Investment Trust , REIT and ETF's- Thoughts (April 2026)
Investment Trust , REIT and ETF's- Thoughts (April 2026)
Links to older monthly thoughts.
March 26 Feb 2026 January 2026 December 25 November 2025 October 25 September 2025 August 25 July 25 June 25 May 25 April 2025 March 25 February
25 January 25 December 24.November October September August July June May April March February
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.
March 2026 Investment Trust monthly performance.
Equity Only
Top 10
DP Aircraft I (LON:DPA) +8.7%
Worsley Investors (LON:WINV) +4.1%
Athelney Trust (LON:ATY) +3.7
Biotech Growth Trust (LON:BIOG) +0.4
Majedie Investments (LON:MAJE) +0
Augmentum Fintech (LON:AUGM) -0.5
Baillie Gifford Us Growth Trust (LON:USA) -0.5
Seraphim Space Investment Trust (LON:SSIT) -0.7
Molten Ventures (LON:GROW) -0.9
Bottom 10
Blackrock Throgmorton Trust (LON:THRG) -18.7%
Blackrock Frontiers Investment Trust (LON:BRFI) -17.7%
Schroder Japan Trust (LON:SJG) -17.2%
Jpmorgan Uk Small Cap Growth & Income (LON:JUGI) -16.9%
Sure Ventures (LON:SURE) -16.7%
JPMorgan Japanese Investment Trust (LON:JFJ) -16.2%
Crystal Amber Fund (LON:CRS) -15.9%
JPMorgan Emerging Markets Dividend Income (LON:JEMI) -15.7%
River UK Micro Cap (LON:RMMC) -15.3%
Aberforth Smaller Companies Trust (LON:ASL) -15.2%
Top 10 (All Trusts)
Macau Property Opportunities Fund (LON:MPO) +24.8%
DP Aircraft I (LON:DPA) +8.7%
Bluefield Solar Income Fund (LON:BSIF) +5.4%
UIL Finance (LON:UTLI) +4.7%
Greencoat Renewables (LON:GRP) +4.7%
Riverstone Credit Opportunities Income (LON:RCOI) +4.6%
Worsley Investors (LON:WINV) +4.1%
Athelney Trust (LON:ATY) +3.7
Gore Street Energy Storage Fund (LON:GSF) +3.4%
Greencoat UK Wind (LON:UKW) +2.1%
Bottom 10
Hydrogen Capital Growth (LON:HGEN) -54.4%
Golden Prospect Precious Metals (LON:GPM) -19.3%
Blackrock Throgmorton Trust (LON:THRG) -18.7%
Tritax Big Box REIT (LON:BBOX) -18%
Blackrock Frontiers Investment Trust (LON:BRFI) -17.7%
Schroder Japan Trust (LON:SJG) -17.2%
Jpmorgan Uk Small Cap Growth & Income (LON:JUGI) -16.9%
Sure Ventures (LON:SURE) -16.7%
JPMorgan Japanese Investment Trust (LON:JFJ) -16.2%
Property/REIT
Top 5
British Land (LON:BLND) -1.6%
LXI (LON:LXI^C24) -2.4%
Supermarket Income REIT (LON:SUPR) -3.1%
Civitas Social Housing (LON:CSH^H23) -4.2%
Land Securities (LON:LAND) -9.8%
Bottom 5
SEGRO (LON:SGRO) -21.5%
Tritax Big Box REIT (LON:BBOX) -17.9%
Sirius Real Estate (LON:SRE) -15.3%
Primary Health Properties (LON:PHP) -15.1%
Great Portland Estates (LON:GPE) -10.9%
ETF's
Top 5 by Country
Invesco MSCI Saudi Arabia UCITS ETF Acc (LON:MSAU) +8.5%
Franklin FTSE Brazil UCITS ETF (LON:FLXB) +0.29%
Xtrackers MSCI Malaysia UCITS ETF 1C (LON:XCS3) -0.95%
Xtrackers MSCI Singapore UCITS ETF 1C (ETR:XBAS) -3.4%
Vanguard S&P 500 UCITS ETF USD Acc (LON:VUAA) -4.1%
Bottom 5 by Country
Ishares Korea Ucits Etf (LON:O111^I16) -21.7%
iShares MSCI South Africa UCITS ETF USD (Acc) (LON:IRSA) -16%
Amundi MSCI Indonesia UCITS ETF Acc (EPA:INDO) -13%
iShares MSCI India ETF (LON:0JKT) -12.5%
Xtrackers MSCI Philippines UCITS ETF 1C (LON:XPHG) -11.1%
Sorry ran out of edit time as only have an hour from first published time. !
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.
210 comments
For those that use google finance alot - it seems to me as though the name for Making Europe Great Again UCITS ETF EUR Acc (LON:GR8) is incorrect in google - they have confused it with the recently launched Nuclear Renaissance UCITS Acc ETF (LON:NUKP) .
Brief thoughts on Riverstone Energy (LON:RSE) and Telecom Plus (LON:TEP) . RSE was a self inflicted mistake with good chance any loss will be minimal, and still a chance of a small profit. . But with TEP I feel investors have been very badly misled.
Agree with Charles that on a near 50% discount Riverstone Energy (LON:RSE) is worth holding for now.
As for TEP, I have read their bullish November update comment again. It included positive comment on the dividend and no mention about consulting shareholders about buybacks v dividends. So is the new policy just an excuse for a dividend cut ahead? And is the big contrast between the upbeat comment in November and the downbeat comment and figures this time a clear warning of a profits warning ahead?
So I’ll be selling Telecom Plus (LON:TEP) very soon, and now with reduced hopes of a bounce to give a better sell opportunity. If anyone else re reads their November update and the latest one and comes to a different conclusion please post.
Ken - thx for your further thoughts on Telecom Plus (LON:TEP). Like you, I feel there's little chance for the share price here to improve anytime soon. I sold at 1172p; I see it's a touch down from that again just now.
As to RSE Riverstone Energy (LON:RSE) - as Charles and you mention, the high discount to NAV might give a chance for some recovery. Allowing for the compulsory redemption my over all loss is much reduced, fortunately. However I will be looking to sell my remaining holding - as soon as - (if) the sp gets an uplift.
Do keep us posted on any further thoughts, - appreciated
Thanks dartagnan. At least both Telecom Plus (LON:TEP) and Riverstone Energy (LON:RSE) share prices sort of joined in the big rally today.
For Riverstone Energy (LON:RSE) I’m going to give more time for eager sellers to get out and then decide. By then the very wide spread might have narrowed too.
Telecom Plus (LON:TEP) might have been helped by a poor quality (imo) buy update today from Berenberg, including a fanciful share price target. more than double the current level. The analyst (Alex Smith) who wrote that also thought the switch from focus on dividends was good supportive news. I don’t and nor do the many investors keen on dividends where we get real money over buybacks, where we don’t. And I still think the key reason for the change could be their excuse for a dividend cut.
I’ll hold Telecom Plus (LON:TEP) a bit longer to see where the share price settles. Hopefully there will be a chance to sell above the current price.
Here’s the Berenburg comment:-
Berenberg: Telecom Plus making changes as competition builds
Telecom Plus is attracting new customers but Berenberg warns there is ‘competitive pressure’ building in energy and broadband.
Analyst Alex Smith retained his ‘buy’ recommendation and target price of £26.00 on the multi-utility supplier of gas, electricity, home insurance, broadband and mobile services, which was trading down 0.5% at £11.73 on Wednesday, adding to the more than 11% drop on Tuesday on the back of a trading update.
While it confirmed ‘robust customer growth’, with a 23% increase in the customer back for the year, which Smith said was ‘largely driven by the acquisition of customers from TalkTalk’, pre-tax profits are expected to be at the bottom of the range for the year.
Smith said profits – which were pegged in the range of £132m to £138m – were ‘affected by an unseasonably warm winter reducing energy consumption’.
The ‘intense competition’ in broadband and energy is causing another issue for the group, said Smith, although it was offset by a ‘standout performance’ in mobile.
To keep shareholders onboard, Telecom Plus has revised its capital allocation policy to include share buybacks alongside dividends.
‘We see this as a positive, improving flexibility and ability to repurchase shares at current levels,’ said Smith.”
Hi ken
In respect of Telecom Plus (LON:TEP) I think there are reasons to be hopeful.
I don't actually take any notice of analyst reports but for those that do the five covering the company have a share price target average of £23.50. Lies, damned lies and analyst forecasts ...
But by almost any measure the company is cheap - organic growth is still at about 10% and pretty much any calculation of intrinsic value puts it at least 50% over the current share price. While the share price is below that level the company will buyback shares, above it they'll prioritise dividends - this isn't simply a case of a company spaffing shareholder funds up against a wall to drive up the share price and trigger options.
Of course, many private investors would prefer a dividend, but this is a billion pound company. When TEP talks about "shareholders" we're not the target audience.
But it takes all sorts to make a market. If the share price remains around the same level I'll be adding when funds become available.
timarr
Thanks for your reply timarr. Hope you’re right to be optimistic. Your more positive take might prove right, and perhaps will reassure those still holding.
I always look out for signs of any trouble ahead in Company updates. I still see the big change in dividend policy from their last update and now as a warning sign. They could have announced their intention to consult shareholders about ways to maximise shareholder returns in that November update. That they didn’t I see as a clear warning sign.Time will tell!
Here’s what they said in November. Not even a hint of a dividend cut:-
“Dividend & Capital Allocation
We continue to follow a progressive distribution policy, returning 80%-90% of adjusted net income to shareholders over the medium term. The Board is proposing to increase the interim dividend to 38p (H1 FY25: 37.0p). Our underlying business remains highly cash-generative notwithstanding our continuing strong and sustainable organic growth.”
I also see this section on their recent update as a warning of tougher times ahead including margin pressures and possibly reduced cash flow:-
“ Despite a 29% increase in Mobile services, our overall organic services growth rate during FY26 was behind our customer growth rate, primarily reflecting continued strong competitive activity in the Energy and Broadband markets, resulting in lower than expected growth in Energy and organic Broadband services (1.8% and 3.8% in FY26 respectively), whilst Insurance services (-8.3% in FY26) have been slower than expected to recover from the temporary pause in new Insurance sales during FY25.
Our churn rate increased slightly to 14.2% (FY25: 13.7%), reflecting the competitive dynamics mentioned above, with the shape of the energy wholesale forward curve enabling competitors to offer fixed price energy tariffs meaningfully below the Ofgem price cap for much of the year.”
What do we think of Schroder Real Estate Investment Trust (LON:SREI) as it has dropped back below 48p? Looks good value to me with c20% disc to NAV and 7% dividend.
sevenccc. Hope you get replies. I’ll add my thoughts on Schroder Real Estate Investment Trust (LON:SREI) and other REITS including those reporting today, sometime.
Perhaps you can cover Schroder European Real Estate Investment Trust (LON:SERE) too, while you're about it..? I hold both.
I’m interested in how people here are playing the Strait of Hormuz hedge, specifically through broad commodities. I currently hold iShs Blmbrg Enhcd Roll Yd Comdt Swp UCITS ETF USDA (LON:ROLG) and UBS CMCI Composite SF UCITS ETF USD A acc (LON:UC15), which have both been doing well and continue to edge up.
Both give broad exposure across energy, metals and agriculture, so they feel like a straightforward way to capture the wider supply‑shock theme rather than just betting on one factor such as oil.
Are there any other broad‑commodity ETFs people here are using for this hedge, and do you think most of the move has already happened or is it still sensible to keep holding?
Wow, how did you search for and research these? They seem very specialist/illiquid?
Hi snowdrop, I typed “commodities” into JustETF and clicked the “Compare” button to see the full list. From there, with the help of AI, I narrowed it down to ROLG and UC15. They stood out as the broad‑commodity options that weren’t just simple front‑month trackers, and they also try to avoid the usual contango/roll issues you get with commodity ETFs. That’s what pushed me toward them — both handle the roll side more intelligently than the basic front‑month products.
They don’t seem specialist or illiquid to me. UC15 is a big, long‑established fund with well over a billion in assets, and ROLG sits in the main iShares commodity range, so both have proper market‑maker support even if the on‑screen volume looks quiet. What appealed was that they offer broad exposure across energy, metals and agriculture, but with structures designed to reduce some of the drag that can hit commodity funds over time.
So I didn’t see these as specialist — just broad commodity exposure with a bit of thought behind how the futures are managed.
Thanks PT that has been v educational for me
I own some shares in the Amundi Bloomberg Equal-weight Commodity ex-Agriculture UCITS accumulation ETF (Ticker COMG).
What a bad day for both Telecom Plus (LON:TEP) andRiverstone Energy (LON:RSE).
Apologies again to anyone here who bought Riverstone Energy (LON:RSE) after my misguided post on the bull case.I know some of those posting here knew (unlike very careless me) that this was not (as I had posted) another chance to apply for extra shares for redemption, but non posting readers here might not have realised that, and have got caught out by the huge share price fall today.
It could well be that both the Riverstone Energy (LON:RSE) and Telecom Plus (LON:TEP) share price falls today could be overdone.
In the case of Telecom Plus (LON:TEP) with a dividend cut almost certain, persistent selling today by investors much preferring dividends to buybacks might explain most of the fall.The update itself wasn’t that negative. So a modest bounce is possible to give a better sell opportunity for those who now want out.
Riverstone Energy (LON:RSE) is now at an even bigger discount to NAV and surely a good chance when the dust settles that there could be at least a small rise from what also looks, overdone fall today.
But again…..as I hate doing misleading posts ….many apologies again to anyone caught out by the big RSE share price fall who,bought based on my misguided enthusiasm.
I still hold both, but am looking to sell.
Ken, probably easy for me to say it as I’ve not been tempted by either shares or for that matter any of the house builders but there is never any need to apologise if an idea doesn’t come up to scratch. I don’t post very often but I’m sure that almost everyone here will know the rule that “you pays your money and takes your chance” and the only person to blame if a selection disappoints is yourself. Nobody can get everyone right but over the years you have suggested many ideas for further research with far more than not ending up being very profitable investments. Probably not for me to say but if I currently held Riverstone or Telecom Plus I would also be selling in line with the thought of running winners but getting out on any hint of a changing story or hints of bad news. Good luck to all in these unpredictable markets, who knows but fwiw I think the current levels look very heady.
No apology needed Ken - we all need to own our investment decisions - and I for one am grateful for the "opportunities" this board throws up. Whether they turn out to be "winners" is irrelevant as we must all do further research and make our own decisions.
I am inclined to "hold" Telecom Plus (LON:TEP) and potentially do a bit of a top-up. Whilst the dividend cut and transition to buy-backs is not necessarily good news (hence the huge volumes traded today) I feel that overall the prospects look to be "ok-ish". Energy prices are rising and therefore revenue should increase. In addition customers will be looking for the best-deal they can and Telecom Plus offers some good bundling opportunities.
I'd normally sell on a profit warning, but I don't see this as a profit warning, more a change of dividend strategy.
With regards to Riverstone Energy (LON:RSE) this was a bit of unwanted news - I think my shares have been disabled in my HL a/couple so I cannot do a lot, but I suspect it is again an over reaction and the MM's are trying to shake us out. I will take a further look at the remaining assets and see if I can cobble case for the ongoing holding. Back of the fag-packet calc today based on the £11+ pay-out is showing about a 10% loss overall. Not a disaster, especially if it comes back a little.
One of my other few remaining single companies is also on a major downer - Mortgage Advice Bureau (Holdings) (LON:MAB1) but I have convinced myself that this is my play on the building sector. However, it's important to note that 40% of MAB1's revenues come from mortgage renewals and not new mortgages. These will therefore continue whatever happens to the housing market, so I think they are oversold. They also have a good 5-year strategy (now in year-2) which to date is delivering. I suspect they are simply caught up in a very unpopular sector.
Anyway, its too late now to sell, and I simply won't bother to buy one of the housebuilders and simply use this as my play in that sector.
I too put an order in the the Seraphim Space Investment Trust (LON:SSIT) C-shares today - I've no real insight here, but the space sector is doing well currently and I would hope that this might continue - Like Charles I sold out of my main holding way too early, but still at a good profit - when to sell is still a major hurdle for me.
Currently reading Lee Freeman-Shore's latest book and it's not helping me come up with a selling strategy to date - they all do it in so many different ways!!!! All I know is that my fear of round-trips (based on bad experiences) makes me take profits too early, but at least still in profit.
One of the chapters covers a chap who does not hold beyond 15months - his strategy is looking for earnings surprises (upwards) and basically invests into these and works on the premise that after about 15months he will have made very good money if they continue to surprise on the up. That rang a bell with me, but I suspect others will say to keep riding the run for longer!!! Who knows.
Kevin. As I’ve posted before but you might have missed it, isn’t a solution to your finding sell decisions difficult as with Seraphim Space Investment Trust (LON:SSIT) not to sell the entire stake, and just top slice? That way you’re still in if the share price keeps rising but have also cashed in on the share price gain, to reduce your buy cost.
You are influential because you are often right! Most people are wrong 2 in 3. But the devil is always in the detail.
"What a bad day for both Telecom Plus (LON:TEP) andRiverstone Energy (LON:RSE).
Apologies again to anyone here who bought Riverstone Energy (LON:RSE) after my misguided post on the bull case."
Sorry, rather delayed reply to this post since the new thread is now up, but I want to reply anyway. Ken, there is absolutely no need to apologise for any of your posts. I for one really appreciate all of them, regardless of the outcome. We're all grown-ups here (and if anyone actually isn't then they've got loads of time to learn from and recover from mistakes!), and we can make our own buy and sell decisions. I largely come here for idea generation. I don't think anyone here is expecting a free financial advisor!
Thinking back to the ideas I've followed up (i.e. bought) from this thread, there's RIO at £49 dip (Ken), SSIT at discount to NAV (Charles?), ABDN (timarr), SEIT and RSE. Of those 5, 3 of them have worked out very well (extremely well in the case of SSIT), and 2 are either breakeven after dividends or at a small loss. I'd call that an exceptional hit rate :-)
Anyway, all the best to everyone on this thread, I'd try to contribute more in future, but I'm not really an IT specialist (I'd describe my portfolio as a quant-based very diversified collection of mainly UK small caps with an average stockrank over 100+ positions of 83).
Seraphim Space Investment Trust (LON:SSIT) "C" shares. I have applied under the retail offer, (I currently have no holding in the Ordinary shares-I sold way to early)despite some poor experiences recently on new issues such as Augmentum Fintech (LON:AUGM) and Hydrogen Capital Growth (LON:HGEN) . AUGM was launched at a £1.00 and has sold out at 1.11p. I lost money because I increased my holding at higher prices !. The investment team at SSIT do know their stuff, the SSIT NAV has increased by 42% since IPO. The share price growth has been form both the large discount and the fact it trades well above the last NAV. Time will tell but the space sector is interesting.
Telecom Plus (LON:TEP) trading statement out today - profit at bottom end of range, and looks like divi will be reduced in favour of buybacks. Disappointing on both counts!!
Will be interesting to see how the shares respond if their statement "in response to feedback from many shareholders" is real.
There's a surprise massive drop!!!
I have sold out. I bought in having read about it on a previous thread- for the dividends. Not a company I had a great deal of knowledge on- so o that basis I am out.
That’s a very disappointing update today from Telecom Plus (LON:TEP) . Blaming the weather is a common excuse used by Companies, and TEP sailed through warm winters in the past. Clearly there are price pressures and tougher competition too.
Most disappointing for me is this section:-
“In response to feedback from many shareholders, we have decided to review our shareholder distribution policy. We intend to maintain a total payout ratio of at least 80% of adjusted profit after tax, but this will, from our upcoming full year results in June, now be split between both dividends and share buybacks, with at least 50% of the total payout each year being allocated to ordinary dividends and the remainder being allocated to either share buybacks or special dividends, depending on whether the Company is able to repurchase shares at below their fair value. This revised policy recognises the cash generative nature of the Group and its strong balance sheet and reiterates our commitment to maximising total shareholder returns.”
I take that to mean a dividend cut at the expense of wasteful buybacks….but unfortunately so many investors prefer buybacks, despite endless evidence that too often they end up a waste of money.
The share price reaction today could be overdone. It’s not really a profits warning , and just the lower end of expectations. In one day (so far) the share price has dropped to the previous low at the end of March. It’s possibly the buybacks news at the expense of dividends that has spooked investors more than the update itself?
I haven’t decided yet whether to sell and will wait for the likely update from Graham or Roland along with any helpful comment here, before deciding. The update is not negative enough to justify selling on my “sell on bad news” rule.
Still making my mind up on Telecom Plus (LON:TEP) too Ken. Have just emailed their Investor Relations lady Louise Rich to say SIPP and ISA shareholders will be displeased as many holding for the dividend. Let's see if I even get the courtesy of a response. As I pointed out the folly of BB at Greencoat I may not!
sevenccc.
Did you get a reply from Telecom Plus (LON:TEP) ?
Not yet Ken. Expect they were doing the City rounds and follow up last couple of days. Interesting measure of how important PIs are to these businesses isn't it?
Tucked away a few more Schroder Real Estate Investment Trust (LON:SREI) yesterday as their Divi seems a little more secure. Still interested in thoughts on that one from others. Not one to set the world alight but a steady 7% with maybe a few ticks up on capital growth balances the portfolio nicely.
RE: Telecom Plus (LON:TEP)
I wouldn't want to advise anyone but personally I'm more inclined to top-up than sell out.
While many companies hide behind weather related issues for TEP it isn't something they can avoid - if the weather is milder then people use less energy. Mind you, I'd like to see the detail given that broadband is not noticeably impacted by warmer days.
As for the dividend / buyback debate: if companies are buying at a clear discount to intrinsic value then that's fine by me. A buyback where the board just keep buying back shares regardless of price because they have authority to do so doesn't make sense, but one in which the decision is made based on the underlying value is entirely sensible, IMO.
This is essentially the Next playbook - if the shares are cheap then buy them back, if they're not then pay out a special dividend. TEP isn't an investment trust where the managers are desperately trying to keep the share price up with the NAV despite falling investor interest and largely pouring cash down the sink rather than doing a proper job of finding new investments and growing the company.
But again, the devil is in the detail. We'll see come the next results.
timarr
HgCapital Trust (LON:HGT) - my finger is hovering over the buy button. The long term performance is excellent but has been hit due to AI worries and software. It is on a big discount. Anyone have views?
It looks very cheap. I recently doubled my holding in it. Valhalla bought a 7% stake in Feb 2026. HGT have consistently realised holdings at above asset value in NAV. Molten Ventures (LON:GROW) is performimg well so not sure why HGT is lagging.
Greencoat UK Wind (LON:UKW)
Thought the update this morning was rather positive.
Anyone got any thoughts - I decided to open a small position on the hope this might turn around.
A.
Personally I'm a bit cynical about this sector and have never invested despite the tempting dividend. They have benefited from crazy high electricity prices but shares haven't really performed well. The current high electricity prices are not sustainable, we've gone from one of the cheapest to the most expensive electricity price producers and it is killing the industrial sector and household income - new data centres are apparently installing their own gas fired power stations. Whether the government does anything is anyones guess, if they do it has to be meaningful for users, I don't think it will be balanced between users and suppliers.
I bought into UKW recently. Sector is out of favour so looks cheap, dividend looks secure given current cash generation. The board announced a target of 10.7p for 2026 (covered 1.3 times) and they have been reducing gearing. So unless the wind stops blowing should be OK.
Why catch a falling knife and take exposure to AI disruption & terminal value risk when there is so much value on offer in the UK in AI winners / real assets?!
Certainly a view Nurzel.
Contrary view from me too Charles. How can Greencoat UK Wind (LON:UKW) be trusted to generate a reasonable return for shareholders when the NAV has come down from 164p to 151p to 134p over the last 3 years? And the abysmal use of shareholders funds for share buybacks in 24 at an average of 135p and in H1 25 at average of 115p? Against a share price now of around 100p. Looks pretty pretty much like they are p***ing in the wind to me.
The Divi is certainly tempting and seems secure but the value destruction going on here makes no sense to me. Following the buyback trend shows lack of management capability, imo. Am I missing something or just being a bit harsh for a Monday?
You. could be correct. They claim to be selling of poorer assets and re-investing in quality ones. For the moment i will take the div as long as share price does not fall too much.
As you probably can guess sevenccc, I so agree with you re the wasteful Greencoat UK Wind (LON:UKW) buybacks. Along with too many other Trusts they seem to be oblivious to the folly of buying back once it becomes obvious they are a waste of money, as the figures in your post show so clearly to be the case with Greencoat UK Wind (LON:UKW) .
There might be money to be made on Greencoat UK Wind (LON:UKW) but it fails miserably on my if in doubt get out rule. There are much more tempting sectors and much better managed Trusts imo to check out and have on a watch list. I ( and hopefully others too) will post on some of those once it becomes clearer whether or not the Strait of Hormuz opens again soon.
After reading all the comments I have sold this morning. Valued comments heare made me reflect and re-test the reasons I bought. As all have said better options in the trust and property sectors.
Investor meet Company this coming week.
Literacy Capital (LON:BOOK) LITERACY CAPITAL PLC
Investor Presentation
27th Apr 2026 at 2:00pm BST
River UK Micro Cap (LON:RMMC) RIVER UK MICRO CAP LIMITED
Quarterly Investor Update
29th Apr 2026 at 10:00am BST
There is a blog written by an above average trader.... Very positive on SSIT & SAGA https://cockneyrebel.substack....
SSIT (just over 14% drop) due to planned discounted fund raise of new "C" shares at 100p (55% below Friday closing price) to raise £350m..........wondering if this is a good entry point. Also will the "C" share only be offered to retail investors who currently have a holding?
The C shares offer will be open to everyone. It occurs to me as a shareholder that this is an opportunity to sell my @SSIT shares at a 50%+ premium to NAV and then reinvest in the C shares issue at NAV. This may be why the price has taken a hit today.
Ypur buying a blank portfolio rather than a semi proven one . The c shares are not a cheap way into the existing ordinary.
I will admit I got Seraphim Space Investment Trust (LON:SSIT) wrong recently. Did well buying and selling it for a couple of years. I have no idea what is driving the price so much- the possible Hawkeye flotation would add just 3.6-7.0 p to NAV. I am sure there could be money to be made in SSIT , but now to racy a valuation for me. When it was at a huge discount I thought that was wrong. I have to say I now think this is wrong- said the same about 3i (LON:III) re Action, I was wrong for a long while but see reality has kicked in there.
I am in exactly the same camp. Firstly though, I must thank you Charles for highlighting it in the first place last year - I made some decent money, but bailed out when I felt it had gone far enough.
I think snatching at winners is one of my investing faults - I make money, but then get too nervous/greedy and bail-out often convincing myself that the SP has gone as far as its going and potentially wont rise much more and on a bad day it might even have peaked. I rarely hold winners for the long-term and generally find other opportunities to shift into.
In "The Art of Execution" I am definitely a "Raider". I find it very difficult to differentiate between a stock that has peaked and is heading down vs one that is just taking a breather and will come back up again. My trading diary shows I have a 64% win rate, but far too many of them are for smaller %'s. On my losers about 1 in 10 are what I class as "big losers". I haven't figured out what this means, but I have moved to about 80% into Investment Trusts, ETF's and Unit Tursts with a view to holding these and doing less trading in and out. It seems to be working so far although I do keep finding a handful of new single-co investments every so often.
Seraphim Space Investment Trust (LON:SSIT) is now too rich for me - I would not be comfortable in paying a 30%+ premium, but I do understand that some people feel that the NAV revisions might remove the premium and suddenly you find it being back to a discount.
RE: Seraphim Space Investment Trust (LON:SSIT)
I've always found it challenging managing stocks that soar like this - I've had too many examples where I've convinced myself that I've found a long-term winner in a multibagger only to see it fall significantly. PayPal Holdings (NSQ:PYPL) is probably the worst example, I still shudder when I look at the near 90% fall (and it's still doubled for me).
So now I discipline myself to sell as the price rises: I bought SSIT at about 60p, sold 20% at 140p and another 10% at 180p. At this point I've recovered my initial investment but I reject the argument that I'm now "in for free": all capital is important, and capital gains are never to be thrown away on some whim.
If the share price reaches 240p I'll sell again and again at 300p. Beyond such automatic triggers I'd always take a view on the rationality of the price: clearly space tech is having a moment, probably driven by the hype around SpaceX (Scottish Mortgage Investment Trust (LON:SMT) which I also hold has bounced heavily too, although the small premium there isn't out of line with historical averages).
Of course, I have slight pangs of regret at selling below the current price - but frankly I have no crystal ball and neither does anyone else. I do, however, think that holding onto partial stakes of multibaggers is important - my Paypal example shows what happens when that goes wrong, but I did the same with Apple and Alphabet and that was, well, a rather more positive experience ...
timarr
Sound advice once again Tim - thank you for that. Is there a link to the general thread on Investment Trusts, REITs & ETF's or is this it and people just add their comments to it as and when?
Just add comments- I restart the thread at the beginning of each month. So 1 June a new thread will start with the May performance figures etc. Look forward to seeing your views.
Ok Charles that's great - thank you for your reply!
And it is easy to go back and search a specific IT by using the search function for each month. That way when I come across something of interest I will tend to go back for 6months and see what has been said about it from the knowledgeable people on here each month.
And up it goes. I am going to wait for the C share issue. Always loathe to go for a new issue in Trusts after Augmentum Fintech (LON:AUGM) and Hydrogen Capital Growth (LON:HGEN) but SSIT C class could be interesting.
I'm up 185% and am torn between taking the profit or letting it run. I never seem to make the right decision. What are your thoughts on buying C shares?
RE: Seraphim Space Investment Trust (LON:SSIT)
What are your thoughts on buying C shares?
Unknown as yet. The C shares are designed not to impact the existing shares, so there's no dilution, but provide liquidity for the managers to invest. Given the froth around the space sector they'll probably do quite well, but it's more of a view on the managers and their ability to access investments at a decent price than anything else.
timarr
Seems to have impacted the price today with over 14% drop....anyone know why, I thought the "C" share placing was going to be ring fenced and used initially to run alongside the current shares by invest in a new set of comapnies.
Seems to have impacted the price today with over 14% drop....anyone know why, I thought the "C" share placing was going to be ring fenced and used initially to run alongside the current shares by invest in a new set of comapnies.
Dunno - maybe people are selling to raise funds to buy the C shares? It's being reported as a "discounted" sale, which would be applicable if it were a rights issue: but the shares were looking a tad toppy beforehand anyway.
timarr
Follow Tim and top slice on the way up.
Yes; Seraphim Space Investment Trust (LON:SSIT) was a brilliant call by Charles. Better still if using timarr’s suggested tactic and only part selling it instead of the lot.
As for rarely getting very big winners because of selling too soon, isn’t that easily solved by part selling as timarr has just explained? (btw …even though I say it sometimes I agree with timarr about supposedly running an investment “for free.”)
My biggest winners have all been top sliced to guarantee a good profit, but sometimes with much more than my original stake still left invested. Run our winners (unless an update shows not to) can provide multi bagging gains even after top slicing. Also low yield shares and Trusts bought ahead of multibagging can become good yielders too.
Also with our buys we can part buy if worried it might be too soon, and then look to add even lower or higher if an update is reassuring. Until having my focus on income I used to do that a lot, and it worked well. I rarely sell out of a winning share entirely for no good reason.
Run our winners and be ruthless selling losers on bad updates, works well. And the big plus with winners is that the gains can be multiples of 100% whereas losers can never lose more than 100%.
I don't think there is anything wrong with top slicing when markets are volatile like now Kevin for once I've played it well I've top sliced BlackRock World Mining Trust (LON:BRWM) three times now in this current period of volatility whilst keeping my core holding just looking to top up if it has another dip.
We need to remember markets go up most of the time but having dry powder for these mini crashes helps all be it we are probably having at least one 10-20% pull back every other year now when I think the long term average was maybe one every five.
Had some dividends in an ISA to invest so bought a few more iShares UK Property UCITS ETF GBP (Dist) (LON:IUKP) . My wife has some cash she wants to keep secure but earning best interest -it will be outside an ISA. Looks like Treasury 0.375% 22/10/2026 (T26A) is the best bet as the Capital Gain will be free of tax. Tax free return of just under 3.7%. Dull but in the current environment probably sensible as I have no idea what markets will do. Hopefully post US mid-term elections in the autumn Trump will be reined in and it can then look to go into equity investments.
Aew UK Reit (LON:AEWU) has decided not to bid for Alternative Income REIT (LON:AIRE) . The AEWU comment shows they are disappointed about this. I.e nothing sinister put them off. And the AIRE statement was also positive about their prospects. I’ve held both since the covid falls, but neither look obvious buys now.
Also note that yet again CQS Natural Resources Growth and Income (LON:CYN) have upped their quarterly dividend to 8.34p this time. Ex dividend date is April 30th.
Both CQS Natural Resources Growth and Income (LON:CYN) and BlackRock World Mining Trust (LON:BRWM) have more than quintupled from my original buy price so my current CQS Natural Resources Growth and Income (LON:CYN) yield is about 40%! (I had to top slice my stakes as between them they had become a too big a proportion of our portfolios).
The big share price gain for CQS Natural Resources Growth and Income (LON:CYN) is a kick in the teeth for Saba for once and to the 45% who also sold out at £2.05 in the Saba enforced tender offer. The share has more than doubled since and with now very big dividend on top. Buy opportunities for both were highlighted here, but unfortunately it’s hard to see the share prices of both CYN and BRWM going much, if any, higher.
Just spent an hour running through this year's NAPS portfolio to see what a reasonable benchmark might be for my own performance. Among all the craziness it's showing a little over 7% YTD plus dividends by my reckoning. That seems decent for a buy and forget. Perhaps reinforces the need to see through some of the vagaries of the market as Ken alludes to below.
I'm tempted to avoid Consumer Cyclicals and Defensives altogether until we get a resolution to the Iran conflict. This would include housebuilders unless you're prepared to hold for years rather months. Higher inflation and consequently interest rates makes me think there are better opportunities elsewhere for a while. Do like the thought of locking in some of the tasty yields with potential for capital growth on Land Securities (LON:LAND) and British Land (LON:BLND to add to existing REITS.
Favourite sectors are Telecoms (Vodafone (LON:VOD) and Airtel Africa (LON:AAF) ), plus more of a utility in Telecom Plus (LON:TEP) - thanks to Ken and George for this one, and Basic Materials Greatland Resources (LON:GGP) , Baker Steel Resources Trust (LON:BSRT) and Atalaya Mining Copper SA (LON:ATYM) in particular. Thought Oak Bloke's write up on Baker Steel Resources Trust (LON:BSRT) was particularly helpful if a little rambling. His latest missive on Golden Prospect Precious Metals (LON:GPM) also of interest and shows a case for significant outperformance. Have held the latter for what seems ages so maybe reinforcement bias!
Watched the Persimmon (LON:PSN) results a month back (a month can be a long time in the markets)! They struck a confident tone at the time.
As an experiment I just asked Claude to: "Can you tell me what you think of this stock chart for PSN.L Annual results were released 10 MARCH 2026. There results presentation seems fairly confident although the results were et with a series of red candlesticks. The latest news is another company in sector Crest Nicholson has issued a profit warning and the signs are it may need debt funding / capital raise so there is a likely read across to PSN."
It pointed out the market did not really buy into the results (as evidenced by the chart), it recognised PSN and CRST have substantial differences and while some of this is obvious its helpful to have it set out (very quickly!). Says technical's are currently showing a strong sell.
Bottom Line
The chart is telling you the market already had doubts despite the confident management tone on 10 March. Today's CRST news validates those doubts sectorally. The key question for PSN specifically is whether the macro deterioration CRST is describing — falling enquiries, cautious land buyers, cost inflation — materialises in PSN's H1 2026 trading update (due August). Persimmon's balance sheet strength and lower price point insulate it from CRST's specific debt crisis, but it won't be immune to volume and margin pressure if conditions stay soft.
Worth watching: the 1,030p support level closely. If that breaks on today's CRST-driven sector sell-off, the chart setup becomes considerably more bearish.
> My final thought, I have always admired those who combine ability to read charts with fundamental type analysis, is it unfair to say few seem to have the ability to do both well ... I dont!
7% YTD excluding dividends is a good result, I'd say. Is that yours or Naps? Mine is 7.4% but with dividends reinvested, which makes a big difference.
Hi Brucie
7% is my estimate of the NAPS. My own performance has gyrated with the market and the mutterings of the Flatulent One. End Jan +8%, Feb dropped to zero and bounced all the way back. March was in negative territory but has recovered a chunk of that in April to date. I'm trying not to monitor actual numbers more than monthly as the anxiety levels can kick in otherwise. Long walks in the bluebell woods doing me more good than screen watching at the moment! Good luck with your various portfolios.
Just a thought sevenccc, and tell me to get lost if you want to. Is it wise to be worrying and scared of short term losses? Would it a good idea to build up a quality portfolio of shares and Trusts and other alternatives, and to try and buy all of them at what appear to be bargain prices, and then not worry about short term losses?
This doesn’t help you now, but I also used to fret about my holdings…….but for years now have switched to mostly high quality investments (along with the odd “fun punt”) and now am relaxed about falling markets.Those provide top up and new buy opportunities. And the portfolio provides very big dividend income on top of share price gains. Also some of the holdings have gone on to multi bag.
It’s the are we investing or are we gambling aspect. Mike Walters used to claim that all investing is gambling. And for the blue sky shares he favoured it was. But imo buying quality on the big dips with intention of holding long term is investing and not gambling, and crucially is worry free. A very few will go wrong. Selling straight away on a profits warning solves that one.
Hi Ken, Sevencc - I completely agree about priorities: I would say, mental - and physical - health comes first every time! That includes not worrying, sleeping properly, and enjoyment of everything that nature, especially at this time of year, has to offer. I recently came to the very overdue conclusion that you are not really investing until you realise that such a concept can only be entertained within the context of a Goal (for example, material security and peace of mind), then Objectives (in my case, sufficient dividend income to live). Thereafter comes strategy (what sort of shares, what timescale, what shape and number of portfolio), followed lastly by tactics - which is the individual share choices and trades. So within that, capital values does not really figure at all, except as an indicator of whether your strategic and tactical approaches are at least in line with what a passive fund could achieve. After, all you might serve the same objectives by sticking it into an ETF, no? The other, more objective metric of success on a granular level would be how the dividends of your folio as a whole are performing. If they're going down year by year, then again, time to reconsider the approach.
I manage several folios, among which, a legacy fund left to a charity. I've lost count of the number of times I find myself telling them to look at the income rather than than the capital value. They were suspicious to begin with, but now we're starting this month to take the dividend to support the charity's objectives and the capital value is at albeit modest ATH - + 34% over two and a half years. And aside from a tiny bit of rebalancing - I recently bought into some gilts- I can't afford to lose a moment's sleep over the value of the fund. so long as it keeps paying out the dividends to support the objectives, to realise the goal, which is to help maintain the buildings. With a current income of 6.4% it's still getting them a lot more than money in the bank, even if with a few more gyrations!
Hi Ken
No offence taken at all. I was just highlighting for Brucie how things have progressed this year as he asked. I'm actually quite relaxed, possibly too much so, at the current state of affairs. The volatility I ran into end of Jan was all about the gold and precious metals wobble. I'm in tune with Alistair and Edmund Sching on these as good long term plays and they have done really well for me over the last 12-15 months. I did top slice though perhaps a little early. They pretty much recovered by end of Feb and then we ran into the Flatulent One and his latest military adventure.
As you rightly say buying quality at decent prices and holding for the long term is better for the portfolio than fluttering on Blue Sky too much. I'll save the flutters for the horses! Just kicking myself for missing the rise in Seraphim Space Investment Trust (LON:SSIT) having suggested it to a pal for his ISA in November. C'est la vie.
Baker Steel Resources Trust (LON:BSRT) is working out much better.
To Brucie's point I'd probably do better to switch even more to quality REITs and Trusts/Funds. They do form a reasonable part of my holdings. However this isn't all about the return. It's also a pleasure and one of the main interests in life in retirement. Puzzle solving - or not - as the case may be.
Hope you're keeping well and all this stuff is keeping you entertained/distracted. Sharing your wisdom is much appreciated and has been since I met you in Mike's orchard, and before.
I very much agree with your investment approach Ken. In 2022 I restructured my wife’s and my Sipps to predominantly provide income with capital growth as a secondary objective. What persuaded me to allocate a large part of our capital to investment trusts was the below graph, published by a firm called Chancery Lane. They are retirement income planners and quite active in the press. For disclosure, I am not a client of theirs as I prefer to manage my own investments and am also not affiliated with them in any way. I just liked the relatively simple logic that high quality investment trusts are ideally placed to provide us with a comfortable income for the long term. Capital values will always fluctuate but our income will keep rising. So far, that’s proven to be the case for us and we were able to take early retirement in 2024. I’m still tinkering around the edges to create the ‘perfect’ long term income portfolio and using ISAs for individual shares. Keeps me mentally stimulated and am having fun!
Thanks for that interesting reply DutchSchulz. I have a high yield portfolio now because of health circumstances, and the need to pass on our hopefully worry free portfolios to my wife. It has meant missing out on shares and Trusts with big capital gain potential I would once have jumped at. For someone like you is there a strong case for searching out potentially very capital gain rewarding Trusts and shares (even if only a few of these) as well?
e.g I chose to ignore Seraphim Space Investment Trust (LON:SSIT) Golden Prospect Precious Metals (LON:GPM) Geiger Counter (LON:GCL) and Saga (LON:SAGA) buy opportunities simply because there was either no dividend or just a token one. All have soared and Saga (LON:SAGA) quadrupled in no time. Gains from winners like that could in your situation provide a lot of new cash then to invest in more big dividend payers.
You are absolutely right Ken and we do invest for capital gain as well. We run 4 portfolios, 2 Sipps and 2 ISAs. I've updated my profile page on Stockopedia and listed all our current investments. We own both Seraphim and Golden Prospect. Our investment in Seraphim in particular has trebled so far and I've top sliced to recoup the original investment. We run one of the ISAs on Ed Croft's NAPS basis as an experiment (started 2 February 2026). We'll have to see how that turns out at the end of the year.
I have benefited from a couple of those Ken (SSIT & GPM & GCL) and Saga (LON:SAGA) is a very interesting one.
I recall Paul Scott in about 2020 saying it was a good prospect and not to believe that its debt was an issue hanging around its neck - a lot of others felt the opposite and railed against it.
I dabbled early on and made a very small %, but have followed the story since then where it has been a real marmite stock. It has taken a long time before suddenly coming alive.
Then last November I went to Mello London where a certain presenter (cannot recall exactly who - might have been Alex somebody) did a session where he said it was going to be the next 10-bagger (to be fair he didn't say ten-x, but he did call it a significant multi-bagger).
I still didn't invest, but have watched it go up & up.
I totally now understand the story, but again feel it is too late, although many still believe it will still go up a significant amount.
I will try and find the chaps name so I can bookmark it for future listening to - I hope he is at the June Mello as I am going along to that and would certainly listen a bit more closely!
But I think this just highlights why I am way more invested in the steady growers amongst the Inv Trust Universe - and no longer chasing the exciting single Co's. Brilliant when they work, but can also very simple crater on a single piece of bad news eg. Goodwin (LON:GDWN) . Slow & steady is my new mantra............ although the odd bit of excitement still interests me.
Kevin.
Re Saga (LON:SAGA) and your “it’s been a long time” comment. The transformational news was both the refinancing, and then the sale of their underwriting business first announced in January last year. That looked an obvious trigger for big share price gains, and the time to buy. It’s Company news like that (both good and bad) that I look out for. Hence for me keeping up to speed on Company news is an absolute must.
If I had bought Saga then (I didn’t because of needing to focus on income investments) it would only have been a small stake because of still existing negatives fully explained by Graham and Roland. And no way did it seem likely that Saga would go on to quadruple in a few months.
As for Investment Trusts like Golden Prospect Precious Metals (LON:GPM) CQS Natural Resources Growth and Income (LON:CYN) and BlackRock World Mining Trust (LON:BRWM) wasn’t the buy case screaming at us, ahead of them doubling and more? The great gains have been had. Time will tell but I can’t see any of them going higher still but as I still hold large stakes in BRWM and CYN even after big top slicing, I hope I’m wrong.
Kevin, might have been Alyx Wood of Kernow Asset Mgt ? I hadn't heard of him before Mello, agree it was an interesting presentation.
Hi SSB,
Yes - that was him. Shame I didn't follow his lead, but heh-ho, you win some, you lose some.
Having that level of conviction is a wonderful thing.................assuming it plays out.
That's 95% where I am Ken plan is to rebalance 25 positions I hold at end of May as we enter weaker summer months and then rebalance again as we hit normally stronger winter months 1st Nov. Only time outside of this I will also rebalance on any 10% market crash pullbacks to hopefully snaffle bargains.
Spot on try and hold sensible stuff personally index etf's , investment trusts, gold etf, oil, 15% money market/ultra short bond for crash bargains dry powder and 4-5 single shares for fun.
That makes things 80-90 % safer to average down into when crashes happen and hopefully rather than panic longer term the prices will be gifts.
So agree now the weather is turning getting outside for long walks or sitting outside the pub in the sun is preferable to fretting so long as Don doesn't find the nuke codes he's rumoured to be looking for.
As a holder of Hydrogen Capital Growth (LON:HGEN) and after the auditors of Digital 9 Infrastructure (LON:DGI9) are being investigated by FRC I contacted them about HGEN - and had a reply after a few days.
"Thank you for taking the time to contact the Financial Reporting Council.
I can advise that your concerns have been passed to the relevant team for review and we will be in touch again in due course.
More information on our remit over auditors of a company can be found on our website here."
Off topic as it’s about Telecom Plus (LON:TEP) where a trading update is likely by the end of this month.
First, is it a hopeful sign to see the continuing share price recovery? It’s up 12% from the recent low and is holding up well on market down days.
Like timarr, I couldn’t fathom the very negative share price reaction to their November Results and have been trying to discover a possible reason for the quick share price fall then. So I’ve searched for any possible reasons and just possibly have found why. I used an FT article but for copyright reasons can’t post it here, but there several other articles if Googling” whether Telecom Plus (LON:TEP) is in the running to buy some of OVO Energy’s retail assets.
Unless I missed it Telecom Plus (LON:TEP) haven’t commented on this. But if they are successful (there are apparently multiple Companies also hoping) maybe the market was pricing in a possible placing or right issue as a result? And possibly the negative of wanting these assets bearing in mind the tough regulatory requirements?
With so many Companies also interested probably a good chance that TEP will miss out. And if this was the reason for the sudden share price fall, then maybe a good share price bounce if they do. Against that with so many other Countries being interested it suggests these might be assets well worth acquiring.
Anyway we might soon be the wiser and as long as their next update doesn’t include any unexpected bad news, then a high chance of a positive share price reaction on the day . fwiw I still think the share price falls were excessive.
Lets hope Ken, I bought in after you mentioned it a month or so ago.
Me too Ken/Charles, I also bought into Telecom Plus (LON:TEP) following ken's post, along with Land Securities Land Securities (LON:LAND) which hasn't done so well (so far).
Today also bought Barratt Redrow (LON:BTRW) at 270p , -50% to NAV - Charles posted and ken you responded by saying the divi is sometime off as only just x/d, however Graham reviewed is as 'this one beginning to look cheap', perhaps a 'contrarian' - I'm hoping for capital appreciation as well as that divi in due course . If the Iran war ends it is sure to give a boost to many shares incl (I hope) builders.
Good to see you posting here dartagnan.
Most of the shares and Trusts I post about are for long term holdings. Others sometimes focus more on shorter in and out possibilities…or both.
There’s inevitably a risk that after we buy the share price goes even lower as happened to you (and me) with Land Securities (LON:LAND). Many Trusts can be safely averaged down, So imo can quality shares. e.g I averaged down Aviva (LON:AV.) at just 245p. .
For ages the likes of Aviva (LON:AV.) (LON:MNG) Phoenix (now Standard Life (LON:PHNF^K16) etc bumped along at disappointing prices but all with double digits dividends to compensate while patient investors waited and waited…..and then at long last they all soared. That’s sometimes the key must….PATIENCE.
A good update from British Land (LON:BLND) today bodes well for Land Securities (LON:LAND) . Both are quality REITS. But there are surely better alternatives than LAND if looking for quick in an out profits?
A lot of investors lose patience too soon and sell only because the share price went down. I rarely sell for that reason and much prefer selling on disappointing news or signs in an update of worsening news ahead.
It’s infuriating to sell just because the share price has fallen, and then see it soar soon after.
Building up a very profitable portfolio means buying quality at what seems a good price and then sticking with it, often for years and really reaping the rewards. Nearly all the investments in our portfolios are well in profit ( as they should be in a bull market) with losers only tiny and they are mostly the recent buys. And the dividend income is fabulous now too.
I wish I had used my current method far sooner instead of wasting money on small blue sky and other rubbish.
As for housebuilders….if only it wasn’t for the risk of the Middle East wars lasting a long time I would be confident buying the sector now. I’m very tempted by British Land (LON:BLND) after their update today…..but Land Securities (LON:LAND) dividend of about 6.5% is better and a good starting yield assuming increases ahead. Barratt Redrow (LON:BTRW) looks SO tempting too.
BUT! With high risk of further widespread falls ahead if Middle East wars continue, it’s wise to have plenty in cash in case even quality shares and Trusts fall much further.
Hi. I Dont known if you watched this but Telecom Plus (LON:TEP) is discussed: https://www.youtube.com/live/tCjompWZ3xc?si=pfko7kCUuuQVjOsk
Are we really seeing value and opportunity in the house builders, building materials and property companies now or is this a false dawn? Since the start of the Iran Military Adventure we've certainly seen another leg down on most of these with many builders now well below NAV. The brickmakers, Forterra (LON:FORT) and Ibstock (LON:IBST), and some of the ancillary services like Eurocell (LON:ECEL) , Property Franchise (LON:TPFG) and LSL Property Services (LON:LSL) have all come off 30-40% too. Even the analysts favourite Marshalls (LON:MSLH) seems like it has finally come back to a fair price (IMO).
Some of the property companies like Land Securities (LON:LAND) , British Land (LON:BLND) and Shaftesbury Capital (LON:SHC) seem to have bounced already, perhaps due to their reasonably sound divis. Or are they the lead in over optimism that the TACO trade is about to unfold? Should this action extend or the USA decide to go full macho war criminal won't they all suffer further with a significant recession likely to follow? I sense more wishful thinking and hopeful punting from Investors of all scales betting on the outcome rather than considered strategic decision making. Other views?
There probably is value. As Ken often says buy when out of favour- and the building sector looks interesting. iShares STOXX Europe 600 Constr & Materials (DE) (ETR:EXV8) and iShares UK Property UCITS ETF GBP (Dist) (LON:IUKP) give exposure to European construction companies. As mentioned before by a poster here iShares UK Property UCITS ETF GBP (Dist) (LON:IUKP) is a proxy for property companies.
I think long term there is value for sure, but it can be a long while until they pick up. In the end, they need gilt yields to come down and I don’t see any major shift downwards in yield for a while, given structurally higher inflation pressures is likely to matter most through its impact on longer dated yields, as yield curves steepen in line with greater term premiums to compensate for inflation uncertainty and the risk that policy rates will eventually need to respond more forcefully than what is currently priced in.
Just two days to go ....Plenty of investment trusts and funds will be at Mello Birmingham on Wednesday 22nd April:
https://www.melloevents.com/mellobirmingham
Tickets are on final release but do use code MBStockopedia25 for 25% off your ticket.
As mentioned on our investment trust show yesterday, if you have never been to a Mello conference, we are offering five completely FREE tickets (three have already been taken) to Mello Newbies. Use code: MON1304
Here is the list of investment companies with us:
Capital Gearing Trust (LON:CGT)
Custodian Property Income Reit (LON:CREI)
India Capital Growth Fund (LON:IGC)
Kelso group (LON:KLSO)
Alyx Wood from Kernow Asset Management
Oxford Technology
Polar Capital Global Financials Trust (LON:PCFT)
Polar Capital Technology Trust (LON:PCT)
Simon Barnard of Smithson Equity Fund (formerly Smithson Investment Trust)
Sterling Investment Management
Hope to see lots of the Stockopedia investment trust & fund investors at Mello Birmingham on Wednesday
i presume that there are aa4 holders on this group just wondering if you have sold out......better opps elswhere
I had held Amedeo Air Four Plus (LON:AA4) for years, but sold soon after the agreed bid at 73p news.
It didn’t seem worth the risk of waiting for an extra 3p profit. There’s very little chance of a new bidder and the Middle East chaos Trump has inflicted could get worse and go on and on……which could mean there’s a risk the bidder will have second thoughts.
Also Amedeo Air Four Plus (LON:AA4) Management were as unsure as the rest of us about the terminal value of their planes leased to Emirates, and presumably decided that 73p was a good enough (even if safety first) price.
Add to that the end of the fabulous dividends (24% yield at my buy price) with any future dividend if there is one taken out of the agreed bid price.
So the case for selling looked strong.
I doubt you will get any other replies as despite posting the plus case here, I don’t think any of the regular posters were convinced enough by the then strong plus case for Amedeo Air Four Plus (LON:AA4) .
And to your final question…..yes! There are many better options than Amedeo Air Four Plus (LON:AA4) now. Some get well covered by posters here.
Hope that helps…..but obviously take in to account that my switch in opinion from strong buy to strong sell could be wrong.
Thanks for the reply Ken I still hold and like you I bought in early.tkme to move on especially as the price has moved this morming
This week's Investors Chronicle (the 17-23 April magazine) has a supplement with the title "The complete guide to buying investment trusts".
Investor Meet Company this coming week.
Biopharma Credit (LON:BPCR) BIOPHARMA CREDIT PLC
Investor Presentation
21st Apr 2026 at 3:00pm BST
Aew UK Reit (LON:AEWU) AEW UK REIT PLC
Q4 Update
22nd Apr 2026 at 11:00am BST
Maybe Vingroup should have been asked to do HS2! https://asia.nikkei.com/busine...
Followed some of the others here and Ian Cowie and switched out of Edinburgh Worldwide Investment Trust (LON:EWI) into Scottish Mortgage Investment Trust (LON:SMT) & Baillie Gifford Us Growth Trust (LON:USA) to keep the Space X interest. Also aware that holders will be able to sell into the IPO so may sell out nearer the IPO date. HSBC had me locked into Edinburgh Worldwide Investment Trust (LON:EWI) until yesterday!
Dare I mention the dreaded Digital 9 Infrastructure (LON:DGI9) following its recent announcement of a 3.5p payment to shareholders. Inevitably I decided to sell following its earlier statement that its main asset, Arqiva, was valued at zero only to see the share price in the last week increase by 25% from my sell price! Even though it would have been 25% of very little after its calamitous fall over the last few years it would seem to suggest that I haven’t got a clue about how this wind down works!
Very strange price action on this dog Digital 9 Infrastructure (LON:DGI9) . Closed at 6.88p last night yet this morning trading at bid 5.20, offer 5.50 but Stockopedia not showing a c. 25% share price fall. Not that I care any more (!) but just like to understand mechanics for future reference. Anyone enlighten me?
There was this: Under the proposed terms, approximately 37.38% of your shares are expected to be redeemed and you will be credited with approximately GBP0.092753 for each share redeemed. So about 3.5 per share.
That leaves an NAV of 9.27 ( if one believes them) the price of the compulsory redemption.
The only hope I have is that somehow Arqiva rises phoenix like from the ashes of a nil valuation !
And "Potential Claims: While the FRC investigates the auditor, it is common in these scenarios for shareholder groups to explore legal action if it’s proven that they bought shares based on "misleading" audited accounts." This refers to the PwC audit and the NAV announced before the shit hit the fan with the collapse in value leading to the wind down.
During a quiet spell here, I thought it might be worth updating performance figures for the big dividend Trusts and shares I hold and, along with others posters here, have covered in posts on the Investment Trust threads.Good performance for most of them and with those big dividends on top. Big dividend payers are often not boring from share price gains angle!
Can’t stress enough, as others doing the same will surely agree, that buying quality big yielders when they dip is so rewarding! The big and regular income funds similar new buys.
The only three In the following list I don’t yet hold are International Public Partnerships (LON:INPP) and HICL Infrastructure (LON:HICL) highlighted here recently by the shrewd timarr. Both are on my look to buy list. Also Tritax Big Box REIT (LON:BBOX) where the dividend yield has never been quite tempting enough.
Aberdeen Asian Income Fund (LON:AAIF) YTD 9% and 1 yr 47%. Dividend yield only 5.5% now after that big gain.
Tritax Big Box REIT (LON:BBOX) YTD 1% 1 yr 11% Dividend 5.25%
(BlackRock World Mining Trust (LON:BRWM) YTD 20% 1 yr 118%. Dividend down to 2.5% though but increases ahead?
CQS Natural Resources Growth and Income (LON:CYN) YTD 17% 1 yr 138%. And dividend yield still 6.9% if buying now and around 28% for anyone else who also bought near the lows. Astonishing performance for both).
Custodian Property Income Reit (LON:CREI) YTD 4% 1 yr 15%.Dividend 7%.
Dunedin Income Growth Investment Trust (LON:DIG) YTD flat and 1 yr 7%. Dividend 6.5%
Henderson Far East Income (LON:HFEL) YTD 5% 1 yr 26% . Dividend 9.7%. They issued an update today. Much better performance now, rewarding those of us not losing patience after years of badly underperforming.
HICL Infrastructure (LON:HICL) YTD 9% 1 year 11%. Dividend 6.6%
International Public Partnerships (LON:INPP) YTD 4% 1 yr 14% Dividend 6.6%
Land Securities (LON:LAND) YTD Down 3% 1 yr 9% Dividend 6.8%
Londonmetric Property (LON:LMP) YTD 2% 1 yr 2% Dividend 6.5%
Newriver Reit (LON:NRR) YTD 9% 1 yr 7% Dividend 9%
Primary Health Properties (LON:PHP) YTD Down 3% and 1 yr down 3%.. Dividend 7.6%
Polar Capital Holdings (LON:POLR) YTD 31% and 1 yr 89%. Dividend still 6.6% even after that big share price gain. Recent update was very good and as a result added to the share price gains.
Sabre Insurance (LON:SBRE) YTD 24% and 1 yr 18% Dividend 7.6%
Social Housing REIT (LON:SOHO) YTD 8% 1 yr 18%. Dividend 7.6%
Supermarket Income REIT (LON:SUPR) YTD 3% 1 yr 7% and 7.4% dividend.
Value and Indexed Property Income Trust (LON:VIP) YTD 6% and 1 yr 9% Dividend 7%.
TP Icap (LON:TCAP) Just a mention a couple of times here . It’s one I bought right at the bottom at £1.02. Doing that is just rare luck. YTD 20% and 1 yr 24%. . Dividend 5.5% (and my yield is 16%).
Greencoat UK Wind (LON:UKW) YTD 6% 1 yr DOWN 4% Dividend 9.8%
Views/comment on any of these very welcome.
Londonmetric Property (LON:LMP) included in my post yesterday, have issued a very bullish trading statement today. The commentary speaks for itself. Also there’s a 4% increase in the dividend. Here’s the link for their update:-
https://www.stockopedia.com/sh...
Thanks for your post Ken.
I hold several of these, quite a few of which are due to posts here highlighting the opportunities (eg AAIF, BRWM, SUPR), so thanks to all for the continued input.
I've added INPP this year, and am looking to build that to a full position (either slowly through divis from other holdings, or trimming existing holdings in SEQI, GCP, TFIF - last month's credit wobble taught me that I have quite a lot of credit exposure!). Mike Ridyard is a fan of INPP, and it has a good runway of divi growth (as well as next gen dividend hero status).
On a related note TwentyFour Income Fund (LON:TFIF) announced their final divi today, 4.81p (ex div on 23/4). I might top slice if there is a pre-divi spike, as I loaded up during the March wobble and now feel a bit overweight on this one.
Thanks Tim.
I don’t hold TwentyFour Income Fund (LON:TFIF) . Don’t want too many in my portfolio where there isn’t also useful share price upside in my portfolio, but do hold similar Twentyfour Select Monthly Income Fund (LON:SMIF) and added to that one on the recent dip. Also hold CQS New City High Yield Fund (LON:NCYF). Bought both after previous minor share price dips to maximise dividend yield and to give a bit more potential share price upside.
Hope the Trusts in your post that you hold continue to do ok or better.
Plenty of good opportunities around, which makes it a bit surprising that posts here seem to have dried up for now.
Hi ken
Plenty of good opportunities around, which makes it a bit surprising that posts here seem to have dried up for now.
Agreed, although the volume of posts tends to ebb when times are uncertain. Also I think we've seen evidence over the past few weeks that your caution around renewables trusts was justified, and perhaps the realisation that some of the yields on offer are an accurate reflection of the underlying risks has put people off a little.
Just a note on a couple of the more adventurous trusts - Scottish Mortgage Investment Trust (LON:SMT) and Seraphim Space Investment Trust (LON:SSIT).
SMT has bounced heavily on the SpaceX IPO news but there may be wriggle room beyond that. It holds stakes in Anthropic, ByteDance, Databricks and Stripe, all of which are discussing coming to market in the next year. There's a possible 30% to 40% upside from here - if you're brave. I've held all the way up, all the way back down and all the way back up again, so I suppose I'm in for the ride.
All of these were acquired under the management of James Anderson, whose contribution can't be praised enough. Tom Slater and Lawrence Burns appear to be continuing in his mould, but they're not taking the same size of bets. That's probably forced upon them - Anderson was operating in a different world, whereas Slater and Burns have had to deal with no IPOs, high interest rates and inflated late stage opportunity valuations. The challenge will come when they have liquidity to hand.
The SSIT C issue is interesting too. It strongly suggests the management sees more opportunity while not wanting to raise liquidity by selling existing holdings, presumably because they feel there's more upside to come. It also avoids diluting current shareholders at a premium of NAV while allowing the managers to scale into new investments. I saw the presentation at Mello last autumn and I wasn't particularly impressed, but perhaps I was looking for the wrong things. If offered I'll be taking up my rights.
We need more investment trusts willing to take these kinds of investment risks. The loss of Herald Investment Trust (LON:HRI) to Saba is a national disgrace, a self-inflicted wound on our country's willingness to invest in small IT companies. Hopefully Katie Potts will set up her own trust, I can't imagine she'd lack for willing investors.timarr
Strongly agree with your final paragraph timarr, and what a shame that neither the FCA nor AIC seem bothered about the wrecking tactics used by Saba.
As for Renewables in general including Greencoat UK Wind (LON:UKW) (which I bought recently and will probably sell on Monday) it seems the sector is beset with hurdles, including the removal of CPS with, according to Citywire, UKW taking a significant hit to NAV.
“Greencoat UK Wind (UKW) is the first renewables trust to count the cost of the removal of Carbon Price Support (CPS), with analysts warning it may suffer the sharpest impact among its peers.
The £2.2bn fund warned shareholders today to expect a hit of up to 5p per share to its net asset value (NAV) following the government’s confirmed intent to legislate to remove the levy from April 2028.
The CPS, an £18-per-tonne tax on fossil fuels used in electricity generation, currently serves as a price floor for the UK market. It sits alongside the UK Emissions Trading Scheme and feeds into electricity prices where a carbon-emitting generator, such as a gas plant, is the marginal price setter.
The trust’s board stated that while its investment manager, Schroders Greencoat, had already factored in eventual reductions to the tax, the government’s decision to scrap it entirely ‘brings this forward’.
Initial analysis indicates that electricity price assumptions used in the company’s NAV could fall by approximately £4–£5/MWh from April 2028 through the early 2030s, and by £2–£3/MWh thereafter. This preliminary assessment translates to a reduction in NAV of 3p to 5p per share.
The news is another blow to a sector already averaging 30% discounts as it continues to grapple with low wind speeds, expensive debt, and the fallout from a separate subsidy cut via the Renewables Obligation (RO) indexation switch from RPI to CPI earlier this year.
Investec analyst Ben Newell said he expects UKW to be the most impacted within the peer group ‘given its UK focus and greater exposure to merchant power prices.’
Meanwhile, Peel Hunt’s Markuz Jaffe noted the industry faces the prospect of further disruption as it awaits ‘detail and clarity’ around the government’s planned consultation on moving to a fixed price certificate (FPC) scheme for ROs from 2027.
The trust said it will publish further details in its Q1 factsheet later this month.”
As for Renewables in general including Greencoat UK Wind (LON:UKW) (which I bought recently and will probably sell on Monday) it seems the sector is beset with hurdles, including the removal of CPS with, according to Citywire, UKW taking a significant hit to NAV.
Hi ken
In investing every so often something happens that makes you want to bang your head slowly against the nearest hard surface ...
The removal of CPS isn't the main problem, the main problem is that the government is likely to levy a windfall tax on companies who are accidentally benefiting from the stupid marginal pricing mechanism that this government has dawdled on reforming - for example SSE (LON:SSE) fell over 6% yesterday.
As a general rule I try to avoid investments with a concentrated customer base, in this case the government: like most rules in investment it has to be occasionally re-learned. I will wait and see what Greencoat UK Wind (LON:UKW) has to say next week, before deciding, but overall I'm relieved that I sold most of my renewables trusts a month ago.
Quite how this is supposed to attract investment to the renewables sector is a mystery, but presumably the short term politics around cutting energy bills is outstripping the longer term concerns around energy security. At least it seems to have finally energised the government to reform the gas driven marginal pricing model, which will show up in lower energy bills, partly driven by the increased use of lower cost renewables.
On a side note I bought Barratt Redrow (LON:BTRW) this week in preference to Persimmon (LON:PSN), largely on the discount to NAV which is extraordinary. Both will do OK when the market turns but the BTRW decision to reduce land purchases is another nail in the housebuilding ambitions of this government who are learning the hard way that setting targets is the surest way of failing.
One other company that may be of interest to a few here is Camellia (LON:CAM). It's an extraordinary throwback to imperial times, a sprawling mess of assets, most of them overseas and agricultural. I bought it last year as an asset play and largely forgot about it but it jumped 10% yesterday on no news. It now only pays one dividend a year in July but it's worth keeping an eye on - management are overtly aiming to rationalise the portfolio, sell off non-core assets (including the UK art collection) and re-invest in the agricultural side of the business. Not transformational yet, but certainly interesting.
timarr
Agree fully re loss of Herald Investment Trust (LON:HRI) Given its long term record its almost an act of vandalism by Saba. And that is really the problem, Saba have stakes in so many IT's now and so much firepower that they could potentially / likely progress down the line taking funds out without much care.
The AIC need to wake up !
Ken- Have you looked at Barratt Redrow (LON:BTRW) -yielding over 6%-well 6.4%. I have doubled my holding this morning. Decent cash flow, strong order book and a discount to an NAV of 550-560p-so 52%.
Thanks Charles. I was very tempted to buy Barratt Redrow (LON:BTRW) but decided against for now only for the weak reason that the next dividend isn’t until November. It has already gone ex the May dividend.
So instead I bought Persimmon (LON:PSN) again, having sold recently. Had to pay more than my previous sell to buy it back. 40p dividend coming. I’ve done very well with both Barratt and Persimmon in the good times, including memories of several huge dividends. There were 4 in a row at £2.35 for Persimmon (LON:PSN) . Not bad if ever repeated with current share price around £12! So if the good times do return in time there could be a bumper yield in time. Same applies to Barratt Redrow (LON:BTRW) too, so it’s definitely one to watch.
Both might be dull tuckaways for a good while yet, and might go lower still depending in particular how Middle East events unfold, as well as business unfriendly negatives from this Government, but housebuilders are cyclical. So the tactic of buying the big dips (Persimmon is down over 60% from the 2021 peak) and selling after very big gains, usually works particularly well for housebuilders.
Thanks Ken, will look at PSN
Got an interesting but very long report from Claude on INPP - Highlights
INPP has paid a growing dividend for 18 consecutive years without a single cut, with average 5-year dividend growth of around 3%
Dividend Sustainability
The case for dividend safety is strong:
The 1.1x cover is adequate but not generous — any significant drop in portfolio cash receipts could pressure it. However, the near-entirely availability-based or regulated revenue model means economic downturns have very limited impact.
Key Portfolio Holdings & Risks....
> removed as long but mentions Sizewell is both opportunity and higher risk (cannot help but think the latter by is only part of the portfolio and it will be a longer term thing)
Bottom Line
INPP is a well-managed, conservatively structured infrastructure trust with an exemplary dividend record. The ~6.8–7% prospective yield is genuinely well-covered and backed by contracted or regulated cash flows with 25+ years of visibility. The ~16% discount to NAV offers potential upside if/when interest rates fall and sentiment towards listed infrastructure improves. The main risks are the persistence of elevated gilt yields (which compress valuations), the long-term future of gas distribution (Cadent), and the execution risk on the Sizewell C nuclear commitment.
For an income investor seeking reliable, inflation-linked dividends with low economic sensitivity, INPP looks attractively priced at current levels. It is not, however, a growth stock — capital appreciation depends largely on external rate dynamics rather than business performance.
> My final thought - if interest rates rise over next few years which seems likely (although David Stevenson doesnt) - then there is potential for share price disappointment. But it seems a fair bet all things considered. + Claude thinks its safer than the renewables sector !
I guess I could have posted a PDF link - may as well
https://drive.google.com/file/...
Missed the improved performance of Henderson Far East Income (LON:HFEL) so on my list to buy back in when I have some cash. I did a Bed & ISA which having not read the wordage could take 10 days- not sure why ! As I keep saying I am keen on Asia and emerging markets Aberdeen Asian Income Fund (LON:AAIF) has done well for my wife. lets hope by then the idiot and Iran would have reached a deal on the straits so we can see oil flow again- Asia are the hardest hit-80-90% goes there. Europe has less than 10% which makes recent price rises frustrating- though as an EV owner .....!
Plenty of investment trusts and funds will be at Mello Birmingham next week 22nd April:
https://www.melloevents.com/mellobirmingham
Tickets are on final release but do use code MBStockopedia25 for 25% off your ticket.
As mentioned on our investment trust show yesterday, if you have never been to a Mello conference, we are offering 5 completely FREE tickets (2 have already been taken) to Mello Newbies. Use code: MON1304
Here is the list of investment companies with us:
Capital Gearing Trust (LON:CGT)
Custodian Property Income Reit (LON:CREI)
India Capital Growth Fund (LON:IGC)
Kelso group (LON:KLSO)
Alyx Wood from Kernow Asset Management
Oxford Technology
Polar Capital Global Financials Trust (LON:PCFT)
Polar Capital Technology Trust (LON:PCT)
Simon Barnard of Smithson Equity Fund (formerly Smithson Investment Trust)
Sterling Investment Management
Hope to see lots of the Stockopedia investment trust & fund investors at Mello Birmingham next week.
Bought some Harbourvest Global Private Equity (LON:HVPE) today after the presentation and potential tender offer. They are under "activist" pressure despite the size of the trust and to be fair the price has performed OK but the discount is still wide. They need to narrow the discount significantly or else I suspect the pressure will just grow.
We have an extra two sessions on the show this afternoon...
It is a free to view Investment Trusts and Funds show this afternoon and all are welcome...
You can register for free here: https://www.melloevents.com/mitf140426
The full agenda is below (subject to minor changes):
1:00pm Company Presentation from VietNam Holding (LON:VNH)
Craig Martin (Co-Chairman of Dynam Capital) presenting and available for Q&A
1:30pm Company Presentation from Foresight Solar Fund (LON:FSFL)
Toby Virno (Investment Manager) presenting and available for Q&A
2:00pm Company Presentation from Smithson Equity Fund
Simon Barnard (Portfolio Manager) presenting and available for Q&A
2:30pm Keynote Speaker: Emma Bird, Winterflood Securities
Emma will provide an update on the investment trust sector to conclude the webinar
3:00pm Company Presentation from AVI Japan Opportunity Trust
Nicola Takada Wood (Managing Director, Japan) presenting and available for Q&A
The agenda has a bit for many different types of investors including exposure to renewable energy infrastructure, the Asia market or to a concentrated portfolio of high-quality, small and mid-cap (SMID) global companies. We also have an educational round up of the wider sector.
Hope to see you on Zoom again today at 1pm.. https://www.melloevents.com/mitf140426
Ok, can i ask a favour. As a retiree, i obviously have need for income, and i suspect like other here, i want to invest in a range of funds which keep my capital and income intact and preferably over time, grow each.
Does anyone have any seriously negative views on the following:
Sequoia Economic Infrastructure Income Fund (LON:SEQI)
International Public Partnerships (LON:INPP)
HICL Infrastructure (LON:HICL)
CQS New City High Yield Fund (LON:NCYF)
CVC Income & Growth (LON:CVCG)
I also have a few investment trusts that, hopefully will provide some income and growth. But they are easier to understand.
Thanks
Chris
I think you will be fine in those- I hold or have held few of them in my wife's income isa
Charles, thanks.
Regarding abrdn European Logistics Income (LON:ASLI) announcement today I struggle to see what merits an 11.5% fall in the share price. By my rough and ready calculations the remaining NAV after 1Q 2026 sales and debt repayments is of the order of 32.5 euros/share and there should be in excess of 100m euros in cash in net assets. The only thing I can think of is the market has concerns over their ability to sell the one remaining asset given their comments on that front. However it does seem a bit of an overreaction unless that property represents a very high proportion of the remaining property portfolio value which I estimate at c. 64m euros assuming NAVs are realistic as recent sales would seem to suggest. After today’s fall abrdn European Logistics Income (LON:ASLI) is at a c. 25% discount to estimated NAV which suggests the market doesn’t believe the NAV despite the recent sales at that level or better. All seems a bit harsh given the successful managed wind down and with only one out of 27 properties unsold. Perhaps I have completely misunderstood so any thoughts from REIT experts would be welcome.
Reuters says Seraphim Space Investment Trust (LON:SSIT) is contemplating a fund raising via the issue of C shares. Might explain why the price has been so strong . https://www.londonstockexchang... "The C shares would form a separate share class to the Company's existing ordinary shares during their deployment phase, which would reduce cash drag for existing shareholders. The C shares would convert into ordinary shares once the proceeds, or part of the proceeds, have been deployed. The basis on which the C shares would convert into ordinary shares is such that the NAV per ordinary share would not be diluted."
I missed this latest "bump" but wouldn't consider going into something on such a premium - I may regret this in the future should the NAV's go up significantly when next valued, but I find paying that much of a premium is too risky for me.
One for any keen investment company investors... tomorrow we will have our monthly investment trusts & funds webinar which is free to attend. We will have three management teams / fund managers joining us including VietNam Holding (LON:VNH) Foresight Solar Fund (LON:FSFL) & the recently launched Smithson Equity Fund, the new, open-ended (OEIC) form of the former Smithson Investment Trust (LON:SSON).
You can register for free here: https://www.melloevents.com/mitf140426
The full agenda is below (subject to minor changes):
1:00pm Company Presentation from VietNam Holding (LON:VNH)
Craig Martin (Co-Chairman of Dynam Capital) presenting and available for Q&A
1:30pm Company Presentation from Foresight Solar Fund (LON:FSFL)
Toby Virno (Investment Manager) presenting and available for Q&A
2:00pm Company Presentation from Smithson Equity Fund
Simon Barnard (Portfolio Manager) presenting and available for Q&A
Hope to see you on Zoom tomorrow at 1pm...
Telecom Plus (LON:TEP) was one of the shares and Trusts covered in the post below in January. (Most of them have held up well on big down days, except for Impax Asset Management (LON:IPX) which has since issued a real shocker of an update.Luckily I had taken the loss not long after it went ex. the last big dividend).
Anyway…….last year Telecom Plus (LON:TEP) issued a trading update in April so there could well be one later this month. I thought their most recent Results were far better than the negative market reaction to them suggested. Best way to see if readers agree is to go back to their November 25th Results and the comment on them that day by Roland in the Daily market Report who gave TEP a “Green” rating.
The TEP share price is around the price of that January post having fallen even further for a while. IF the next trading update is positive as (based on their Results comment it might well be) there could be a big share price uplift then. Meanwhile there’s s that 8% dividend that hasn’t been cut for many years and with increase possible. The share price is down 26% over the last 6 months. Why?
Here is a paste of that January post:-
Jan 28, 2026In reply to KevinS1
Thanks Kevin.
Do these look to be bargain buys?
Dunedin Income Growth Investment Trust (LON:DIG) . Potential investors might not have spotted the new progressive dividend policy and 6% of NAV target. It goes ex a 4.25p dividend on Feb 5th…..and it will be upped to 7.4p next time. So Yield looks like rising to about 9% with potential for further increase. Note that Aberdeen Asian Income Fund(LON:AAIF) has done well since its upping of the dividend policy. I hold both.
Chelverton UK Dividend Trust (LON:SDV) . Doing nothing for now, but I like their TOP10 and 10p a year dividend gives around 7% dividend. I hold.
Telecom Plus (LON:TEP) is an old favourite of the Naked Trader/Robbie Burns. I can’t see why the share price has fallen from £20 to under £14. Their November trading update was quite positive. They increased the most recent dividend and the yield is now about 8%. . Telecom Plus(LON:TEP) hasn’t cut the dividend for multiple years. Now looks a very good entry point at multi year low and I bought yesterday.
Also note that at last Henderson Far East Income (LON:HFEL) is doing better. It goes ex the next 6.25p dividend tomorrow. Yield still about 9%.
Supermarket Income REIT (LON:SUPR) also goes ex dividend tomorrow. Yield is a tad over 7%.
Impax Asset Management (LON:IPX) goes ex a big (5%) dividend on 19th February.
Note that CQS Natural Resources Growth and Income (LON:CYN) goes ex the increased 7p dividend on Feb 5th. I’ve just cut my holding. I was aware of imminent ex dividend but decided not to risk a share price fall between now and then.
I hold all these Trusts and shares.
Are there similar or better bargains still around that I’ve missed?
Hi ken
That's a good list. I hold and have added toTelecom Plus (LON:TEP), I don't see any justification for the price falls.
I've have also finally taken the plunge and added Unite (LON:UTG) to the portfolio. I understand the risks but I think this price massively discounts them. Ex-dividend date on 16th April, dividend is worth 5% on its own.
Beyond those, at lower yields, I've added Mortgage Advice Bureau (Holdings) (LON:MAB1), Genuit (LON:GEN), ICG (LON:ICG) and LSL Property Services (LON:LSL). I think the latter two are particularly attractive, especially for longer term holders.
I've also added more HICL Infrastructure (LON:HICL) and International Public Partnerships (LON:INPP) as well as Greencoat UK Wind (LON:UKW) - all offer inflation protected income.
Of course, with the Gulf situation so uncertain there's no guarantee that prices couldn't slip further, but the yields offer protection while we wait. But with prices at the pump rising and oil and gas supplies in transit nearly exhausted I think it's wise to keep some cash available for even deeper value opportunities.
timarr
Thanks timarr.
I also added more Telecom Plus (LON:TEP) when the share price fell even further.
I also followed you in to Greencoat UK Wind (LON:UKW) after your posts and am very tempted by International Public Partnerships (LON:INPP) HICL Infrastructure (LON:HICL) and Unite (LON:UTG). Tempted to buy today ahead of it going ex dividend on Thursday.
One not in that January post, but which I’ve held and posted about here with the claim it looks the best of the Fund Managers (and the Daily report commentators thought the same) is Polar Capital Holdings (LON:POLR) . POLR has issued yet another bullish update today with the share price well up. It’s up 83% over the past year. The great buy the dip opportunity has gone unfortunately. Still looks worth holding. Sure to get analysed on the Daily Report today.
Having previously sold a very large onshore wind farm to Greencoat UK Wind (LON:UKW) I can definitely vouch for the company!
Hi Ken,
David Stevenson, discusses adding International Public Partnerships (LON:INPP) in his Substack article, link below. https://open.substack.com/pub/...
Thanks Ken - I added Telecom Plus (LON:TEP) following your post in Jan, and it has indeed held up well in the recent volatility.
I've also been adding to Dunedin Income Growth Investment Trust (LON:DIG) recently on the dips, and it is still firmly on my shopping list; as you say next divi is 7.4p (ex div date is 7th May), which is their final divi of the year, and is approx 1/3rd of their annual total. Their next generation dividend hero status and revised dividend policy makes this a solid income holding for me, although it must be said that the SP chart is uninspiring (especially when compared to City Of London Investment Trust (LON:CTY) etc), but I am ok with that while the divis keep coming in.
GPM
Hadnt realised the discount to NAV was back up to 20% .
For me gold and silver are only heading one way in the next 3 years but thats not a view shared by all on here .
If theres any pullback in the next week or so when trump says something unsettling looks a good entry point
Gold and silver are counterplay to my belief that the UK is pretty screwed right now and very hard to see the next few years being ones of glorious growth and economic happiness .
I hold .
Always nice to see a bit of Yorkshire optimism on a Monday morning planetx! Thought you'd still be celebrating Wout beating Tadej yesterday.
With you on the Gold and Silver play though may need to continue to be patient as the Trump nonsense plays out.
Im a pogacar fanboy !
I agree ref gold - cannot see it being a losing trade over the next 3years. Silver I am less sure of - it doesn't seem to act so much as a counter-party and seems to go up and down due to other factors.
I hold plenty of gold - largely GPM, but also the L&G Gold ETF L&G Gold Mining UCITS ETF USD Acc (LON:AUCP).
I was lucky enough to get out not far off the top and rebought in much lower down. Very happy to keep holding for the medium term.
I also hold Geiger Counter (LON:GCL) as I think this has a good long-term future. Their RNS Friday reminded me of their subscription share issue which is due later this month - I've not heard anything from my broker, so emailed them this morning to ask what was happening - subscription shares are priced way lower than current price.
Silver is like the supercharged ADHD child of Gold that has been eating 5 packets of M&M and cant sit still .
Only for the brave !
Ive also just invested in “Pure Tungsten” a pre IPO play from the guys at Chancery royalty .
Not sure if the round has closed yet, really getting to like the guys at Chancery in their ability and willingness to let you share the journey.
My son who is 18 is off to South Korea on Sunday to see the Tungsten mine and learn all about it .
Very important for me as a father that he has this opportunity, Really interesting to see him engage in the process and the Chancery team are just superbly accomodating and understanding .
Theres a debate in my house about the benefits of education .
My daughter is at cambridge university and mum is a teacher - traditional “go to university get an education”
Im right quadrant entrepreneur mentality , i did go to uni (but just spent 3 years riding my bike ) and my son has skipped uni and is going to learn on the ground so to speak .
Anyway just rambling .
Interesting MoneyWeek article from 10/04 below. I take an interest in ETFs simply because they are similar to how my pensions are invested. My ISA is mainly investment trusts plus REITs, insurance and wealth mgt companies for the yields.
A number of the ETFs in the article are actually quite small (and presumably illiquid) but worth looking at 5 of the larger names from the list IMO....
Xtrackers S&P 500 Equal Weight UCITS 1C ETF (LON:XDWE)
https://tinyurl.com/yzcvjvyw
Started in Jun-14, fund size of 8bn, full replication and 503 holdings. Tracks the S&P 500 Equal Weight Index. 6 out of 7 risk rating. +281% increase since inception, which if my maths is correct, is +12% per annum. An easy and cheap way of accessing the wider US market without too much exposure to the large, relatively expensive tech names. I like it on a monthly drip feed basis.
Vanguard FTSE Developed Europe UCITS ETF EUR D (LON:VEUR)
https://tinyurl.com/2j4buzd5
Started in May-13, fund size of almost 4bn, full replication and 526 holdings. Tracks the FTSE Developed Europe Index. 5 out of 7 risk rating. Almost +9% per annum since inception. Almost 40% UK And Switzerland. But there are much better ideas discussed here so this is not for me.
Vanguard FTSE Japan UCITS ETF USD Dist (LON:VJPN)
https://tinyurl.com/yd8k4wbc
Started in May-13, fund size of 2bn, full replication and 487 holdings. Tracks the FTSE Japan Index (which I had never heard of before but apparently it is a market-capitalisation weighted index representing the performance of Japanese large and mid cap stocks). 6 out of 7 risk rating. Almost +8% per annum since inception. But I recognise many of the large cap names in the Fact Sheet and the value in Japan now lies in small caps so this is also not for me.
iShares Core MSCI EM IMI UCITS ETF USD Acc (LON:EMIM)
https://tinyurl.com/mt8t5knw
Started in May-14, fund size of 28bn (huge!), full replication and 2958 holdings (iShares only charges a TER of 0.18% even though there appears to be a huge number of holdings to track here). Tracks the MSCI Emerging Markets Investable Index. 6 out of 7 risk rating. +3.5% per annum.... is this correct ? Pretty poor IMO! Almost 60% invested in Taiwan, China and South Korea in well known names. Given the performance, definitely not for me.
Thinking about this a little more.... a period of real underperformance around 2016 but much better over the past 18 months which is what we have also seen from most of the EM trusts.
SPDR MSCI World Energy UCITS ETF (LON:ENGW)
https://tinyurl.com/ym9v2crx
Started in Apr-16, fund size of almost 0.5bn, full replication and 51 holdings. Tracks MSCI World Energy Index so very topical! 6 out of 7 risk rating. +225% since inception (versus +208% for the index so it's not tracking it 100%) which, again if my maths is correct, is +8.5% per annum. Oil and gas is 95% of the fund and the names are all large caps from the US, Canada, UK and France. Nice graph and maybe there is more to come given the current situation in the Middle East ?
Please feel free to check my maths and revert if you think I am wrong on any of the above. The EM performance is shocking!
MoneyWeek article....
Thank you for this.
Investor Meet Company this coming week.
Schroder Real Estate Investment Trust (LON:SREI) SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED
Results for the quarter ended 31 December 2025
14th Apr 2026 at 2:00pm BST
Value and Indexed Property Income Trust (LON:VIP) VALUE AND INDEXED PROPERTY INCOME TRUST PLC
Portfolio Update and Year End Valuation
14th Apr 2026 at 3:00pm BST
Harbourvest Global Private Equity (LON:HVPD) HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED
Investor Presentation
14th Apr 2026 at 3:00pm BST
Vietnam Enterprise Investments (LON:VEIL) VIETNAM ENTERPRISE INVESTMENTS LIMITED
Investor Presentation
16th Apr 2026 at 9:30am BST
Pantheon International (LON:PIN) PANTHEON INTERNATIONAL PLC
Interim Results
16th Apr 2026 at 11:00am BST
Pantheon Infrastructure (LON:PINT) PANTHEON INFRASTRUCTURE PLC
Full Year Results for the year ended 31 December 2025
16th Apr 2026 at 3:00pm BST
Sold my Augmentum Fintech (LON:AUGM) today at just over 108p. Lost money overall and with no sign of any other bid coming along, voting next week, thought I could probably do something better with the funds. Shame really as the portfolio looked like it was developing well and had sat out losses for a long time.
Just tried to buy some Manchester And London Investment Trust (LON:MNL) but the quote kept being withdrawn when I tried to execute. I was only buying a few to take advantage of the large discount and the yield of 5%. Try again next week, latest fact sheet here https://mlcapman.com/wp-conten...
Charles,
re: Manchester And London Investment Trust (LON:MNL), not a trust I look at very often so thanks for posting. +350% return over 10 years is very decent but I notice it's big holding in NVIDIA (NSQ:NVDA) and the 6 out of 7 risk indicator. NVIDIA (NSQ:NVDA) has a trailing PE of 38 and a forward PE of 23 according to Yahoo Finance. Didn't realise this trust is looking to pay a yield of 5.3%. AIC says the historical yield is 3.5% and HL says 1.7%! Discount is unusually wide when looking at a 10 year view. Definitely interesting.
From the Mar-26 Fact Sheet....
From the HL site....
It is, I do recall it can move up and down significantly- from my monthly performance tables.
This looks another mustn’t miss compulsory redemption by Riverstone Energy (LON:RSE) . Note the redemption price of £11.94. I’ve just bought at current £8.15. That ensures a £3.79 profit per share on 34% of our holding.
There was a similar redemption offer a good while ago. On that occasion, shareholders were able to tender for more than the guaranteed number and to my extreme surprise I successfully tendered 90% of my shares.
As last time I can’t see any catch. If anyone reading this can then please post.
https://www.stockopedia.com/sh...
Expected timetable for the Compulsory Redemption
Redemption Record Date
5:00pm on 27 April 2026
Redemption Date and expiry of Old ISIN
27 April 2026
Redemption Ex Date and New ISIN enabled
28 April 2026
Redemption payment date (on or around)
15 May 2026
“Approximately 34 per cent. of the Company's issued share capital (excluding shares held in treasury) will be redeemed in the Compulsory Redemption. The Redemption Price per Share will be £11.94 pence, being the NAV per Share as at 31 December 2025, with the amount to be applied to the redemption comprising monies from the Company's existing cash balances. The Compulsory Redemption will be effected pro rata to each Shareholder's registered holding of Shares as at the close of business on the Redemption Date (the "Redemption Record Date"). Fractions of Shares will not be redeemed and so the number of Shares held by each Shareholder which are redeemed on the Redemption Date will be rounded down to the nearest whole number of Shares.”
Thanks Ken
Thanks for highlighting this Ken. Probably a naïve question but if I invest say £2000 will I only get 34% of this redeemed at £11.94 and have to hold the rest?
There’s always the option of selling the rest at the then selling price. Obviously that might mean getting less back for those shares, depending on the share price. Maybe I was just lucky but last time I sold my remaining 10% around my buy price. How many got redeemed above the 34% (or whatever guaranteed minimum)last time, depended on how many of the holders on Hargreaves or wherever, tendered for more.
It’s not 100% risk free except for the guaranteed 34%, but on balance could be a big short term win, and the more so the more shareholders successfully tender for. And even if the other 66% maximum have to be sold at a loss, the current £3+ a share profit provides a good cushion.
It will be a bonus if the Platform default option is again do nothing.
Managed to pick some up at £8.21- so many thanks again Ken for highlighting.
Thanks Ken - price has jumped 15% to £8.75, but should still be OK.
Missed a quick trade- had to drive from Hampshire back to Carmarthenshire ! But looks OK to hold.
Available now to pick up at £8.13 per share (even with the 2% spread)
Thank you- bought some more at £8.129
Thanks Charles for this (& all the other IT information). I bought 381 shares at 8.15, interesting to see how this works out - I'm guessing we need to see where the SP settles at. Confused over the Stockopedia information though, at a closing price of 600 Stockopedia says this is up 3.26%, whereas the FT says it's down 49.87% (which I'm guessing is correct.
Ian, according to my ai calculations I am down 2% after the compulsory tender at the current share price. Given the discount is 50% I will continue holding.
Such a big discount now considering buying more.
Ken, Let AI run the figures on a notional £5000 investment at £8.21
1. The Numbers
2. Your Return
You are selling 209 shares for significantly more than you paid for them:
This represents a 15.6% return on your total £5,000 investment in just a few weeks, while still keeping the majority of your shares.
3. Your Remaining Position
After the redemption, you will still be "in the game" with the remaining shares, but your risk is much lower because you've already taken nearly half your initial money back.
Essentially, for you to lose money on this trade now, the stock price would have to drop below £6.27. Since it is currently trading around £8.21, you have a very comfortable safety cushion.
Summary Table (£5,000 Investment)
Timeline Reminder:
Thanks Charles.
I did take a smallish position yesterday in Riverstone Energy (LON:RSE) and the little bit of digging I established was that after last Octobers similar announcement and payout the SP continued to trade around similar levels.
I haven't done much other research yet to understand after the distribution what will the likely assets look like, but the key question for me is whether the share-price holds up or by how much it drops - this will then obviously determine the overall profitability of the trade.
I shall do a bit more work and see what I find - I notice the SP dropped back later in the day, so it seems the brokers were certainly fleecing those off us who potentially dived in during the morning.
I am also going to do some NAV calculations.
I may be missing something here but according to my records The RSE share price fell from £9.64 to £7.32 (24%) on the ex date for the last compulsory redemption in October. I presume that this happened because short term traders pushed the price up in anticipation of the redemption and when this pressure was removed the price dropped back to it's previous level. Luckily there's not so much sign of this happening for the current redemption.
Thanks Charles. As the figures show a quick short term profit is very likely.
Unfortunately though, and many many apologies for this error, the tender offer where I managed to dispose of 90% of my holding in 2024 was not, unlike this one, a compulsory tender. So I’m now assuming that this time, Platforms won’t be providing that opportunity to apply for more than 34%.
I feel bad about this, but fortunately it still looks very tempting. There isn’t the prospect of a mega profit as I suggested yesterday, but that big gulf between the current £8.24p buy price and the £11.94 tender offer for a third of our holding still imo makes it worth buying Riverstone Energy (LON:RSE).
I was aware of that Ken- so don't feel bad. Post the redemption the NAV will still be £1.94. The company will still have £16.7m cash. The remaining holdings may not be so easy to sell. They have Infinitum Electric (60-65% portfolio)- manufacturer of high-efficiency lightweight motors for Data centres. Did require funding in Jan 2026 due to "liquidity constraint" Hopfully a Trade buyer will emerge . That is the easiest. The rest of the portfolio will be sold over the next 12 months other than possibly Group14 technologies -10-15% of the remaining portfolio. Group14 has had issues in production and commissioning issues at their plants, but has been heavily written down.
AI. view on Infinitum "
Infinitum has pivoted its entire growth strategy to focus on the data center market over the last year. As of early 2026, they are positioning themselves as a critical player in the "AI infrastructure" boom.
Here is why they are so valuable to the data centre industry (and consequently, why they are the "crown jewel" of your remaining shares):
1. Cooling "Power Density"
AI servers (like those using NVIDIA chips) run incredibly hot, requiring massive fan arrays to move air.
2. Energy Efficiency & PUE
Data centers are judged by their PUE (Power Usage Effectiveness). Every watt spent on a fan is a watt not being used to run an AI model.
3. "Grid-Friendly" Tech (Active Front End)
One of their newest releases in early 2026 is "Active Front End" (AFE) technology.
4. Recent "Wins" for the Company
The "Investor" Perspective"
Hi Ken, I read it as a compulsory redemption;
The Redemption Price per Share will be £11.94 pence, being the NAV per Share as at 31 December 2025, with the amount to be applied to the redemption comprising monies from the Company's existing cash balances. The Compulsory Redemption will be effected pro rata to each Shareholder's registered holding of Shares as at the close of business on the Redemption Date (the "Redemption Record Date").
Maybe I missed something?
You’ve not missed something Kevin. It’s me who missed something as I explained and apologised for, in my post earlier this morning.
Still looks a good opportunity- especially if Infinitum gets a good value bid or series 7 funding. Bought some more at £8.209
Thanks ken, bought some this morning at 813p, let's hope Trump isn't going to sink this one.
SDCL Efficiency Income Trust (LON:SEIT) has announced a managed wind down. Given Saba’s significant stake and the ~50% discount this might be the Saba play on their renewables holdings.
Re SDCL Efficiency Income Trust (LON:SEIT) thanks for flagging this. Ideally, a wind down would been some partial realisation of that 50% Nav. But history is not an entirely cheerful guide in this regard, having held VPC Specialty Lending Investments (LON:VSL) and seen the process at work in a buyer's market. I await Oakbloke's latest.
Tim, I have had a look at SEIT and my conclusion is that not worth buying. The dividend will not be paid after the next one as cash flow will go to pay of debt. Given they markets now knows they are a "forced seller" and with knowledge of the debt that needs paying offf any buyer will go low. The latest sale at a 9% discount could be a low discount for some of the assets-i.e the price offered might be a lot less for some of the assets. Primary Energy and Onyx account for about 43% of NAV. Onyx was for sale in 2025 but the board removed it for sale due to the low bids they received. Blackstone own 50% of it so could be "difficult" re the sale. Primary Energy is exposed to the US steel industry- any slow down in that industry could make it harder to sell near valuation. If Primary could be sold at near valuation that would clear the RCF but still leave nearly £400m in debt - and it is the major income provider to service the debts. United Utilities would look like an easy sale but at 4% of NAV not going to clear the debt.
That latter is the issue- when will shareholders see any capital returns. It seems to me it could be a couple of years, with no dividend and the risk of the share price falling if one of the big 2 assets is sold at say 10% or worse discount.
Looks pretty risky to me at this stage in conclusion. If anyone has a more positive view aI would welcome a post explaining it.
I can't disagree on SDCL Efficiency Income Trust (LON:SEIT) Charles. That 9% discount on the latest sale is highly likely to be the best price that will be achieved. As Brucie said earlier in the week it will be interesting to hear OakBloke's view on this, as he has been positive on SEIT, although I suspect he wasn't expecting the board to throw in the towel.
Agree Tim.
Sold my holding about midday yesterday on the news - can't elp worrying that this might become a fire sale - everyone knows they want / need to sell so are they likely to realise much more than the 9% discount achieved on the last sale. Sure, there is a large discount but expebses will roll along and be a drain on reserves.
Might be totally wrong of course, good luck to those braving it out.
Digital 9 Infrastructure (LON:DGI9)
“April 9 (Reuters) - Britain's accounting watchdog on Thursday opened a probe into PricewaterhouseCoopers' financial audit of UK-based investment trust Digital 9 Infrastructure DGI9.L for fiscal year ended December 2023.”
if this is correct will shareholders get compensation from Price Waterhouse ? Lets hope so !!
VinaCapital Vietnam Opportunity Fund (LON:VOF) update”
NEWS FLASH
FTSE Russell Affirms Vietnam’s Emerging Market Upgrade In September 2026 Following A Satisfactory Interim Assessment In March
- FTSE upgrade confirmed: Vietnam reclassified to Secondary Emerging Market from September 2026, with phased index inclusion through 2027.
- Capital inflow catalyst: Upgrade expected to attract USD 5–6 billion, expanding foreign participation and investor base.
- Policy alignment: Supports market capitalization target of 120% of GDP by 2030.
- Attractive valuations persist: Earnings growth above 15% expected in 2026 despite geopolitical headwinds.
On Tuesday, 7 April 2026, FTSE Russell confirmed the reclassification of Vietnam from Frontier to Secondary Emerging Market status, as previously scheduled, following a satisfactory March 2026 interim assessment on access to global brokers. This follows an announcement in October 2025 that Vietnam would be upgraded from Frontier to Secondary EM status, with an effective date of Monday, 21 September 2026.Accordingly, Vietnam will be added to FTSE’s global equity indices via a four-tranche phased implementation beginning in September 2026 and concluding in September 2027. The proportion of investability weight added will be as follows: September 2026 (10%), March 2027 (20%), June 2027 (35%), and September 2027 (35%).
This is a positive and long anticipated milestone. With this, Vietnam is expected to attract approximately USD 5–6 billion in foreign capital inflows, including around USD 1 billion in passive flows and USD 4–5 billion in active flows.
While the quantum of these inflows may not appear particularly significant relative to Vietnamese stock market’s current daily trading value of approximately USD 1 billion and the fact that the inclusion will be implemented in four tranches, this should accelerate the growth trajectory of Vietnam's stock market and broaden its investor base. This development aligns with policymakers’ ambition to expand the size of Vietnam’s stock market to 120% of GDP by 2030, from the current level of 75%.
See Seraphim Space Investment Trust (LON:SSIT) is up another 7%. Sold too early this time, but will not chase it. Maybe people have a clearer idea of what will happen to ICEYE than I do. But what I do know is that if they sell the holding at some stage they will have to find something else to invest in- and logic says it is unlikely to grow as fast as ICEYE.
On the energy theme, I notice that Oakbloke has just doubled down - again- on his conviction hold at SDCL Efficiency Income Trust (LON:SEIT) . It's now at 20% of his 2026 - virtual Sharepicks folio.
The 25 for 25 revisited - The Oak Bloke
Sorry Lincs. When I tried to read the article again I also got the “sign up” message. I don’t want their 3 month trial by paying now and then remembering to cancel, that signing up commits people to.
The article focused on the many hurdles the sector has had to face, including a big new one, the Middle East war, and this earlier one.
“ But the killer blow was government policy. Last year, the Department for Energy Security and Net Zero launched a consultation on changing the basis of payments (ROCs and FITs), which resulted in a switch from the higher RPI rate of inflation to CPI from April 2026.”
He questioned whether it was priced in now, but thought best to go to two safer ones. I.e Greencoat UK Wind (LON:UKW) which I bought recently with 10% dividend and International Public Partnerships (LON:INPP) paying just under 7%.
The International Public Partnerships (LON:INPP) said this (in the Telegraph);
By contrast, INPP is a broadly diversified infrastructure investor that has given careful thought to the growth problem. It’s invested heavily in two crucial pieces of energy infrastructure: new transmission cables, which are essential for handling intermittent and geographically uneven output, and nuclear power.
The transmission assets are worth around a fifth of the portfolio, while the nuclear assets consist of a £254m commitment to Sizewell C.
Last week’s robust trading numbers showed a diversified £2.2bn fund that has delivered just under 100pc NAV growth in the last 10 years, on a well-backed dividend of 6.8pc.
Regardless of whether you are a net zero cynic, more intermittent renewable energy is going to surge into the system during the next few years and energy prices will remain high, which should benefit Greencoat UK Wind – which has lots of valuable onshore wind assets.
That means more transmission spending and more base-load nuclear, which should count in INPP’s favour.
Looks quite interesting. K
I sold it recently as good yield but not much price movement. Had something else I wanted to buy.
Thanks Ken
In this sector I am currently holding SEIT , GCP , HICL, INPP, NESF, SEQI & TRIG. They are all above water (some nicely so) except NESF and TRIG.
I cannot see how the change from RPI to CPI isn't fully priced in - its not like its been kept a secret. Interest rates controlling direction of the SP here but happy to wait for the inflation linked returns to steadily increase the divi - I hope.
Hope those Trusts continue to do ok or better Lincs. I’m very wary of the Renewables sector so sold any I held like NextEnergy Solar Fund (LON:NESF)and Gore Street Energy Storage Fund (LON:GSF) a good while ago. Other posters here are more positive on the sector. I also hold GCP Infrastructure Investments (LON:GCP) and very tempted by International Public Partnerships (LON:INPP) .
Ken - you might want to add HICL to your list. Again seems well managed - recently sold a share of a French motorway for a 20% over NAV transaction. International assets, cash in the bank and undrawn RCF. Recent ''hiccup'' when they announced merger with TRIG (didn't see a problem myself, but hey ho) now behind them and pipeline of interest in projects going forward. Excellent divi of c. 6.8% at todays price - similar to INPP.
Apologies.
I posted this on the March thread by mistake.
Good article here from David Stevenson on the Renewables sectorand the problems it has faced. He addresses whether that’s largely priced in. Greencoat UK Wind (LON:UKW) and International Public Partnerships(LON:INPP) covered briefly too.
https://www.telegraph.co.uk/bu...
Behind pay wall Ken.
Was DS optimistic or pessimistic? Or sat on the fence?
Try this link
https://www.telegraph.co.uk/gi...
Thanks - that's sorted it.
Primary Health Properties (LON:PHP) looks like a BUY at these levels. I used to hold and very very tempted to buy back in. It should be defensive - NHS assets and has a great yield.
It does. Share price weakness is post Assura merger which saw the LTV rise to 57%. If they manage to offload the [private hospital portfolio to reduce debt then the price should recover- historically it has traded at NAV or above. The occupancy rate of 99.6% and lease length of 10.8 years with 76% rented to the NHS . Post disposals that should rise back to 90%.
Thanks bsharman for your Primary Health Properties (LON:PHP) prompt and Charles for your reply.
I’ve never held and it used to trade at an undeserved premium. But I’m very tempted now based for starters on their last update and discovering that PHP has now had 30 years of dividend increases. The share price fall means an almost 8% dividend. And that premium has gone to an 8% discount.
Here’s PHP’s recent dividend comment. Note the progressive dividend policy in the 3rd paragraph:-
“ Dividends
The Company distributed a total of 7.1 pence per share in 2025 which was fully covered, an increase of 2.9% over the 2024 dividend of 6.9 pence per share. The total value of dividends distributed in the year increased by 27% to £117 million (2024: £92 million), which were fully covered by adjusted earnings. During 2025, the scrip dividend scheme continued to be suspended as a consequence of the ongoing weakness in the share price and a Dividend Reinvestment Plan continued to be offered in its place.
The first interim dividend of 1.825 pence per share, equivalent to 7.3 pence on an annualised basis, an increase of 2.8% over the 2025 rate, was paid on 13 March 2026 and the second is payable on 8 May 2026 to shareholders on the register at 27 March 2026. Both dividends represent a Property Income Distribution of 1.325 pence and an ordinary dividend of 0.5 pence.
The Company intends to maintain its strategy of paying a progressive dividend, paid in equal quarterly instalments, that is covered by adjusted earnings in each financial year.
Further dividend payments are planned to be made on a quarterly basis in May, August and November 2026 which are expected to comprise a mixture of both Property Income Distribution and normal dividend. It is proposed that authority will be sought at the AGM for the re-introduction of the scrip dividend for future dividends, at the Directors discretion. “
Also I hold Value and Indexed Property Income Trust (LON:VIP) . Bought when so surprised to read that they’ve increased the dividend for 39 years! The starting yield now is about 7.5%. VIP has no unlet properties and no offices. So far the share price has hardly moved.
Here’s their last Results comment on dividends. Note the intention to continue to increase them:-
“VIP's dividend per share has risen every year since 1986 when OLIM's management began. It has risen by 1,004% (6.5% p.a.) against the Retail Prices Index rise of 293% (3.7% p.a.). A first quarterly dividend for the year to 31 March 2026 of 3.6p per share was paid on 31 October 2025. A second quarterly dividend of 3.6p per share will be paid on 30 January 2026 to all Shareholders on the register on 30 December 2025 (ex dividend date: 29 December 2025).
It is intended that a third quarterly dividend of 3.6p per share will be paid on 24 April 2026 to all Shareholders on the register on 27 March 2026 (ex dividend date: 26 March 2026). VIP now normally pays its dividends as a Property Income Distribution (PID). VIP's medium term dividend policy is for increases in line with consumer price inflation, underpinned by VIP's indexed property income.”
RE: Primary Health Properties (LON:PHP)
Interesting, but the gearing looks scary. I think this is a function of their purchase of Assura, and looks manageable - but you can see why investors are a tad wary with interest rates rising.
timarr
Both Primary Health Properties (LON:PHP) and Tritax Big Box REIT (LON:BBOX) reported high gearing recently, both because of acquisitions.
Primary Health Properties (LON:PHP) reported Loan to Value ratio of 57% as of 31st Dec 2025, up from 48% a year earlier; the comments section said LTV ratio 57% (31 December 2024: 48%), temporarily above the Group's targeted range of between 40% to 50% because of the combination, with a clear plan to reduce this during 2026.
On the plus side, net rental income was up +49% and dividend cover was also up from 101% to 112%. I hold for the yield and really like the way the results are reported in a clear and concise table (this should be standard reporting for every REIT but sadly isn't!)....
For some reason I can't find the 17th March 2026 results RNS on the Stockopedia site but that's probably just my inability to find them. They are clearly there on the Primary Health Properties (LON:PHP) web site.
Tritax Big Box REIT (LON:BBOX) reported Loan to Value of 33% as at 31st Dec 2025, up from 29% a year earlier. For some reason, I thought it was higher. Anyway, results also reported in a nice clean manner....
https://tinyurl.com/4js76x4y
I've been meaning to post a few links/articles but things have been busy.
Anyway, in no particular order....
I came across this weekly IG Index podcast. It's long and I tend to listen to it when I am at the gym or busy in the garden but I like it as the weekly discussion covers so many different global trends. Useful discussion around India v China on 35 mins plus copper on 55 mins and BlackRock World Mining Trust (LON:BRWM) on 64 mins.
https://tinyurl.com/fbxbb8zk
I liked the following discussion on the Many Happy Returns podcast entitled "Is Anything Actually Cheap ?".
Key points as I noted them down....
5 mins: S&P 500 currently trades on approx 25 times earnings v 8 times earnings post GFC.
14 mins: some valuations are surprising eg: Walmart is on a PE ratio of 45 v Amazon on a PE ratio of 28.
15 mins: MSCI by country mentioned. There is very little that is cheap.... USA PE of 25, Germany 15, UK 16, Australia 21, Japan 18, Brazil 12, China 14, South Korea 18 etc.
17 mins: Brazil is maybe the best bet in Emerging Markets ?
21 mins: Money Market Funds continue to do their job!
24 mins: will the UK suffer from stagflation versus the US which benefits from cheaper energy ?
25 mins: US Dollar tanked recently as a consequence of other countries selling their gold reserves to use the cash to prop up spending power.
27 mins: holding commodities is a “Strait of Hormuz Hedge”!
29 mins: discussion around cheap 'stuff' v long term themes eg: basket of copper miners ?
31 mins: SSB notes good advice: this is a volatile environment so don’t take on too much risk.
https://tinyurl.com/4jpu8mzc
I have no idea on the upcoming SpaceX IPO! I listened to the following a while back, it's pretty detailed but interesting all the same. Seems the company was set up to be the lowest cost option for anyone to launch rockets and satellites into space.
https://tinyurl.com/ymuvmk8t
Reuters says the valuation could be the richest ever: $1.75 trillion. And claims investors are "clamouring for any sort of exposure". SpaceX generated $8bn in profit on approx $15bn in revenue last year. If my maths is correct, this is a proposed PE ratio of 218 times earnings.
https://tinyurl.com/45h6u596
The following CityWire article is helpful for anyone like me who is catching up on the story. Baillie Gifford lifted their valuation of SpaceX to $800bn last December and SpaceX now accounts for 19% of Scottish Mortgage Investment Trust (LON:SMT), 14% of Baillie Gifford Us Growth Trust (LON:USA), 20% of Edinburgh Worldwide Investment Trust (LON:EWI) and 12% of Schiehallion Fund (LON:MNTN).
I noticed the Scottish Mortgage Investment Trust (LON:SMT) RNS made no reference to how the valuation had been calculated but I do know the private holdings are re-valued every 3 months so presumably that is against similar businesses on the US public markets.
https://tinyurl.com/4zpx4hrh
And Russ Mould covered it in terms of what it could mean for the S&P500.
https://tinyurl.com/4yz5fkaj
I'm not tempted but interested to hear other's thoughts. I'm much more likely to buy more Primary Health Properties (LON:PHP) and Tritax Big Box REIT (LON:BBOX) for the yield!
SSB
Thanks timarr.
As ShoeShineBoy included in his latest post (so full of information and useful links) this is what Primary Health Properties (LON:PHP) said about the current too high 57% LTV:-
”The Group's balance sheet remains robust, with significant liquidity headroom, with cash and collateralised undrawn loan facilities, after capital commitments, totalling £571 million (31 December 2024: £271 million).
The loan to value ratio of 57% (31 December 2024: 48%) is currently higher than our targeted range of between 40% and 50%, as a result of the combination with Assura, but as noted above, we have a clear plan to bring this back within the targeted range during 2026.”
OK …they would say that wouldn’t they, but the whole tone of what they describe as their transformational acquisition of Assura is confident.
I bought Primary Health Properties (LON:PHP) today….it looks too tempting to miss.
I also added to Schroder Real Estate Investment Trust (LON:SREI) today following the recent share price fall and discount widening to 23%.
I still think markets are far too sanguine about the awful Middle East war and wrong to react as they are doing for now, to anything a seemingly deranged Trump spouts.
I hope that big dividend paying Investment Trusts will continue to tick along with modest price changes even on big down days. And if that’s wrong and they join in perhaps big market down days ahead , I’ll look to average down or up a few of my REITS. It’s far safer averaging down quality Trusts after big falls than it is almost any single share.
Higher interest rates would be a negative for REITS but isn’t that more likely to lead to dull share price performance for longer, rather than big falls? Those already high yields should provide support, and the more so for share price recovery in time if this thinking is wrong.
I hold the following REITS.
Aew UK Reit (LON:AEWU) .it’s still fully priced unfortunately.
Alternative Income REIT (LON:AIRE) . Now likely to merge with AEWU.
Custodian Property Income Reit (LON:CREI) a fairly recent buy that looks worth checking out.
Newriver Reit (LON:NRR) …another one that looks too cheap.
Primary Health Properties (LON:PHP) as from today.
Schroder Real Estate Investment Trust (LON:SREI) and as just posted I added today.
Social Housing REIT (LON:SOHO) …another buy a few months ago. Flat performance so far and still well worth checking out.
Londonmetric Property (LON:LMP) .. views anyone?
Land Securities (LON:LAND) another fairly recent buy. I don’t hold similar British Land (LON:BLND) with a slightly higher dividend than LAND.
Value and Indexed Property Income Trust (LON:VIP) with that long record of riding dividends but share price flat for now.
and Supermarket Income REIT (LON:SUPR)
Thoughts both positive and negative on any of these would be very welcome.
Hi ken
My rather eclectic set of IT holdings at the moment is:.
I sold most of the higher yielding trusts when interest rates started edging upwards: I can redeploy that money into lower yielding but higher quality equities than have dropped since the Iranian war started.
If I had to pick two stocks it would be ICG (LON:ICG) and LSL Property Services (LON:LSL) both of which seem too cheap to me. Am also keeping an eye on Cordiant Digital Infrastructure (LON:CORD) which I sold during the general housekeeping but which I probably should have kept.
Tomorrow will, of course, be interesting. But when isn't, really?
timarr
I don't normally comment on share price moves, taking the view that they're pretty much a random walk, but the moves in Seraphim Space Investment Trust (LON:SSIT) are pretty extraordinary. It was up 16% earlier today, now "only" 9%.
I can only imagine this is the halo effect from the impending SpaceX IPO, but interestingly the Ballie Gifford trusts that hold it (SSIT doesn't) - Scottish Mortgage Investment Trust (LON:SMT) Baillie Gifford Us Growth Trust (LON:USA) Edinburgh Worldwide Investment Trust (LON:EWI) and Schiehallion Fund (LON:MNTN) - haven't moved that much. At the mooted price you'd think their prices will rise and their discounts narrow.
Always interesting times.
timarr
SMT is my choice on stake size, fees and additional holding in Amazon (for AWS. Cap Ex) and NVDA
Today, C Rebel pointed out the price differential between Planet Labs PBC on the nyse and ICEYE, i e. about 3/4 times more. ICEYEis now 39% of the SSIT NAV
The issue with ICEYE is how happy would some of their customers be on them going public?
Having done some further research if ICEYE was to be valued at the same valuation as Planet LABS then SSIT's NAV would be about £2.75 per share. Given it has margins of 40% compared to Planet Labs 5% then it could be worth even more. Given ICEYE is self-financing now they are unlikely to require another funding round to keep going. They could though raise funds to expand further, particularly if they win another major contract. This could be way of Debt rather than an equity funding. The Finnish or German government could block an IPO on security grounds, though that would probably lead to a merger with another business such as Rheinmetall.
I missed this last price rise but will continue to monitor it and buy back in on a fall in the price.
Anybody got an idea as to what is happening with the Real Estate Credit Investments (LON:RECI) share price? There's been a rather active controversy on the advfn, including some use of "Claude", which reminds me of the shallowness of my understanding of what's actually under the bonnet - of so many of my shares!
I had assumed higher rates re refinancing at some point. Haven’t seen the advfn comments
Real Estate Credit Investments (LON:RECI) is fundamentally a credit vehicle and has fallen in line with other vehicles of this nature that are credit and refi sensitive (eg SEQI) The share price decline is mainly due to:
- higher discount rate due to higher gilt rates
- Credit spread widening
- Collateral concerns due to potential property price decline if cap rates remain elevated
Thanks to Charles for continuing this excellent thread. TS Eliot wrote that "April is the cruellest month" and I sincerely hope this will not be the case. So much hanging on the performative unpredictability of the current leader of the Free World. I found it something of a relief to find the usual news displaced by the space mission, as if affording us a glimpse of what humanity can achieve when it works together on a mission greater than the hubris of one man or any single nation. (And call me naive, but to my mind, that should be America's role in the world!)
Anyway, to stock market matters. The Bruciefolio remains fully invested, mainly because I'm going to be relying on it quite shortly for our income. But I'm also curious to test out my sense that a natural income strategy, properly constructed, should have the resilience to withstand large bear markets, particularly if you can continue to reinvest a proportion of the income on the way down.
The shares are mainly the same from previous months, thought I did get rid of the rest of my CLS Holdings (LON:CLI) . I have recently sold, but only in order to b&b ISA my holdings in NextEnergy Solar Fund (LON:NESF) , Biopharma Credit (LON:BPCR). Being both high dividend shares the tax shelter makes a signal difference going forward. I'm a big fan of BPCR, while NESF remains something of a mystery to me, but I'm unwilling to give up on it. Remaining shares not yet ISA'd include Schroder Real Estate Investment Trust (LON:SREI) , Tritax Big Box REIT (LON:BBOX) and British Land (LON:BLND) . Along with my other REITs listed below, you can see the way the folio is tilted. Schroder European Real Estate Investment Trust (LON:SERE) has been on the edge of my culling list, but I haven't quite managed to swing the axe. It had a good day yesterday, so I'm reluctant to call time on an income idea just because it falls out of stockmarket favour. As Ken always reminds us, that's generally the time to buy!
As ever, I very much welcome advice or suggestions as well as criticism - the most obvious of which could be that I hold too many shares! I guess I feel that a highly unitised approach, while not being the same as a diversified one, is like a ship with many hulls. If one goes down, there are others.
AAIF, ABDN, ASHM, BBOX, BLND, BPCR, BPM, BVXP, CLIG, CSN, CYN, DUKE, GCP, FGEN, FSFL, HBR, HFEL, IPX, ITH, ITV, LGEN, MNG, NESF, NRR, ORIT, OSB, PHP, POLR, RCH, RECI, SDLF, SEIT, SERE, SEQI , SHHP, SOHO, SNWS, SREI, SQZ, SUPR, TFIF, TMIP, UKW.
Molten Ventures (LON:GROW) Portfolio update https://mailchi.mp/molten.vc/p...
VITP Update
Brief thoughts on the big 7.5% fall for the Virtual IT portfolio over the last 4 weeks. The FTSE 100 only fell 5%….number33 shows that figure at the bottom left, underneath the Book Cost heading.
There’s an excuse for the two worst performers, CQS Natural Resources Growth and Income (LON:CYN) and BlackRock World Mining Trust (LON:BRWM) in that they were only giving up some of the huge recent gains, and despite the bad month both have still quintupled. I think both are still very fully valued, but I’m going to continue to hold both of them, as at my buy prices and the portfolio buy prices, the dividends are so big, especially so the CQS Natural Resources Growth and Income (LON:CYN) dividend.
Other big fallers like VinaCapital Vietnam Opportunity Fund (LON:VOF) , Rockwood Strategic (LON:RKW) and Schroder Real Estate Investment Trust (LON:SREI) are falling towards “let’s have a nibble at least” prices. I’m surprised that SREI has fallen so far.
Scottish Mortgage Investment Trust (LON:SMT) , Allianz Technology Trust (LON:ATT) International Biotechnology Trust (LON:IBT) and HgCapital Trust (LON:HGT) held up very well.
Some of the fallers were because of widening discounts yet again. It’s astonishing that HgCapital Trust (LON:HGT) is on a 33% discount, and Oakley Capital Investments (LON:OCI) which is still up more than 100% in the portfolio, at an even wider 38%. Private Equity is SO out of favour…….for now. Surely that’s going to change in time as some seem such good value.
Recent buys ahead of the war were with hindsight badly timed, and so have fallen from the buy prices. The two biggest recent buy fallers HgCapital Trust (LON:HGT) and Rockwood Strategic (LON:RKW) already look to be at very tempting top up prices
Finally, if any Trusts drop to irresistible prices, I might make further changes to the portfolio and mine too. Buy and sell suggestions would be very welcome.
And thanks btw to those up ticking the portfoilo. That’s a useful guide to the level of interest in it, bearing in mind there are so few follow up posts
In these uncertain times I have been looking at alternatives in the commodity sector. Gemini AI bought this up:-
"If by "green" you mean the Energy Transition and Critical Minerals sector, the 2026 outlook is currently the strongest sub-sector in the commodity market.
While broad commodity indices are being dragged down by a surplus in oil, "green metals" are decoupling due to a massive "re-industrialization" phase driven by AI data centers, grid modernization, and defense stockpiling.
1. The "Green" Metal Powerhouses of 2026
Traditional industrial metals are being rebranded as "green" because they are the literal hardware of the transition.
Cobalt & Rare Earths: These are now treated as National Security assets. The U.S. and EU are actively building "Strategic Mineral Reserves" (e.g., the U.S. "Project Vault" initiative), which is creating a permanent floor for prices regardless of the immediate economic cycle.
If you want to isolate these transition metals from the "dirty" energy (oil/gas) and agricultural sectors, these three are the market leaders in 2026:
The Purest Play: SETM (Sprott Critical Materials ETF)
The Tech-Metal Hybrid: REMX (VanEck Rare Earth/Strategic Metals ETF)
3.Green vs. Broad Commodities: 2026 Performance Gap
Emerging markets pretty much gave up all the gains of Jan and Feb. So a fall of 6.0% roughly. Korea was down 19%, Japan 13%, India 11% and China 8%. Vietnam was down 12%.
These will be areas I will look to buy more once Iran says something about a ceasefire- not sure Trump can be believed.
I have bought Cavendish (LON:CAV) for the yield plus the potential of capital growth. Dividend cover is tight at 1.2x but given the cash pile they have I am thinking they will at least maintain the dividend until earnings pick up. They would also seem vulnerable to a bid at a pe ratio of 3x . Not a stock I would normally deal in, but the yield was the temptation.
I also bought some. Very cheap - perhaps some sector consolidation....?
Indeed, the smaller houses would look vulnerable. CAV should I assume be benefitting from the demise of Jarvis Securities (LON:JIM)
We all know why March was so dismal, the irony being theat another hate of Trump's- and he is full of hate- is renewables and they did OK ! HGEN- disaster and I am resigned to holding post de-listing- I have assumed a 100% write off. The property sector took a battering, to me looks rather overdone as panic selling on fears of rising interest rates led to sharp falls. I will be buying more of Tritax Big Box REIT (LON:BBOX) and SEGRO (LON:SGRO) when things calm down. With new ISA period coming up I am going to Bed and ISA from my dealing account- I am not going to commit new funds to the stock market from Cash deposits until things are clearer- which will probably be post the mid term elections in the US. Hopefully Trump will lose control, not that he seems to bother with congress or the senate.
I have little else to say - the month was not great, been here before, but frustrating one man ( and his cronies) with Israel can cause such economic damage worldwide.
Thanks Charles, I have been looking at REITS and can't really decide the best value ones for risk/reward. If you don't mind me asking why did you go for Tritax Big Box REIT (LON:BBOX) and SEGRO (LON:SGRO) - are there others you have considered? Land Securities (LON:LAND) and Derwent London (LON:DLN) look decent value amongst others.
I am keen on the data centre exposure both have. I do hold LAND.
Charles - thanks for initiating this monthly IT thread and your invaluable contributions.
It is now a firm "go to" for me on the board.
I'm delighted each time I see the new thread appear each month.
Thank you.
Thank you Lincs. Not my best monthly commentary, but lets hope for a more stable time ahead.