Investment Trust , REIT and ETF's- Thoughts (May 2026)

Investor Meet Company this coming week.

Seraphim Space Investment Trust (LON:SSIT) SERAPHIM SPACE INVESTMENT TRUST PLC
Third quarter results for the three-month period ended 31 March 2025
3rd Jun 2026 at 11:00am BST.

CT UK Capital and Income Investment Trust (LON:CTUK) CT UK CAPITAL AND INCOME INVESTMENT TRUST PLC
Mid-year update
4th Jun 2026 at 2:00pm BST.

Capital Gearing Trust (LON:CGT) 

Capital Gearing Trust - Annual Report
4th Jun 2026 at 2:30pm BST

VITP Friday update - week 533

I bought Springfield Properties (LON:SPR) on Weds. Price has fallen sharply recently but as it trades now at a large discount, an OK yield and looks like they have a secure decent margin income through SSEN Transmission housing agreement. Be aware family pretty much have control and dividend has been cut in the past. My view is the fall has been over done and a reasonable chance of seeing a 25% uplift in the share price.

I bought HICL Infrastructure (LON:HICL) first thing this morning  after very positive Results. Should have bought sooner. Note small dividend increase ahead. 

Brief paste of highlights summary here:- 

Gresham House Energy Storage Fund (LON:GRID)

Gresham House Energy Storage Fund plc (GRID) has formed a long-term strategic partnership with Summit Transition Partners (STP), a joint venture between Sumitomo Corporation and TPK Holdings.

STP will provide equity funding and international expertise, starting with an exclusivity agreement to acquire a 25% stake in three immediate pipeline projects: Cockenzie, Monets Garden, and Elland 2. Construction on these projects will begin immediately. STP also holds exclusivity for 25% stakes in two future projects, Lister Drive and Ocker Hill.

This collaboration validates GRID’s asset quality, enabling project-level capital growth despite challenging market conditions.

HgCapital Trust (LON:HGT) According to dealroom.co "Rightsline, a leading rights and royalties management software provider, has secured a $500 million strategic growth investment from Hg. HgCapital Trust will invest approximately £11 million, with other Hg clients participating through the Hg Mercury Fund.

The platform serves over 300 organisations across eight IP-intensive sectors, including media, publishing and life sciences. It processes more than $40 billion in royalties annually and manages over 150 million IP assets across 28 countries.

The investment will accelerate Rightsline's AI product development through Hg's dedicated AI incubator and support international expansion. The company has already launched AI-powered tools, including a contract ingestion assistant and natural-language rights assistant. Rightsline achieved record growth in 2025 across bookings, revenue and retention.

Literacy Capital (LON:BOOK) Another trust I heard on an historically high discount “

"The sale of BOOK's largest remaining fund interest helps to accelerate the process of rebalancing the portfolio away from third-party fund interests and towards direct buyout investments in profitable UK businesses, which has been BOOK's stated objective for several years.

Similar to the sale of the previous fund interest in late 2024, this transaction achieves a highly attractive price and swift receipt of cash proceeds relative to typical secondary transactions, demonstrating the quality of BOOK's diverse holdings and investment strategy.

Including this sale, more than £36 million of cash has been received by BOOK since the start of 2026. All disposals in Literacy Capital's history, including those completed in 2026 to date, have valued the assets in line with or at a premium to prior carrying values."

Just to say that I had been unable to watch the Money Makers podcasts and wrongly thought it was because of changes they had made. 

So I emailed them……..and the customer service was outstanding. Prompt personal replies to emails and they left no stone unturned to try and sort it. 

Then I suddenly wondered whether it was a glitch on my iPad so I shut it down and tried again.. That’s what it was and it’s working fine now.

I apologised for inadvertently wasting their time. Again an immediate understanding reply and no hint of their feeling annoyed. 

Getting back to Investment Trusts………….

Look no further than Vietnam for a Country to invest in for potentially spectacular longer term gains. The current long dull spell looks a great buy opportunity. There are 3 Vietnam Trusts to check out, all at discounts, VinaCapital Vietnam Opportunity Fund (LON:VOF) VietNam Holding (LON:VNH) and Vietnam Enterprise Investments (LON:VEIL) . I hold all 3. 

Read this article and perhaps be convinced. I’ll paste the text shortly for any who don’t subscribe:-

https://www.thetimes.com/money...

“The Asian powerhouse you can’t ignore.”

I went to Vietnam in 2019 — for a holiday, not an investment research trip. I’d been examining it as a potential investment for a few years before that, so I was keen to see the reality behind the numbers.

I left more convinced than ever that the growth story was real. It could have been confirmation bias, where we only take on information that confirms what we already think — and investing shouldn’t take place simply based on “vibes” — but the data and the experience stacked up.

The cities felt alive, tourists were everywhere and businesses were booming. There’s lots to be excited about for investors who are looking for the classic emerging market story: the sleepy fishing village turned into a port; the shantytowns replaced by skyscrapers; millions of young, eager workers; new infrastructure, education, industrialisation and progress. 

Decades ago the same could have been said of South Korea, Taiwan and China. Vietnam has a lot in common with South Korea — it’s a coastal Asian nation, tightly bound up in global trade, it has strong relationships with the US and China and has been undergoing a centralised rebuilding program after a devastating war.

Vietnam is about thirty years behind South Korea. It has the same GDP per capita as South Korea did in the early 1990s, a metric on which South Korea now beats the UK and EU. So, can Vietnam follow the same path?

The country’s economic structure has changed. Farming is no longer the main engine of growth in Vietnam. Big companies looking to diversify production away from China find Vietnam politically stable, trade-friendly and cost-competitive. The manufacturing sector is booming, taking domestic construction and the service sector with it.

GDP growth doesn’t tell you everything, but when it’s at an average of about 7 per cent a year, good things are happening. Government debt is about 30 per cent of GDP, literacy is 96 per cent, and the workforce is, age-wise, in the sweet spot, with two workers for every dependant.

There are challenges to such rapid growth. Electricity demand has risen faster than supply, making Vietnam more dependent on imported fuels and vulnerable to power shortages. Staying neutral in disputes between the US and China is a high-wire act. And state control over internal politics is causing rumbles of discontent.

Of course, you can’t buy an economy. You have to buy the stocks listed there. So it’s worth thinking a little about what you’re getting exposure to if you’re investing on the incongruously named Ho Chi Minh stock exchange.

The Vietnamese market is one tenth the size of the UK’s — £270 billion v £2.7 trillion. Over the past decade earnings have grown an average of 14 per cent a year, as the companies turn GDP growth into profits. The market is dominated by a few big players, with a huge number of tiny companies. Most investors should focus on the big, established businesses — the Xtrackers Vietnam Swap exchange traded fund (ETF) gives you exposure to 28. 

One of the biggest companies is Vingroup, a conglomerate that does, well, everything: housing developments, shopping malls, healthcare and education.

Another big business is the steelmaker Hoa Phat Group. In an economy that is building at a frantic pace, being the main provider of steel is pretty lucrative — the Carnegie family in 19th-century America is proof of that.

And then there are the banks: Saigon–Hanoi Commercial Joint Stock Bank and Sacombank. A fast-growing economy needs financing and, as households enter the banking system, the banks are the beneficiaries, offering loans, insurance and mortgages.

In fact, all these companies will do well if the Vietnamese economy and its people become wealthier — and the opposite is true if its fortunes take a nosedive. You should expect a wild ride. The economy is new and changing quickly. The market is dominated by local investors and swings from panic to elation quickly. The currency impact is unpredictable.

Towards the end of this year Vietnam will be “promoted” to emerging market status by FTSE Russell, the subsidiary that licenses and manages stock market indices. This will put it firmly on the radar for investors and will mean that lots of tracker funds will be obligated to invest.

In a few years Vietnam might be as popular for investors as it is for holidaymakers.

Ben Kumar is the head of strategy at the investment firm 7IM.”

Liontrust Asset Management (LON:LIO) has broken fairly emphatically up through it's 200 sma. This is a share that's been reduced in value to over 90% from its 5vyear peak, but ha instituted a robust series of buy backs, which will now continue to tighten the availae float. Shorts have also, I understand, all but closed. Beyond the fortunes of the business itself, it may prove instructive in terms of a recovery of a largely generic asset manager, with broad stable of funds. It lacks the specialisms of Polar Capital Holdings (LON:POLR) or the niche of players like Ashmore (LON:ASHM) or Impax Asset Management (LON:IPX) . But would stand to benefit from any redirection from passive to active, and of course ex-US flows. 

I bought back in to a full position about a week ago.

Seraphim Space Investment Trust (LON:SSIT) Much as I like SSIT and the managers, and did OK with it although I sold out far too early, the current premium seems extraordinary-90% to last published NAV. I bought Seraphim Space Investment Trust (LON:SSIC) on launch and they are up 5%. But as away into SSIT I might buy more as they will convert at NAV not the market price. I guess this is due to SpaceX- I have not/will not look at it as an investment for personal reasons- I am no fan of Musk despite his extraordinary ability to get his companies valued highly. Morals do cost money but that is how I invest.

I am waiting on SSIT until the next NAV and see if the price calms down. I was equally negative on 3i (LON:III) and whilst I made money holding it sold far too early when the premium rocketed due to Action- still mystifies me and not a trust I would buy unless it was dirt cheap-and even then would want to see Action manage to work in the US. Action still has the potential to get in a mess in the US in my opinion.

I am sure most of you are aware by now but Mello2026 is exactly one week away and this time next week 450 of us will be in the conference centre in Chiswick engaging with 14 Investment Trusts and funds plus 40 listed companies and networking together. We have also laid on entertainment in the evening and have an excellent female singer joining us in the Mello bar which will be open until late.

If any attendees want to do a Stockslam for five minutes at Mello in the theatre on the first evening just let me know

Interesting piece in this weekends MoneyWeek on the opportunity in investing in Kazahkstan.

• Produces 40% of the world uranium 
• 18% of titanium used in global aerospace
• top ten global producer of copper, gold, chromium, tungsten and others
• Building the worlds largest manganese deposit
• Shortly to become the second largest exporter of gallium which is used in semiconducters
• Only 16% of its available territory has been licensed for exploration
• Has good relations with both the US and Russia
• The 'middle corridor' has reduced transport times to Europe from 50 days in 2023 to 18 now, which also bypasses Russia

Appreciate that state involvement is always a risk but the story here looks good. The article suggests: Natsionalnaya Atomnaya Kompaniya Kazatomprom AO (LON:KAP) as a way to play the uranium play. East Star Resources (LON:EST) as an early stage exploration play and Air Astana AO (LON:AIRA) as a play on their growing connectivity.

I don't think I have read much here about investing in Kazahkstan - is there something which puts most investors off?

Oakley Capital Investments (LON:OCI) has invested in XTEL. What I find interesting is this comment “

“ At the same time, rapid adoption of AI and data-driven decision-making is accelerating demand for best-in-class platforms such as XTEL.

XTEL's software brings together large amounts of complex sales and commercial data into one system that customers rely on as a core system of record. Combined with the Company's deep industry expertise, this creates a highly embedded and mission-critical solution. AI is expected to further enhance the platform's capabilities, enabling customers to make faster and better decisions using the data already managed within XTEL.”

This confirms my view that the market has over-reacted in marking down trusts with software exposure such as OCI and HgCapital Trust (LON:HGT) .

Really enjoyed the last couple of Money Makers podcasts: Ben Rogoff of Polar Capital Technology Trust (LON:PCT) and Evy Hambro of BlackRock World Mining Trust (LON:BRWM). I have held the latter for a number of years as a low risk way of getting commodities exposure and a steady dividend stream. I missed the opportunity to top up 18 months back.

https://tinyurl.com/yvxh3att

What I found recently interesting in the BlackRock World Mining Trust (LON:BRWM) interview was around 20 minutes where the discussion turns from the demand for commodities (particularly copper from the 'hyperscalers' building data centre capacity) to valuations. EH says they do not need to see higher resource prices because the constituent companies are already highly profitable; if that was to happen it would be a bonus for the trust. Higher prices would incentivise mining companies to develop new and existing mines. But the key issue here is that these companies are trading on multiples way below where they have historically; there is a compelling value proposal here. Plus mining companies have better balance sheets than they ever had before.

So using Stockopedia for the London listed companies and Google for the non-London listed companies, what multiples (typically trailing PE ratios) are they trading on ?

Following list is from the AIC web site.

https://tinyurl.com/3999n66b

Barrick Mining Corp (NYSE): 11

Agnico Eagle Mines (NYSE): 16

Rio Tinto (LON:RIO): 12

Newmont Corp (NYSE): 14

Vale SA (NYSE): 24

Anglogold Ashanti (NYSE): 13 

Anglo American (LON:AAL): 27

Kinross Gold Corp (TOR): 12

Wheaton Precious Metals Corp (TOR): 32

BHP Group (ASX): 20

So the answer is 'mixed' but I did notice one or two cases where the mkt cap > enterprise value which indicates net cash on the balance sheet.

Interesting to catch up on this trust but I don't think I'm tempted to add at these levels.

I really liked the Pensioncraft write-up on SpaceX. It raised some points around the Nasdaq (NSQ:NDAQ) and also Scottish Mortgage Investment Trust (LON:SMT) that I hadn't previously realised. Presumably, the valuation that Scottish Mortgage Investment Trust (LON:SMT) use post-IPO will be part-market price and part-private valuation. I don't hold Scottish Mortgage Investment Trust (LON:SMT) and have no plans to buy shares in SpaceX. It may be a roaring success but I don't like the share structure and I have no idea if the valuation is sensible.

I can't find a link so I will re-produce the article in full here....

This week, Elon Musk's SpaceX filed for the largest initial public offering in history. My heart and head have been thrown into conflict.

I'm a self-confessed space nerd, raised on a diet of Star Trek, Arthur C. Clarke, and a cheap telescope pointed hopefully at the sky. But I'm also a valuation nerd. And valuation nerds, unfortunately, are paid to ignore the stars.

SpaceX is, by any measure, one of the most remarkable engineering companies of the twenty-first century. It launched more than 80% of the world's rockets last year. It lands its boosters back on the launchpad in perfect synchronisation. It has 10,000-odd Starlink satellites whirling overhead, beaming internet to ships, planes, war zones, and the kind of remote farmhouses that used to suffer the sound of a dial-up modem being strangled.

And the IPO itself is a cultural event as much as a financial one. For the first time, everyday investors get to own a slice of the future they were promised as children. An actual moonshot. The kind that involves real rockets, real satellites, and a roadmap that ends, with a straight face, on Mars.

And yet.

SpaceX generated $18.7 billion of revenue in 2025, up 33% on the prior year. Respectable for a rocket company. Less respectable for a company asking to be valued at $1.75 trillion.

That's a price-to-sales multiple of 94. For context, Nvidia trades on around 25. Apple, around 10. Saudi Aramco, the previous record-holder for the largest IPO in history, listed at about 5.

The bottom line is worse. After folding in xAI, the combined entity reported a $4.9 billion net loss, with $41 billion of accumulated losses on the books. And the spending taps are loosening. Capex jumped from $5.6 billion in 2024 to $20.7 billion in 2025, of which $12.7 billion went on AI infrastructure.

Three businesses in a trench coat

So where's all that money going? SpaceX is now three businesses bolted together: rockets, satellites, and, since February, artificial intelligence.

The rocket business is the famous one, but it isn't the sales engine. Starlink is. The satellite internet division generated $11.4 billion of revenue last year, up nearly 50%, and $4.4 billion of operating profit, up 120%.

Meanwhile, the AI division — acquired when xAI was absorbed at an implied $250 billion — lost $6.4 billion on $3.2 billion of revenue last year. But SpaceX expects big profits in the future, telling investors it is targeting the biggest addressable market "in human history" at $28.5 trillion, of which $26.5 trillion comes from AI. If they're right, today's price could look cheap.

For now, though, Grok — Musk's chatbot — is struggling to gain traction. Thankfully, the chips are not going to waste. Anthropic has agreed to pay $15 billion a year to lease SpaceX's Colossus 1 data centres, more than covering the AI division's hardware bill.

So what's the company actually worth? Aswath Damodaran — NYU’s so-called Dean of Valuation — models the company at a fair value of $1.22 trillion. Roughly 30% below the apparent asking price. And that's Damodaran in a generous mood, baking in years of Starlink growth and assuming nothing important blows up.

Scottish Mortgage, a prominent UK investment trust that has owned SpaceX since 2018, holds the stock on its books at a valuation of $1.25 trillion. Half a trillion dollars below what SpaceX is asking the public to pay.

If the IPO lives up to the hype, it would make SpaceX the 9th most valuable company on Earth, leapfrogging Tesla. This is no ordinary IPO. In more ways than one.

Who's flying this thing?

Firstly, there just won’t be many shares available. SpaceX is selling roughly 5% of the company, the smallest free float of any mega-cap listing in modern history. This could make trading especially volatile.

Then there's who can buy in. Unusually, SpaceX will sell a portion of its IPO directly through Robinhood, Fidelity and Charles Schwab. Normally retail investors are last in the queue, picking up shares in the open market after the institutions have already had their fill, sometimes at sharply higher prices. This time they’re being allowed in at launch.

But once you're in, you'll find your influence is limited. SpaceX is using a dual-class share structure that gives Musk near total control. Class B shares get ten votes each, and lowly Class A shareholders get just one. After the IPO, Musk is expected to control around 80% of the voting power despite a much smaller ownership share. He will likely become the world’s first trillionaire in the process.

Musk can only be removed as chair or CEO by a majority vote of the class B shareholders, in effect guaranteeing his position in perpetuity.

The SpaceX board recently granted him 1.3 billion class B shares, with the award vesting in tranches as the company meets valuation milestones and technical achievements. To get the maximum payout, Musk needs to get AI data centres orbiting Earth and establish a permanent colony on Mars with at least 1 million inhabitants. (To be fair, if Musk moves to the red planet with his kids, he’ll have got a significant head start on the target.)

Cleared for takeoff

Back on Earth, the IPO is going to leave a mark on the market long before Musk gets to Mars.

By rights, the tiny free float should have ruled SpaceX out of the major indices. The indices, on reflection, have decided the rules needed updating.

Nasdaq has shortened its waiting period from 3-12 months to fifteen days, just in time for SpaceX. The company will join the Nasdaq 100 with an index weighting equal to three times the value of its floated shares. A consultation is under way over similar fast-track changes for the S&P 500, including dropping the requirement that companies be profitable.

All the passive money mechanically flowing to SpaceX has to come from somewhere. Index funds will be forced sellers of every other constituent to make room for SpaceX, with the smallest names — the candidates for eventual index deletion — feeling it hardest. Some hedge funds are already positioning to short the most vulnerable Nasdaq 100 stragglers. The pressure will only build when an unusually permissive lockup period begins to expire and insiders are free to sell, though Musk has committed not to sell stock for a year.

Final approach

Let's run the pre-flight checks. The largest IPO in history, the thinnest float of any mega-cap, a related-party AI merger the SEC is already eyeing, a controlled company where outside shareholders get a fraction of the votes for their money, and a prospectus that relies on plans involving "technologies that do not exist".

The bull case is a genuinely unique moat and a founder you would not, on the historical evidence, want to bet against. The bear case is everything else. As one analyst put it, "the valuation is completely dependent on the degree to which people believe in Elon Musk."

And SpaceX is only the opening act. OpenAI's IPO plans are imminent, and Anthropic says it is on track to turn a profit for the first time, laying the groundwork for its own flotation. The biggest, most expensive, most narrative-driven private companies of the past decade are about to become public ones, all at once. SpaceX will set the tone for whatever follows.

T-minus twenty days until SPCX starts trading. Head or heart ?

VITP Friday update - week 532

Is anyone here interested in robotics / physical AI as a theme for the next decade? I've built up holdings in KraneShares Gl Hmn and Embd IntelIdx UCITS ETF USD (LON:KOIB) WisdomTree Physical AI Humanoids and Drones UCITS - USD Acc ETF (LON:PAIG) and L&G ROBO Global Robotics and Auto UCITS ETF USDAcc (LON:ROBG) and would be interested to hear if anyone else here holds these or others. 

WisdomTree issued the following recently. The case for physical AI: Why intelligence is moving from digital to the real world

No point going in to detail about REITS while they are mostly flatlining, but note that several of them have now updated and the tone is positive overall. Today it was the turn of Custodian Property Income Reit (LON:CREI) and British Land (LON:BLND) to reassure. 

It seems clear Commercial Property is now on the up, but share prices don’t reflect that, and with higher interest rates ahead might not for a while. I’m happy collecting the big dividends from the large number I hold, while waiting, but the lack of any posts here after all the recent positive updates, suggests interest has wained  for now.

Custodian Property Income Reit (LON:CREI) today has this useful summary on the sector. Only read until the  ASSET MANAGEMENT heading. The rest of it was pasted in error:-

I generally go for high-yield, but have a little in Agronomics (LON:ANIC) , partly because of Jim Mellon's track record.  This RNS came out last week and seems to have not got logged on the Stocko RNS news list.

"Agronomics Limited (AIM: ANIC), the leading listed company focused on clean food, is pleased to announce that its portfolio company SuperMeat The Essence of Meat Ltd. ("SuperMeat") has completed an initial closing of its Series A-4 financing round, raising US$ 6 million from Agronomics and New Agrarian Company Limited ("New Agrarian"), an affiliated company. Milk & Honey Ventures and other existing investors have also subscribed as part of a targeted US$ 10 million financing.

Agronomics is investing US$ 5 million in the round through the issue of new ordinary shares in the Company to SuperMeat, with New Agrarian participating with a US$ 1 million cash investment.

The US$ 5 million consideration due from Agronomics will be satisfied in full by the issue of 26,805,903 new ordinary shares of the Company, each new share issued at a price equal to 13.78 pence (being the net asset value per share as at 31 December 2025 and a premium of approximately 109% to the closing mid-market price of 6.60 pence on 8 May 2026). The new shares shall be subject to agreed lock-in and orderly market arrangements for a year from Admission. In particular, SuperMeat shall be restricted in relation to its shareholding from a) releasing more than 1/12^th of the Agronomics shares per calendar month, b) trading more than 10% of the prior day's volume, c) trading below 95% opening price, and d) appointing a third-party broker without first giving a right of first refusal to the Company's appointed broker(s) to sell their shares. The lock-in restrictions will not apply in certain circumstances such as an offer for the Company.

SuperMeat is focused on the production of cultivated meat. The funding is expected to support SuperMeat's commercialisation strategy through a licensing-led model, with Switzerland identified as the initial target launch market. SuperMeat has entered into an R&D and technology development framework agreement with Ajinomoto and has extended its collaboration agreement with Micarna, a subsidiary of Migros Group. Near-term milestones include joint product development with Ajinomoto, a consumer validation study led by Migros in Switzerland, process verification at commercial scale and a Swiss regulatory submission. SuperMeat is also progressing a reorganisation under a UK holding company as it continues its international expansion.

This follows SuperMeat's November 2025 fundraise of US$ 3.5 million through the issue of a Simple Agreement for Future Equity (a "SAFE"), in which Agronomics invested US$ 2 million, comprising US$ 0.75 million in cash and US$ 1.25 million in new Agronomics shares, with Milk & Honey Ventures also participating.

SuperMeat has also reported a number of operational milestones in recent periods. In March 2024, it published a life-cycle analysis conducted by CE Delft which estimated that its cultivated chicken could generate approximately 50% lower carbon emissions than conventionally farmed chicken. In November 2024, SuperMeat announced a cost-efficiency milestone indicating the potential to produce 100% cultivated chicken (85% muscle, 15% fat) at an estimated cost of approximately US$ 11.79 per pound at scale, broadly in line with premium pasture-raised chicken in the US.

Jim Mellon, Executive Chair of Agronomics, said: "SuperMeat's Series A-4 financing marks an important step in its development and reflects continued progress towards commercial launch. Having supported the business since 2020, we believe the company is well positioned to advance its licensing-led strategy and we are pleased to continue backing the team through this next phase of growth."

Agronomics first invested in SuperMeat in December 2020 and, following this investment, will have invested a total of £15.2 million. As part of the Series A-4 round, the November 2025 SAFE investment has converted into equity, with the shares now forming part of Agronomics' holding in SuperMeat. Following the completion of this round, Agronomics will hold approximately 27.8% of SuperMeat on a fully diluted basis. The Series A 4 fundraise is not expected to have a material impact on the Company's carrying value of its investment in SuperMeat."

Agronomics (LON:ANIC) is trading at around 50% below its NAV, so it's interesting to me that they have managed to support this round with paper at >100% premium, which is rare.  Any thoguhts welcome.  It's speculative, but I'm hoping it becomes the next Seraphim Space Investment Trust (LON:SSIT) .  That's because I believe that a handful of the investee compan ies, if they can get to price parity and scale, will become hugely valuable kin the next couple of years.  Thoughts welcome!

(And I couldn't help myself: after much deliberation, family stakes in Renewables Infrastructure (LON:TRIG) and Foresight Environmental Infrastructure (LON:FGEN) today.  10.5% yield that both have strategies to maintain.  NAVs have been tested hard, and the prices are still at c. 30% discounts.  

Oakley Capital Investments (LON:OCI) Citywire write up. I hold.https://citywire.com/investmen...

Has anyone managed to decipher the Riverstone Energy (LON:RSE) RNS this morning to establish what is left in terms of NAV/holdings after the distribution last week.

I appreciate I only briefly looked at it this morning as I needed to get out on the golf course, but it was not easy to decipher.

I am still holding some of my Riverstone Energy (LON:RSE) but am inclined to cut my losses if there doesn't appear to be any upside on the horizon.

We have a lot of companies presenting at MELLO 2026. A great opportunity for keen investment company investors & followers to meet a variety of portfolio managers across the two days of the event 2nd & 3rd June. 

@Harbourvest Global Private Equity (LON:HVPE) Rockwood Strategic (LON:RKW) Onward Opportunities (LON:ONWD) EJF Investments (LON:EJFI) B.P. Marsh & Partners (LON:BPM) Oxford Technology CT UK Capital and Income Investment Trust (LON:CTUK) CT Global Managed Portfolio Trust (LON:CMPG) Merchants Trust (LON:MRCH) Brunner Investment Trust (LON:BUT) Odyssean Investment Trust (LON:OIT) Nippon Active Value Fund (LON:NAVF) Ruffer Investment (LON:RICA) JPMorgan Asset Management will all be showcased at the event. 

Hopefully many keen investment company investors can come along. If you are new to Mello, use code NEWBIE for a £30 a day ticket. 

Stocko & Mello regulars can use code Stockopedia25 for 25% off. 

Are there any holders of Global X European SuperDividend UCITS ETF EUR Dist (LON:EUSP) here ? I am trying to find out any dividend history for the GBP version. It looks like the EUR version has paid out 7% over the last year, but I cant find any info for the UK version. 

Molten Ventures (LON:GROW) (I hold)

Molten Ventures (LSE: GROW), a leading venture capital firm investing in and developing high-growth technology businesses, announces a further partial realisation of its holding in Revolut, generating proceeds of circa £63 million.

To date, Molten has now realised proceeds of circa £120 million from its investment in Revolut, delivering a multiple on invested capital of approximately 20x. The remaining holding in Revolut is valued at circa £110 million based on the anticipated 31 March 2026 year end valuation.

As reported in the Full Year Trading Update on 27 April 2026, Revolut was among the key contributors to the Gross Portfolio Value (“GPV”) increase of 11% to circa £1,520 million as at 31 March 2026. This GPV growth was also driven by strong performance from others in the Core Portfolio including ICEYE, Ledger and Riverlane.

I hold both HgCapital Trust (LON:HGT) and Literacy Capital (LON:BOOK) . Both used to trade near NAV now at 33% discounts. I will hold on. Below is aan AI summary of why I think they are worth holding.

The outlook for both **HgCapital Trust (HGT)** and **Literacy Capital (BOOK)** boils down to a classic mismatch between a tough public stock market and a resilient private operational reality.
While their share prices are suffering from wider market pessimism, their underlying businesses are fundamentally sound and well-capitalized.
1. HgCapital Trust (HGT): Weathering the Tech Multiple Storm
The near-term outlook for HGT is tied entirely to sentiment in the public software markets.
The Short-Term Headwind
HGT’s Q1 2026 financial update showed that a severe contraction in public tech valuation multiples dragged its Net Asset Value (NAV) down by 5.4% (to £5.28 per share). Even though the underlying companies grew their earnings by 5% during the quarter, it wasn't enough to fully offset the **9% hit to valuations** caused by the public market tech sell-off.
* Until public markets stabilize and the panic over AI disrupting traditional enterprise software passes, HGT's valuation multiples (which dropped from 25.2x to 24.0x) could face further compression.
 The Long-Term Strengths
* **Earnings are Buffering the Hit:** HGT's underlying portfolio companies are highly defensive. They boast **16% revenue growth, 19% EBITDA growth, and 34% profit margins**, meaning they are generating huge amounts of free cash. Over time, this compounding growth will organicially rebuild the NAV.
* **Proven Realizations:** HGT continues to successfully exit businesses at a premium. They realized **£91 million in cash** in Q1 2026 alone, including the full exit of *Intelerad* and a partial sale of *Septeo* at substantial uplifts. The exit of *Geomatikk* is scheduled to close soon, which will bring in even more liquidity.
2. Literacy Capital (BOOK): Rebounded Balance Sheet & Hidden Value
BOOK's outlook has dramatically improved on a structural level over the last few weeks, even if the share price doesn't reflect it yet.
 The Short-Term Headwind
Like HGT, its Q1 2026 NAV dipped slightly (-0.6% to 481.3p) due to a mix of expenses, charitable donations, and conservative adjustments to their valuation multiples (now down to a historically low **9.2x EV/EBITDA**). Performance remains mixed, as the trust continues to work through the operational challenges at *RCI Group* and *Grayce*.

 The Turnaround Catalysts

The "Net Cash" Breakthrough:** The massive cash inflows from the sales of *Tyrefix* (February) and *Wifinity* (April) brought in over £31 million. Literacy Capital has officially **returned to a net cash position for the first time since 2021,completely wiping out its revolving credit facility debt and dramatically lowering its financing costs.
*Fresh Growth Drivers: The trust's 2025-vintage platform investments, *Red Sky Food Group* and *Trinitatum*, are on an exceptional upward growth trajectory. Management expects both to break into the Top 10 largest holdings by June, providing fresh growth engines to pick up the slack from RCI.
Addressing the Discount:** CEO Richard Pindar announced that the company is launching a wave of marketing and investor education initiatives over the summer to directly address the 33% discount and bring new buyers into the stock.
Summary of the Outlook

  Main Short-Term Risk | Main Mid-Term Catalyst | Valuation Reality 

HgCapital (HGT)** | Continued public tech multiple compression. | High-margin portfolio cash generation & corporate buybacks. | Heavy 33% discount; underlying EBITDA growth remains strong at +19%. |
|Literacy Capital (BOOK)** | Sluggish public sector contract demand for RCI. | Debt-free balance sheet; rapid expansion of new assets (*Red Sky*). | Heavily insulated by a fresh net cash position; portfolio valued at a very conservative 9.2x. |
The Bottom Line:For both trusts, the operational engines are still running fast. The outlook is a waiting game: they are using their cash reserves to buy back shares (HGT) or clean up balance sheets (BOOK) while waiting for the UK and European small-cap/tech markets to cycle back into favor.

Investor Meet Company this coming week.

3i Infrastructure (LON:3IN) 3I INFRASTRUCTURE PLC
Full Year Results
20th May 2026 at 1:30pm BST

Grainger (LON:GRI) GRAINGER PLC
Half year financial results for the six months ended 31 March 2026
20th May 2026 at 3:15pm BST

I just bought Grainger but will have to listen later as we are in Porto next week.

Saba now have 19% pf SDCL Efficiency Income Trust (LON:SEIT) and Jeffries 8%, I believe. What is the end game here any thoughts? 

VITP update - week 531

Info for anyone else holding Alternative Income REIT (LON:AIRE) . Possible  cash offer from Glenstone  REIT announced near to the close today. Link to that statement:-

https://www.stockopedia.com/sh...

Is reality about to strike with US Markets at illogical all time highs? 

Gilt yields rising there and here. Strait of Hormuz still closed. Higher Inflation (Perhaps much higher inflation) looks a certainty along with rising interest and mortgage rates. Intense  cost pressures on Supermarkets and other retailers makes price rises inevitable. And Middle East news could get worse. So could chaotic UK! 

I’ve already top sliced heavily. Yet again CQS Natural Resources Growth and Income (LON:CYN) and BlackRock World Mining Trust (LON:BRWM) have hit £4 and £10 and then fallen back. Holders surely have big profits……..final opportune top slice opportunity? Certainly a good time to have plenty of cash from top slices and sells in our accounts. 

Invesco ChiNext 50 UCITS Acc ETF (LON:CHNX) available through Interactive Investor now (it wasn't last year when I was looking for it). Chinese equivalent of the Nasdaq - a bit racy at the moment.

As said I cut my exposure to India to a small holding in Ashoka India Equity Investment Trust (LON:AIE) which is down 18%. At the current level not inclined to sell. The India market is on a p/e of 20 which is near the cheapest of 18x. Vietnam- which maybe has better growth prospects trades ona P/E of 13.4x, which is pretty average for Vietnam, but discounts, in my opinion, the Emerging status  (FTSE only at moment but MSCI should follow) and growth prospects. Japan is on a P/E of around 20. China is on a multiple of 15x which is historically a modest rating.

If the Oil situation can be sorted then all these markets could be worth looking at.

I see the Seraphim Space Investment Trust (LON:SSIC) shares have been credited to my HL account and are now fully trading - these are the "C" shares.

Looks like in early trading they were up by about 2.5%, but have now settled around 1.5% up.

Will be interesting to see how these progress over the next few months.

We're selling a house shortly since the decease of a relative for whom I had financial responsibility.  Proceeds, some of which will come to me, will either sit in a bank pending a larger decision, or possibly be parked, partially at least in some REITs.  I can't help noticing the Grainger (LON:GRI) is a near dead ringer for actually buying a share in a BTL, but without having to administer it oneself.  But the price just seems to go down.  It's now a 50% discount to book value.  Can those you with great in depth knowledge explain to me what the deeper risks -aside from depressed share price- of such an investment might be under current/ongoing circumstances? Usually those would be some kind of liquidity event like a default on loans, but a property company of this scale is by its nature highly securitised and has cash flow from all those tenancies.  I also see from the RNS yesterday that it has agreed new financing arrangements on  its debt, which all seems very positive.  That leaves a dividend of 5.8%, which is roughly competitive with the top UK government gilts, but of course with that huge discount to NAV.  Or are we to say that UK debt is at an equivalent discount to true  value? (Only partly in jest!)

It appears on Stocko under the Benjamin Graham deep value screen, which includes a number of property companies.  

Benjamin Graham Deep Value Checklist Stock Screen | Stockopedia

Views appreciated.  And in the meantime, here's that RNS, which I thought quite reassuring.

Grainger PLC Grainger extends core banking facility to 2033 - ADVFN

Grainger, the UK's largest listed residential landlord and leader in Build to Rent, today announces that it has agreed an extension on £540m of its core banking facilities to 2033 with AIB, Barclays, HSBC and NatWest.

The extensions further strengthen the company's balance sheet with weighted average facility maturity including extension options increasing to 4.6 years.

The extensions were agreed at lower margins, resulting in an annual saving of c.£1m in finance costs.

This is in line with Grainger's previously stated plan to deleverage by £300-350m by FY29, targeting an LTV of 30% and Net Debt to EBITDA of 8x.

Mello's Investment Trusts & Funds webinar is back today (12th May) from 1pm and it is FREE to join. We have three very different investment companies presenting so hopefully something of interest for most!

More details and registration is available here: https://www.melloevents.com/mitf120526

The agenda is as follows:

1:00pm Company Presentation from IP (LON:IPO)

Chris Glasson (Finance Director) will be presenting and available for questions

1:30pm Company Presentation from JPMorgan Japanese Investment Trust (LON:JFJ)

Emily Whiting (MD, Investment Specialist, Emerging Markets and Asia Pacific) will be presenting and available for questions

2:00pm Company Presentation from Custodian Property Income Reit (LON:CREI)

Richard Shepherd-Cross (Managing Director, Custodian Capital) will be presenting and available for questions

Do join us to learn about each company investment opportunity from presenters and they will be available for your questions. Look forward to seeing you all on zoom tomorrow.

If you cannot make the webinar due to timing, you can register for the event and the recording will be distributed within a couple of days.

David

Not sure why all involved in the Picton Property Income (LON:PCTN) bid have seen share prices fall, PCTN the most?

Following up on my previous post number33; please sell both stakes in Schroder European Real Estate Investment Trust (LON:SERE) at 59p and HgCapital Trust (LON:HGT) at 360p. Hefty and unnecessary loss on that one! 

Thanks for some great replies  on the VITP. I hadn’t thought of timarr’s point that it’s rare to see a genuine long run portfolio like it.

No problem btw with anyone posting about the haphazard way I’ve run it, because it’s been the case for ages. I’ve concentrated on our portfolios ahead of the VITP. 

e.g HgCapital Trust (LON:HGT) should have been sold long before the current 32% loss on my sell if in doubt or bad news rule. And the doubt continues to be the effects of AI on their portfolio. Also I sold Schroder European Real Estate Investment Trust (LON:SERE) after this news in March and on doubts about the sustainability of the dividend. So it too should have gone a while ago. I’ll do the sell posts for number33 after this post. It will raise cash for new buys in time. 

“The Company also announces that at its Alkmaar industrial property in the Netherlands (c. 5% of portfolio income), Shuurman Beheer B.V., the sole tenant, has, as a result of financial difficulties, been forced to cease operations at the asset, following which it has elected not to fulfil its lease obligations. The Company has initiated legal proceedings, including enforcement of the €350,000 rental guarantee. Active marketing of the premises, which is located in a prominent logistics and distribution hub and features on-site renewable energy and an EPC A+ rating, has commenced with good initial interest from prospective occupiers. Further updates will be provided in due course.” 

I’ll certainly react to any buy/sell suggestions posted here as Brucie suggested. 

I might post more on this another time, and will also reply to some of the posts (thanks!) on the VITP. 

For now….markets are often right but fwiw I still can’t fathom why they seem to be ignoring the effects of Trump’s disastrous war even in the unlikely event of it ending tomorrow. e.g higher inflation, higher wage demands and supply supply shortages for starters. So why are US markets at record highs?? 

And in the UK add the risk of current Labour Party chaos and possible very left wing policies and clowns like Milliband or Rayner being touted as Chancellor or even Prime Minister and surely there’s a high risk at some point this year, and possibly soon, of big market falls and a repeat of the Truss chaos or worse ahead, and eventually a much better buy opportunity than now? 

Time to clear out anything we have doubts about and also to top slice a few or sell to have increased cash available for after all this? 

Finally imo the quality of our politicians has never been lower. Rishi and Jeremy Hunt were two glaring exceptions but they had to battle on against their own MPs trying to get rid of them. Rishi Sunak’s weekly column in The Sunday Times, shows his high quality and knowledge. 

If nothing else the portfolio shows how a reasonably well thought out  (not totally random) portfolio has performed over a long period of time.  In that it adds confidence to the investment trust sector when other events might cast a gloomy view  (and there have been quite a few not least expanding discounts)  I find it very useful.

It is  NOT a list of stocks/ trusts with a backward looking 10 / 15 year view that anyone can produce.  It is a  result of "lived" decisions by  the the administrator of the trust.   Although Ken "admits" to forgetting to trade or update it occasionally - that reflects real life for many investors who also have a full time job, family and kids  (so Ken don't be too harsh on yourself)  !

Just after thoughts if anyone's happy to chip in, I've run an update on my quality screen and its thrown up the following as possible income opportunities.

I appreciate there type of investments are probably slightly safer if we were heading into a falling rate environment not a rising rate scenario which is possibly more likely for the next 18 months all be it I'm thinking maybe 0.50-1% increase for the US,UK and Europe over that time period worst case.

As follows, Target Healthcare Reit (LON:THRL) , Biopharma Credit (LON:BPCR) , TwentyFour Income Fund (LON:TFIF) , Custodian Property Income Reit (LON:CREI) Real Estate Credit Investments (LON:RECI) happy to hear any comments good or bad.

Regards

Andy

Interesting article in MoneyWeek this weekend - 'Back the big winner from the gulf crisis'. The author suggests looking at  Guinness Sustainable Energy UCITS ETF Acc (LON:CLMP) and Guinness Global Energy Fund (cant find the ticker here).

"The world has been reminded of the risks of supply distruption" - the article suggets we could see lots more energy projects as countries try to broaden their supply. Worth having a look at the Just ETF page for the sustainable fund https://www.justetf.com/uk/etf... as it highlights a relatively even weighting across companies, and only 33% exposure to the US. 

Keen to hear any thoughts on them, ive taken a position in Guinness Sustainable Energy UCITS ETF Acc (LON:CLMP)

Mello's Investment Trusts & Funds webinar is back tomorrow (12th May) from 1pm and it is FREE to join. We have three very different investment companies presenting so hopefully something of interest for most! 

More details and registration is available here: https://www.melloevents.com/mitf120526

The agenda is as follows: 

1:00pm Company Presentation from IP (LON:IPO) 

1:30pm Company Presentation from JPMorgan Japanese Investment Trust (LON:JFJ) 

2:00pm Company Presentation from Custodian Property Income Reit (LON:CREI) 

Look forward to seeing you all on zoom tomorrow. 

If you cannot make the webinar due to timing, you can register for the event and the recording will be distributed within a couple of days. 

I don't really understand the rational or reasoning behind posting a random portfolio here to be honest. We all have watchlists and our own portfolios. Sorry to be harsh but it doesn't really add any value, as you say yourself it is managed in a very haphazard way. What is beneficial is discussion of Investment Trust buys or sells and the reasoning behind these - bull and bear points - not just a random list of investment trusts, it would be better to get this data from the AIC. 

Having read this article I am going to consider my India exposure. I had reduced it but still have a holding in Ashoka India Equity Investment Trust (LON:AIE) https://asia.nikkei.com/view-n...

AJ bell have an article on the best performing funs over 10 years. Link here

VITP update

In light of the current volatile stock market we have decided to publish the state of the VITP weekly from now on.

The Virtual Investment Trust Portfolio (VITP) is managed by Ken Mitchell and administrated by me (number33).  It represents an ISA portfolio and does not pay capital gains or income tax.  It is as close to a real portfolio as it can get with holdings being bought at offer prices and sold at bid prices and a fixed dealing fee is charged.  It even pays the PTM levy where appropriate.

Note, the FTSE100TP and FTSE250TP reference indices used in the charts are the Total Return versions with dividends reinvested.

Prices are taken from ADVFN,  yields and Discounts are now taken from the AIC website.

Investor Meet Company this coming week.

International Biotechnology Trust (LON:IBT) INTERNATIONAL BIOTECHNOLOGY TRUST PLC
Half Year Results
12th May 2026 at 9:00am BST

I know Charles that you have a sizeable holding in Molten Ventures (LON:GROW) and was trying to see if it still provided a decent chance of a return despite going up so much in the last couple of months.

Similar to Seraphim Space Investment Trust (LON:SSIT) there seems to be a lot of excitement around space - and with GROW having nearly 10% in ICEYE (39% of £350m assets) vs 10% of £1,500m in GROW.

I wouldn't be prepared to pay for SSIT on a 60% premium but do understand that this is based on an out of date NAV which could be way off if there are some early flotations.  However, the 20% discount on GROW looks quite a good starting point - although fully accept that the 120% gain by GROW in the last year may mean the big gains have been had, but then again there could be much more - I sold out way too early on SSIT and missed probably another doubling in the SP.

I might dip my toe in here and see what happens.

Phoenix Spree Deutschland (LON:PSDL) Compulsory redemption of 7.45% of a holding. The redemption price is £2.56 - current market price is £1.71. Record date June 30th so last date to buy is 26th June. I hold this share and given the company says that it hopes to sell €55m in 2026 there will most likely be more redemptions. The issue is the Berlin property market- rental and property laws are complex, interest rates are making it harder for individuals to get mortgages. It could take 3 years (or more) to liquidate the portfolio- hence the discount. The next redemption could be in the 10--15% range-assuming the sales are achieved. The current LTV is 41%.

I will most likely re-invest the proceeds of the compulsory redemption into more PSDL shares.

I see that Seraphim Space Investment Trust (LON:SSIT) has announced the outcome of its C-share equity raise;

Pursuant to the Issue, a total of 136,508,663 new C Shares will be issued at a price of 100 pence per C Share, raising gross proceeds of approximately £137 million. The Issue comprises:

· gross proceeds of £76.4 million by way of the Placing;

· gross proceeds of £15.1 million by way of a direct subscription by an institutional investor; and

· gross proceeds of £45.0 million by way of the Retail Offer.

They will start to trade on Tuesday 12th May.

I hold.

Very interesting solution for any investors in Herald Investment Trust (LON:HRI) and the long established manager Katie Potts. 
https://www.stockopedia.com/sh...

This deal seems to buy out Saba from Herald Investment Trust (LON:HRI) and reduce there ‘interference’ in other Aberdeen Investment trusts for 3 years anyway. Would imagine supporters of Katie Potts are very pleased that she is still in charge of the successful investment strategy she has followed over many years even if it is under the Aberdeen (LON:ABDN) umbrella. 

Big move this. Morning at Polar Capital Holdings (LON:POLR), which fortunately  happens to be my largest single position. The contrast with Reach (LON:RCH) could not be starker! But to state the bleeding obvious, it's clear that there are simply better and worse businesses, which on a clever trading approach it's quite difficult to outsmart. What marks out POLR is of course it's stable of specialist ITs, with the success of those teams feeding back to the profits of the group. So you can of course invest in Polar Capital Technology Trust (LON:PCT) , for example, and accept its volatility, or simply buy the mothership. I'm also aware of my other fund managers including M&G (LON:MNG) , City of London Investment (LON:CLIG) and Ashmore (LON:ASHM) dking well. Impax Asset Management (LON:IPX) has yet to feel the love, but surely can't be far behind if this is truly a function of flows rerouting away from the US..? I'm also continuing to watch Liontrust Asset Management (LON:LIO) where I sense a huge potential recovery opportunity, if it breaks up above it's 200ma.

Bu let's face it, there seems to be no logic to cling onto in present markets, which can turn on the single line of a presidential social media post.

Very brief on this as it’s off topic. Luckily I cut the Telecom Plus (LON:TEP) loss at £11.30 just ahead of the 11% fall today. I think even more strongly now that  the real reason for the  decision to opt for buybacks and cut the dividend was not because Management thought it a likely more rewarding idea, but because they knew and tried to hide that the dividend was unsustainable. Profits warning ahead? 

The other dud idea I posted Riverstone Energy (LON:RSE) I’m still holding for a better sell opportunity. The sell price has gone up and the huge discount might provide support for the share price or even lead to a further share price increase and even a profitable outcome. 

For all the Stocko members joining or planning to join us at MELLO2026 

Here is the current list of investment trusts & funds joining us: 

B.P. Marsh & Partners (LON:BPM) Brunner Investment Trust (LON:BUT) CT UK Capital and Income Investment Trust (LON:CTUK) CT Global Managed Portfolio Trust (LON:CMPG) EJF Investments (LON:EJFI) Harbourvest Global Private Equity (LON:HVPE) Merchants Trust (LON:MRCH) Nippon Active Value Fund (LON:NAVF) Odyssean Investment Trust (LON:OIT) Onward Opportunities (LON:ONWD) Oxford Technology Rockwood Strategic (LON:RKW)

Plenty more to follow. Use code M26BHSpecial for 30% off your ticket (code expires tomorrow)  

For anyone wondering why Telecom Plus (LON:TEP) is down today, they have been downgraded by Deutsche Bank from Buy to Hold with a £13 price target from £20 (I hold) 

HgCapital Trust (LON:HGT) reports full year numbers on Thursday so worth revisiting what got said in the trading update on 6th February (this was just after the Anthropic release of a new autonomous legal productivity tool)....

https://tinyurl.com/3rfufs9p

The important piece was "estimated NAV total return per share was 4.0%² over the year, and as a result, at 31 December 2025, the estimated NAV per share stood at £5.62 with net assets of £2.6 billion (unaudited)". So a recently calculated NAV (albeit based on lots of assumptions and probably similar non quoted companies rather than live market quotes). Will be interesting to see if the NAV is adjusted for the full year results. The trading update plus lots of director buying and the stake taken by Valhalla Ventures helped the SP back in February but it has declined again since then.

I still hold on the basis of the fact they have never sold an investment at less than the most recently reported NAV. But I hold at a loss and so I have not added to my holding (yet). The following podcast interview with Luke Finch is interesting and the main messages are that AI will help HgCapital Trust (LON:HGT) and news in the pipeline should be positive. Also available on the Apple Podcast app. I may add after Thursday but want to read the RNS in full first.

https://tinyurl.com/mw6rfufr

At the opposite end of the risk scale, Tritax Big Box REIT (LON:BBOX) has it's AGM on Thursday. No specific NAV announcement expected but there may be some sort of trading update ? Full year results were announced on 27th February.... 

https://tinyurl.com/3tpfdxrc

And similar to Primary Health Properties (LON:PHP), a neat table of all the relevant financials was included, this makes it really easy to understand performance (my markings in yellow).... 

Importantly, weighted average cost of debt as at end of December 2025 was 3.6% (versus 3.1% as at end of December 2024). 73% of the drawn debt is either fixed or hedged.

AIC site says the shares trade at an -18% discount to NAV with a yield of 5.3%. Not the best stats in the sector but Tritax Big Box REIT (LON:BBOX) is well managed IMO and I may well add tomorrow.

Let's see what Thursday brings.

SSB

Investor Meet Company next week.

JPMorgan Emerging Markets Dividend Income (LON:JEMI)

JPMORGAN EMERGING MARKETS DIVIDEND INCOME PLC
A Closer Look at Emerging Markets
5th May 2026 at 10:00am BST

Investor meet Company next week.

Seraphim Space Investment Trust (LON:SSIT) SERAPHIM SPACE INVESTMENT TRUST PLC
Investor Presentation
5th May 2026 at 10:00am BST

Morning all and thank you to the usual suspects including the two Mitchells (presumably unrelated except for their shared acumen on  all things investment trusts related!) for keeping this board up to date as a veritable resource and daily go-to for comment.  Now we're in May I thought I'd submit my current folio, which contains  - or has contained - so many of the shares touched on here.  It is an income folio, hopefully, though not always successfully,  skewed towards value, wherein lies my basic strategy and  whatever capital upside it might have.  I am also fast approaching the moment in July when wifey and I will  be largely living off its dividends, which will of course have a significant effect on  the YTD, currently running at +4.4%.  

Looking back on the month I see that I sold my Telecom Plus (LON:TEP) after their rather mixed messaging about the dividend; also SDCL Efficiency Income Trust (LON:SEIT) and Octopus Renewables Infrastructure Trust (LON:ORIT) .  In place of which I have started a full position (2.77%) in ME International (LON:MEGP) , as a growth with income idea that I have known about for years, but which is now available at a reason price, with an interesting story of a tie up with Asda for a great number of new laundromats!  Also fortified positions in existing holdings, Foresight group (LON:FSG) (2.8% - largish for me!), Primary Health Properties (LON:PHP) (2.5%) , Supermarket Income REIT (LON:SUPR) and Schroder European Real Estate Investment Trust (LON:SERE) at equal standard position sizes.

The folio at 8.2% overall dividend yield should be enough to support the two of us along with my rather meagre work pension ( a teacher, but with lots of bits in between!) and  hopefully, leaving a little bit to left to reinvest.  To the extent that it does, is the subject of our forthcoming next journey.  Neither of us is yet old enough to qualify for our state pension.

AAIF, ABDN, ASHM, BBOX, BLND, BPCR, BVXP, CLIG, CSN, CYN, DUKE, GCP, FGEN, FSFL, FSG, HBR, HFEL, IPX, ITV, LGEN, MEGP, MNG, NESF, NRR, OSB, PHP, POLR, RCH, RECI, SDLF, SERE, SEQI , SHHP, SOHO, SNWS, SREI, SUPR, TFIF, TMIP, TRIG, UKW.

My position in IPX, on which I recently and perhaps recklessly doubled down is likely to be dividend shortly with a renewed attempt to capture the earlier recovery at  Liontrust Asset Management (LON:LIO) .  The two shares have different risks and opportunities,  though both have been very badly battered recent years.  While I'm still convinced that IPX still holds a niche position in a sector that will  be rediscovered off the back of a global convergence on electrification vias renewables, I think Liontrust Asset Management (LON:LIO) will be a beneficiary in due course of funds redirecting away from the increasingly toxic US. Obviously, I could be wrong, which is where I've been for the last eighteen months at least, in that regard! But the chart looks ripe for a massive, secular bottom. 

In which regard, I'm also optimistic on Renewables.  I love Renewables Infrastructure (LON:TRIG) Greencoat UK Wind (LON:UKW) and Foresight group (LON:FSG) in particular, though some may accuse me with some justice of overlooking my own confirmation bias.  Nevertheless, and risks not withstanding, there are times when the markets seems simply unable to look beyond the wall of negativity that has brought previously great stories well and truly down to earth.  There is the spectre not just  of a Reform government (disaster!) but of this government's seemingly inconsistent messaging around support pricing - call it what you will.  I do however understand the need to get off the so called 'marginal pricing' policy at which energy is priced to the consumer at the most expensive rate of base load gas, as opposed to the actual cost of power being generated.  That said, it's a complex issue, and one that I don't pretend to fully comprehend. But i do  think that electrification is no longer a fad, but  a megatrend that has only just begun, as this rather fascinating feature in this week's IC seeks to explain: Investors Chronicle  It's a remarkable article that should be read by all investors with an eye to emerging trends, and includes this one telling example (by which i mean, of the opportunity as well as the headwinds!) among so many others:  

"If anyone can spot a smart return on investment, it’s a 143-year-old, family-run engineering firm. Goodwin’s (GDWN) installation of 6.7 megawatts (MW) of solar panels has led to a 30 per cent drop in electricity purchased from the grid. The Stoke-based group has also secured planning permission for a further 4.3MW solar installation but has been told by National Grid that planned upgrades to a nearby substation mean the project cannot complete until at least 2037."

Happy belated May Day!

B5.

I’ll try and get round to a proper REIT update fairly soon. 

For now, a key point is 10 year gilt yields over 5% making REITS less attractive as their yields are mostly around 7%. 

Also rising interest rates would be another headwind for the sector. So most of the REITS I hold look holds rather than buys, unless any of them get bid for. I’ve sold Schroder European Real Estate Investment Trust (LON:SERE) recently. Why?….another time. 

Newriver Reit (LON:NRR)  up 11% year to date but still with a 9% dividend looks well worth checking out. Recent Results good. 

Schroder Real Estate Investment Trust (LON:SREI) DOWN 11% looks oversold. 

Custodian Property Income Reit (LON:CREI) on an 18% discount and up 5%year to date  looks tempting too. 

Land Securities (LON:LAND) down 5%year to date is one that is worth buying now if the share again falls back for a while to up the yield a bit. I’m down 2%.. Tempted to add more to my half stake. 

Primary Health Properties (LON:PHP) is down 5% this year and again worth keeping an eye on. 

Social Housing REIT (LON:SOHO) up 6% this year looks one to monitor too. 

I also hold Aew UK Reit (LON:AEWU) , my best performer but fully valued, even though down 5% ytd and Alternative Income REIT (LON:AIRE) down 4% ytd . I wouldn’t be a buyer now, Finally Supermarket Income REIT (LON:SUPR) was a great buy when highlighted on the Investment Trust threads at the low, but less tempting now. 

VITP update

Discounts are temporarily unavailable.

Yes the FTSE is unchanged over the month and the VITP has had one of its biggest rises ever.

I've been very busy over the last month and not had time to look in here, but, as a slightly pained lover of renewables, I will try to find time to comment more soon.  I have lived through the announcements of most and will admit to an error with NextEnergy Solar Fund (LON:NESF) , whose strategy doesn't excite me (although Next Energy Capital seems to be doing OK).  They have all suffered from even worse sentiment about the government changes to various regulations in pursuit of lower electricity costs, but I believe the worst of that is over.  For instance, the supposed windfall tax element has been announced by various as not affecting them, as their power price forecasts had already been adjusted down.  It depends where you started, of course, so I'm only really underwater on the two solar funds.  And most of the divs are being held at least.  My main concern is that this **** war is making the BoE think they should increase interest rates, rather than continue the decline.  I think this is misguided.  This is a supply shock, not a demand pull.  Why does making borrowers' lives doubly more expensive help, if the country needs tax income to pay its huge debts?  Answers to that would be interesting, as it does affect funds like these.

One of my best in this sector in the last year has be VH Global Energy Infrastructure (LON:ENRG) , which is now in wind-down.  If the others do gradually sell to private/international actors, they may well also revive closer to their latest NAVs.

So, in these volatile times, I have bought back into Biopharma Credit (LON:BPCP) .  It has been a consistent performer, as a provider of credit for last-leg costs of getting new drugs and devices market-ready, and only to publicly-listed companies.  This does seem to me well insulated from Iranian ripples.  And of course, Social Housing REIT (LON:SOHO) came out with solid results, also a good diversifier from current macro news.

April was a better month for markets and the trust sector was lead by tech stocks. I see Manchester And London Investment Trust (LON:MNL) did well. I never managed to buy any shares as unable to get a quote and if I did the spread was huge- limit orders failed. I will avoid it as I have memories of getting locked in holdings with poor quotes/huge spreads. A rule of mine. Not sure why they do not do a share split to maybe increase liquidity. Molten Ventures (LON:GROW) is one of my larger holdings- glad it has gone up as I feel it is, and like many of the PE type trusts undervalued. Oakley Capital Investments (LON:OCI) has not done much, another large holding of mine , recently even thought they frequently say that AI qill be of use to many portfolio companies.-I see HgCapital Trust (LON:HGT) has said much the same in a Citywire article yesterday- I hold that as well.

I have applied for the SSIT C shares. I am nervous of Trusts new issues falling to a discount, but givenm the large premium the ordinary shares are on and given I have a feeling they will have some investments lined up which are just past the seed capital stage worth an investment. That is based on hunch rather than fact I should state.

Emerging markets have had a hard time recently, though good to see Fidelity Emerging Markets (LON:FEML) up in April. I remain committed to the sector. Despite what the BoE spokesperson said I am not sure UK and European markets are massively over-valued at the moment. My only fear would be a Reform landslide in next weeks elections, but we will know in 7 days. November mid-terms loom for Trump and given his 60 day free pass to attack Iran is over hopefully Congress will start flexing what muscles it has  to sort this mess he created out.