sorted. IMO it's about time someone took them on. And meanwhile they all whine that they want public subsidy to help them out. Delighted to hear Burnham wants to restart Council House building.
Agree SevenCC. This debate continues on the July thread.
Watch out on the dividend - the company has replaced its old policy & I think the Stocko figure relates to this old one.
An interesting article on TR Property Investment Trust (LON:TRY) by James Carthew on Citywire if anyone is interested.
I bought into this property trust last week having been a holder in the past. Currently on a 9% discount and a 5.2% yield which they look keen to maintain.
https://citywire.com/investmen...
was the interview on Money Makers It back on June 17
I see that VinaCapital Vietnam Opportunity Fund (LON:VOF) have reduced their fee and probably the ebst news got rid of the 10% performance fee and it is now on a 5 year rolling performance. VOF has over 10 years performed well, recent performance has been disappointing though. The discount is 19%, a reflection I assume due to the unlisted portfolio of 10% or so.. I bought in 6 months ago, based on the long term performance and hopefully the new charges will improve performance as well. "
Mr Vu commented,
"The market-based benchmark is designed to give shareholders a clearer way to assess VOF's ability to generate excess returns over the long term. With our long-term annualised returns of 11% in USD total return terms, VOF has historically outperformed the market-based benchmark in every market decline over the past 10 years. During periods of market rallies, VOF has outperformed approximately 40% of the time, resulting in overall outperformance in around 60% of periods. This supports our belief that our investment strategy can continue to deliver stable, long-term returns."
I don’t know who it was (don’t be shy if it was you!) who convinced me to buy Foresight group (LON:FSG) but I’m very grateful. They issued a cracking update today and news of a 12% dividend increase too. No wonder the share price is up 8%.
Graham has analysed FSG on the daily Report thread today, unsurprisingly with a full Green rating. Here’s the Results link:-
https://www.stockopedia.com/sh...
I’m surprised no-one has posted on Foresight group (LON:FSG) today. Hope that’s not because very few hold. As Phoenix posted it’s yet another very good suggestion posted here. The suggestion that there has only been one good suggestion reflects on the poster and not on the quality of the posts here. All the posters are so good.
The Investment Trust threads are even more valuable now that the comments section on the Daily Report threads has unfortunately deteriorated.
It’s up to Charles to decide of course, but I like the increased coverage here of shares too, as long as we don’t get to ignore Investment Trusts and ETFs.
I don’t know who it was (don’t be shy if it was you!) who convinced me to buy Foresight group (LON:FSG) but I’m very grateful.
I believe it was The Phoenix, back in February. Not yet had a chance to look at the update but the price movement looks nicely positive :-)
timarr
Interested in your thoughts if you decide to run the rule over it Tim.
Morning all, I have just read the OAK Bloke Substack blog on Chrysalis Investments (LON:CHRY) - I know this has been discussed in detail here, but it is hard to find it in previous months discussions. It looks outstanding value but obviously much depends on the valuation and potential IPO of Starling Bank. Is anyone invested in Chrysalis or have some insights? Thanks
Hi bsharman,
I don't have a view on Chrysalis Investments (LON:CHRY), but I usually search older threads by clicking the links that Charles thoughtfully provides each month and then using CTRL F with the appropriate search term to find any mentions on a particular topic. Hope it helps
Jon
Hi again bsharman,
You peaked my interest, so I had a read of OB's articles onChrysalis Investments (LON:CHRY) and followed my own advice for searching these boards. You can find more discussion at the bottom of this June thread, March's post and December '25 (there might be more that I missed). Plus, Chrysalis Investments (LON:CHRY) has a couple of largely positive mentions in the DSMR which you can find by showing the commentary on the StockReport page.
It's not without risk (but what is?). The hit to Klarna (NYQ:KLAR)'s valuation in the middle of Feb has been fully recovered now, but not reflected in the price of Chrysalis Investments (LON:CHRY). It does look tempting, though I thought that about SDCL Efficiency Income Trust (LON:SEIT) too...
Regards,
Jon
It is having a bumpy ride at the moment. Figures out today. Klarna has been a real disappointment post float, Starling seems to have had an issue in New Zealand, now resolved and there was a 3.3p error by the external valuers found by the auditors in wefox waterfall. At least the auditors found it which suggests they are doing a decent job. The Wise holding sold, some of Klarna.
I hold and am at a loss, but will hold on in the hope that the value can be achieved. NAV is £1.3394.
Good luck to investors continuing to hold or buying Chrysalis Investments (LON:CHRY) . They updated today.
https://www.stockopedia.com/sh...
It’s each to their own as always but if holding on to or buying a Trust in the expectation that it will eventually reward, I want a dividend yield of at least 7% while waiting. That way at least I get decent income .
With Chrysalis Investments (LON:CHRY) investors get zero income while waiting for their patience to be rewarded..So does it need confidence of a fairly quick share price bounce to justify holding?
An example is Schroder Real Estate Investment Trust (LON:SREI) . It’s down 15% YTD . This is largely because the joint offer with Londonmetric Property (LON:LMP) to take over Picton in that all shares deal, is not popular with SREI investors (though commentators approve).
I hold Schroder Real Estate Investment Trust (LON:SREI) and it has fallen back to my buy price. The yield is almost 8% at current price. If the bid for Picton fails there’s good chance of a bounce on that news. If it succeeds arguably the negative reaction to it is already priced in, so again good chance of share price recovering again,. (I also hold Londonmetric Property (LON:LMP)
fwiw Schroder Real Estate Investment Trust (LON:SREI) looks a good buy at the current 46p price, with bad news priced in. Discount is 23%. Too cheap?
Investor Meet Company this coming week,
Custodian Property Income Reit (LON:CREI) CUSTODIAN PROPERTY INCOME REIT PLC
Investor Presentation
29th Jun 2026 at 11:00am BST
Harbourvest Global Private Equity (LON:HVPE) HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED
Investor Presentation
30th Jun 2026 at 3:00pm BST
And also of interest
Liontrust Asset Management (LON:LIO) LIONTRUST ASSET MANAGEMENT PLC
Full Year Results
30th Jun 2026 at 10:00am BST
Mercia Asset Management (LON:MERC) MERCIA ASSET MANAGEMENT PLC
Full Year Results
30th Jun 2026 at 3:00pm BST
I had held MERC for a couple of years. Did nothing . They talk a good story but I am not convinced.
Not sure this post will be of much interest as it's not concerning Investment Trusts but I've released a bit of cash this week and for the first time in a while bought 3 shares where I think the risk v reward looks good.
The first one is buying back into Audioboom. I originally bought this one around 2 years ago when initially being attracted by a very bullish Simon Thompson article. I was very lucky as by just before Xmas last year the share price had virtually doubled because the company had in effect put itself up for sale and was supposedly considering several offers. At that point I sold out on the basis that the price had very much got ahead of itself.
Since the New Year the price came off somewhat although with strong results in February and the company stating it had received 3 approaches in excess of £5-40 the price rose again to over £6-00. However fairly recently the company changed it's mind and decided to reject any bids and stay independent which caused a significant markdown in the share price. I noticed that Simon Thompson's IC replacement produced an article giving the opinion that the markdown was too severe and that was at a price of about £4-60. Since then, ie this week the price seems to have settled in the £4-10 region so I've bought back and am virtually in for free having almost doubled my money first time around.
I've no idea whether renewed bid interest will table itself again but as the saying goes "never say never" That aside current trading is forecast to be strong and hopefully confirmed in newsflow expected in mid July. We will see so fingers crossed! One final point though the company does not pay a dividend.
Shares 2 and 3 are both oil companies. Enquest has been on and off my watchlist for several years but about a fortnight ago announced what looks to be a low operating cost deal buying offshore interests in Malaysia. Analysts are of the opinion that the deal is likely to transform the company. The share price initially rose by over 20% on the news but has drifted back to between 22p and 23p so yesterday I bought a holding. The company pays a 3.5% yield and fwiw following the deal share target prices of 38p to 40p have been talked about. Again we will see but I think the risk v reward looks okay.
Serica Energy is a stock I've traded and held for a long time. The price, like most oil companies has been in and out of the sun with the ups and downs of the oil price due to the US/Iran war. At present it's down at the £2.15 to £2.20 area for a couple of reasons. Firstly the hopes of peace and the lower oil price but secondly the share has just gone ex div for 10p to be paid on 24 July.
I last sold 50% of my holding at £2-70 back in April although the price did touch £2.90 at some point when the oil price hit it's highs. However the other day I bought that 50% holding back at £2-20 as I reckon it could be an attractive re entry point. Oil price aside if you look at the Stocko rolling forecast the forward multiple is now under 5, the PEG is 0.1 and the future annual growth estimate is 122%. The dividend at this price is also shown as a tasty 7.29%.
Again I suspect the risk v reward looks favourable. Hopefully not, but if the trouble in the Strait of Hormuz starts again the oil price is likely to rise once more which aside from the attractive 12 month forecasts will no doubt assist oil company share prices again.
As said at the start of the post if mentioning these type of ideas isn't suitable for this thread let me know but otherwise hopefully they give a bit of food for thought worthy of further research should anyone feel inclined to do so.
Hi george54
I also bought Audioboom (LON:BOOM) this week: great little company, interesting niche.
Serica Energy (LON:SQZ) I already hold but am considering adding to. Enquest (LON:ENQ) I'll take a look at.
I think this thread is valuable for the collectives analysis but also for some of the share ideas like these. Not blue sky, just thoughtful analysis. But, of course, it's Charles and Ken who put in the main effort, for which I am very grateful.
timarr
Timarr, thanks for the reply, I’ve never been blue sky and never will be. Over the years my profitable favourite hunting ground has been risk reward growth shares. They’ve been out of favour and fewer and far between as the boom years some 10 years ago but decent looking opportunities always crop up from time to time
Remiss of me to omit saying that I totally agree re Charles and Ken on this thread. Ken will remember me from our many years on the Mike Walter’s site
Personally I am grateful for all who contribute. Seems to work and happy to set up each month- which was an earlier suggestion from a comment when I just had a rambling Trust thread. Forget who - but the best idea. Always something interesting and no nastiness- which is great !!
Happy to take the credit for suggesting the monthly thread :) but the credit stops there and all thanks to Charles and Ken for everything else afterwards!
As ever, a great post - thanks. I hold Serica and will continue to do so - I think you've omitted one other big potential plus - i'ts looking increasingly likely that Ed's extreme bias will be overlooked and the UKs North Sea assets will be increasingly exploited. It makes no environmental sense to import the fossil fuel we need and, well, don't get me started on the economic benefits to the nation ........... Why can't politicians see the obvious?
Burnham is firmly in the Green camp but he'll need money to fund his plans - what better source? If the Conservatives or Reform get in the odds of a surge in North Sea exploration and exploitation rise considerably.
Held Audioboom (LON:BOOM) for a while. Thought it seemed a great company, the bid came to nothing but I still feel great value in this one. I do not buy Oil companies directly ( morals again) but I am sure there is value.
VITP Friday update - week 537
From now on updates will be monthly.
Hi. Is anyone aware of a good small cap global ETF?
iShares MSCI World Small Cap UCITS ETF USD (Acc) (LON:WLDS) or Xtrackers MSCI World Small Cap UCITS 1D ETF (LON:XSWS) are probably the most typical choices. Have a good look at the holdings to see if this is what you are looking for though.
I did a bit of a look at WLDS a while ago, I have updated the table and here is the exposure, as you can see US has a heavy weighting, and there is a reasonable (17%) weighting to tech overall.
You could have a look at iShares MSCI USA Sm Cap ESG Enhcd UCITS ETF USD A (LON:CUS1) , or even something like L&G Russell 2000 US Sm Cap Qlty UCITS ETF USD Acc (LON:RTWP) which gives you small cap quality for the Russell 2000.
UK & EU are looking anemic at the moment iShares MSCI UK Small Cap UCITS ETF GBP (Acc) (LON:CUKS) , iShares EURO STOXX Small UCITS EUR (Dist) ETF (LON:DJSC) .
More volatile is WisdomTree Em Mkts SmallCap Dividend UCITS ETF (LON:DGSE) , but the trend is better.
iShares MSCI Japan Small Cap UCITS ETF USD (Dist) (LON:ISJP) is ok, but the main japanese ETFs have much greater momentum ... although this may be breaking down at the moment.
I hold iShares Edge MSCI Wld Val Fctr UCITS ETF USD A (LON:IWFV) World value ETF investing in underpriced , fundamentally stable growth companies
I hadn't spotted this Charles - thanks for sharing.
Pleasure, it has done ok for me.
That looks very interesting Charles - some great performance figures. I might be tempted to dip a toe in.
My Ai research before I bought concluded this " This ETF is generally suited for investors looking to tilt their portfolio away from pure growth stocks (like hyped tech giants) and toward underpriced, fundamentally stable global companies, aiming for long-term capital appreciation as the market corrects"
Charles, isn’t iShares Edge MSCI Wld Val Fctr UCITS ETF USD A (LON:IWVL) actually a large‑ and mid‑cap ETF rather than the global small‑cap fund Ben was asking about? It also seems to have become more of an AI‑infrastructure bet than anything resembling small‑cap diversification, with Micron, Intel as the top holdings. A lot of the recent performance looks like it has come from those semiconductor names rather than from smaller companies. I held IWVL myself for a while but ended up selling recently because I found I was checking Micron’s price far too often, which probably says something about how concentrated the exposure had become.
Ramin Nakisa made a similar point in a recent video: the MSCI Enhanced Value index has effectively become an AI‑bubble proxy, with three of the top four holdings now chip makers. Micron alone is over 18% of the Value Index despite being under 2% of the global index, which makes the ETF a much bigger bet on the AI cycle than on anything “small‑cap”. The section from 4:45 to 5:40 is particularly relevant, though the whole video is worth watching.
Would be interested on your take on this.
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It has te h holdings, but targets value rather than speculative non profitable tech stocks. Well that is my understanding. Avantis Global Small Cap Val UCITS ETF USD Acc ETF (LON:AVSG) is aimed at small caps globally, misread that part of Ben’s query. Or there is iShares MSCI World Small Cap UCITS ETF USD (Acc) (LON:WSML) . Thanks for the video, will have a listen.
Thanks Charles,
I’m sure you’re right that the aim is to target value, but the way the index works means Micron and Intel have become dominant. Correct me if I’m wrong, but I think the last rebalance was based on end‑April data, when Micron still screened as “cheap”, and with the next one not until November that weighting is basically locked in. So although the strategy is value‑based, the current exposure is being driven much more by that timing quirk. It’s done very well, but the way it behaves today is quite different from what I originally bought it for, and it left me more exposed to Micron than I was comfortable with (not helped by the fact I also held Micron after it popped up on Phil Hoffer’s Grow Your Dough: Quality Momentum Blueprint screen — thanks Phil)
It is 14.8% of the fund which I agree is a lot. Thanks for pointing out- I will look into Micron further. It has tripled in value since March. Seems Anthropic have agreed a multi year deal to buy its chips.
MU's memory solutions have traditionally been seen as a cyclical stock, but ' is this time different ' given its moat and current super normal profits ? Blow out quarter results 3 nights ago, but can the good times keep rolling ? My crystal ball not providing an answer sadly ...
We’ve maybe gone a bit off‑piste here, but a week or two ago I moved mostly out of Micron Technology (NSQ:MU) and on to another recent arrival on Phil’s screen, namely Flexsteel Industries (NSQ:FLXS) . Whether that turns out to be a good move remains to be seen, but it’s all good fun and, so far so good.
I have done some research using Gemini and Claude AI. On this basis I am going to keep iShares Edge MSCI Wld Val Fctr UCITS ETF USD A (LON:IWVL) and see what the next re-adjustment does. 10% is the limit so I would expect to see it reduce to 5% or so.
Micron Technology (MU): Investment Summary & Outlook
Wall Street is highly bullish on Micron, maintaining an overwhelming Strong Buy consensus. Driven by the unprecedented AI data center boom, analysts hold an average 12-month price target of $1,334 to $1,454, with aggressive estimates reaching up to $2,200.
The Catalyst: Structural Undersupply (2026–2027) Micron is enjoying historic pricing power and record-high gross margins. High-Bandwidth Memory (HBM) production lines are entirely sold out through 2026, with 2027 orders heavily booked. Because HBM requires triple the wafer size of standard DRAM, it is starving the supply of conventional memory, driving up prices across the entire industry.
The Risks & The 2028 Turning Point Despite the optimism, semiconductor stocks remain deeply cyclical. Analysts highlight three core risks:
So I had to revisit this ! I have spent the last week trying to compile a decent library of etfs where I can do my own rankings and out of nearly 1000x tickers - and yet I have missed this one !! You can see where it falls on my own momentum ranking (this isn't based upon return but volatility).
So not to bad I assime
Anybody taken a look at Syncona (LON:SYNC) recently? My interest was peaked by coverage in the IC this week by John Baron. Whopping 41% discount to NAV and stated aim since last October to realise and return £250m (about a third) of its holdings to shareholders, which might qualify it as a value plus synthetic high dividend stock..?
I looked at it a while back, but decided not for me due to its high level of unlisted investments. They were going to wind down, but after discussions with major shareholders reversed that idea and are now going, as you say, to return £250m to shareholders. How easy it will be to sell holdings to raise £250m and at what price I do not have a view.
I have held Syncona for a while. I am LTBH so rarely sell. Part of a large portfolio to give me exposure to biotech. If you look at my profile you will see I am retired head of equity research. Last year I had coffee with my former pharmaceuticals analyst who, by chance, also holds Syncona. Look at the main shareholders. Blue chip names including Welcome Trust (IIRC). Small caps and biotech are out of favour but there time may come. Personally, given the large discount to NAV, I think this is a no-brainer. But I would say that!!
I have been a lurker on this board for ages but this is my first post. Perhaps also the first decent recommendation I have found here.
Somehow you’ve missed seeing the many “decent recommendations “ that have been covered on the thriving Investment Trust threads, kuronagi.
Synthomer (LON:SYNT) is not an Investment Trust, and was given an Amber/Red rating on the Daily Stock Market Report thread after their update on 22nd June.
I haven’t looked at “decent suggestion” Synthomer (LON:SYNT) so don’t know whether it is worth checking out, but see that short term the share price has soared, but for long term holders (like you?) it is down 98% over the last 5 years.
I believe that Kuronagi was discussing Syncona (LON:SYNC) regret Ken... many apologies Kuronagi and if we could possibly encourage any further posts from you, I'm sure that the community would be super grateful... many thanks indeed... we'll give Ken a pass as it was past 1am :)
Apologies to all and Kuronagi for my mistake with the wrong share in my reply to his post. My disappointment was with the comment about it being the first decent decent recommendation he had seen here. Really?
I agree that it would be great kuronagi to see posts from you with your suggestions for Investment Trusts and ETFs well worth checking out.
I’ve had a quick first look at Syncona (LON:SYNC) and based only on timarr’s post and the decent YTD share price performance, but 50% 5 year fall, sounds as though it could be very interesting.
I think kuronagi may have been referring to the similarly named Syncona (LON:SYNC)? Some biotech funds have started to make a move into new 52w highs recently
Hi kuronagi
Interesting first post - Syncona (LON:SYNC) is not one I've looked at before.
John Barron talked about them in the IC this week:
Syncona (SYNC) is creating, building and scaling companies around exceptional science to create a diversified portfolio of leading life science businesses... Indeed, over 80 per cent of its companies are either at the commercial stage or in clinical development, while many are approaching key value inflection points. This aligns with the company’s near-term focus of returning £250mn of proceeds from private company exits to shareholders.
The risk around the discount to NAV is that assets aren't realised at expected value - the discount reflects some scepticism, along with the now built-in UK IT discount. The discount isn't a given - their stake in Kesmalea was marked down by over 50% earlier this year, for instance.It's interesting, will spend some time looking into the portfolio.
More ideas please!timarr
No disrespect but if that's the first decent recommendation you have found on this thread you must have rocked up here an hour ago, this monthly thread is chock full of great ideas with some real top table posters commenting.
Welcome Kuronagi and thanks for this rather undeserved praise for what was really a kite flying exercise - which I find to be one of the great benefits of this board! Having said that, it does interest me for three reasons: firstly, the deep discount. While taking on board Charles' point about the challenges of realisation, a determined and stated wind down policy aimed to benefit shareholders should in the medium term be be clarifying to the aims of the investment, whereas a languishing PE Fund with little ore no dividend, may not be. Secondly, a sciences portfolio would be a counterbalance for me, holding as I do, lots of financials, property and infrastructure, due to their high dividends. I do hold Bioventix (LON:BVXP) by the way, on which you may have a view? But Syncona (LON:SYNC) presents a diversified folio of assets, way beneath (supposed!) asset value. Thirdly, the chart looks promising (I know! I know!) on the basis that you either buy at the bottom (80p appears to be in the rear view for now) or above the 200sma on the breakout - and it has just broken out to a 6 month high. And fourthly, the synthetic dividend idea, at risk of repeating my point 1. What's the difference between buying a share for dividend, and buying a share where the proposition is for returns in kind?
Well maybe I've just talked myself into it! In any case, as a former senior fund manager your expertise will be most valued here. I hope you were able to accept Ken's rather precipitate misreading of your post, for which I see he has duly apologised. He is himself a source of rather more good ideas than I will ever be and together with Charles (who shares the same surname) - and many others- combine to make this board a real source of interest.
So please post again!
Just searching for high yielding ETF's and came across iShares Broad $ High Yield Corp Bd UCITS ETF USD D (LON:HYUS) . Not everyone's cup of tea as in $ but 9+% yield.
Does or has anyone held this fund -Jupiter Merian Global Equity Absolute Return . Or any of the other Absolute return funds? Over the last 5 years it has an annualised return of 10%
I hold YFS Argonaut Absolute Return Fund. It's managed by Barry Norris who personally I really rate. Over the last 5 years its done over 12% annualised
Thank you Chris
I too have a large stake in the Argonaut Ab Return Fund - had done really well and now might be the time to get into it as it has dropped down to the point where it becomes a buy on my charts. It has not done well for me over the last few months but happy to go with the flow.
The Argonaut Flexible Fund (also run by Barry Norris is also excellent - and I like his monthly reports.
Thank you Kevin. I have sold another cash fund in my wife’s ISA so will be investing in it.
I hold Tritax Big Box REIT (LON:BBOX) in several funds. Bought some more today after the SEGRO (LON:SGRO) news of a bid approach. Despite the rise today still trading at a discount to NAV of nearly 15%. Londonmetric Property (LON:LMP) are planning to develop more data centres. Once the bid for Picton is complete- and I will have a holding through Picton-I will most likely buy more.
Charles just for info London Metric Property has a very bullish write up in tomorrows’s IC
Look forward to the summary. I gave up IC a few years ago. I am interested.
Primary Health Properties (LON:PHP) (dont hold but been watching)
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Primary Health Properties PLC
24 June 2026
Statement regarding press speculation
The Board of Primary Health Properties plc ("PHP") notes the recent press speculation regarding the potential formation of a joint venture in connection with PHP's private hospital portfolio.
As previously announced, PHP has been exploring a range of strategic options to enhance the long-term value of the private hospital portfolio, including potential joint venture arrangements with highly credible investors.
PHP confirms that it is in advanced discussions with an investor regarding the potential contribution of the private hospital portfolio to seed a new joint venture.
Discussions remain ongoing, will be subject to all necessary approvals and there can be no certainty that any transaction will be agreed, nor as to the terms on which any transaction might be concluded. PHP continues to evaluate all options.
A further announcement will be made as and when appropriate.
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not holding because they seemed to be somewhat overleveraged - this will solve that issue *if* if the deal is done and on reasonable terms.
I hold it. If they can get the LTV down from 57 to 40% or so it would be a positive.
I’ll post more on this another time, but note that theres a lot happening with some of the Commercial Property Trusts. Note too the bid for SEGRO (LON:SGRO) today that has given the sector a general lift.
It’s well worth staying patient and collecting the big dividends while waiting however long for the share prices to go on a run. In some ways it’s like the quality big yielding shares that for a years they did nothing, although it was so obvious that they were too cheap. Those too provided big yields before at long last the shares prices took of. e.g the likes of Aviva (LON:AV.) Standard Life (LON:SDLF) M&G (LON:MNG) etc where our patience was eventually rewarded big time.
I hold SGRO. The board seem to think it is too low despite being at NAV. Agree Ken- hence I have been buying somereasonable yield equities which look like they have bottomed.
Schroder European Real Estate Investment Trust (LON:SERE) is proposing a managed wind down. The Investment Trust universe is shrinking. I hold Schroder European Real Estate Investment Trust (LON:SERE) and it is trading at a large discount to NAV, so perhaps this is the only way to extract value. Would be interested to hear thoughts this morning.
I had previously been invested in Schroder European Real Estate Investment Trust (LON:SERE) based on some reasonable assets and its wide discount.
However, I sold out of it about a year ago after holding for approx a year as I became increasingly concerned at the potential tax charge from the French authorities which the company was disputing and had taken no provision for. I sold out at about a 1% loss - the dividends helped considerably here. Not sure of the current situation.
I've never looked back but I see the discount remains very wide (40% which is wider than when I bought it at about 36% from memory) and the share-price has done little too (if anything) and hence an 8% dividend now.
On my dog-walk this morning I caught up with the Money-Makers interview with TR Property Investment Trust (LON:TRY) managed by the long-term manager Marcus Phayre-Mudge. I have held this one in the past as well - but sold out after a very pedestrian period.
I think I have said before that Marcus is an excellent interviwee and comes across really well.
I felt the same after listening to him - talks a lot of sense and clearly knows his onions. As a result I have just bought (again!!) some in both of our ISA's - I particularly liked the fact that he was very positive Europe and not particularly positive for the UK property market (but felt that there would be ongoing consolidation) whilst we have the current macro issues regards interest rates, investment, growth etc etc. I cannot see too much changing under Burnham however much I would wish for a much greater pro-growth economy to pull us out of the current mire.
Marcus was much more supportive of opportunities across Europe which is where he sees the real returns coming from. To this end TRY looks to be about 70% in Europe and 30% in UK.
Over the last couple of years I think I have probably drifted in style too, a little bit less racy stocks - I still look for growth, but am also quite happy in having some less racy and more dividend players - hence my ISA PF's being 100% trusts/ETF's with some element of divi payers - of which TRY is one, paying approx 5+% (interesting not fully covered currently).
I guess it depends on your own style, whether you believe property to be a good place (and where geographically) and if you want to go more focussed or have a spread across different funds. Plus the specific risks of any one individual fund and its holdings.
I have just bought Living Reit (LON:SOHO) which I hope will see capital growth as well as a 7.7% yield. (I have also bought Pets at Home (LON:PETS) partly for yield and partly capital growth as it looks vulnerable at this depressed share price ). Funded by selling some money funds- as I said here I had increased my cash holdings significantly for us).
An AI summary of my SOHO research is here. Beware as AI can be wrong.
Investment Case Summary: Living REIT plc (LSE: LIVE / formerly SOHO)
The Executive Summary
Living REIT presents a classic value-turnaround and recovery story in the UK residential property sector. Following its transition to specialist manager Atrato the fund is moving from a legacy "stabilization" phase into an aggressive growth phase. By acquiring the UK’s largest independent retirement rental portfolio for £108.3 million, the trust is significantly scaling its footprint, boosting its earnings, and offering investors an immediate ~7.7% covered dividend yield alongside massive capital growth potential.
Key Core Investment Pillars
1. Extreme Valuation Disconnect (~30% Arbitrage)
2. The Transformational £108.3m Senior Living Acquisition
The trust has entered into a conditional agreement to acquire the core retirement portfolio of Residential Secure Income plc (RESI). This deal changes the game for the company:
3. Rebranding and Re-scaling to Attract Big Money
4. Highly Defensible, Growing Income Yield
Upcoming Key Catalysts
The Bottom Line
Living REIT (LIVE) offers a rare combination of downside protection (via a 31% asset discount), immediate income (a 7.7% quarterly dividend), and an imminent capital growth catalyst as the earnings-boosting retirement portfolio integration goes live this summer.
I also bought Hilton Food (LON:HFG) . A few stocks I have been following for while that have underperformed the market recently. Recovery stocks hopefully. I am struggling to find a new trust to invest in that looks at recovery stocks. Fidelity Special Values (LON:FSV) may do, but have a holding in that. Increasingly i find myself holding ETF's, which stopped me buying Impax Asset Management (LON:IPX) -looks cheap but I do wonder if the business model is broken.
An unusually blunt post that I hope won’t offend!
Predictably bad update from Telecom Plus (LON:TEP) today. I had posted positively in April, but then was stunned by what I saw as a BIG warning of trouble ahead news on April 28th, with that sudden switch from dividends to buybacks. I got out at £11.60 and apologised for being wrong. I know a few others also sold then.
Unfortunately some didn’t agree including Graham Neary in his analysis on April 28th (fair enough as there’s always a plus and minus case) .Some liked the switch from dividend focus to the buybacks and failed to see it as admission they could no longer afford the dividend. That might have tempted some to continue holding or even adding. Hope not!
The Telecom Plus (LON:TEP) share price had already fallen under £10 by yesterday which was a clear hint that the update today would disappoint. The share price was down another £3 to under £7 just now. Ouch.
I’m posting this even though it’s not an Investment Trust, because time and again it pays to cut losses on the first bad news and not to look for excuses for it. It’s a tactic that has worked time and again for me with Investment Trusts and shares.
Conversely it pays time and again to invest in Companies that regularly issue better than expected updates. For that look no further than Ramsdens Holdings (LON:RFX) today and the big gain on bid news. It’s a shame it is yet another UK Company that is falling to foreign bids, but it’s a further windfall for shareholders, whereas today for Telecom Plus (LON:TEP) shareholders it’s another kick in the teeth.
Hi ken
RE: Telecom Plus (LON:TEP)
You were absolutely right.
More broadly I'd be concerned about utility related companies under a Burnham government anyway.
timarr
Fair comment Ken. I was a little slower in and out but delighted not to still be holding Telecom Plus (LON:TEP) for today's bath. This is certainly where we would agree that buybacks are not returns to shareholders and the announcement was a warning sign re dividends. My concern going forward is the criteria they are using to justify wasting their cash on more is that they will prioritise buybacks if share price is less than 20x implied post tax earnings. That could be the case for a long time! Not sure what the Next (LON:NXT) criteria are but I suspect they are not quite so optimistic.
Was thinking of selling Seraphim Space Investment Trust (LON:SSIT); my early handsome profit is dissipating. Wonder if anyone can offer any views why. The discount to NAV is huge and Charles and others I think were suggesting the price might come back up as passive funds start buying into the the stock as it enters the FTSE 250.
Any thoughts welcome.
PS - I posted about this on the main thread too in relation to problems being reported to access the HL website. Was thinking of selling my SSIT but like others I couldn't log in to HL either (at 11.00) . Always been happy with them other that the feeling they may be becoming 'too big for their boots'.
Take a look at the DSMR for June 9th - Graham wrote about Seraphim Space Investment Trust (LON:SSIT) and the valuation of ICEYE, its largest portfolio holding (TLDR - he's a bit sceptical about the valuation).
(I hold)
I was actually more cautios recently. I did fear the price would come back after the Space X float. I bought the C class shares and will sit on them. My timing of buying and selling SSIT has gone wrong since it was revalued and got to NAV and above. I used to trade quite a lot when on a huge discount. If it gets to £1.60-£1.70 I will look to buy again. But as I dols out at £1.39 after the initial rise shows how little I know about investor sentiment.
Investor Meet Compant this coming week.
Foresight Environmental Infrastructure (LON:FGEN) FORESIGHT ENVIRONMENTAL INFRASTRUCTURE LIMITED
Full Year Results
22nd Jun 2026 at 11:30am BST
Rockwood Strategic (LON:RKW) Full year results
23 June 2026 at 10:00am
Utilico Emerging Markets Trust (LON:UEM) Annual Results
23rd Jun 2026 at 10:00am BST
NextEnergy Solar Fund (LON:NESF) FY Results
23rd Jun 2026 at 2:00pm BST
CQS New City High Yield Fund (LON:NCYF)
Investor Presentation
23rd Jun 2026 at 3:00pm BST
Vietnam Enterprise Investments (LON:VEIL)
Annual General Meeting
25th Jun 2026 at 12:00pm BST
Hi Charles,
I thought I'd do this as a new post as the thread is lost somewhere further up and I cannot find it again - I have my "view" set to keep the latest posts near the front.
Regards hedging, when the manager of Nippon Active Value Fund (LON:NAVF) was asked at Mello about hedging he responded that he did not hedge the fund, as a result some of the gains may have been lost (but had still done very well).
However, his view was that it was now too late as the likely move going forward was the currency would strengthen and therefore hedging would damage the returns (think Ive got that the right way round regards the strengthening vs weakening - but whatever way it is he definitely said it was not a time to hedge).
I personally don't use any hedging strategy - do you use hedging on any other funds?
ATB. K
No, it is the yen that seems to be the currency that causes returns to reduce, or at least the one I am aware of. Be interesting to look at currency / countries returns. Job for Claude AI when I am back on Tuesday in Laugharne.
Investing based on morals is hard especially when buying trusts. However I sold BlackRock World Mining Trust (LON:BRWM) and will not buy back due to their holding in Glencore (LON:GLEN) . Just reading “A barrister for the earth” by Monica Feria-Tinta and what Glencore through the Carbones del Cerréjon mine is appalling. “The intersection of the Cerrejón mine and the Wayúu indigenous people is a stark, 40-year struggle pitting the economic interests of Latin America's largest open-pit coal mine against the ancestral rights and survival of Colombia's largest indigenous group.
### The Constitutional Battle & The "Trial"
The modern legal focal point centers on a landmark **2017 Colombian Constitutional Court ruling (Sentence SU-698)**. The Wayúu people sued the mine’s operators over the expansion of the "La Puente" pit, which required the artificial diversion of the **Arroyo Bruno**—a critical river tributary in an arid desert region.
The Court ruled heavily in favor of the Wayúu, finding that the diversion violated fundamental rights to water, food sovereignty, and health. It ordered the suspension of mining in that specific zone until full environmental and social risk assessments were properly conducted with active community consent.
### Human and Environmental Impact
For the Wayúu, the conflict stretches far beyond a courtroom. Decades of coal extraction have permanently altered their homeland in the La Guajira peninsula:
* **Water Deprivation:** The mine consumes millions of liters of water daily in a region plagued by severe, climate-induced droughts. Over 40 local streams have been dried up or redirected, decimating local livestock and crop irrigation.
* **Health Crises:** Coal dust particulate matter fills the air. Medical records submitted in court highlight widespread respiratory illnesses among Wayúu children, including chronic asthma, bronchitis, and skin rashes.
* **Cultural Disruption:** To the Wayúu, rivers hold deep spiritual significance and host supreme deities. Diverting or erasing these waters shatters their spiritual ties to the land.
### The Corporate Response
Rather than fully restoring the river's natural course, Glencore historically retaliated by filing international arbitration lawsuits against the Colombian government under investor protection treaties, claiming the court blocks amounted to illegal expropriation of future profits. “
It can be difficult to invest if your concerned about this sort of thing. But where I can and I can see it I will avoid, for my daughters if nothing else, I will not affect what Glencore do in this case, or what other companies do for that matter.
Charles.
Investing based on morals is indeed very hard. Where do we draw the line? I won’t invest in tobacco companies nor Companies like Provident that rip off people who can’t make ends meet by charging them extortionate interest rates. Many have no red lines. It’s each to our own on this.
The big Mining Companies like RIO, Glencore, BHP etc all have an awful record for disasters (e.g BHP and the terrible Marianne dam burst that wiped out all the villages downstream hit by the huge wall of water, and killed so many and destroyed the lives of many of those who survived,
Ditto big oil Companies like BP and over the years various environmental disasters.
e.g ”The two most significant disasters linked to BP in the United States are the 2010 Deepwater Horizon oil spill in the Gulf of Mexico and the 2005 Texas City Refinery explosion. These historic events rank among the worst industrial and environmental catastrophes in US history.”
If we try and avoid Trusts that include Miners, or tobacco shares,or oil shares, or rip off merchants like the ruthless money lenders in their portfolios, we’ll end up selling one Trust after another. It’s an impossible investment strategy unfortunately.
And where DO we draw the line?
So many of the major retailers rely on Third World factories using slave Labour. E.g Bangladesh. Thousands have been killed in factory disasters in these Countries over the years. If Retailers didn’t use these slave labour factories they couldn’t compete price wise with the many that do,
Even the up market brands use these factories. I found that out by searching for the hidden away label that names where they were made. For so many of the up market brands it’s the same places, including Bangladesh, as Primark. There was a great fuss here about BOO HOO using sweat shops in Leicester. Bad though these are, they are nowhere near as bad as those used abroad by retailers.
Do we make a stand and sell all such shares and all Trusts that invest in them? Even the likes of Marks and Spencer? Or decide to stop buying from all retailers except the few up market brands that do source from First World Countries? Almost impossible to do.
What about insurance Companies that for years ripped off their loyal customers who trusted them, with huge annual premium increases (even getting to £1 k or more for insurance widely available at £150? ) Do we avoid all them too?
And then we get to Countries. Do we avoid Trusts investing in, say, China or any other Country with similarly awful human rights records? Endless Trusts could be no go areas.
In the end we just have to have our own probably narrow red lines, or none at all when it comes to the make up of our portfolios.
I avoid tobacco companies as well. Also arms manufacturers. But I buy ETF’s increasingly and so may well have exposure. But do my best and Glencore is a disgrace. I am involved in river rights in West Wales, so something of a passion. CT UK High Income Trust (LON:CHI) also have Glencore as a top 10 holding.I agree Ken, red lines are hard and maybe investment managers can bring about changes. The Norwegian Sovereign fund sold its holding in Glencore and black listed it. So investors can do things.
I also won’t invest in arms manufacturers.
As for the Norwegian Sovereign Fund I think they have a long list of non environmentally friendly Companies on their blacklist, including over 100 oil shares for starters, despite Norway’s wealth being because of oil!!!
e.g this bit from 6 years ago:-
“On May 12th, Norway’s sovereign wealth fund, the largest in the world with more than $1 trillion in assets, added 12 new companies to its blacklist. The blacklist included mining giants Glencore and Anglo American, resulting in the fund’s divestment from these companies. The sovereign wealth fund owned 1.2% of Glencore’s capital and 2.4% for Anglo American.
This is powerfully symbolic for a global financial player that has investments in more than 9,000 companies worldwide, effectively controlling 1.5% of the world's market capitalization.Decisions made by funds often serve as benchmarks for other responsible investors. The new exclusions follow measures adopted by the Norwegian parliament in 2019 that require an end to investment in companies generating more than 20 million tonnes of coal per year, or those using more than 10,000 MW of coal in power production. The former exclusion criteria were more flexible, concerning companies with more than 30% of their turnover from coal.
Mining, oil and utility company exclusionsPrevious criteria protected large companies with diversified activities, such as mining and utility companies. Henceforth, the Norwegian sovereign wealth fund will classify mining on the same level as coal-fired utility producers and certain oil companies. Utility giant RWE, Europe’s largest CO2 emitter, was also added to the blacklist under these new thresholds. Last year, the fund also excluded 134 oil companies (except for the majors); a paradox considering Norway is Europe’s leading oil producer.
For now, the only mining company safe from exclusion is BHP Billiton, an Australian mining giant. While it produces well over 20 million tonnes of thermal coal per year, the Bank of Norway announced that the company will only be put under observation. Unlike its counterparts, the Melbourne-based company is temporarily spared since it reported heavy investment towards lowering its emissions. Most importantly, BHP Billiton hopes to sell its coal asset shares. The sovereign wealth fund owns 5% of the Australian company, thus, it is monitoring the evolution of this strategy before making a final decision.The Norwegian sovereign wealth fund has also excluded an additional seven companies on ethical grounds, directly concerning Canadian Natural Resources, Cenovus Energy, Suncor Energy and Imperial Oil due to their "unacceptable greenhouse gas emissions". The Brazilian mining company Vale and the Egyptian utility company ElSewedy Electric were excluded due to "serious damage to the environment", while the Brazilian power producer Eletrobras was excluded for human rights violations in Belo Monte.Ludovic Dupin.”
Thanks for flagging this Charles, though you have landed me with a fresh dilemma, since we hold BlackRock World Mining Trust (LON:BRWM) for a charity folio. My feeling here is that there can be a difference between holding a trust that represents an important thematic idea (in this case, minerals, also required for Renewables) and a discrete company, whose practises are as you point out, deeply problematic. Of course any any generalist trust like City Of London Investment Trust (LON:CTY) or even Temple Bar Investment Trust (LON:TMPL) (we hold both) will also contain companies with partly questionable records. I will not personally holdMTI Wireless Edge (LON:MWE) for it's involvement in Israeli weapons systems. I think the moral questions you raise are definitely worthwhile, even if the clear answers are elusive.
Thank you Brucie. BRWM I will be emailing though Blackrock never reply.
There are plenty of other decent Mining type trusts around that hopefully you can find another that avoids investment in your "red-line" areas, although I suspect that if you dig deep enough (non pun intended) there are likely to be some contentious investments wherever you look - digging/mining is inherently likely to upset someone somewhere.
In fact I suspect that if you delve deep enough across the whole investment universe there are probably enough claims of "damage" that you might be put off investing altogether eg. the builders will all try and develop sites that best meet their needs and not always those of others. Retailers will likely be selling stuff that has probably at some point upset some people in the production of their goods. EV and renewables can be shown to actually be more carbon intensive than today's alternatives etc etc.
I think we all probably need to find our own red-lines and simply try to look past some of the other objections - there is no progress without upsetting somebody somewhere.
It is difficult Kevin, but Glencore (LON:GLEN) have crossed it for me. I only read about it recently, so I guess ignorance of something can make it easier!
Agree about where to draw the line Kevin. I made similar argument to yours in my post yesterday.
Charles,
This is a subject on which I've weighed in before, albeit without much success...
When we buy or sell shares in the secondary market, we're usually trading with another investor. The company itself doesn't receive any new capital and doesn't lose any existing capital. Ownership changes hands, but the underlying business carries on producing coal, cigarettes, oil, weapons or whatever it produced before.
Yes, there is an indirect effect through the cost of capital if enough investors refuse to own a stock. But Aswath Damodaran argues that this effect is often overstated, particularly for large companies with access to global capital markets.
If the objective is to reduce coal consumption, smoking or environmental damage, then changing consumer behaviour, regulation, taxation and the legal framework is probably a far more powerful lever than changing who owns an existing share certificate.
I completely respect your choice not to own BRWM or Glencore. What I'm less convinced by is the idea that selling BRWM or Glencore materially changes Glencore's behaviour.
To put it in a simplistic form: "Investing doesn't change the world, consumption does".
Previously I've tried to argue that maximising investment returns gives us more freedom to express our values through our spending. Higher returns mean more choice over the products we buy, the charities we support, the causes we donate to, and our ability to choose goods and services that align with our values or have a lower environmental impact.
ESG investing often assumes that investors can change the world through portfolio choices. I don't believe the evidence for that is nearly as strong as many people believe.
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Richard, I am fully aware that my boycott will make no difference. This is just a personal choice not to profit from certain activities. You are right about the market. When I was a cocky young stockbroker in the early 1980's when making money in the cCity seemed easy my boss when I transferred to the New York office having listened to my great thoughts on helping industry etc said "Remember you are just selling second hand share certificates" That was the beginning of my decision to leave the city. Financially bad call, but morally !!
VITP Friday update - week 536
I keep meaning to do a post on the VITP portfolio holdings but then get sidetracked on to probably more useful topics.
I think if number 33 agrees, it’s best to revert to monthly updates in July and beyond.
For now just one comment on the latest update and that £500 weekly loss for SDCL Efficiency Income Trust (LON:SEIT) . This is another example of the point I’ve made several times. I.e performance would be significantly better if I had been more on the ball. I sold SDCL Efficiency Income Trust (LON:SEIT) a while ago so why on earth is it still in the VITP? I should have sold the VITP holding when I sold my own holding. It’s an unnecessary £500 loss.
Also there are no posts here pointing out such obvious carelessness.
Ditto there are rarely new VITP buy or sell suggestion posts and reminders when I and others post very positively on a Trust, or making the sell case. So many great VITP buy opportunities have been missed! This is another reason for suggesting we revert to monthly updates again.
If I was even a fraction as good and efficient at choosing the holdings as number33 is in presenting the VITP, I’m sure annualised gain would be much better than current 8%.
Hi Ken,
I wouldn't beat yourself up too much about it - we all have busy lives and I am sure we all have a thousand missed opportunities we look back on and think "if only". I for sure have many over the last 4 or 5 years - Rolls Royce, M&S, Aviva, Filtronic, Saga etc etc If only I had had the courage of my convictions I'd be flying home later today from Turkey by business class on BA rather than Jet2!!!!
As it is I find it useful to take a look once in a while and use the VITP as a source of ideas for investigation - very much like all of the posts on here. The odd "missed opportunity" is neither here nor there as you post many other ideas all of which provide a rich source of material for further investigation.
The value in this board is the many ideas from numerous contributors (yourself included) who take the time to post their thoughts and give their views on what they maybe thinking - nobody is blatantly ramping their stocks and the respective comments are refreshing.
With regards to the VITP having now had another look a couple of questions spring to mind;
1. Do you do any sector weighting analysis - I ask this as I see there are a number of different China & Vietnam Trusts - are you a strong believer in their opportunities and is the VITP weighted in this direction.
2. What is your latest thinking on MIGO - I have held in the past (on more than one occasion) and the concept seems appealing but its performance has ben poor (not checked recently). It changed management about a year or so ago and I was wondering what your latest thinking was.
3. Have you considered any ETF's, or is this purely for IT's.
Anyway, best wishes and keep the ideas & thoughts coming.
I've just topped up my own and my wifes ISA's so will be looking for some ideas over the next few days. I am inclined to top-up current holdings as I seem to have somehow crept back to a high 30's list of holdings. albeit a couple of them are tiny dip-the-toe holdings to make sure I keep an eye on things.
ATB. K
Hi Kevin
Many thanks for taking the trouble and time to reply.
Rest assured. I’m not beating myself up about my VITP bad decisions, but just pointing this SDCL Efficiency Income Trust (LON:SEIT) example as just one example. I don’t devote much time to the VITP because there isn’t the interest to justify doing so. The Result is inevitably a portfolio that is not, and has not, maximised obvious buy opportunities especially.
e.g why didn’t I or someone suggest I buy Seraphim Space Investment Trust (LON:SSIT) for the VITP when it was highlighted here so many times ahead of the big gains? There have been SO many such examples over the years! AND if it were in the portfolio I would not have sold ahead of further big just because there were gains to be taken. Sell for a good reason is my mantra.
Despite the many such failings, the portfolio performance is adequate enough to be a good advertisement for Investment Trusts for any new readers here seeing it for the first time. Huge gains for Trusts in it held long term, and an absence of big losers. And plenty of income for some too.
As for your questions..
1. Re sector weighting. Not really…..just try to make sure the worldwide range in it is wide, and that overall it is balanced, so that wherever a market or sector does well (e.g tech and Commodities recently) the VITP cashes in. I don’t focus on dividend yields too much. Capital gains are the intention when buying.
2. I haven’t looked at Migo Opportunities Trust (LON:MIGO) for a good while. Have just had a quick look at updates etc on AIC Compare Companies page. Past performance poor….but new investment tactic seems already to have improved recent performance . But their now more concentrated top 10 holdings don’t immediately inspire.
Another with new Management and tactics is Henderson Far East Income (LON:HFEL) which I’ve held for multiple years now. It’s clear they are doing better now. Again why didn’t I buy on a dip for the VITP portfolio. Huge yield over the years.
3. I’m certainly happy to include ETFs, as long as number33 who is the rule enforcer, agrees.
I’m interested particularly in those ETFs paying big monthly or quarterly dividends, for our portfolios, but for the VITP any with big potential upside would be better.
Finally I assume you, and many here make full use of AIC for info on Investment Trusts like Migo Opportunities Trust (LON:MIGO) . I found out a lot in just 5 minutes. For me it’s an absolute must site, as one who bases buy and sell decisions largely on trading updates and Results.
Hope that helps. If not just ask again.
VITP & ETFs
I’m happy to include ETFs or ETCs in the VITP with a few caveats.
My spreadsheet obtains its prices from ADVFN so I would prefer that only ETFs which have an entry on ADVFN like this one https://uk.advfn.com/stock-market/london/vaneck-space-innovators-JEDI/share-price are used.
It doesn’t matter if they are quoted in other currencies or are traded on a US market such as NYSE, AMEX or NASDAQ. All prices are converted to pence in the sheet.
ADVFN does not provide the yield so my spreadsheet obtains yield values from the Hargreaves Lansdown website. This means that any ETF which is not listed by HL (like JEDI) will not display a yield in the table.
Starting in July I will revert to posting the VITP performance monthly.
Glad to see a mention of Henderson Far East Income (LON:HFEL) Ken. Was just checking in to this thread to ask for any thoughts on buying in to it now. Small premium to NAV and they are using that opportunity to issue shares. Yield still substantial.
I know I've commented negatively in previous years as the SP has come down while high yield has been maintained. Seems to have turned back up since hitting 200p mark last year. Now back to 270p ish. Some caution expressed over Gulf situation understandably. I'm tempted. Would you be,
Still worth adding to VITP?
Hi sevenccc
I don’t think “now” is the time to buy Henderson Far East Income (LON:HFEL. Investors taking note of the Management changes and new tactics could have bought then around £2 instead of the 270p now. The big buy opportunities have gone.
Unfortunately posters here and probably elsewhere tended to focus on the long record of past failings when what mattered most was the potentially improved NAV and higher share price with that change of focus. Stock markets look ahead. So I do the same.
The yield is still good at over 9% but the opportunity to get the well in to double digit yield might have gone for good. I wouldn’t want to put anyone off buying Henderson Far East Income (LON:HFEL) now, but wish more took advantage of the various buy opportunities, which tend to be when sentiment and comment is negative.
I’m guilty too in not getting round to buying Henderson Far East Income (LON:HFEL) for the VITP when thinking and posting positively about it at £2 and even temporarily a bit below that. Buying now would be after the significant capital gain on top I generally want for VITP buys.
There are a lot of ETFs paying monthly dividends, including a few with double digit yields. . See this link for the list of them:-
https://www.dividenddata.co.uk...
Is there anyone here who holds or follows any of them? If so any further info on the various very high yielders would be very welcome.
Hi Ken. Thanks for posting that list, very useful for those wanting monthly income. I've held SDIP for about 18 months. I've got 1000 shares, cost me about £7400 and pays about £68 a month, can't grumble with that! From memory, it invests in the top 100+ paying dividend stocks globally. Some might see that as a red flag (high dividends often spell danger) but it does offer diversity.
I do not hold, but Global X Superdividend UCITS ETF USD Dist (LON:SDIP) looks quite interesting at a glance.
Here is the 3-year chart for Global X Superdividend UCITS ETF USD Dist (LON:SDIP) and VanEck Ms Developed Markets Div Lead UCITS ETF (LON:TDGB) ;
SDIP does yield approx 10% vs 3.5% in TDGB. They both have 101 holdings and are both full replication. Main differences are the yield, the specific holdings (geographically vaguely similar), age of the ETF and the TDGB is 10x the size of SDIP.
I held Global X European SuperDividend UCITS ETF EUR Dist (LON:EUSP) for a while, mainly due to its balance between energy / banks in the EU region. Dividend at the moment is 6.17% paid monthly. 25x holdings, some of which are shared with Global X Superdividend UCITS ETF USD Dist (LON:SDIP) mentioned by others, but not all... Spreads are a bit high for an ETF - but then GlobalX tends to be (0.5% - 0.7%). When I held it had better momentum than SDIP, I was using it more as a defensive position ... perhaps that might be back on the cards !
Anyway - the holdings - a mixed bag I would say.
I recently bought Grainger (LON:GRI) in my SIPP, but have just realised that SABA have a 5% stake. I realise that it is hugely undervalued ~ 40% below NAV (hence why I bought) but I thought SABA was only going after Investment Trusts?
Brief info on some of my high yield holdings, in case of interest.
First though, note the excellent Results from Rockwood Strategic (LON:RKW) by far the best performing in UK small company Trusts sector.
Custodian Property Income Reit (LON:CREI) 88p Dividend 6.8% . YTD up just 5%. No share price reaction yet to recent very good Results.
Henderson Far East Income (LON:HFEL) 277p Dividend still 9.1% after 13% YTD gain. Divi was well in to double figures before highlighted here at much lower share prices. Improved NAV at last!
Land Securities (LON:LAND) 654p. Dividend 6.5% YTD 6%. It’s a shame it’s near the top of current trading range. Tempus column said buy yesterday. Well worth buying on a dip imo or to buy a half stake now and hope to average down to increase the yield.
Londonmetric Property (LON:LMP) 182p. 7% dividend. YTD Down 6%. Buy opportunity?
Lancashire Holdings (LON:LRE) 639p. 13.7% dividend yield. YTD 3%. Complex and a bit risky but worth buying some for the yield.
Sabre Insurance (LON:SBRE) 164p 8.4% dividend. Unfortunately up 24% this year. OK for us longer term holders but best of buy opportunities probably gone. Excellent article on SABRE today by Roland.
Social Housing REIT (LON:SOHO) 74p. Dividend 8.2%. YTD 6% (most of that was the gain after good news update today that is worth checking out.
Schroder Real Estate Investment Trust (LON:SREI) 46p Dividend 7% . YTD DOWN 14%. Share price fall is negative market response to all share offer along with Londonmetric Property (LON:LMP) for Picton. Could well be a buy opportunity and with chance of a bidder being tempted at this price.
Smiths News (LON:SNWS) 69p. 10% yield. YTD DOWN 13% despite 10% gain on excellent contract news today. . I’ve held Smiths News (LON:SNWS) for several years and with 50% share price gain the yield has been fabulous. Well covered on the Daily Report thread today with a GREEN rating.
Thanks Ken. I have held SNWS for a while. I hold Picton, confused by the bidders so sold. Not sure I will rush back in. My wife has CREI. Not sure why Aviva (LON:AV.) is so unpopular
Hi Ken. I've said it before that Richard Staveley Rockwood Strategic (LON:RKW) is an impressive manager - his presentation at Mello a couple of weeks back convinced me again to put more into his fund and let him do the work on my Small Cap PF.
His convictions and thesis for his 25-odd holdings (a concentrated PF) are very convincing and his record over the last few years is very good.
I enclose his PF list and the chart of the overall trust - his latest addition is Stelrad (LON:SRAD) and a couple of the others are coming out as they are at the end of their T/O processes.
I do still dabble in this pool, but find myself more and more inclined to push more towards Rockwood. 110% over 5 years is good enough for me!!!
If the table is too small simply right click on it and ask it to open in a new window.
Am also on RKW which I first came across on Stocko! There is a lot to like and my only dislike is the activist approach is resulting in some stocks leaving AIM. Admittedly some of those stocks, investors are better off without !
Richard Staveley's presentations are always good on Vox or wherever he is interviewed and to me it certainly seems a good way of playing UK small caps given 1. the current unloved nature of the UK small cap sector, 2. his activist approach consistently paying off and 3. Saves a lot of research/time/stress in just picking his fund. plus 4. Private investors cannot always benefit from the individual stocks corporate actions.
On a similar basis Laurence Hulse (age 33) Onward Opportunities (LON:ONWD) (launched March 2023 - is a similar fund, he who worked alongside both Richard Staveley and Ken Wotton at Gresham House. Is on my buy list when I have some funds. Comes across less aggressive / possibly more supportive towards its holdings.
Any thoughts on comparison of ONWD to North Atlantic Smaller Companies Investment Trust (LON:NAS) - also Harwood but less activist, looking at a chart ONWD is much more volatile.
I am not a fan of Onward - it has had some good periods of performance, but it is extremely concentrated and very small - £40m only, Top 10 accounts for 60-70% of fund - plus I am less impressed by some of the holdings.
I listened to Laurence at Mello, and whilst he was a good presenter and came across as a nice guy I am less inclined to follow into his trust. I am not sure how it justifies its premium/Par status as its performance is not shooting the lights out - unless you got in at the start of '24 and out at the end of '25 which isn't really what I am after.
I may revisit after a longer track record and once it has a much higher level of funds. It's cost currently is ridiculously high - but no surprise as with only £40m it will need to cover all of its costs out of fee's hence a 2.7% fee/charge.
I agree Kevin, I much prefer the holdings of Rockwood Strategic (LON:RKW) and it is a core holding in my SIPP. Have you looked at River UK Micro Cap (LON:RMMC) which has a far better (than Onward) portfolio of small and microcap holdings IMO and less concentrated. Strategic Equity Capital (LON:SEC) probably also worth looking at. Rockwood Strategic (LON:RKW) released their full year results yesterday and it is well worth reading the managers report and commentary on their holdings. I put some money into Londonmetric Property (LON:LMP) - thanks to those on here that highlighted it recently.
Thats fair enough / very good points and is represented in the stock chart. Must admit I was surprised when I pulled up the chart as I was expecting better performance.
Already in Rockwood Strategic (LON:RKW)
Hi Kevin, enjoyed the discussion around Rockwood Strategic (LON:RKW) etc. But isn’t it right that over most periods — with the possible exception of the 5‑year number you mentioned — and once fees are factored in, a simple world tracker like StSt SPDR MSCI All Cntry World UCITS ETF Acc (LON:ACWI) has actually outperformed RKW?
I love listening to Richard, and equally to Chris and Nick Mills, and I’ve definitely benefited from ideas I’ve picked up from their interviews. I’ve just never bought RKW itself, preferring to stick with ACWI.
As for the other Harwood funds like Oryx International Growth Fund (LON:OIG) and North Atlantic Smaller Companies Investment Trust (LON:NAS) , their performance has been very poor. I think they’ve even been outperformed by a straightforward money‑market fund earning SONIA!
If you do get a chance to look at Onward I'd be interested in what you find out. Again, I do enjoy listening to Laurence but can never imagine wanting invest in his fund.
Hi Peter,
An interesting point, but I think thats probably a wider debate - do any stock pickers outperform the tracker funds over the longer term?
Evidence would show that the vast majority do not - but some outstanding stock pickers might - but you would need to be sure that you backed the right ones as there is plenty of evidence to show the "star" managers normally lose their status at some point eg. Terry Smith, Nick Train etc.
For me, RKW is a specific choice in a single sector - UK small caps. It is aimed at only that sector - I have other parts of my PF aimed at other areas eg. Global Growth, US, Japan, Commodities etc. etc.
With regards specifically to ACWI it is an interesting choice - it covers developed and emerging markets (often global trackers don't go into EM's), but my fear is that it again has 60+% in the US in the usual suspects (Tech etc). Yes - it has outperformed RKW over 3 years, but the opposite over 5years, but Its not one I would normally look to do a comparison on.
For me, I ensure my PF has a balance across various areas and I could never see myself putting everything I have into a single fund - wherever that might be. I'll do some other comparisons against the other global funds I hold to see where they sit - but below is the RKW vs ACWI over 5yrs.
Re "star managers", I believe that often they are in a groove when the market coincides with their viewpoint this you get the honey /sweet returns. It has to be a significantly above average manager (in my opinion) that can carry performance over decades. You can argue value has suffered vs growth since around 2014 and this is evidenced in
Exceptions to this opinion would be activist managers that generate their own returns almost independently of the market and Rockwood Strategic (LON:RKW) would obviously be one, as are the AVI Japan Opportunity Trust (LON:AJOT) and Nippon Active Value Fund (LON:NAVF) targeting Japan. This is also why Onward caught my eye - if their young ish manager can get somewhere near RKW then that would be an investment worth watching.
Does anyone know of any other similar active funds ?
Slightly divergent but traders who can keep performance/picks going through the different monetary styles/cycles are also worthy of respect. I always remember Robert Prechter who seemed to hit every ball for 6 in the early 80's but stayed bearish and....
Here are some of my preferred plays on the Global stage - a couple of Unit Trusts which might not be to everyone's taste. Note the Argonaut fund doesn't have a 3 year record but clearly has something about it although this and Ranmore have come off the boil more recently.
They all have very different holdings and regional weightings - the L&G ETF is much more US weighted.
I suspect the ACWI performance could be being held back by its EM weighting - there is a time to be in EM's and also a time not to be, so I suspect that when it has been a time to avoid its holdings in this area may have let it down - pure guesswork as I don't know much about it.
I also agree Kevin on the merits of Rockwood Strategic (LON:RKW) . For any who struggle finding the right individual small companies to buy, then buying Rockwood Strategic (LON:RKW) looks such an obvious buy. The only reason I don’t hold is because of my need to prioritise yield at the expense sometimes of big capital gains.
I think the biggest Rockwood winner went up 34 times. . Inevitably even Richard Staveley and his team occasionally buy a dud, most notably Aregentex that suddenly went bust and so a total loss.
Also Charles mentioned the disappointing recent performance of AV. which is down 7% YTD while all the other batch of high yielders I bought and plugged here and on Mike’s site while they were so cheap for so long and on double digit yields, are up even further this year.
e.g Chesnara (LON:CSN) M&G (LON:MNG) Aberdeen (LON:ABDN) Legal & General (LON:LGEN) and Standard Life (LON:SDLF) .
Maybe a reason why Aviva (LON:AV.) Is weaker is because of Amanda Blanc’s role as a non executive Director at BP (LON:BP.) in ousting the boss there and he’s not going quietly. Amanda has a fabulous record at AVIVA and overseen a big share price gain as a result. BUT is this now worrying BP distraction perhaps worrying AVIVA investors?
I might do a post on all my major yielders sometime with brief comment on prospects from here, but wonder whether it’s a bit self indulgent.
Finally I’m still torn on huge winners CQS Natural Resources Growth and Income (LON:CYN) and BlackRock World Mining Trust (LON:BRWM) . The plus case includes a likely multi year Mining bull market ahead (well covered in the BlackRock World Mining Trust (LON:BRWM) Results comment) but is a lot of that now priced in?
Thoughts on those two anyone?
Thanks for your list, Ken. When I get the chance (bit busy the mo'), I do read it, and will definitely look at Lancashire Holdings (LON:LRE) . How safe do you reckon their apparently amazing dividends?
I do hold Sabre Insurance (LON:SBRE) and feel happy with their performance. Could buy more technically, but has it risen enough for n, and thinkow?
I was in BlackRock World Mining Trust (LON:BRWM) and was impressed by Evy Hambro's talk on Money Makers recently, but I feel unsure about buying back in t this level (although I should have held on...)
My risky one is Gateley (Holdings) (LON:GTLY) , where I am at a small loss, did average down, as they seem to be performing OK and diversifying and am interested if you have a comment on that one.
V happy with Smiths News (LON:SNWS) . Up quite a bit, but would definitely buy more if the price drifts. And perfectly comfortable with the Duke Capital (LON:DUKE) results this week, where I might also add. The directors have proper skin in the game, I think enough to stop them getting carried away.
Interested to see you holding Lancashire Holdings (LON:LRE) , Ken. I've started a small position there too, today. Also held by Roland Head in his SIF. I can't say I understand it very well, except that it has a record of supplementing regular dividends with specials, dependent on profits, which in turn stem from its highly niche expertise in underwriting extreme risk. So not one to bet the farm on, but could be a useful diversified for income.
Brucie
Lancashire Holdings (LON:LRE) based in Bermuda is riskier than a more standard insurance Company, but imo the many years of frequent big quarterly dividends and so many specials, and often steady share price, is reassuring. I wish I had discovered it years ago.
btw…..if any reading this don’t know already the Dividend Data website is an absolute must for100% accurate dividend information on every Uk share and Investment Trust.
https://www.dividenddata.co.uk...
They update immediately when a dividend is announced. Just enter LRE in to the search box on the ex dividend page to find the dividend history.
There are a series of headings at the top of the page. Every one is worth checking out. Click the “More” heading too to discover the shares, Trusts and ETFs paying dividends every month and also quarterly. There are quite a few ETFs paying monthly dividends but only 1 Investment Trust Twentyfour Select Monthly Income Fund (LON:SMIF) which I’ve held for a good while, and bought on a rare dip, paying monthly.
I have bought iShares MSCI Poland UCITS ETF USD (Acc) (LON:SPOL) . Been thinking about Poland for a couple of years so missed out. But forcasts are for GDP to continue growing, though so might dept to GDP. SPOL trades on a P/E of 12.4.
Interesting, Charles. I have hated ETFs for too long, maybe. But my son has bought some all-world high-yield ETF recently. Perhaps I should open my mind in niche areas. Are there some that offer high yield, paying out quarterly?
I like VanEck Ms Developed Markets Div Lead UCITS ETF (LON:TDGB) - not a high-yielder per-se, but good growth and a decent yield and a broad range of companies. Part of my Core Holdings.
I decided today to get back into Japan seeing as the economy seems to be continuing to do well.
Previously I had been a big fan of Nippon Active Value Fund (LON:NAVF) but as I posted earlier in the month I wasn't sure if this would continue its excellent returns if the proposed regulatory changes to market workings were to come into force.
To this end I used the AIC website to look at more recent returns for Japanese Trusts - both smaller companies and mainstream - both tables below.
To this end I decided to put a small amount of money to work across a couple of my PF's into Schroder Japan Trust (LON:SJG) hoping the momentum would continue.
To be fair a number of ETF's also looked worth considering and had very low charges and some good performance figures - I used JustETF to check these out - see below. It is the 1yr numbers I am most interested in currently.
Kevin- I hold Nippon Active Value Fund (LON:NAVF) still looks like scope for outperformance and changes continue in governance. I also hold iShares MSCI Japan GBP Hedged UCITS ETF (Acc) (LON:IJPH) which has done far better over the last 6 months. Currency movements have always been an issue with trusts performances.
Would one not have the same issues with an ETF hedged to gbp though Charles ?
Seems not as performance is far better
My previous response was rushed. Apologies. This is now the hedging works. AI summary.When you buy a standard, unhedged Japanese ETF, you are exposed to two completely different variables:
1. **The performance of the Japanese stock market** (the companies themselves).
2. **The exchange rate** between the Japanese Yen (JPY) and the British Pound (GBP).
The **iShares MSCI Japan GBP Hedged UCITS ETF (IJPH)** strips away that second variable. It is designed to give you the pure return of Japanese equities, as if they were priced in pounds sterling, without allowing fluctuations in the JPY/GBP exchange rate to alter your returns.
Here is exactly how the fund handles the mechanics of that hedge.
### The Mechanics: How the ETF Removes the Risk
IJPH tracks the *MSCI Japan 100% Hedged to GBP Index*. To match this index, BlackRock (the fund manager) executes a process called a **monthly rolling forward hedge**:
* **FX Forward Contracts:** At the beginning of each month, the fund sells Japanese Yen and buys British Pounds forward using **Foreign Exchange (FX) forward contracts** (derivatives that lock in an exchange rate for a future date).
* **Locking the Value:** The fund estimates the total value of its Japanese stock portfolio and locks in an exchange rate to convert that value back into GBP at the end of the month.
* **The Monthly Reset:** Because stock prices move daily, the actual value of the Japanese shares will change by the end of the month. Therefore, at the end of the 30-day period, the old forward contracts expire, the fund settles the gains or losses on those contracts, and then rolls over into brand new 1-month forward contracts based on the portfolio's updated value.
### Why This Matters: A Simple Scenario
Imagine the Japanese stock market has a phenomenal year and rises by **+20%**.
| Currency Movement | What Happens to an **Unhedged** ETF | What Happens to **IJPH (Hedged)** |
|---|---|---|
| **The Yen crashes by 15% against the Pound** | Your total return is severely eroded. When your JPY assets are converted back to GBP, they are worth less. Your final return might hover around a measly **+5%**. | The hedge offsets the currency loss. You capture the full **+20%** return of the stock market (minus the tiny cost of the hedge). |
| **The Yen strengthens by 15% against the Pound** | You get a massive double-win. You make 20% on the stocks plus a 15% bonus on the currency conversion, bringing your total return to roughly **+35%**. | You **miss out** on the currency bonus. Your return remains capped right around the **+20%** equity return. |
> **The Takeaway:** Hedging is a double-edged sword. It shields you from a falling foreign currency, but it also strips away any potential bonus gains if that foreign currency strengthens.
>
### Important Nuances to Keep in Mind
* **It isn't 100% perfect:** Because the hedge is only reset systematically once a month, sharp stock market movements mid-month can cause slight differences between the ideal hedge and the actual outcome. This is known as *tracking error*.
* **The Cost of Hedging:** While IJPH has an ongoing charge of **0.64%**, the act of hedging itself incurs costs. This cost is dictated by the interest rate differential between the UK and Japan. If UK interest rates are significantly higher than Japanese rates, the fund can actually earn a "forward premium" (a small yield bonus) when selling JPY forward for GBP.
* **Counterparty Risk:** Because the fund uses derivative contracts with major banks to execute the hedge, it introduces a microscopic layer of counterparty risk (the risk that the bank providing the contract defaults), though this is heavily mitigated by collateral requirements.
Thanks for the reply Charles
Another Japan ETF choice is iShares Nikkei 225 UCITS ETF JPY (Acc) (LON:CNKY), which has done well recently. It is based upon the Nikkei (a price weighted index) rather than the MSCI (which I think is market cap weighted).
Interesting.But having looked no GBP hedged version.
Good to see the strong case made by Alternative Income REIT (LON:AIRE) today to explain why the bid from Glenstone is derisory.
Note this section too on the dividend if paid reducing the Glenstone offer below the current share price:-
“Given that the Glenstone Offer price is based on the assumption that no further dividends or other returns of capital will be paid and that Glenstone reserves the right to reduce the consideration payable should any such distributions be made prior to completion, the payment of the fourth quarterly dividend for the year ended 30 June 2026 would mean that the effective value of the Glenstone Offer to AIRE shareholders would be reduced from 70 pence per share to 68.6 pence per share (the "Effective Value"). This would result in the Glenstone Offer representing a discount of approximately 8.10 per cent., 8.46 per cent. and 4.84 per cent. to the three, six and twelve-month volume-weighted average share prices of AIRE, respectively.”
Agree Ken, but as I do not hold see no reason to buy. Looks like a control change is the aim and then delist.
Awful update from SDCL Efficiency Income Trust (LON:SEIT) today, and share is down 23%.
They’ve had to bite the bullet on their too high gearing and that includes cancelling the dividend.
The share price also fell 20% on their update last December.
With the odd exception (e.g Renewables Infrastructure (LON:TRIG) perhaps, it looks an unattractive sector generally, and I’m pleased I got out of it. Trusts like SDCL Efficiency Income Trust (LON:SEIT) and Digital 9 Infrastructure (LON:DGI9) harm the reputation of Investment Trusts in general.
Hope there are no longer any SDCL Efficiency Income Trust (LON:SEIT) holders here.
Foresight Environmental Infrastructure (LON:FGEN) also another "odd exception"
Hope there are no longer any SDCL Efficiency Income Trust (LON:SEIT) holders here.
Unfortunately, there are Ken (or were). I thought of you when I read the news this morning. Now sold. At least I didn't average down...
Yes, I had recently bought back in - quite foolishly as it turned out. I thought the dividend would be continuing, albeit on a rebased fashion and was willing to take the risk, given the steep discount to NAV plus Saba involvement. However, I decided to sell my own position entirely this morning, which was about 1.7% before the RNS, and reinvested the balance into existing holdings in Renewables Infrastructure (LON:TRIG) and Tufton Assets (LON:SHPP) , both of which seem to be navigating turbid waters quite well. Or is that until they too hit an ice berg? On the other hand I also hold SDCL Efficiency Income Trust (LON:SEIT) for the third party charity portfolio, which is run primarily for income. This is obviously a hit, but a small one given its diversity and my feeling is that now they have declared their intention to wind up, I am better off waiting for the value to be returned to the folio by sales of assets, than sell at this kind of loss.
Regarding the qualities of an 'unattractive sector' I find myself bridling somewhat as if you'd insulted my friend - though she has beguiled me in some regards. Nevertheless, I hold quite a few and my feeling overall is that the frauds or NAV misrepresentations asides, the current depressed mood is a stress test which has clearly caused many to lose patience on account of languishing discounts. That is a shame, and not the same as a failed investment. The survivors will have to adapt on the one hand (sell some assets, control debt etc.) and persuade on the other (that the dividend is sustainable and business case secure. From what I have seen Renewables Infrastructure (LON:TRIG) has been trying to do both of these. I addition to which i still hold NextEnergy Solar Fund (LON:NESF) , Foresight Solar Fund (LON:FSFL) (half a position each); Greencoat UK Wind (LON:UKW) (almost 3%, a full position for me); and Foresight Environmental Infrastructure (LON:FGEN) (a diversified play, now doing rather well, to judge by the chart!); and Sequoia Economic Infrastructure Income Fund (LON:SEQI) , albeit more of a generalist infrastructure play. I should add that both the last two shares are at a 52 week high!
I'll admit to being an SDCL Efficiency Income Trust (LON:SEIT) holder too, and sadly in some family funds as well. The punch is the complete cancellation of the dividend, rather than the reduction telegraphed not long ago (I seem to think). It's no good saying they have been dealt a bad hand by circumstances, even if that's true. And yes, Burcie, I have a soft spot for businesses that are actually trying to make the world better. But we are not selling at this price. Saba Capital, current scourge of the IT sector, has bought twice more since the announcement, and yesterday stood at 22.5% of the share register. They will be fighting to realise value. The actual performance of most of the businesses was fine: I believe there is real potential to increase trhe value from here.
Update: Saba now at 23%...
Thanks. I have a third holding in 3rd party folio. You have persuaded me to hold on there at least.
It was and I do not hold. The boards of some of these trusts should be banned from directorship of a PLC- seriously.
The board of Alternative Income REIT (LON:AIRE) have rejected the latest bid from Glenstone REIT.
https://www.stockopedia.com/sh...
(I hold)
Has this from Seraphim Space Investment Trust (LON:SSIC) "the company will provide further financial and operational updates on the Trust at the forthcoming Full Year results, (30/6/26)which will include the latest three-month period post the raise of the c-shares" So probably not until the Autumn. If I was them I would have got out earlier.
"TRIG has received a binding offer for its entire 17.5% equity interest in the 588MW Beatrice offshore wind farm (the "Transaction"), which is located off the north-east coast of Scotland. The consideration is c. £155m. The offer has been received from an existing co-shareholder (funds managed by Equitix Investment Management Ltd) in accordance with the pre-emption terms in the project's shareholders' agreement. The Transaction is subject to transaction documentation and customary consents.
The expected consideration is at a 4% discount to the valuation of TRIG's stake in the Beatrice wind farm as at 31 December 2025 and represents meaningful progress against the 12-month £400m capital realisation target set at the Capital Markets Seminar in May 2026. The c. £155m proceeds of the sale will be used to reduce borrowings under the Company's revolving credit facility, which was drawn c. £240m as at 31 March 20"
Imagine if the whole Trust were sold @4% discount to its NAV, which would make it worth c. 99p, instead of the 73.7p (down .5%) 10+% 2026 yield it closed at today. If the Straits of H get clear and inflation does not rear its head, surely this must revert closer to NAV.
Looks good Ragged. I hold. Probably should buy some more. Have a Gilt maturing soon.
I gave up completely on renewables a few months back when the continuing decline was taking place. This has only got worse since the dreaded "Inflation" word keeps getting hurled around following the Iraq war.
As with all investments though there must come a time of capitulation and maybe we are near that now - Boards beginning to sit up and realise that inaction is not acceptable, inflation fears potentially being put back in the box if the peace-deal is signed and we can return to normality sooner rather than later, a fed Chair who won't be keen on raising interest rates early into his role and signs that the UK Gilt yield's might be stabilising/reducing.
I am sure it wont be that easy, but for anyone wanting to take a 1-3year view there might be an opportune time to get involved - needless to say I don't seem to have the funds currently due to so many other opportunities being out there.
I strongly agree with your comments Kevin, but am wondering whether the Renewables Infrastructure (LON:TRIG) disposal today reduces the risk of a cut to the 10% dividend? I’m guessing you were referring to Renewables Infrastructure (LON:TRIG) ?
If anyone here holds TRIG and has a view on that, please post.
Sorry, yes, Ken: it was indeed Renewables Infrastructure (LON:TRIG) .
Phoenix Spree Deutschland (LON:PSDL) (I hold)
First compulsory redemption marks capital return milestone
As previously announced, the Company will return an aggregate amount of £17.5m to shareholders through a pro rata compulsory redemption of Ordinary Shares at a price of £2.56 per Ordinary Share.
· Relevant percentage redeemed: up to 7.45% of issued share capital
· Record date: 30 June 2026
· Ex-entitlement date: 1 July 2026
· Expected payment date: by 14 July 2026
The compulsory redemption establishes a clear and repeatable mechanism for returning capital to shareholders as value is realised through ongoing asset disposals.
New Kepler research not on Molten Ventures (LON:GROW) https://www.trustintelligence....
iShares have a couple of new etfs that might be interesting, if only for comparison.
iShares UK Domestic Focus UCITS ETF GBP (Acc) (LON:KDOM)
iShares UK Foreign Focus UCITS ETF GBP (Acc) (LON:KFOR)
They aren't showing up on JustETF yet (nor HL). I like to see their stats to understand holdings, risk profile, costs, size/mkt-Cap etc. I'll try iShares directly.
Morningstar has info.
Yes - iShares has all of the info - approx £2.5m in each. 150ish holdings in each - very top-heavily weighted to the Top10 or so. Rebalanced every 6months and proper holdings - full replication.
Cheap costs for a broad tracker, but not very exciting, but OK if you want broad exposure to UK stocks - and don't mind the very heavy bias - 30%+ in three banks in the UK domestic focus, or 30% across HSBC, AstraZeneca and Shell for the overseas earnings option.
Have you seen how iShares FTSE MIB UCITS ETF EUR (Acc) (LON:CMB1) is doing ? They are working hard rather than watching the football !
Yes - a good spot Cheeky Minnows.
The iShares FTSE MIB UCITS ETF (Acc) seeks to track the FTSE MIB index. The FTSE MIB index tracks the 40 largest Italian companies. The ETF's TER (total expense ratio) amounts to 0.33% p.a..
The iShares FTSE MIB UCITS ETF (Acc) is the cheapest ETF that tracks the FTSE MIB index. The ETF replicates the performance of the underlying index by full replication (buying all the index constituents). The dividends in the ETF are accumulated and reinvested in the ETF.
The iShares FTSE MIB UCITS ETF (Acc) has 336m GBP assets under management. The ETF was launched on 26 January 2010 and is domiciled in Ireland.
41 holdings - 70% in the Top-10 & 43% in financials.
What are the Italians doing that we aren't - 35%/116%/152% across 1/3/5yrs
I think that most of the move comes from STMicroelectronics NV (BIT:STMMI) - another semiconductor company. Banks in general have also moved recently which helps the MIB. I was referring to the fact that the Italians didn't qualify ;o)
edit - Only a few companies having a large weighting, but iShares MSCI Poland UCITS ETF USD (Acc) (LON:SPOL) is my other EU follow.
I have been thinking about Poland for a couple of years. Think now is the time to buy-the economy is doing well. Not sure Putin would take on NATO- he has pretty much failed in Ukraine like TACO in Iran. Also thinking- late again- of Spain Amundi IBEX 35 UCITS ETF Dist (LON:0W9H)
Another Spanish one is Amundi IBEX 35 UCITS ETF - Acc (LON:CS1)
Just realised that is the non-distributing version of the one you have highlighted Charles.
iShares MSCI Poland UCITS ETF USD (Acc) (LON:SPOL) was highlighted by Ed Shing in one of his articles here at the end of 2025. I bought it early in January as well as iShares OMX Stockholm Capped UCITS ETF (LON:OMXS) for some European exposure.
iShares MSCI Poland UCITS ETF USD (Acc) (LON:SPOL) has done pretty well so far this year.
For me Amundi IBEX 35 UCITS ETF - Acc (LON:CS1) is so heavily weighted in banks that I view it as a less volatile Invesco STOXX Europe 600 Optimised Banks UCITS Acc ETF (LON:X7PP)
Investor Meet Company this coming week.
Global Smaller Companies Trust (LON:GSCT) Investor update post a change in benchmark and portfolio composition
18th Jun 2026 at 10:00am BST
VITP Friday update - week 535
Hi
I posted this Bloomberg investigation into the growing size of the AI London scene. Those of you in Molten Ventures (LON:GROW) might be interested or other tech/innovation ITs
Regards
Howard
The London AI scene is growing- there was an interesting article in Money week last week. As you all know I am a holder of Molten Ventures (LON:GROW) and it still looks cheap despite recent rises- the ICEYE holding has done well .
I too hold Molten Ventures (LON:GROW) - I like both the ICEYE holding, but also a great collection of other up & coming companies. It has bounced a bit over the last few weeks and the discount has also closed, but am hoping for much more.
I bought back into Seraphim Space Investment Trust (LON:SSIT) having dropped back into a decent price and being back on par - think I missed the real low point, but happy to be back in it as I think things will again pick up - like you Charles I bailed at the wrong moment earlier in the year and took profits - ride you winners................I keep telling myself!!!!
"While India's economy continues to expand faster than most major peers, a growing number of retail investors are pulling back from domestic equities and questioning whether the country's future industries can deliver the returns that once made India a favorite among global investors". https://asia.nikkei.com/busine...
I have only a single smallish holding in India now- sold out 6 or so months ago.
I took a small position in Ukraine Reconstruction UCITS - Accumulating ETF after its March 2026 launch and wondered if anyone here has looked at this ETF specifically or as a theme (although I think it’s the only ETF that tracks the VettaFi Ukraine Reconstruction Index)
The rebuild scale: The World Bank, EC and UN estimate Ukraine’s reconstruction and recovery cost at around $524bn (€506bn) over the next decade across infrastructure, transport and energy.
It’s a global industrial play tracking the VettaFi index, so the exposure is indirect rather than Ukrainian — mainly large engineering, construction, energy‑systems and defence names.
The risk is of course that the reconstruction timeline is tied entirely to unpredictable geopolitics. Plus, the fund is very new and very small, so still niche and early‑stage.
https://api.fundinfo.com/docum...
Glenstone REIT has made a derisory offer for Alternative Income REIT. The offer is 70p which is only 1.43% above the current share price and 12.5% below the latest NAV. AIRE has a yield of 9%. I can't believe anyone will vote for this. AIRE management say they are thinking about it.
Agree number33. It’s a derisory offer for Alternative Income REIT (LON:AIRE) by Glenstone. If only the much better deal at around 3% of NAV with Aew UK Reit (LON:AEWU) had got approved.
Unfortunately Glenstone already hold 24% of the shares and they’ve received support undertakings of another 8%. And with a 50% threshold there’s a good chance that Glenstone will get away this.
A chance that an alternative bidder will offer more? It’s worth holding on to see how this pans out. And Alternative Income REIT (LON:AIRE) might possibly engage with Glenstone to try and achieve a higher price.
I hold Alternative Income REIT (LON:AIRE) having bought lower than this in the 2020 fall, and would much prefer for it to continue as now with that near 9% dividend at current price.
Positive update on Vietnam Trust Vietnam Enterprise Investments (LON:VEIL) today along with the strong case for investing in Vietnam.
https://www.trustintelligence....
Here’s just one paragraph from it, including the open goal comment to tempt (perhaps) more to read all or most of it:-
“Indeed, we think the wholehearted commitment of the authorities to grow the private sector as a percentage of the economy and a contributor to growth makes the Vietnamese market something close to an open goal. Huge investment is being made in strategic sectors which should provide strong impetus to earnings, 2026’s expected growth being particularly striking in the light of the tariff panic of last year and the energy price panic of this year.”
Vinacapital published their May economic roundup today https://vinacapital.com/wp-con...
As the young + many other investors seem to favour ETF's over investment trusts I often wonder why the AIC does not sponsor some sort of ETF that would invest in IT's. Yes I know Saba have one...but its "unfriendly" to the sector.
There is even a ready made index - see fact sheet: https://research.ftserussell.c... FTSE All-Share Closed End Investments Index - that apparently:
The FTSE All-Share Equity Investment Trust Index is a market-capitalization weighted index
representing the performance of the large, mid and small cap stocks from the FTSE UK Index
Series. The index covers companies classified as Equity Investment Trust’s within the ICB
classification system and is suitable as the basis for investment products, such as funds,
derivatives and exchange-traded funds.
Ramsdens Holdings (LON:RFX) Possibly off topic for this thread but have been running the rule over Ramsdens Holdings PLC - "RFX". Condensed summary: Yes I know its a small cap @ £147.22m m/v but its gross gearing is 26.9%,t net gearing is just 8.73%, and cash/assets sits at 12.56% so from that point of view fairly safe. In many ways its a play on the gold price, through buying gold and pawnbroking although it also has retail and financial services. The pawnbroking side can be considered counter cyclical to a certain extent - however the fact it is a small cap and geared to gold price should be remembered. 4.72% divi yield pls self funding a roll out of around 8 shops pa. Unlikely to be a shoot the lights out investment but Graham on the DSMR tends to like it.
It could fill a spot in a diversified portfolio (if one is prepared to stomach small cap share price movements up or down). This is an observation and definitely not a recommendation.
Tritax Big Box REIT (LON:BBOX) 7.00 am this morning 10 June 2026, Tritax Big Box REIT plc ("BBOX" or the "Company") notes from the Ministry of Housing, Communities and Local Government ("MHCLG") that a decision by Secretary of State on planning at the Company's data centre at Manor Farm, Heathrow is now expected to be issued on or before 7 July. The Government has designated data centres as critical national infrastructure, and this scheme strongly supports the UK's digital strategy.
13:00 10 June 2026, Tritax Big Box REIT plc ("BBOX" or the "Company") is now pleased to confirm that the Secretary of State has approved its proposed data centre at Manor Farm, Heathrow. To read the full details of the Secretary of State's decision please visit: https://www.gov.uk/government/publications/recovered-appeal-land-at-manor-farm-and-land-north-of-wraysbury-reservoir-poyle-road-slough-ref-3366043-10-june-2026.
Good news-I hold
Yes, agree Charles. Topped up my holding on the news. I so like this company - great premises and seemingly a great team running things. Nice Divi too.
Agree lincs. Hold in 4 of our funds.
It’s good to see positive posts from George54, Charles and now sevenccc on Vietnam. I’m convinced that there will be large longer term stock markets gains, and that any one of the 3 Investment Trusts will in time bounce very strongly. I hold all 3 as longer term lockaways.
They are now the only Trusts left in our portfolios not paying dividends except for a modest one from VinaCapital Vietnam Opportunity Fund (LON:VOF) . Perhaps the best choice if wanting to buy a part stake now is VietNam Holding (LON:VNH) which is the most user friendly of the three, and part of the recent underperformance is explained by the shares going from a premium to a discount.
There seems no rush to buy bearing in mind Middle East events and the bubble like valuations for new issue US tech Companies.
Reading the monthly updates from at least one of the 3 Trusts , is a must imo if keen to keep up with events and see WHY the investment case for Vietnam looks so strong. And don’t forget full Emerging Market status is close now.
The VietNam Holding (LON:VNH) monthly update is easy to access unlike VinaCapital Vietnam Opportunity Fund (LON:VOF) who post it on their website.
Here’s the most recent update from VietNam Holding (LON:). The first 4 paragraphs at least are worth reading:-
“April felt like a continuation of the same story, just with the temperature turned up a notch. Not only in the literal sense, but also in the equity markets too.
While global uncertainty has inevitably become a normal part of the backdrop, Vietnam's domestic story continues to hold together. It posted a 7.83% GDP growth in Q1 2026, a strong start of a very volatile year. Trade activity remained robust in April, with exports up 19.7% and imports rising an even hotter 28.7% Year-on-Year (YoY) over the first four months (4M2026). Even though this has resulted in a trade deficit, it is the kind we have seen before, reflecting high levels of "productive imports" - machinery and intermediate goods coming in ahead of production - that typically feed through into export strength in subsequent quarters. In other words, we are talking about a sign of activity than of weakness. At home, demand continues to play its part. Retail sales rose 12.1% YoY in April and 11.1% in 4M2026, underlining the steady rhythm to recovery in consumption.
This is a theme we remain particularly constructive on, especially as consolidation in the retail sector begins to favour larger, more efficient operators. Companies such as Mobile World Corp, our top holding, continue to demonstrate how scale and operational discipline can translate into margin recovery as the cycle turns.
Foreign direct investment (FDI) has been another pillar of confidence. Registered FDI reached USD18.2bn in 4M2026, up 32% YoY. It is a useful reminder that, despite the global geopolitical issues, companies are still committing capital to Vietnam and its role in global supply chain diversification. That said, the external environment is beginning to come through in the data. Inflation moved up to approximately 5.5% in April, mainly due to higher energy costs linked to disruptions in the Middle East. Vietnam is not immune to these pressures because it relies on imported crude paralysed by the situation in the Strait of Hormuz. Nonetheless, the country retains important buffers, including domestic refining capacity, gas and coal supply for power generation and full self-sufficiency in fertiliser, which help contain the second-order risks and broader economic impact.
Equity markets reflected this more complex picture. April saw a recovery in headline indices, but performance was far from broad-based. Gains were heavily concentrated in a handful of large conglomerates, most notably Vingroup, while much of the market remained relatively flat. This divergence highlights an important feature of the current market environment: sentiment-driven moves in a small number of stocks can distort index performance in the short term.
For VNH, April delivered a positive return, with NAV per share increasing by 1.7%. However, the Fund underperformed the broader index, which rose more sharply due to its concentration in those same large-cap names that we do not hold because of fundamental grounds. The big reason is our lack of exposure to VIC - where valuation, conglomerate structure and execution timelines remain difficult to assess. More broadly, the Fund continues to lean towards businesses where earnings are clearer and balance sheets stronger.
Over time, that has meant a gradual increase in exposure to larger-cap names, which now make up roughly three-quarters of the portfolio. This is not a shift in philosophy so much as an adaption of the current environment. Liquidity, resilience and the ability to absorb external shocks are increasingly at a premium, particularly as Vietnam approaches its FTSE upgrade later this year.
Underneath the market moves, earnings momentum remains encouraging. Portfolio companies continue to deliver strong growth, with many reporting double-digit or higher earnings expansion in Q12026. Importantly, this underlying performance is not yet fully reflected in valuations, leaving the market attractively positioned on a forward-looking basis. Away from the numbers, April also offered a moment of reflection. Vietnam marked the 51st anniversary of reunification - a quieter milestone than last year's round number but nonetheless telling of how far the country has come.
As we move into May and look ahead to VNH's 20th anniversary in June, there is a strong sense that the market is entering a more mature phase. Growth remains strong and opportunities are still abundant, but there is no longer a straight line. In that sense, the "heat" in markets is not just a reflection of volatility - it is a test of discipline. And for long-term investors, that is often where the real value is created.
For more information please contact:
Dynam Capital Limited
Craig Martin Tel: +84 28 3827 7590”
Seraphim Space Investment Trust (LON:SSIT) . Seems that if this funding round goes ahead there will be a huge uplift in SSIT valuation. Molten Ventures (LON:GROW) also have a holding in ICEYE.
This uplift would increase Molten's GPV by approximately 16% and its Net Asset Value per share by approximately 117 pence, from 760 pence to 877 pence.
Seraphin Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment company, notes today's announcement by ICEYE, the global leader in sovereign intelligence from space, that it is raising €450 million ($520 million) in a primary Series F financing round led by General Atlantic at a valuation of over €10 billion ($12 billion).
The financing round is subject to customary regulatory approvals and according, to ICEYE, is expected to close in Q3 2026. The investor syndicate includes General Atlantic, Solidium, Tesi, Varma, Ilmarinen, Lifeline Ventures, Nokia, Qatar Investment Authority and TCV. The Series F financing round is being undertaken in conjunction with a secondary placement and together are expected to exceed €1 billion.
ICEYE is currently the Company's largest portfolio holding.* Based on the announced valuation, the implied uplift in the fair value of the Company's holding would be approximately £202 million, which would represent a 102% increase in fair value and would be equivalent to an increase in NAV per ordinary share of approximately 73p. Subject to completion of the financing round and the Company's customary quarter-end valuation review procedures, the Company expects substantially to reflect this uplift in its results for the year ended 30 June 2026, which are expected to be announced in October 2026.
Bought back into the Seraphim Space Investment Trust (LON:SSIC) shares which strangely went down, the ordinary are up sharply.
My understanding is that Seraphim Space Investment Trust (LON:SSIC) is basically a different entity to Seraphim Space Investment Trust (LON:SSIT) with completely different assets and NAV. It is a vehicle that allows the managers to make new investments, which then convert to SSIT shares at the NAV of SSIT. In other words, if SSIT does well, it is bad news for SSIC until such time as the conversion happens.
This was from the April 27 RNS:
The C Shares will form a new class of share for the Company and have separate assets and liabilities to the Ordinary Shares. The C Shares will convert into Ordinary Shares at periodic intervals based on quarterly NAVs, as the C Shares' proceeds are deployed. Further details are available in the Circular published on 16 April 2026.
The Directors are proposing to adopt the Revised Articles to amend the rights attaching to the C Shares, principally to provide for relevant proportions of the C Shares to convert into Ordinary Shares on the basis outlined above. The Issue is conditional on Shareholder approval of the proposed amendments to the Articles at the General Meeting.
The proposed conversions of the C Shares are to enable holders of C Shares to access the Company's portfolio of assets attributable to the Ordinary Shares in a timely manner as the proceeds of the Issue are invested, while at the same time ensuring that existing holders of Ordinary Shares are not exposed to a portfolio with a higher proportion of uninvested cash and reducing the concentration risk of the portfolio associated with the Ordinary Shares. Each periodic Conversion is subject to a minimum amount of the proceeds of the Issue having been invested.
Interesting SP movement in SSIC indeed (significantly up then significantly down and then the same again). I would imagine the question to ask (to which I do not know the answer) is how much of the c share capital has already been invested in/earmarked for ICEYE. There is a scenario whereby if the c shares are sitting in cash then when the conversion eventually happens (based on relative NAVs), holders could end up with less SSIT shares. Or have I got this wrong?
Of course, I sold my holdings in SSIT and GROW last week!
In trying to make sense of the SSIC price action this morning, it seems to me that everything hinges on one question: how much of the £137m C‑share capital has actually been deployed?
Until we know that, it’s very hard to say whether SSIC at ~95p is cheap, fair or expensive. Three possible scenarios:
• If the C‑share capital is still mostly in cash, then SSIC holders don’t benefit from today’s ICEYE uplift at all. When conversion happens, they simply receive fewer, but higher value SSIT shares because the SSIT NAV has risen. In that scenario, the current SSIC share price doesn’t look especially compelling.
• If some of the capital has already been deployed into ICEYE, then SSIC holders do share in part of the uplift, and the current discount could be attractive.
• If the capital has been deployed into other SpaceTech investments, then SSIC holders miss the ICEYE windfall but may have exposure to whatever the next ICEYE turns out to be. That comes with the usual risks of buying into a sector that has just re‑rated sharply.
The raise only completed on 8 May, and the prospectus said the proceeds would be invested into both new and existing holdings, so partial deployment into ICEYE is at least possible. But unless the company clarifies how much has already been invested, we’re all guessing.
In trying to make sense of the SSIC price action this morning, it seems to me that everything hinges on one question: how much of the £137m C‑share capital has actually been deployed?
I'm not sure the question makes sense assuming you mean "deployed into ICEYE".
ICEYE shares are not freely available, even to an existing shareholder: giving preferential access to one shareholder over another would be hugely unpopular, if it was even possible. SSIT only owns about 5% of ICEYE.
It's much more likely that some of the SSIC cash will be deployed into the latest fund raise to avoid dilution - that's assuming Seraphim's management still see value at these levels.
timarr
I am well confused why the price should fall to 92 p. Shows how little `I thought I knew about SSIT/SSIC.
I am well confused why the price should fall to 92 p. Shows how little `I thought I knew about SSIT/SSIC.
Hi Charles
You do seem to be in and out of them like a yo-yo :-)
I don't think the price of SSIC is being cleared correctly - a lot of private punters don't understand it. My view is that it's optionality rather than assets so should be trading at a discount to pure cash. Joe Public's view is that the cash is about to spent on things that are worth more than the cash so it should be at a premium. No one ever said Joe Public was bright, just enthusiastic and a bit manic-depressive.
Space tech is really popular right now and I think people are getting carried away: SSIC works if and only if Seraphim's deep access to earlier stage space tech stocks means they can get them relatively cheaply. Buying ICEYE now would not be doing that (IMO).
So SSIC is a gamble - I expect even smaller unquoted stocks in the sector have seen their valuations soar, and they are probably inundated by offers of cheap money. I hope Seraphim's conveyor belt means they can get into some of those before the valuations really lift off ...
But I've made lots of money on the way up and remain hopeful that there's more to be taken. Still, I also note today's sad set of finals from Lindsell Train Investment Trust (LON:LTI) if anyone needed reminding that what looks like brilliant minds at work one day can look like accidentally being in the right place at the right time at another.
timarr
Thanks Timarr
I have always traded SSIT. Maybe should have left it alone as I do with GROW!!
I have always traded SSIT. Maybe should have left it alone as I do with GROW!!
Hi Charles
We've done this long enough to know there's swings and roundabouts and sometimes slides ... I've sold off parts of my Seraphim Space Investment Trust (LON:SSIT) stake as it's gone up, been a lot better off if I hadn't ... but you never know, over half the multi-baggers I've ever owned have given up all their gains eventually.
A profit ain't a profit until it's cash ...
timarr
Just for info IC online this morning includes an article on Vietnam titled "Vietnam is booming here's how to pick the best fund" . The article covers the 3 investment trusts VOF, VNH and VEIL in detail starting by saying they vary in size, strategy and popularity. After discussing all 3 funds the article gives the opinion that Vietnam Opportunity is their fund of choice for dedicated Vietnam exposure and it features in the IC top 50 funds list partly because of it's investment in private companies and because it is the only one of the 3 trusts paying a dividend. Well worth a read, the article will either be in this weeks magazine or if not certainly next weeks.
Lots of Vietnam IT and fund discussion on the Stocko IT strand too george54
Thanks George - I'll see if I can find that.
A few of us on here also hold the Xtrackers FTSE Vietnam Swap UCITS ETF 1C (LON:XFVT) which is an EFT for which Just ETF states the following;
The Xtrackers Vietnam Swap UCITS ETF 1C seeks to track the STOXX Vietnam Total Market Liquid index. The STOXX Vietnam Total Market Liquid index tracks companies from Vietnam. The ETF's TER (total expense ratio) amounts to 0.85% p.a.. The Xtrackers Vietnam Swap UCITS ETF 1C is the only ETF that tracks the STOXX Vietnam Total Market Liquid index. The ETF replicates the performance of the underlying index synthetically with a swap. The dividends in the ETF are accumulated and reinvested in the ETF.
It's 3-year chart is as follows - note that the performance of the other three mainstream IT's do change markedly when changing the timeline between 1,3 & 5yrs.
Thanks George. Long term holder of a couple of Vietnam trusts plus the ETF. Been a bit up and down recently, but still remained convinced of the attractions. Once TACO sorts Iran situation should be good again. Always some underlying issues with "corruption" in the economy, but expect that with any emerging market, The Gov seem keen to see growth and having nearly finished Hasting's book on the Vietnam war it is an extraordinary transition.
The IC article on Vietnam is in this week's edition George.
Separately, picked up friends from Heathrow last Thursday on their return from a few weeks in Vietnam. They loved it and commented on the huge amount of building works going on. Not just industrial/commercial but in the tourist areas too. Not all sympathetic but clearing locals to build what they want the tourists to see/experience.
Several signs were in Russian and Vietnamese. Possibly a hangover from old Soviet era/pre Ukraine war as they didn't encounter any Russians. Guides/locals still referred to Saigon as Saigon and were happy to talk openly in private but very wary anywhere they thought others might hear.
They also went to Cambodia and reported a high level of hostility towards the Vietnamese. Probably a hangover from the 10 year occupation under UN auspices post fall of the Khmer regime.
As a biker my pal was very impressed with the EV Scooters (as seen on Bill Baileys recent Vietnam series) and how the charging stations worked for them. Usually a quick swap of battery and the used one then put on charge. Not sure he noted costs but thought it worked very efficiently. Personally surprised we're not seeing more of that in UK. A better solution than the current pavement scourge e-scooters we have? Might be more suited to southern European cities and revive the Vespa!
Only major negative for them was the attitude to waste disposal. Rubbish everywhere. No organised public service collection that they could see. Which seems strange for a fairly autocratic communist state.
HgCapital Trust (LON:HGT) Rumours of a sale of Gen II https://www.ft.com/content/8e8...
Thanks Charles. From what I understand HgCapital Trust (LON:HGT) holds a percentage of GEN II (I can't find out how much) ~ estimated at 25-35% with General Atlantic holding the balance? So the rumour of $6 billion (say 25%) = $1.5 billion which is almost the entire market cap of HgCapital Trust (LON:HGT) ? How can this be or am I making some mistake in my calculations?!
I think the Trust invested around £20m. The larger holding is held through HG Genesis 9 Fund- I think.So AI reckons stake would be worth £117-140m
Molten Ventures (LON:GROW) latest monthly newsletter, GROW do produce good updates. https://mailchi.mp/molten/port...
Iran kas launched renewed attacks on Israel and plans a week of them. Up to now markets have brushed off bad Middle East news. They might not on this latest news? Probably no need rush to buy anything tomorrow.
"The 3x long leveraged South Korea ETF, $KORU, listed in the US, dropped -42% in just one session. $KORU has now more than HALVED in price in just 3 trading sessions. Monday’s session in South Korea is setting up to be epic." @GlobalMktObserv....... Could be an interesting session in the South Korea markets tomorrow and those holding funds / IT linked to South Korea
It is very dangerous to hold ANY leveraged ETFs. They are almost guaranteed to lose money if held for long periods because of the way they are constructed, as explained in this article: https://www.investopedia.com/a...
Investor Meet Company this coming week.
TwentyFour Income Fund (LON:TFIF) TWENTYFOUR SELECT MONTHLY INCOME FUND LIMITED
Interim Results
10th Jun 2026 at 10:00am BST
Sequoia Economic Infrastructure Income Fund (LON:SEQI) SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND LIMITED
FY 2026 Results
11th Jun 2026 at 10:00am BST
AVI Global Trust (LON:AGT) AVI GLOBAL TRUST PLC
Interim Results
11th Jun 2026 at 11:00am BST
India Capital Growth Fund (LON:IGC) INDIA CAPITAL GROWTH FUND LIMITED
Annual General Meeting
11th Jun 2026 at 11:30am BST
Octopus Renewables Infrastructure Trust (LON:ORIT) OCTOPUS RENEWABLES INFRASTRUCTURE TRUST PLC
Annual General Meeting
12th Jun 2026 at 10:00am BST
Molten Ventures (LON:GROW) MOLTEN VENTURES PLC
Full year results for the 12 months ended 31 March 2026
12th Jun 2026 at 10:30am BST
Picton Property Income (LON:PCTN) PICTON PROPERTY INCOME LD
Full Year Results
12th Jun 2026 at 11:30am BST
I used to hold M P Evans (LON:MPE) and did well. Sold it as I could not see the share price rise continue- lucky really. Might be interesting to hear what they say about palm oil price controls. No trust connection but might be interesting re Indonesia and what is going on in a market that has suffered. I think about buying an ETF but never quite have enough conviction.
M.P. EVANS GROUP PLC - Annual General Meeting which will start at 12th Jun 2026 at 12:00pm BST.
Indonesia is uninvestable with the current regime in charge.
https://jakartaglobe.id/news/i...
Hence I have not yet! I should have a look to ee what if any some of the emerging market trusts hold.
VITP Friday update - week 534
AIC article on emerging markets https://www.theaic.co.uk/aic/n.... I hold Ashoka WhiteOak Emerging Markets Trust (LON:AWEM) , Blackrock Frontiers Investment Trust (LON:BRFI) ,Blackrock Latin American Investment Trust (LON:BRLA) ,Artmeis smartgarp em equity, Fidelity Emerging Markets (LON:FEML) iShares MSCI EM Small Cap UCITS ETF USD (Dist) (LON:IEMS) iShares Core MSCI EM IMI UCITS ETF USD Acc (LON:EMIM) JPMorgan Emerging Markets Dividend Income (LON:JEMI) .
Across 3 funds , about 10% of total invested. I also have exposure to Vietnam and Japan.
Apollo are a right shower aren't they? The walk away from Bodycote (LON:BOY) is the third time in about 12 months that I recall them putting offers in and not seeing them through. Please remind me to sell on the rise for any offer they may make in the future. Hope any holders of Bodycote (LON:BOY) here took advantage and are looking to buy back now.
Primary Health Properties (LON:PHP) looking excellent value again.
Yes - I've been adding Primary Health Properties (LON:PHP) in the 91p range.
Also Londonmetric Property (LON:LMP), highlighted by Ken recently, dropped to mid 84s just before going ex-div this week, and is in the 83s - not far off the the bottom of the 2 year range. 6.8% yield, with 18 yrs of strong divi growth, ie ideal for your compounding portfolio..
Tim- I hold both, just ran an AI comparison .
Comparing LondonMetric Property (LMP) to Primary Health Properties (PHP) highlights two very different approaches to REIT management. While PHP operates as a hyper-focused, pure-play healthcare landlord, LondonMetric is an opportunistic, highly diversified compounding machine that has ballooned to a £7.6 billion portfolio via aggressive M&A (including takeovers of LXi REIT and CT Property Trust).
Following their full-year financial results, here is how LondonMetric stacks up on the exact same basis:
1. Discount to NAV (Net Asset Value)
2. Dividend Security and Cover
LondonMetric has achieved its 11th consecutive year of dividend increases, offering a trailing yield of roughly 6.8% and a prospective yield heading toward 7.4% to 7.6% based on their newly updated quarterly guidance.
3. The LTV (Loan-to-Value) Ratio
Comparison Summary: PHP vs. LondonMetric
While PHP gives you a higher upfront yield backed by government income, LondonMetric provides a much stronger balance sheet (lower LTV), automatic inflation protection through contractual rental uplifts, and far longer lease structures.
I'm also a fan of Londonmetric Property (LON:LMP) but the inflation uplift is not ironclad, there is often a cap on the max uplift written into the contracts. However the market rents have performed very well due to demand/supply in last mile logistics. Also have some Primary Health Properties (LON:PHP) , here the trade off is higher debt refinancing risk vs rock solid tenant quality. Supermarket Income REIT (LON:SUPR) also worth a look for somewhat inflation protected income.
Thanks Jisoo.
Thanks for the info Charles
Thank you for this comparison, Charles. It makes me look at them for the first time. And they are both contenders as hard assets investments to counter my AI/tech nervousness, where I see debt-funded data-centre build-outs as the new railway lines. Some will be profitable, some not, but I think it is hard to predict the winners, and the losers will spread a stain on many highly-valued businesses.
The Seraphim Space Investment Trust (LON:SSIT) fall has made me to decide to sell Seraphim Space Investment Trust (LON:SSIC) .If the share price ofSSIT continues to fall it will be at a discount and my rationale for buying the SSIC issue goes away. Probably best to stay on the sidelines until the SpaceX float has happened- I am sure many early stage investors will be heading for the exit once there is a market listing.
Received notification via email, I am not a member of Signet but appoarently non members can attend the launch free. https://www.sharesoc.org/event...
Launch Meeting for the New SIGnet Exchange Traded Funds (ETF) Investing Group
Date: 14th July 2026
Seraphim Space Investment Trust (LON:SSIT) continues to slide. I am afraid it was predictable- investors flocked in on the "space story" and pushed it up to way above what the NAV was likely to be. If it drops another 10% I will be looking to buy.
Molten Ventures (LON:GROW) May's portfolio update https://mailchi.mp/molten.vc/p...
AVI Global Trust (LON:AGT) Managers report suggests that there are many opportunities to invest at historically low valuations. https://www.stockopedia.com/sh...
HgCapital Trust (LON:HGT) I hold. “
Hg, the Manager of HgT, believes that the current share price materially undervalues the HgT portfolio, and its future prospects. Hg today announces its intention to make an increased strategic investment in HgT, with an active programme to increase the ownership of Hg Partners, Employees and the Hg Balance Sheet from their existing shareholding of ~6% to over 15%, over the medium term, through on-market purchases.
JB Brian, Hg's Co-CEO, comments, "AI represents a generational value creation opportunity for software. For companies which are deeply embedded in the workflows of their customers, with proprietary data, distribution and domain expertise, the opportunity to compound that value through AI is as exciting as anything we have seen in the last 25 years of investing in technology."
More here https://www.stockopedia.com/sh...
I've been at Mello for the last couple of days and went along yesterday to the Nippon Active Value Fund (LON:NAVF) talk by the Chairman of its Investment Manager; Paul Folks Davis.
It has certainly performed well across all periods (1yr,3yrs & 5yrs). It was an error of mine to sell out, although it is only 1% up on my sell price - this is said with hindsight when I believed my risk averseness was a wise move as the war looked ominous for share-prices, but low & behold things have since ignored the war (in many areas) and carried on as normal.
I am tempted to re-enter NAVF, but there was a single comment in the Q&A session which is making me wonder (don't take this as a word for word quote, but more my interpretation) - Paul said that the regulatory regime was changing a bit in Japan and their aggressive approach to companies to force them to address their poor practices which have led to their great returns (changing capital allocation policies, returning shareholder funds, MBO's, SP appreciation etc etc) may need to change as the previously supportive regulatory regime was beginning to change.
Someone else highlighted that once a reputation (for aggressive practices) had been earnt in Japan it was exceedingly difficult to change this to suddenly become more collaborative with boards/companies.
An example was then highlighted where a number of holdings of NAVF were highlighted that had introduced a "Poison Pill". This is where the companies gets shareholders to vote in new clauses that basically shut-out the ability of NAVF (and similar parties) to vote their shares or force meaningful change. This appears to be supported by shareholders as they don't like the aggressive attitude of these activists - I guess it is a bit like Saba and the IT industry.
I don't believe it is a major issue at the moment and was highlighted more as a risk than an issue currently, but did make me think. However, I suspect I shall probably keep going and reinvest as I cannot see anything with as good a track record - but would appreciate anyone else's thoughts/views.
Interestingly, Paul also highlighted that the trust had lost out significantly as it does not hedge its currency - I think it was something like a 150% return to date (since inception) vs a potential 250% with hedging (had it been done). However, he believes that holders will soon reap the benefits as the Yen begins to strengthen and it is too late to begin hedging as this would simply cut off the upside.
Latest on the abrdn European Logistics Income (LON:ASLI) managed wind down. If these DL Invest Group think the managed wind down is poorly implemented here that haven't seen the one at Digital 9 Infrastructure (LON:DGI9) !!! This managed wind down is a paragon of virtue in comparison and I'm not sure where these guys are coming from particularly as there is only one asset remaining to sell.
DL Invest Group Statement on ASLI Governance and Wind-Down
Following the Annual General Meeting of abrdn European Logistics Income plc ("ASLI"), DL Invest Group, a significant shareholder of the Company, wishes to express its position regarding the execution of ASLI's wind-down strategy.
While we support the principle of the wind-down, which reflects the decision of shareholders, we have serious concerns regarding its implementation. In particular, we note repeated delays against previously communicated timelines, limited transparency surrounding asset disposals, insufficient disclosure of transaction details, and a lack of comprehensive reporting on the relationship between acquisition costs, market values and disposal prices.
We are also concerned that the Company's management structure and cost base have remained largely unchanged despite the advanced stage of the wind-down process. In our view, greater efforts should be made to reduce costs and maximise value returned to shareholders.
Furthermore, we believe shareholders deserve a clearer explanation of the asset disposal process, a detailed timetable for the remaining stages of the wind-down, and greater transparency regarding measures being taken to optimise costs and preserve shareholder value.
Accordingly, we expect the Board and the Manager to provide enhanced disclosure and demonstrate how the Company intends to maximise distributions to shareholders while maintaining appropriate standards of governance, accountability and transparency.
DL Invest Group will continue to monitor developments closely and reserves all rights available to it as a shareholder to protect shareholder interests.
DGI9 is a disgrace..the board have given up replying to emails.
There really should be some legal action on DGI9 - they have somehow destroyed around £1bn of shareholder value (not even sure how that is possible given they were meant to invest in relatively safe assets). I'm sure the management have been highly rewarded despite the debacle - how is this allowed to happen?
I have reported the auditors- it was being looked at with a view whether action should be taken.
Space X- Citywire article saying Morningstar reckon Space X will be over valued. https://citywire.com/investmen... This resonates with my feeling that whilst the IPO will get away at a high valuation reality might kick in afterwards.
I have just been listening to Newriver Reit (LON:NRR) 's latest results presentation. It seems to me that they have done a good job of integrating the old Capital and Regional, and they now have a route to fixing forward debt at reasonable levels, while delivering dividend growth of 3% this year, while promising more to more. And having sold some assets at book value, I see 9% forward dividend and a current discount of 28% on the latest NAV as representing a solid opportunity for serious pension-type buying, even if they use liquidity next year to buy back shares rather than acquire new premises.
So, to you, Ken, I think there are places for cash, even if you worry about, say, AI disappointments collapsing general market values. Funnily enough, one family member just decided to buy some All World ETF, which I'm not so sure about, but at least it was High Yield, so will avoid those excitements. The question for us all is about diworsification, I believe. We have about 36 positions across family portfolios currently, and perhaps my wife is right: don't keep looking for more, spend your cash increasing your positions in those with which you feel comfortable.
I worry a bit if we have more than 5% in anything, because I'm not trying to shoot out the lights, but less than 2% heads towards meaningless. I know it's meant to be that diversification benefits tail off from about 12 holdings, but I do wonder how many others think to be optimum number.
I think 20 shares across various industries is sufficient diversification provided you have done in depth research on those 20.
Re Newriver Reit (LON:NRR), I agree that this is a nice high single digit return stock and should do okay as long as we don’t go into a recession. The only wobble from their results presentation was that the cfo mentioned they likely will not be able to pay the dividend from earnings once they refinanced the bond next year. They will however continue to pay a progressive dividend and cover the shortfall from capital.
For my penn'orth: number of shares depends on what sort of investor you are and with what objectives. Smaller the number of shares, the more concentrated the risk, therefore the more likelihood that risk is actually what you're seeking. Likewise weighting on one particular share. Over my investing life I can count six occasions when I made farm bets - I certainly wouldn't make them now. I did go through a stage of wondering what the most acceptable non-binary high risk folio might be, on the basis that any one share might halve in value more quickly than you can get out. For example, the difference between 1-2-3-6 shares goes 50%, 25%, 15%, 7.5% on a 50% fall. It's very difficult to recover from a 50% fall, since you then have to double your folio value. That said, a slump of 25-30% on a warning (like MEGP recently) is more likely. Personally, I don't want to feel emotionally impacted by even that sort of loss, so 3% would be my maximum position size - implying a loss to the portfolio on that one share alone of almost 1% before I can get out. My folio 'breathes in and out' anything up to that percentage on any given day. Yesterday it fell -1.2% as a function of the market. This morning it's +.11%
Like Charles I now veer towards a lot of shares - about 40+. This is partly because I need the stability of income in order to live, but partly also because I try and reinvest a surplus in order to compound, which on the whole is a more reliable element of capital growth than picking the right shares. It's not that I don't actively 'pick' my shares in order to be right, but that my share choices don't necessarily fare, on aggregate, any better than the simple, repeated act of reinvesting dividend income.
Finally, given that my natural bias now is towards value and income (if possible both at the same time!) you could say that all my investment choices involve the assumption that I can do better than the market - otherwise I would be buying them 'cheaply'. Though after a while, like Polar Capital Holdings (LON:POLR) , for example, they return from value to growth, and then the investment case changes somewhat. Though as long as they are generating income, I'm not necessarily going to sell them because they have succeeded!
I agree raggedtp that there are buy opportunities still, including 9% yielding Newriver Reit (LON:NRR) and I’ve posted on some of them recently. And I’ve about 75% still invested. After all second guessing markets is a mugs game and though confident that we’re near the peaks, could be wrong. And 25% cash is a good cushion if I’m right.
As for the optimum number of shares and Trusts to hold; I used to think not too many, but now have around 50 with the majority in Investment Trusts, and nearly all of them high yielding, and some producing very high yields which means big and regular income.
But we’re all different and have to do what we think works best for us. Health reasons and a need to bequeath a look after itself portfolio, have caused my now too heavy focus on yield at the expense of capital gains……that thanks to successful investing, we no longer need.to prioritise.
I agree about a maximum 5% or so in any one share or Trust and have had to sell some soon after that figure has been reached. Hence top slices of Marks and Spencer (LON:MKS) which had quadrupled, , and more recently CQS Natural Resources Growth and Income (LON:CYN) after it had quintupled and similar high flying BlackRock World Mining Trust (LON:BRWM) . And gains like that cushion against big market downturns, and no investment can lose more than 100% whereas upside potential is unlimited. (Also some investors forget or don’t realise that holding on to a dud investment that is down 50% will need it to double to get back to break even).
Finally posters here are so so honest in admitting their difficulties when it comes to selling failing shares. I can’t fathom why they don’t sell on a profits warning, nor why they gamble on averaging down ahead of an imminent trading update instead of waiting for that latest news and then deciding. I did recently do the average down gamble ahead of the latest disappointing Telecom Plus (LON:TEP) update because I was so confident……and the update showed and also SO wrong!
In answer to your last paragraph Ken in relation to myself its ego and the need to be proved right (which is odd as in every other area of life I am super humble and I am not a competitive person).
It just proves to me I don't have the right mindset for single stocks. Re the average down in ME International (LON:MEGP) just before results that was a lazy school boy error of not checking when the next reporting date was if I had of remembered to do that I wouldn't have doubled up another lesson learned.
Thankfully the 90% of my investments in trusts, funds and etf's are having a good year roughly up 15% ytd so more than bailing out my mistakes in single stocks and I do also hold Polar Capital Holdings (LON:POLR) which is having a great run but I view this really as a proxy tech etf that also pays a great dividend.
The Phoenix
That makes more sense now. Thanks for the follow up too.
Coincidentally we renewed our passports at our local post office yesterday on very remote chance that one day I can use mine again. It was so simple, quick and easy to do. The key point though is that the ME International (LON:MEGP) Photo Booth has just gone, to be replaced by a screen pulled down and digital photo taken by post office staff. It took less than a minute to do. I don’t follow ME International (LON:MEGP) closely but on simple anecdotal evidence at just one Post Office the photo booths look likely to disappear.
Hi Ken, I sincerely hope you get to use your new passport soonest.
Re photo ID - everyone and his dog now seems to have an "App" that uses your device camera to take your photo, they even work like ME in getting you to pose correctly before accepting your snap. I have set up a Chase bank account (Spend on your card in any currency with no FX penalties) and a Seniors bus pass which then shows my device photo on the pass
We had a holiday in Morocco earlier this year when we were fed up with the cold and wet - Marrakesh Airport didn't have fancy face scanner devices for entry, BUT the border guard took my picture himself with a go pro fitted to his booth
Tech moves on whether we like it of not, I believe the innovative Ryanair (sic) will now charge you extra if you produce a paper boarding card and not one in your device "wallet" Some Moats just dry up
The pull back of Seraphim Space Investment Trust (LON:SSIT) (over 25% since the 22/05/2026) might be an interesting reflection point to take up a new position. Apart from the IT trading a premium (although that has vastly reduced based on last NAV) does anyone have thoughts what factors have contributed to this fall in the share price.
The pull back of Seraphim Space Investment Trust (LON:SSIT) (over 25% since the 22/05/2026) might be an interesting reflection point to take up a new position. Apart from the IT trading a premium (although that has vastly reduced based on last NAV) does anyone have thoughts what factors have contributed to this fall in the share price.
Q3 results out today: https://www.stockopedia.com/sh...
NAV up 25% but that's still only 178p, so the premium attained last week looks like pure irrational exuberance.
timarr
I hold and not too concerned about the fall. I am thinking it has had a run up based on the float of Space X and the results today seem OK ( presentation later will be worth tuning into). I would have thought the C share issue was a factor given it is pretty standard for some fall back after such an issuance. Also trading at a NAV premium given the specialist nature was fine but you could hardly expect this not to be volatile. My view is Space X float may shine a light on these companies more then currently
As I stated at the time I sold too early-but the premium in my opinion was too much. ICEYE is 47% of NAV now and has driven a lot of the NAV growth. I did buy the C shares and they will be converted at some stage into the ordinary at NAV. So why pay a premium for the Ordinary shares at the moment. There is of course the risk Space X could be the peak of the space bubble. Time will tell.
Don’t know whether anyone will find this post useful, but it’s perhaps worth doing anyway.
Because I’m so ruthless in getting rid of shares that issue even a hint of bad news (but give pooled Investment Trusts a bit more leeway) the result is my portfolio currently holds only 2 losing shares (Persimmon (LON:PSN) and Lancashire Holdings (LON:LRE) both down 10% excluding dividends, and no losing Investment Trusts, though several of these are around break even. (Both Persimmon and Lancashire look well worth keeping an eye on for buy opportunities ahead).
What’s a bit worrying though is holding so few losers, even with my preferred tactic is unusual, and makes me wonder whether markets are near a top ahead of significant falls. Usually more losers in the portfolio than currently is because of badly timed new buys and not (as can happen with less ruthless sell tactics) hanging on to losers after profits warnings waiting in hope for an eventual recovery……instead of looking for much better alternatives.
To insure against possibly big falls ahead, cash now makes up a much higher than usual 25% of the portfolio value, waiting to be deployed on the next big buy opportunity. That’s unless Rachel Reeves follows up her idiotic idea of taxing the cash in our ISA portfolios at 22%. Even just thinking about doing that shows her (and many other politicians) ignorance about how to invest successfully and with no realiastion that ISA investors keep cash ready to invest. Punishing ISA investors for not always being fully invested is wrong.
Finally, it’s noticeable how bullish so many investors seem to be now. That’s often the case near the peak of bull markets, as is extreme bearishness near the end of bear markets.
Thoughts anyone?
Hey Ken, im sure you already know but just to clarify for anyone else who may have read your post differently - the proposed 22% tax is just on the interest made from cash in stocks and shares ISA. So 22% of approx 4% interest, or approx £880 less on cash holdings of £100,000. Whilst a bit annoying, shouldn't make a huge difference (especially if/when interest rates fall).
Thanks JSchoffer for pointing that out and for other replies putting a clearer slant on this. My rant ignored your key point.
Yes. It’s a very modest tax to start with, but once politicians latch on to something like this that doesn’t always last! It’s so easy to increase it.
Income tax was introduced as a “temporary measure” to help pay for the huge cost of the Napoleonic war. It’s still here and got increased multiple times.
I agree Ken taxing an ISA breaks the tax free model and just makes it more confusing for people to start investing which most are already hesitant about.
Buying a money market fund is a way of dodging the tax though - I assume… but not many people would know that if they were just starting.
Labour are too political and have next to no business experience.
Shouldn't make a lot of difference to the balance in Rachel Reeves' Treasury balance either, so what's her point?
Can’t agree more Ken, just shows how one can never predict the markets. Somehow the wars and not to mention the political instability here is being totally shrugged off and it’s as if the bunting has been put out. But for how much longer? As said markets do their own thing but at some point surely there has to be a significant correction so my portfolio’s are currently 30% in cash. Also like yourself most holdings are also ahead with any negatives looking insignificant compared to some of the gains. I’ve bought very little recently but will say 2 on my watchlist have issued poor updates this week so I’ve had a lucky escape as thankfully I never pressed the buy button. You were very right with MEGP! Although as you know I also bail out on bad news I thought the previous disappointing update was very mild with the share correction overdone. How wrong I was!! Also today’s GB Group’s update, also on my watchlist, didn’t go down well so my interest in both companies has now very much ended. Going back to the markets goodness knows how the near future will pan out but without intending to be a killjoy I for one am certainly in your camp. Of course could well be wrong but for now I’m certainly proceeding with caution and am ready with a decent amount of ammunition waiting for the next big opportunity.
" That’s unless Rachel Reeves follows up her idiotic idea of taxing the cash in our ISA portfolios at 22%"......it is the interest earned by the cash they are considering too tax not the cash held within the ISA.
it is the interest earned by the cash they are considering too tax not the cash held within the ISA
To prevent people using Stocks & Shares ISAs as Cash ISAs, now that the Cash ISA limit is being reduced. Personally I think they should stop Cash ISAs, they're just encouraging people to lose money slowly. But if they're not going to do that then they have to do something like this in order to ensure the money is being put into stocks.
The industry advised the government that they needed to simplify share-based ISAs to encourage take-up. What they did is the opposite, but we shouldn't be surprised, every government of every hue simply adds more complexity to the tax system without removing any.
timarr
The point Ken M makes about cash being an essential requirement of successful market investing is valid. The current leadership are completely lacking in planning.
The point Ken M makes about cash being an essential requirement of successful market investing is valid. The current leadership are completely lacking in planning.
No one's planning on stopping anyone holding cash in an ISA.
timarr
"Personally I think they should stop Cash ISAs"
What about people who don't invest in the SM and prefer to hold cash, for example the elderly? Not everyone wants to invest in the SM for numerous reasons. Why should they lose this valuable benefit?
Why should they lose this valuable benefit?
About 23% of UK citizens actively invest in the stockmarket compared to 69% in the US. US citizens have 80% of their wealth in stocks and mutual funds, UK citizens have 70% of their wealth in interest bearing accounts.
And so they get richer and we get poorer.
timarr
Actually most put their money in 'dead weight' housing
You've replied from the standpoint of being wealthy and a SM investor. Not everyone is in your position
You've replied from the standpoint of being wealthy and a SM investor. Not everyone is in your position
No, but I'd like to give everyone the best chance of being in that position. Government policy up until now is an inducement for people to impoverish themselves.
The proposed change doesn't really impact less wealthy savers - the average amount saved in a Cash ISA every year is under £5,000. Only 7% of people save £20,000 a year and 60% of those earn over £150,000 a year. And that's heavily weighted towards older people.
Americans invest in the stockmarket because they have to for financial security. In the UK people think the state will support them and prioritise safety. Today's British old people are correct, but tomorrow's won't be.
Everyone complains about this government failing to try to engineer growth, about the extent of the benefits system and the collapse of our stockmarket, but when they try and do something about it, however hamfistedly, they complain if it effects them.
timarr
Americans invest in the stockmarket because they have to for financial security. In the UK people think the state will support them and prioritise safety. Today's British old people are correct, but tomorrow's won't be.
Usually agree 99% with Tim but would just comment if you are tyring to say this is a cultural thing, I would totally agree. The proportion of individuals owning stock investments in the US + Sweden of is far higher than in UK. Part of this is down to old fashioned attitudes where most people thought you had to be wealthy to invest in the stock market and part is that "normal" people thought it best to invest in BTL housing. While BLT was a good investment for many years, the changes over the last 2 / 3 years now coming into force are really going to kill this as an activity.
My daughter is 19 and I do not see the same stigma re investing in the stock market among her or her friends. However their interest is in the US and maybe BTC - which is of course not helping the UK market
- If only we were more like Sweden where standard school subjects include household finance + they have: Ung Privatekonomi (Young Personal Finance) that goes into schools. IMO - that would be the true solution to the lack of interest.
QUICK STATS
Sweden: ~70% of the adult population. Upwards of 7 in 10 Swedish adults are active private investors. Thanks to structural shifts like the introduction of mobile-friendly ISK accounts, fund-based saving is an entirely mainstream household practice.
United States: ~62% of the adult population. According to recent Gallup polling data, roughly 3 in 5 American adults are private investors. The vast majority of these individuals participate through retirement structures like 401(k) plans or personal IRAs.
United Kingdom: ~8% to 11% of the population. Only about 1 in 10 British adults holds direct company shares. The cultural preference heavily favors property (Buy-to-Let) or cash
UK proportion of market held by individuals might show as higher but I think this is skewed by HNW individuals
Interesting thing re Sweden their ISK is similar to the UK ISA except over a set limit it has a flat tax. So no complex CGT calculations. So therefore it must be education ?
Interesting debate, from point of view of someone who has encouraged by his own father to take an interest in the stock market as a way of funding retirement, among other things. I have also endeavored t do likewise with my own kids - but though they like they idea of owning stocks they have so far taken precious little interest in learning how to do it themselves!
Nevertheless, I wonder if the stats about UK PIs small relative ownership of shares leaves out the fact than almost anyone with a pension is likely to have indirect exposure to the markets? I also think that a lot of left leaning peeps still think of stock markets as morally problematic, which is a shame.
On the other hand, from some discussions with an American friend of mine whose pension manager has done very well of late by investing in the tech bubble, I am tempted to caution him about the way bubbles tend to go. While I certainly believe that stock market ownership is to be encouraged, for all sorts of reasons, I fear for many who don't have experience of big falls and prolonged declines. Nor any strategy to deal with it.
Nevertheless, I wonder if the stats about UK PIs small relative ownership of shares leaves out the fact than almost anyone with a pension is likely to have indirect exposure to the markets?
Yep - about 23% of the population has direct investments, but that rises to a bit over 50% when you take into account pensions. Unfortunately even UK funds like NEST only hold 5-6% of their value in UK stocks. Go back to the 1990's and this was over 50%.
To give a small amount of credit to Rachel Reeves and, before her, Rishi Sunak the government is trying to do something about this: the Mansion House Reforms and the Pension Schemes Act are steps on the way. Unfortunately it will take years to reverse the damage - even assuming it's possible.
One bright spot is the increased involvement of younger people in higher growth investments - some of it in speculative assets like cryptocurrency to be sure, but the basic approach: "if I don't look out for myself no one else will", is at least correct.
Unfortunately most of the young people I know have no family background in equity investment and cleave to interest bearing accounts. In my own family most of the younger generation are too cash strapped due to property prices and mortgage rates to put much into other investments.
timarr
Making as yet unwritten rules work so you cannot invest in cash like assets (such as the money market funds - which is the rules they are working on) in a trading a/c is probably impossible without being massively complex! Also ignores investors can just buy Gilts if they want !!
Simplest answer would be to make a rule limiting investing in only one cash ISA up to say 5K P/A. And accepting anyone who is clued up will find their way round the rules for any excess cash they want to park. If they really want to apply tax to "interest" on cash in such accounts that would be a simpler rule to add on.
Without wanting to get too political I fear Labour politicians especially do not understand investors. Back in the Blair er I remember David Blunket muttering about just because someone knows how to play the stock market - or similar words. - in relation to taxing investors. It showed to me how little they understand such matters.
It would be the thin end of the wedge to open up the whole ISA to taxation. The next Chancellor always takes on from where the outgoing Chancellor left off. For instance, look at how the tax allowances have been reduced on unearned income and capital gains by succeessive Chancellors be they Labour or Conservative. We are the sheep awaiting the shears.
I've been holding onto a 50% loss in SDI Group for quite a long time. I just sold yesterday and took the hit. I'm going to follow your method in the future, Ken and sell on the hint of any bad news.
I’ve just had a very quick look at SDI (LON:SDI) both the news when the share price went on to soar, and then when it fell heavily. Perhaps a very lucrative Covid contract explains the rise, and the loss of it the reason for the big fall? IF so……there’s the case for buying before the subsequent gains on that obvious good news, and getting out ahead of the falls as soon as the loss of that contract news was announced.
I used to keep monitoring a shares or Trust I sold for a possible chance to buy it back much cheaper on the first signs from an update that the worst is over. The only reason I don’t do that much now is for my health reasons and wish to leave a worry free very big yielding portfolio for my wife. So I only tinker round the edges.
e.g B&M European Value Retail (LON:BME) which I sold around £5 on first hints of bad news and now under £2 seems to have issued a more positive update today.
e.g I bought India Capital Growth Fund (LON:IGC) around 45p ahead of it quadrupling as Indian market soared and became too expensive. I’ve monitored it since selling but the Indian market PE is still too high.
Vietnam where I hold VinaCapital Vietnam Opportunity Fund (LON:VOF) and VietNam Holding (LON:VNH) and recently Vietnam Enterprise Investments (LON:VEIL) appeals far more than India. . Short term these 3 Trusts are in a dull very dull phase but when that changes the gains could be fast, and given an added boost with the current NAV discounts perhaps going to premiums.
Thanks for your reply, Ken. I have learned lots since following this investment trust thread. I have mostly moved out of single shares now and am mainly in ITs with a decent yield, bought at a good discount. My portfolio is doing so much better now. I haven't started to take my dividends as income, as I have no need at the moment. I am 61 and retired. I want a bit more growth and the income is making my portfolio grow at the moment. I am thankful to you and all the other posters on here for their insights.
Hi all, I am looking for opinions on India. It is the world's fastest-growing major economy, with real GDP growth forecasts of 6.9% in 2026 and 6.8% in 2027 - Historically the market has been on a premium compared to other emerging markets but when I look at the investment trusts they are down between 8% and 19% over a year with discounts between 3% and 13%. The Indian market is dependent on oil imports (80%) and a massive rotation out of India was driven by stretched valuations relative to other rebounding global markets. Do you hold an Indian Investment Trust? The India Capital Growth Fund has the best performance record over 10 years (154%) and a close second over 5 (50%) - it sits on a 13% discount.
Hey bsharman. Was an interesting piece on India in MoneyWeek a couple weeks ago which made me hold off investing (and instead went to Kazakhstan and Vietnam).
Here is a summary of the points made:
I like India but my opinion is clouded and should probably be ignored. That said, India has benefited from trends such as embracing capitalism, the offshoring craze, and more recently the digital-first revolution, the global "China Plus One" supply chain diversification, and a massive consumer boom fuelled by demographic expansion.
When I say clouded there was a TV series back in the 1990's where Sir John Harvey-Jones toured the UK trying to prod UK businesses into adopting something approaching professional management. Anyway in 1995 he visited India and ever since then I thought India might be able to embrace capitalism favourably.
Anyway funds I hold JPMorgan India Growth & Income (LON:JIIX^B14) - held for ages and have a CGT to pay if selling and also bought a couple of years ago Ashoka India Equity Investment Trust (LON:AIE)
Good Results from Newriver Reit (LON:NRR) today. Capital and Regional bedding in well. 3% dividend increase to give 9% yield.
They list and cover all their sites in some detail, and the retailers underpinning them,..mainly the likes of Marks, Primark etc.
Share price has inched up 10% since the buy opportunity highlighted here around 70p. Good chance of further slow share price gains to add to that 9% dividend yield.
Still looks well worth checking out, especially so for any looking for a high dividend yield portfolio.. I hold.
re single country investing, just to note
Mr Ed Shing https://www.stockopedia.com/co...
has mentioned Poland as being "One of my enduring value investments is in Poland - a cheap stock market with attractive dividend yield in the fastest-growing major economy in Europe. GDP per capita in Poland is set to overtake the UK this year, benefiting the banking, construction and retail sectors."
> iShares MSCI Poland UCITS ETF USD (Acc) (SPOL)
https://www.stockopedia.com/ne... > Morgan Stanley said Hungary could be an economic "game changer" with the unlocking of EU funds, while Asia offers opportunities in Japan, India, and the Korean won.
- Google search initially shows a "deal" has been agreed. However further digging there is a list of 27 "super milestones" which took some effort to produce in a list (resorted to AI) and the short answer is (a lot of legal and systems type of reforms) sound complicated to arrange (by 31 Aug deadline?) and that is just the framework - but apparently some funds will lapse if not disbursed by the end of this year. Not at all clear.
> This probably more represents a handbrake turn in progress and the start of Hungary's rehabilitation in the EU which should mean newsflow turning positive over the next few years.
For Hungary there only seems to be an illiquid: Expat Hungary BUX UCITS ETF (Ticker: HUBE / ISIN BGHUBUX01189).
However one could go for the Amundi MSCI Eastern Europe Ex Russia UCITS ETF (Ticker: CEEE / C3E) which specifically allocates across leading stocks in Poland, Hungary, and the Czech Republic - sort of combines the two themes - as a small proportion of ones portfolio ! But I am sure Mr Shing knows more than me :)
Interesting- thanks Little Dave. Poland has performed well and I keep thinking I have missed it. Will look again.
Interesting Post. I invest in the JPM Emerging Europe Equity fund for east European exposure. Amundi MSCI Eastern Europe Ex Russia UCITS ETF looks interesting but doesn't appear available on II.
I have just bought Mobius Investment Trust (LON:MMIT) . It has lagged other emerging market funds mainly as it targets smaller companies so has not benefited from the performance of TSMC, Tencent and Samsung.The trust also avoids China. But on a discount of just under 12% I am hoping the performance will pick up and the discount reduce - in 2023 it traded at a small premium and 2024/25 averaged around 7%.
A small portfolio of 20-30 companies it will suffer in times of global uncertainty as investors flee to the larger more liquid stocks. The managers are bullish, they state that portfolio companies are having solid earnings growth.
Aberdeen Asian Income Fund (LON:AAIF) Is having a good run-I hold in my wife's ISA. I assume due to having 14% in TSMC. Though Samsung and Tencent have not done so well. Once NVidia approve the new Samsung chips I would expect to see the price of Samsung recover. So will continue to hold AAIF- the discount is 6.6% and yield 4.88%.
Hi does anyone have any thoughts on: Dimensional Fund Advisors (DFA) ? Re the AJ Bell article on top performing UK funds and trusts (kindly posted last month by Charles) - their Dimensional UK Value fund occupies 5th place on the list. OK I know the Artemis Smartgarp uk equity is on 2nd place.... and it seems Dimensional employ systematic/rules based - on academic research where as Artemis are Systematic/Proprietary+ manager judgement (if I understand correctly).
I found a brief read on their website www.dimensional.com interesting.
+ Apparently: Studies show that more than 80% of DFA funds have beaten their benchmarks over the past two decades, which is one of the strongest track records in the industry.
VITP update
This is just a repeat of Friday's update to make it visible in the June thread.
Number 33/Ken
Love to see the performance of the VITP from time to time but wonder if weekly is too frequent. Personally monthly seems adequate, or possibly even quarterly, as ITs should be held for reasonable periods and not traded frequently. Perhaps that is just me but thought I'd share the view.
Also, very useful to see Charles's monthly summary of gainers and losers. Helps to highlight where market sentiment is, rightly or wrongly.
Thanks to all that contribute here.
That is fine if it saves the administrator some work
Thanks for the reply sevenccc. The change to weekly VITP updates is an experiment to see if it generates more interest and follow up. Quarterly is surely far too long, with return to monthly updates probably the best option.
I agree about not constantly trading it but arguably I make changes too infrequently and also don’t get round to adding new buys that are in my own portfolio. e.g I thought Aberdeen Asian Income Fund (LON:AAIF) was a stunning buy on the enhanced dividend policy and it has soared since I bought. And there was that excellent “buy the dip” opportunity in April 2025, with the dramatic falls then because of Trump’s tariffs nonsense …..which he soon quickly started to reverse.
And why on earth isn’t Henderson Far East Income (LON:HFEL) in the VITP after the Management changes and new investment tactics that for now are showing clear designs of working. Fabulous double digit dividend on top of the 30% share price gains since the floor, and even now the yield is still over 9%.
Let’s see if there are any other replies and also take in to account the wishes/opinion of number33 who does all the hard work on it.
We have 15 investment trust and funds at the two day Mello show this week and the schedule is available on the webpage Https://melloevents.com/mello2026 If any of you have never attended one before there are £29 tickets available with the code NEWBIE
Bluefield Solar Income Fund (LON:BSIF) recommending a bid at a 9% discount is not really very helpful. Looks like we should assume all alternative asset trusts are worth 10% less than their declared NAV.
Charles, forgive me, but is this not a rather 'glass half full' approach? My renewables are looking decidedly perky this morning off the back of this, in particular Foresight Solar Fund (LON:FSFL) and NextEnergy Solar Fund (LON:NESF) . If they could near to -9% of their stated NAV I'd be well pleased! In other news, I took a rather large hit on ME International (LON:MEGP) , but fortunately, given the highly unitised nature of the folio, on a generally up morning like this, it's largely concealed in the otherwise swelling undergrowth. In which Polar Capital Holdings (LON:POLR) has been particularly strong.
Since it's the beginning of the month I'm sharing my folio. MEGP is now temporarily out, though I'm keeping the cash on the sidelines in case there's a better buying opportunity. It's down, very clearly, but not necessarily out - and dividends appear still to be well covered, unless this also has changed?
AAIF, ABDN, ASHM, BBOX, BLND, BPCR, BVXP, CLIG, CSN, CYN, DUKE, GCP, FDM, FGEN, FSFL, FSG, GAMA, HFEL, IPX, ITV, LGEN, LIO, MEGP, MNG, NESF, NRR, OSB, PHP, POLR, RCH, RECI, RWS, SDLF, SEIT, SEQI , SHHP, SOHO, SNWS, SREI, SUPR, TFIF, TMIP, UKW.
I do feel glass half-full at the moment. Which is not like me. I am having some issues with an elderly mother so maybe it is that.
Sorry to hear that Charles. We all have times like that and many are familiar likewise with elderly mother syndrome. I lost my stepmother last November at age 98. I wish you all strength to deal with it.
Thanks. She has just been told not to drive while a heart issue investigated. So lost her ability to pop out to the shop when she felt like it.
Also sorry to read that Charles. You’ve done a fantastic job with the way you’ve set up and established the now very successful Investment Trust threads, and posted so often on them too. Put yourself and your elderly Mother first now.
Thanks Ken. Should be all sorted this week re Mum.
Yes Brucie; the bid for Bluefield Solar Income Fund (LON:BSIF) has given the sector a lift. I don’t follow the sector closely enough to have any idea which ones, if any, might also fall to bids. If one or two stand out as likely candidates and with a strong investment case on top then hope there will be posts here.
As for ME International (LON:MEGP) does the second profit warning in 6 months and further 30% share price fall today support my tactic of getting out of a share much higher on the that first profits warning?
Like you I hold Fund Manager Polar Capital Holdings (LON:POLR) and it’s flying and with double digit yield at my buy price. I posted here before the share price rocketed that Polar Capital Holdings (LON:POLR) looked by far the best of the Fund Managers. It’s no longer obviously too cheap though and buying now is after missing most of the gains instead of before them. Polar Capital Holdings (LON:POLR) further share price gains today is on the back of a Deutsche upgrade.I take broker upgrades and downgrades with a pinch of salt…..but sometimes the subsequent higher or lower share price gives a sell opportunity on an upgrade and a buy opportunity on a downgrade.
I hold 17 of yours.
Yes, ME International (LON:MEGP) has proved you right, it would seem. I decided to exit for a 26% loss.
I also agree that the Bluefield Solar Income Fund (LON:BSIF) price is perfectly fine news. Frankly, I hold all my renewable trusts with a TP c. 9% under NAV, and if they all had offers at that price tomorrow, I'd be buying the drinks. In this tough market, because of regulatory changes and the threat now of interest rate hikes, this was a very respectable deal. And, to me even better, if you read the Drax (LON:DRX) comments, you can see how it makes financial sense to them at this modest discount. Other large utility players could do well by snapping up similar Trusts in renewables and batteries, benefiting from their operational expertise, stripping out the IT board and listing costs, and getting synergies from one side's trading arms. To me this is a good day.
Chrysalis Investments (LON:CHRY) which I hold has been hit further by the Klaran share price fall-about 10.2p off NAV. They also had to write down Starling bank earlier this year due to peer valuations rather than operational issues. Now trading at a 42% discount. This is the 3rd time I have held CHRY and not made a profit. I am just going to sit on it now and wait for assets to be realised. May was all about Tech and Space X. I am not exposed to these , though I am to Samsung and other chip manufacturers were things do seem to be going well. The far east is trying to reduce it's dependence on oil from the straits, but until Trump realises he has created his own Vietnam war situation and extracts himself I guess things will be subdued. I still hold all my Vietnam trusts, Japan and emerging markets. I am finding it hard to have any truly positive investment ideas, the whole Space X float baffles me and I would like to see that over and what happens post flotation. Maybe other s have a more positive view !
Hi Charles - similar to you, I am not finding a huge amount out there to excite me and my PF is bumbling along not doing a lot.
I still haven't got back into Japan (notably Nippon Active Value Fund (LON:NAVF) following my get-out after the start of the Iran war, so that might be one are to reconsider.
Your mention of Chrysalis Investments (LON:CHRY) along with an article by The Oak Bloke yesterday prompted me to take a look at that and I maybe tempted again to have another dabble, although it is a nearly 50% play on Starling so not a well diversified trust.
Reading John Auther's article this morning you can see the issues potentially coming with the Space-X float - possibly a market top, so it might just be a good time to sit on any cash and avoid dabbling.
I am at Mello today & tomorrow so will keep a look out for any good ideas - a few interesting trusts and well know investors are appearing so there might be the odd idea.
Still nursing the hit from ME International (LON:MEGP) yesterday - unfortunately it was already in the "review" pot as it had dropped 20%, but adding yesterdays 25% made it into my Top-10 disasters - and yet again reinforced the usual question of "why on earth do you invest in single companies where you are simply one bad RNS away from a kick in the teeth".
Same here Kevin made good money on ME International (LON:MEGP) 18 months ago but given a lot of it back recently including an average down a couple of weeks before yesterdays update arrrrghhh.
Another lesson why I am better sticking with trusts and etf's I'm rubbish at cutting losses and compounded the problem by averaging down thankfully single stocks are only about 10-15% of the portfolio these days.