Investment Trust , REIT and ETF's- Thoughts (December 2025)
Investment Trust , REIT and ETF's- Thoughts (December 2025)
Links to older monthly thoughts.
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.
November 2025 Investment Trust monthly performance.
Top 10 (Equity only)
Castelnau (LON:CGL) +17.3%
International Biotechnology Trust (LON:IBT) +12%
RTW Biotech Opportunities (LON:RTW) +11.3%
Polar Capital Global Healthcare Trust (LON:PCGH) +10.9%
Biotech Growth Trust (LON:BIOG) +9.8%
Worldwide Healthcare Trust (LON:WWH) +9.5%
Majedie Investments (LON:MAJE) +8%
Blackrock Latin American Investment Trust (LON:BRLA) +8%
New Star Investment Trust (LON:NSI) +7.6%
Bellevue Healthcare Trust (LON:BBH) +7.3%
Bottom 10 (Equity only)
Digital 9 Infrastructure (LON:DGI9) -27.6%
Crystal Amber Fund (LON:CRS) -16.6%
Manchester And London Investment Trust (LON:MNL) -13.2%
British and American Investment Trust (LON:BAF) -12.9%
Augmentum Fintech (LON:AUGM) -10%
Scottish Mortgage Investment Trust (LON:SMT) -8.3%
Chrysalis Investments (LON:CHRY) -7.8%
Seraphim Space Investment Trust (LON:SSIT) -7.7%
Lindsell Train Investment Trust (LON:LTI) -6.9%
Barings Emerging Emea Opportunities (LON:BEMO) -6.9%
Top 10 (All Trusts)
Golden Prospect Precious Metals (LON:GPM) +21.3%
Castelnau (LON:CGL) +17.3%
UIL (LON:UTL) +17.2%
Gresham House Energy Storage Fund (LON:GRID) +14.3%
CQS Natural Resources Growth and Income (LON:CYN) +13.2%
International Biotechnology Trust (LON:IBT) +12%
RTW Biotech Opportunities (LON:RTW) +11.3%
Polar Capital Global Healthcare Trust (LON:PCGH) +10.9%
Biotech Growth Trust (LON:BIOG) +9.8%
Worldwide Healthcare Trust (LON:WWH) +9.5%
Bottom 10 (All trusts)
Macau Property Opportunities Fund (LON:MPO) -57.6%
Digital 9 Infrastructure (LON:DGI9) -27.6%
Crystal Amber Fund (LON:CRS) -16.6%
Foresight Solar Fund (LON:FSFL) -15%
Manchester And London Investment Trust (LON:MNL) -13.2%
British and American Investment Trust (LON:BAF) -12.9%
Fair Oaks Income (LON:FAIR) -12.8%
Develop North (LON:DVNO) -12.3%
ICG Longbow Senior Secured UK Property Debt Investments (LON:LBOW) -11.6%
NextEnergy Solar Fund (LON:NESF) -10.5%
ETF
Listing the ETF's I have realised is pointless, depends to be the same sector.
So last month Silver dominated the top performs.
Ethereum the bottom performers.
Property companies.
Conygar Investment Co (LON:CIC) +35.2% (Down 37.1% over a year)
Alina Holdings (LON:ALNA) +16.4% (+37.5% over a year)
Grit Real Estate Income (LON:GR1T) +10.1% (-41.5% over a year)
Wynnstay Properties (LON:WSP) +7.5% (+26.7% over a year)
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.
425 comments
Digital 9 Infrastructure (LON:DGI9) some good news, of a sort.
The final net consideration is £1.6 million higher than the £32.4 million valuation of Aqua Comms reported in the Company's 30 June 2025 interim report. As disclosed in the interim report, the June 2025 valuation of Aqua Comms reflected the update of the completion account mechanism as well as revised USD/GBP foreign exchange rate at that date.
What I do not understand is why they are keeping £10m for working capital as they wind down over the next few years! Looks like they will manage to reduce shareholder value even more. I feel another email to the board coming on!
Blackrock Latin American Investment Trust (LON:BRLA) I have sold 50% of my holding. I initially bought at 454p, then averaged down at 406p and 350p . Net results is I broke even on the 50% just sold. I still like the region though with elections in Brazil this coming September it could be unsettled- and Brazil is BRLA's largest holding.
I have a small holding in this. Robin Brooks had an interesting Substack post today titled Latin America's perpetual growth crisis:
https://open.substack.com/pub/...
Brooks does highlight the long term issue with the region. I wrote an article about the region just before the monthly thread started. I looked in quite a lot of detail and bought BRLA as a result. It went badly wrong, for reasons I am not entirely sure why.An ETF I had exposed to Mexico did badly- sold it and-of course-it then recovered and did well. It is a difficult region to understand with so many forces at play. As China gets more involved in the region I just wonder if things might change. Trump is so unreliable no wonder things are uncertain. Post the Autumn mid-terms elections with luck that power will be gone- all though he may of course just ignore the results. So in conclusion a region I want to have a holding in- it should do well, just need some settled Governments and less meddling from the US.
Blackrock Latin American Investment Trust (LON:BRLA) is up 46% over the past year, so anyone who bought a year ago would have done well (around 50% return including dividends). Looking at the 5 year chart, it seems a year ago the share price was at or near a 5 year low, so would also have required perfect timing/ luck.
Someone once said to me that with Brazil funds or Latin America in general, you need to look at a multi year price chart and buy near the lows and sell near the highs, to take advantage of the volatility - they saw it more as a trade than a long term buy and hold. Makes sense in some ways, although I haven't done that, I bought as a long term buy and reinvest the 5% divis to boost returns...
Indeed- I was just a bit early by 2 years !- but did get decent dividends.
I was only 6 months too early (bought mid 2024) so made an 18% return in 18 months ex divis rather than a 46% return in 12 months ex divis. Just goes to show the difference in returns you can get buying the same IT at different price points.
Just noticed the share price today is almost exactly the same as it was 5 years ago today, so buying 5 years ago would have also been a break even on share price return.
I hold Finsbury Growth & Income Trust (LON:FGT) in my ISA ( Bought at £8.5350). It has not been a good investment so far. There is a continuation vote on January 15th 2026. Using Gemini AI to look at the portfolio, and broker target prices for the major portfolio holdings. I originally bought it as had been looking at Burberry (LON:BRBY) Experian (LON:EXPN) and London Stock Exchange (LON:LSEG) so this was a way to get exposure through one holding in FGT. I will continue to hold.
"Summary
As Finsbury Growth & Income Trust (FGT) enters its 100th year, it faces a pivotal moment. Despite five years of underperformance relative to the FTSE All-Share, the Board and Portfolio Manager Nick Train are doubling down on a high-conviction "Quality & Digital" strategy. Investors face a critical Continuation Vote on January 15, 2026, which will determine if the trust maintains its current trajectory or undergoes a structural overhaul.
1. Trust Metrics: Discount & Yield Data
The following data reflects the trust's standing as of late December 2025. The Board’s aggressive buyback strategy has successfully narrowed the discount from its 2024 lows.
I'd been looking to add to my UK holdings on the assumption that this years momentum would continue into 2026.
I had been looking at Fidelity Special Values (LON:FSV) and was hovering over the buy button this morning, but decided against it at the last minute as I realised I was buying partly out of boredom and using up my cash savings - which I had earmarked for a downturn which is possible in the next few months - hopefully just a blip and an opportunity to top-up.
I currently hold a unit-trust (TM Brickwood UK Value) which was launched in Feb 25 by the ex-Jupiter "star" manager Ben Whitmore. I believe he had a good track-record, but in all honesty I am sure there are other better trusts/funds out there.
I was going to sell Brickwood and move across to Fidelity Special Values (LON:FSV) but that had had such a good 2025 I wondered if it would continue. When comparing both sets of holdings I couldn't really differentiate that much - both are just a selection of very large UK stocks, with both holding financials as the largest weighting.
FSV has had a better 2025 than Brickwood, but I don't believe in just chasing last years winners so will stay as I am, although I will use any downturn to buy into FSV as it hopefully moves to a discount.
With regards to Finsbury Growth & Income Trust (LON:FGT) I am afraid Nick Train has lost any sparkle for me - his performance over 1/3/5 years has been so poor I don't think I could pass him any money to look after. I think some of his calls have been really poor.
I do though think that UK large caps may have plenty of room for further gains next year so maybe he will come back into fashion??
Kevin, That seems to be the thinking that these stocks will come into favour. Be interesting to see how the Jan meeting goes.
Kevin, Nick Train is in Money week out today.
In the same portfolio as RECI (below) is EJF Investments (LON:EJFI) (purchased at £1.25) so used Gemini AI for a similar review. I will continue holding it for the yield and the hope rates fall in the US which will help the small banks. The trust discount was 12% from 2017-2025 and the 5 year average form 2020-25 was 18.5%, so hopefully it will narrow from the current 24%.
EJF Investments Ltd (EJFI)
The Opportunity: Niche Financial Debt at a ~24% Discount
EJF Investments (EJFI) provides a specialised way to invest in the debt and equity of small-to-medium-sized US banks and insurance companies. Managed by EJF Capital LLC, the fund focuses on "structured credit"—essentially pooling the debt of dozens of local US banks into high-yielding vehicles (CDOs). While these instruments are complex and usually reserved for institutions, EJFI allows retail investors to capture the high interest rates paid by "Main Street" US lenders.
Current Snapshot (Dec 29, 2025):
The portfolio is heavily weighted toward the US (95%+) and focuses on three core pillars:
5. The "Bear Case" (Risks to Consider)
6. The 2026 Outlook: The Interest Rate "Trigger"
The primary catalyst for EJFI heading into 2026 is the Federal Reserve's path to lower interest rates.
I hold Real Estate Credit Investments (LON:RECI) in my wife's income targeted ISA.(Purchase price £1.25p) Current yield is 9.7%. Given it is down slightly thought I would review why it was bought- here are the Gemini AI results I will continue to hold for the secure dividend and the hope that the discount will narrow.
"Real Estate Credit Investments (RECI)
The Opportunity: 9.7% Yield at an 12% Discount
Real Estate Credit Investments (RECI) offers a distinctive way to gain exposure to the UK and European property markets through debt rather than equity. Managed by Cheyne Capital, the fund acts as a specialist lender, providing senior secured loans to high-quality borrowers. By focusing on the "credit" side of the building, RECI captures high interest-income while maintaining a significant safety buffer for investors.
Current Snapshot (Dec 2025):
RECI is a "Yield-First" investment designed to provide stable, high-single-digit to low-double-digit total returns. As of December 2025, the trust is highly liquid with £31.8m in available cash.
The Catalyst: The main "trigger" for the share price in 2026 will be the redeployment of this cash into new senior loans (like the recently committed £35.7m hotel loan targeting 15%+ yield). This is expected to restore full dividend cover and potentially close the 12% discount, offering investors capital growth on top of the near-10% yield.
This seems to be relevant to property REITs....https://www.theguardian.com/bu...
Thank you Colin
Yes an interesting article. It suggests Land Securities (LON:LAND) ,British Land (LON:BLND) , Hammerson (LON:HMSO) should do better than Newriver Reit (LON:NRR) given their Prime assets and the latter's secondary assets but Newriver Reit (LON:NRR) has been re-purposing its spare space into NHS drop in centres which create their own footfall, so that would be my personal choice as an old REIT CFO.
Newriver Reit (LON:NRR) was my thought and they pay a good divi too whilst waiting. The HS drop in centres could be a Brucie bonus
Chrysalis Investments (LON:CHRY) has just jumped from SR41 to SR98 on the StockRank movers list. Any ideas what triggered that?
Not sure it would mean anything. But they are in a potential winding up phase over 3 years. So no new investments, realising assets. Still at a discount so the punt is are the assets worth the valuation. I hold so think a reasonable chance they could be worth more than current NAV.
Hi FREng,
It looks like the release of their annual report, 19-Dec-25, has triggered a stock rank re-rating. If you use the "PRINT" function you can see the stock report for w/e 19th and compare with now. Both value and momentum have jumped up, giving a corresponding step change in SR.
Chrysalis Investments (LON:CHRY) Although it shows a MR88 and a SR98 it also says these are down 23 and 14 over the last 30 days. Something looks amiss here.
I am not sure they have much relevance to the CHRY situation. Here is a short summary of the current position (Gemini AI). The Trust is at a discount and could be a good investment as it winds down. But it will be dependent on the value realised.
As of late December 2025, Chrysalis Investments (CHRY) has formally proposed a transition from an active growth fund to an orderly three-year wind-down (realisation programme). This move follows an intensive consultation with shareholders regarding the fund’s persistent share price discount and future strategy.
Current Status & Timeline
Key Details of the Wind-down
Financial Context
Despite the decision to wind down, the fund reported strong recent performance. As of September 30, 2024, the NAV per share rose 22% year-on-year to 171.65p, driven primarily by Starling Bank and a recovery in wefox. However, because the shares continue to trade at a significant discount (roughly 35–37% below the value of the assets), the board concluded that an orderly exit was the only way to "unlock" that value for shareholders.
As of late December 2025, the "wind-down" strategy is heavily dependent on the performance and liquidity of Chrysalis’s two "crown jewels": Starling Bank and Klarna.
Together, these two assets represent more than 60% of the fund's Net Asset Value (NAV). Their success is essentially the roadmap for how quickly and at what price you will get your capital back.
1. Starling Bank: The Anchor (46.5% of Portfolio)
Starling is now the single most important driver of the Chrysalis valuation.
2. Klarna: The Liquidity Catalyst (15.1% of Portfolio)
Klarna is the "proof of concept" for the wind-down’s ability to return cash quickly.
Looking at my Trusts over the year the 2 disasters are Digital 9 Infrastructure (LON:DGI9) and Hydrogen Capital Growth (LON:HGEN) . Some I am sure will say sll on first bad news, but I would say that in both these cases the issue was the managers "hiding" the bad news. HGEN managers consistently said all was going well- until suddenly it was not. With hindsight I should have bailed after the NAV had been announced and 2 days late a major holding went bust. The manager emailed me in response and said they were as shocked as we were. Again instead of thinking it was due to a third party withdrawing support(it was) I should have realised the manager was either incompetent or worse. DGI9 is not a dissimilar story. Both had boards who seemed to just accept, as I did, that the managers were being honest. Unlike me the boards are paid to look after the company and shareholders interests.
Lesson is I am going to pay more attention to the boards involvements. It is striking how rare it is for a Director to bee at an Investor meeting with the managers. Under pressure Gore Street Energy Storage Fund (LON:GSF) did have the Chairman present at the last meting. This should be the norm.
My other lesson is do not gt involved in a delisting situation. I am sure that I will get my return from Dunedin Enterprise Investment Trust (LON:DNE) but the lack of communication and time taking is frustrating. It was a tricky one as the rump of the value was in a fund that needs to be disposed of by the liquidator. I would have been better off getting out and investing elsewhere.
Always other lessons to be learnt, but those are the ones that stick out. Selling early is often one, but I can live with that as I tend to have targets and a list of other opportunities..
Vietnam : I voted 'go with the flow' and sold down one of my 2 Vietnam holdings for platinum series metals ie Valterra Platinum (LON:VALT) on a James Alexander lead from Mr Shings latest muse.
Happy Christmas and best wishes for the New Year to all.
And to you, Charles. Thanks for putting up and maintaining this thoughtful forum. May you and we all be winners next year!
Awful performance from all 3 Vietnam Trusts this year.why??? Managers have some explaining to do. The Vietnam index is up 40% this year. The 3 Trusts are ending the year around break even except Vietnam Enterprise Investments (LON:VEIL) which is up but nowhere near that 40% market gain. Over 1 month the Index is up but over 7% but VietNam Holding (LON:VNH) is DOWN 7%. Why?? I hold all 3 Trusts .
I wasn’t wrong in for seeing a good year for Vietnam, but didn’t dream that the Trusts investing there would underperform so dramatically!!
Ken, I emailed Craig at VietNam Holding (LON:VNH) and had this reply. The underperformance when compared against the index is largely attributable to a stock we don't own on fundamental grounds - Vingroup (VIN) - gaining 600 percent during the year.
Thanks Charles, but shouldn’t VietNam Holding (LON:VNH) considered holding VIN quite early on and ahead of the big gains to come once it looked obvious VIN was on a very good run? And does not holding VIN really have as big an impact on performance? Significant reason it’s true, but why the 7% fall over 1 month when the Index is up 7%? Can that really be explained away as because they don’t hold VIN?
No idea why they did not hold it. Fundamentals he said. I will buy more when I have cash, it has done well for me in the past.
Can that really be explained away as because they don’t hold VIN?
The rise in Vingroup accounted for about 50% of the total Vietnamese market rise, so yes it was pretty significant. The share price has risen 80% in two months.
Vietnam's GDP rose about 5% in the last year so we can see that the market, or at least the index, is not truly representative of the wider economy. The trusts will tend to track GDP rather than the index.
timarr
Thanks Timarr.
And thank you Charles, for your hard work keeping these threads going. Much appreciated.
Happy Christmas!
timarr
As a last one, I also increased our holdings in Regional REIT (LON:RGL) this afternoon, reassured by the above NAV sale of an underoccupied asset. And then the Oak Bloke published a further analysis an hour ago. I am satisfied this does not deserve a 50% discount.
https://theoakbloke.substack.com/p/23-rgl-room-to-grow-in-2026?utm_source=post-email-title&publication_id=1859293&post_id=182410893&utm_campaign=email-post-title&isFreemail=true&r=1822uk&triedRedirect=true&utm_medium=email
I have a holding as well. Bought more not so long ago. I am pleased to see debt down, though shame rate for debt will rise slightly once the hedge expires. Still on a huge discount and will buy more when funds available.
Out of interest I askd Gemini Deep REsearch to look at discounts on Trusts compared with 10 year averages. Not sure that anything new came out particularly, but at the end there is a short list of some trusts that diverge from historic norms. https://docs.google.com/docume...
I have been giving Charles comment regarding Japan and potential for uncertainty/volatility a bit more thought. I threw a few questions at ChatGPT to get some idea of what it might all mean and this is some of what came back - I asked it about both a) rising interest rates and b) the end of the Carry Trade;
Combined Influence on Japanese Equities
Mechanism #1 — Funding & Liquidity
Mechanism #2 — FX and Exports
Mechanism #3 — Domestic Capital Reallocation
Net potential outcome
Rising Japanese interest rates and carry trade unwinding won’t “automatically crash” equities, but they do create:
✅ Higher financial sector potential
⚠️ Greater volatility & pressure on growth and export-oriented stocks
I have twice tried to edit this post and let everyone know I have a holding in Nippon Active Value Fund (LON:NAVF) and will simply keep hold of it - whilst watching it closely. I'd hope its active approach & focus on value opportunities will see it alright, but accepting it will be more volatile.
Ive also included the 3-year chart below.
Octopus Renewables Infrastructure Trust (LON:ORIT) news, https://newsfile.refinitiv.com...
More sales at holding value; so the price goes down a bit more, and 'the market' now thinks the Trust is worth over 40% less than its June 30th declared NAV, showing a dividend of 10.5%, better covered than most in the sector. Qué?!
I hold and no idea. Will do some deep ai research tomorrow but not any reason I am aware of.
Ragged, Here is the AI research I did. Looks alright to me. https://docs.google.com/docume...
What prompt do you use for something like this? Is this Gemini? Of the 5 that I have tried it seems overall the best, although of course it does return incorrect information, (like all of them) but seems to understand context better overall. I have a lengthy template prompt for individual companies, but it wouldn't really work for ITs as much of it doesn't apply...
I use Gemini deep research. Asked ro research, dividend cover and why share price /nav discount so wide. Response was sort of what I expected.
Thanks, I hadn't tried the deep research option yet. I have done so now, with a fairly basic prompt and asked it to compare the four renewables trusts I hold and their prospects for 2026.
Octopus Renewables Infrastructure Trust (LON:ORIT) Renewables Infrastructure (LON:TRIG) Bluefield Solar Income Fund (LON:BSIF) and
Greencoat UK Wind (LON:UKW)
This is what it came up with (it generated the rather verbose headline, not me!) -
https://docs.google.com/docume...
Thank you. I bought back in through TRIG recently. The sector is on my watch list for the coming few months.
Thanks for sharing that, Charles. Pretty impressive for auto analysis. May it be so. I added 20% to our holdings this afternoon...
Seraphim Space Investment Trust (LON:SSIT) I have sold part of my holding. I bought in quite cheap and was becoming quite a large part of the portfolio. I am also exposed to ICEYE through Molten Ventures (LON:GROW) . I have traded SSIT like this before always managed to buy back in when the price drops. Not sure it will this time, though historically it drifts back on lack of news.
I also top sliced a small amount today - simply taking advantage of the tremendous run-up. Were it to drop back down I would consider buying back in as I think medium term it will go further.
I still hold a large chunk, so this is about balance than anything else.
This link is why it is such a shame the Infrastructure sector-Solar, Wind, Battery storage is not getting the government support-worldwide- that it needs. USA in particular with the climate change denier Trump. https://ep.ft.com/permalink/em...
I know many of us are looking at dividends as we advance in years. AJ Bell have just released their latest dividend dashboard https://www.ajbell.co.uk/sites...
what do veiwers of this thread think of each selecting ay 6 trusts which they think will do well for 2026 may be a bit of fun
Blackrock Frontiers Investment Trust (LON:BRFI) ,VietNam Holding (LON:VNH), Molten Ventures (LON:GROW), Seraphim Space Investment Trust (LON:SSIT), Fidelity China Special Situations (LON:FCSS), Fidelity Special Values (LON:FSV) .
I hold them all.
If we include Unit Trusts & ETF's as well as IT's;
Ranmore Global Equity, Argonaut Flexible, Redwheel Next Generation EM's, Rockwood Strategic (LON:RKW) Jpmorgan China Growth & Income (LON:JCGI) Invesco STOXX Europe 600 Opt Banks UCITS ETF Acc (LON:X7PP)
I hold them all.
With a bit of luck, BlackRock World Mining Trust (LON:BRWM) might keep going and maybe VietNam Holding (LON:VNH) will return to winning ways. JPMorgan European Growth & Income (LON:JEGI) , Murray International Trust (LON:MYI) and Patria Private Equity Trust (LON:PPET) have all been steady performers and I hope will remain so. Finally, Polish companies seem to be doing well and an ETF iShares MSCI Poland UCITS ETF USD (Acc) (LON:SPOL) could capitalise on that.
Hansa Investment (LON:HANA)
Good idea, I will stick with investment trusts only and choose these 6 for 2026:
Bluefield Solar Income Fund (LON:BSIF)
Greencoat UK Wind (LON:UKW)
Augmentum Fintech (LON:AUGM)
RTW Biotech Opportunities (LON:RTW)
Golden Prospect Precious Metals (LON:GPM)
Fidelity Emerging Markets (LON:FEML)
I hold all 6 and chose the first 3 on the basis that they have all done very badly this year and are on big discounts, but have catalysts for change and a rerating, while you at least get a chunky dividend yield if they don't rerate...chose the last 3 on the basis that they have all done very well this year, but I think these areas may continue to do well for a while longer (biotech, gold miners and emerging markets).
Given my track record on predictions, I will probably be wrong on all 6 selections, so please don't take anything I say as investment advice!
Deceptively easy, or do I mean difficult..? Presumably we begin by deciding whether such a choice is about sectoral/regional allocation, or superior management performance? The easy wins as this year illustrates, have been about the former: mining & precious metals outperformance, would have given you Golden Prospect Precious Metals (LON:GPM) , BlackRock World Mining Trust (LON:BRWM) and CQS Natural Resources Growth and Income (LON:CYN) . While for the latter, how about Rockwood Strategic (LON:RKW) &Temple Bar Investment Trust (LON:TMPL) ? Then maybe stick in a well managed internationalist like Murray International Trust (LON:MYI) ..?
But wait! You want next year's picks!?
I would start with these and then decide which has topped. Though bearing in mind that sectoral supercycles often go on for longer than we imagine, so I wouldn't want to replace brwm or cyn.
Maybe worth backing a deep out of fashion renewable play as a sheer value idea, given discounting mechanism of ITs. In which case either an operator like Greencoat UK Wind (LON:UKW) or infrastructure lender like Renewables Infrastructure (LON:TRIG) .
I also like the idea of a specific geographical idea like China or South America, but that's more of a punt on the trade wins. I hold Henderson Far East Income (LON:HFEL) & Aberdeen Asian Income Fund (LON:AAIF) . But don't forget the story unfolding in Japan. Large economy too, well positioned to export into Asia as well as the west.
Six shares? I'd need ten at least! But thanks for the provocation.
Interesting post as usual Brucie. Unfortunately Ihad a very severe reaction to a recent iron infusion and we both feared that might be it! Fortunately I’m a bit better today and able to use and post on the iPad again. Posting here takes my mind off it. I’m trying to get through until after the Christmas period ( with few doctors etc) before risking hospital yet again, where each time I’ve come out worse (last time much worse) than when I went in.
The big scare persuaded me to sell anything iffy I still hold (fortunately only Harbour Energy (LON:HBR) where I had a full stake) and top up safer big yielders where I only hold half stakes,so as to increase further the already big dividend income So I topped up with “safe” Trusts like City Of London Investment Trust (LON:CTY) Merchants Trust (LON:MRCH) CQS New City High Yield Fund (LON:NCYF). Henderson High Income Trust (LON:HHI) , Oakley Capital Investments (LON:OCI) Vietnam Enterprise Investments (LON:VEIL) . that mostly have a record of riding out the big bear markets.
Vietnam looks a banker market choice after a very weak year for the 3Trusts while the index rose over 30%. Competent Managers (we hope!) should be able to make some changes so as to cash in on big gainers like VIN HOMES. Vietnam Enterprise Investments (LON:VEIL) with 3 tender offers ahead ( forced on them by disgruntled shareholders) could be the best of the 3 Trusts. I hold all 3. Look how CQS Natural Resources Growth and Income (LON:CYN) soared from 207p tender offer price to current 345p now!
As for CQS Natural Resources Growth and Income (LON:CYN) if you bought a lot lower don’t forget the dividend yield is for now 24p a year. That yield is heading higher still if NAV rises even further but a risk of dropping from 24p a year if NAV falls.
Previous mining peaks have been around the current level, with then as now plenty of posts saying a lot more to come.Will it be different this time? Possibly.
Good to hear from you, Ken, and very glad you're still with us! Please keep it that way!
;)
Happy Christmas to you and yours; and to Charles, with thanks; and to everyone else on this excellent and well mannered thread.
Brucie5.
Good to hear from you Ken - hope things improve for Christmas.
Vietnam is one of the areas I am considering based on the fact it seems not to have made too much progress recently and I think it might be playing catch-up.
If you had to choose just one of the three Vietnam Trusts which one do you think has the greatest potential.
Best wishes. K
Kevin, VietNam Holding (LON:VNH) Is my preferred, done well over the last 5 years. This years underperformance they say-is due to not holding Vingroup which was a major reason the market was so strong compared to Trusts.
Thanks Kevin.
As for which Vietnam Trust to go for, possibly Vietnam Enterprise Investments (LON:VEIL) . It’s the largest of the 3 , though that will be less so when the tender offers give big investors the chance to get out. It could well be easier for Funds etc to buy Vietnam Enterprise Investments (LON:VEIL) next year when Vietnam is at last upgraded from frontier to full Emerging Market status. . Hopefully though all 3 Trusts will do well next year after their woeful underperformance this year. They have in the past tended to go up and down with their market, which makes now a good time to buy them after a year when that didn’t happen. . Better performance soon, surely?
Thanks Ken & Charles. I shall look at both of those.
VietNam Holding (LON:VNH) Had this from Craig Martin after I asked about the underperformance v. the index. "The underperformance when compared against the index is largely attributable to a stock we don't own on fundamental grounds - Vingroup (VIN) - gaining 600 percent during the year."
Whilst I’ve watched with interest Seraphim Space Investment Trust (LON:SSIT) since it’s IPO and watched a number of their investor videos, I just didn’t feel confident enough to take the plunge and felt very justified in this position when it dropped into the 30p range.
It was the discussion and analysis on the Investment Trust threads that encouraged me to re-assess my view and open a position, so a big thank you to all who take the time to contribute such excellent pieces. This has very much become my go to thread on Stocko.
Seraphim Space Investment Trust (LON:SSIT) Large uncrossing trade close of play today- 782,000 shares at 113.50. Suggests there was a buy side imbalance at the closing auction.
Hi Charles,
A big thank you for bringing Seraphim Space Investment Trust (LON:SSIT) to my attention, I would never have looked at it otherwise. A really interesting investment trust and so far, a very lucrative investment.
David
Re Seraphim Space Investment Trust (LON:SSIT) ... he may not be everyone's favourite politician :) .... but we nonetheless have to pay attention to all that Trump says, as he's arguably the most powerful person in the world ... his issue of a Space Order on Friday was a large part of the massive rally in US space stocks on Friday evening ... I sold Intuitive Machines (NMQ:LUNR) and Rocket Lab (NAQ:RKLB) in the late afternoon, before watching them scream higher ( hat tip to Yiannos1 for highlighting Rocket Lab (NAQ:RKLB) at $6 ) ... SSIT will probably open slightly lower on Monday morning, but I mustn't make the same mistake of letting these go too early...
Many thanks indeed to Charles for 1st alerting me to them ... Trump has many faults, but is probably right in trying to ensure that the US is the dominant player in space... it probably will play a large role going forwards, in this ever more crowded and resource constrained Earth ...
Cancun- Trump-Not mine indeed. Hopefully Europe will have a large part to play as well. Some of the holdings SSIT have are really interesting- from defence through to soil monitoring.
VanEck Space Innovators UCITS ETF USD A (LON:JEDG) could be a beneficiary of the latest Trump missive.
I hold Seraphim Space Investment Trust (LON:SSIT) but I think one of my biggest faults is to keep seeing the US as overpriced - things like this keep showing me that there could be a lot more in certain areas that could provide further growth.
More to dwell upon.
Perhaps, some people may be surprised by this - some funds and investment trusts that invest mainly or entirely in UK listed companies have managed to outperform or match an S&P 500 index tracker over the past 5 years, a couple of them by a wide margin.
5 year returns:
Artemis SmartGARP UK fund 154.17%
Temple Bar investment trust 140.36%
Rockwood Strategic investment trust: 114.4%
Fidelity Special Values investment trust 101.75%
S&P 500 index tracker 102.56%
FTSE 100 index tracker 82.4%
FTSE All Share index tracker 72.48%
Although over 10 years, the S&P 500 is significantly ahead:
Artemis SmartGARP UK 207.29%
Temple Bar 161.50%
Fidelity Special Values 160.01%
UBS S&P 500 Index C Acc 329.80%
HSBC FTSE 100 Index tracker 119.88%
HSBC FTSE All Share tracker 113.89%
Over 5 years, in addition to those listed above, these UK funds also beat the S&P 500:
Ninety One UK Special Situations
Dimensional UK Value
Schroder Income Z
Invesco UK Opportunities
TM Redwheel UK Equity Income
Invesco FTSE RAFI UK 100 UCITS ETF
Artemis UK Select
Redwheel UK Climate Engagement
(The 2 Redwheel funds have the same fund managers as Temple Bar IT, I think).
Chrysalis Investments (LON:CHRY) Annual report out today and an update on the shareholder consultation. I used AI to run through the likely outlook -link is below. To prove AI has a some sort of humour pun/extended metaphor it concluded with this "The Chrysalis has opened, and the entity is dissolving. The only question remaining is how much value can be salvaged from the cocoon before the 2029 deadline."
I hold but needs monitoring due to increased risks as the Portfolio is slowly realised. https://docs.google.com/docume...
Just read this from the manager of Baillie Gifford Japan Trust (LON:BGFD) - a transcript of the video Citywire linked to today. "Reflecting this, net gearing ended the year at 12.8 per cent, putting us in a healthy position to benefit from further share price appreciation, while retaining the flexibility to take advantage of any short-term setbacks."
Now I read that as saying they had cash. But the latest fact sheet shows gearing of 13% and cash of 0.9%- which would be only £7m of borrowings at £111.24m. How does that give flexibility to take advantage of any short term setbacks ? As mentioned I sold out of Japan completely a few weeks back and am going to wait for this set back before buying in again. With bank rates going up in Japan there might be a switch form equity purchases by private individuals to bank deposits.
I have just read a small write-up in last weeks "Money Week" extolling the virtues of Literacy Capital (LON:BOOK) . I think this is one of Charles's holdings?
It currently sits on a discount of 25% - having been on a slight premium I believe around a year ago. As I understand it this drop in discount & share-price has come about due to the general decline in Private Investment Co's/PE.
Its SP is down around 30% since summer '24.
I think it has some interesting holdings and if PE funds can show some kind of recovery next year it could be an opportunity. One I shall "bookmark" for further consideration in the New Year. Its costs are also less than a lot of other PE funds - and they also contribute a fair chunk every year to charity.
Sorry if this is repeating what has already been highlighted by Charles - this thread has so many posts now ( a good thing) that trying to track back and find stuff from earlier in the month is proving too difficult.
Kevin- I did buy BOOK recently-after reading theat Money Week article highlighting the abnormal discount. I am trialling Money Week- what is your opinion of it ?
I use Chrome as a browser and just use the find under Edit to search this thread.
I have been a subscriber to Money Week for a couple of years - I find it quite informative and useful to keep abreast of global events. My problem is that it takes more than a week to read it all and therefore I am usually about 3-weeks behind. I am only on last weeks edition as I decided to start the latest copy rather than one of the older ones.
Thanks for the 'Search" option - I never knew that existed. I use Safari as my browser and just found and tested the function - can't believe it was only Monday you wrote about Literacy Capital (LON:BOOK) - seems a lot further back than that :-)
Will be using that a lot more now................
On that very point - is there a way, within this board to search for a particular IT - which, as Kevin says, may have been mentioned earlier in the month, or in last months chat for instance?
Thanks.
In Google Chrome "CTRL F" will bring up a search box to allow you to search for what you want on any particular webpage. I guess other browsers have a similar facility
In Safari try Command F - and then the word you are looking for. I tested it on "Book" and I think there were 8 references in this months board (not all to do with the Inv Trust). Very useful - thanks Charles. Good to keep learning.
You can probably read Money Week for free, online via your local library’s digital offerings. You just need your library card and password. Libraries use an app such as PressReader, BorrowBox or others which will then give you access to hundreds of magazines, comics, newspapers etc. If you Google your local library or visit in person they should tell you which app they use and how to sign up etc.
Seraphim Space Investment Trust (LON:SSIT) Announcement today, see RNS for more detail.
Seraphim Space Investment Trust plc (LSE: SSIT), the world's first listed SpaceTech investment company, is pleased to announce that its portfolio company and largest holding, ICEYE, has secured a major contract valued at €1.7 billion through its joint venture with Rheinmetall, the German defence and automotive technology group, to deliver space-based reconnaissance capabilities for the German Armed Forces.
Yes - good news on Seraphim Space Investment Trust (LON:SSIT)
"valued at €2.4 billion as at 30 September 2025, representing 34.7 per cent of the Company's net asset value. In view of this significant commercial development, it is now anticipated that the valuation of ICEYE as at 31 December 2025 will revert to the comparable multiples methodology."
I tried to get ChatGPT to tell me what this could then mean for the valuation. Unfortunately it could not do so without further info which was not available, but in my view it must surely only enhance the valuation of ICEYE as it validates its "prospects" and puts a meaty number on a contract with a major defence contractor - and this is only a single country. I would think that this opens up the potential opportunity of similar contracts across a number of European countries.
I hold.
I agree Kevin. Hopefully ICEYE might IPO in 2026. Gemini AI came up with this comment. I will use deep research later.
The €1.7 billion contract is a "watershed" moment for Seraphim Space Investment Trust (SSIT), as ICEYE is not just a holding—it is the cornerstone of their entire portfolio.
Following the announcement on December 18, 2025, the impact on SSIT’s value can be broken down into three key areas:
1. Massive Uplift in Net Asset Value (NAV)
ICEYE currently accounts for approximately 34.7% to 37.4% of SSIT’s total Net Asset Value.
* Valuation Spike: As of September 2024, ICEYE was valued at €2.4 billion based on its Series E funding. However, SSIT has explicitly stated that following this €1.7bn contract, they will revert to a "comparable multiples" methodology for the December 31, 2025, valuation.
* The "Defense Multiple": Private companies with billion-euro government backlogs typically command much higher valuation multiples (often 5x–10x revenue) than early-stage startups. This contract alone is worth nearly 75% of ICEYE’s previous total valuation, suggesting a significant upward revaluation is imminent.
2. Share Price Reaction & "Discount" Narrowing
Historically, SSIT has traded at a significant discount to NAV (often between 27% and 40%).
* Market Sentiment: Large-scale "de-risking" events like this typically cause the share price to rally as investors gain confidence that the private portfolio is actually worth its "paper" value.
* Price Movement: In late 2025, SSIT shares have been trading around 85p. With the NAV per share sitting at roughly 118.5p-119p before this contract, the boost from ICEYE could push the underlying NAV toward the 130p–140p range, potentially pulling the share price up with it.
3. Path to a "Windfall" Exit (IPO)
The joint venture with Rheinmetall effectively turns ICEYE from a "tech startup" into a "defense prime."
* IPO Readiness: This contract provides the multi-year revenue visibility required for a successful IPO on the London or New York markets.
* Liquidity for SSIT: If ICEYE goes public in 2026, SSIT would gain massive liquidity, allowing them to return capital to shareholders or reinvest in the next generation of space companies.
Key Portfolio Metrics (Post-Announcement)
| Metric | Status as of Dec 2025 |
|---|---|
| ICEYE Weighting | ~35% of SSIT's total portfolio. |
| Current NAV per Share | ~119.55p (Expected to rise after Q4 revaluation). |
| Current Share Price | ~85.6p (Reflects a ~30% discount to underlying value). |
| Strategic Focus | 90%+ of NAV is now in "Defense & Security" related space tech. |
From Seraphim Space Investment Trust (LON:SSIT):
In view of this significant commercial development, it is now anticipated that the valuation of ICEYE as at 31 December 2025 will revert to the comparable multiples methodology.
Depending on who you compare with ICEYE could be worth double the current valuation (at a 25x valuation multiple). That would push SSIT's stake in ICEYE towards the current SSIT market cap.
I would caution that I've seen this kind of situation before and it rarely works out that simply. The valuations of the underlying holdings rarely get fully expressed into share prices of the trusts. However, it does suggest that SSIT's current discount may be materially understating the opportunity here.
timarr
Molten Ventures (LON:GROW) I also hold as well as @SSIT has a position in this too ICEYE, but not sure how much.
Snowdrop- it is the 5th largest holding at about 6% of Total Assets at £85m. I think they did sell a portion -£17.5m-fairly recently but I think the £85m is after that.
comforting!
I know there’s holders of Oakley Capital Investments (LON:OCI) on here. Any views on them continuing to put money into Time Out (LON:TMO) ? I’ve held Oakley Capital Investments (LON:OCI) in the past, but their actions on this particular holding put me off and sold. But it’s only a small position for them, so possibly irrelevant?
Toweller, I hold. It is such a small holding that of little significance. I saw that the Time Out issue closed early so guess there is perceived value there. Been to the Lisbon market and was great. Would not stop me holding OCI which is one of my long term holdings and performed well.
I second Charles M on Oakley Capital Investments (LON:OCI) . While a bit of an embarassment (but almost killed by Covid, so the thesis wasn't necessarily to blame), it's not going to have any significant impact on the Trust's overall performance. And could just get fashionable again if younger people want to re-embrace physical connection times again.
Thanks both. Helps clarify my thoughts. Just need accept selling was an error and buy back in around a £ higher
Augmentum Fintech (LON:AUGM) Had a bit of a wobble earlier - see below- when I thought i might sell/halve holding. Spen the eving looking at this as one of my larger holdings and would consolidate a 22% loss. I use Gemini AI so obvioulsy be aware of that, but having looked at multiple aspects of AUGM I will hold ! Been a holder for a while and always feel when I reach this dithering moment that it is about to come good!
Any negative news and I will be out though.
"With iwoca and Zopa consistently hitting high profitability and Tide reaching a $1.5 billion valuation, the conversation around Augmentum’s portfolio has shifted from "growth" to "exit."
As of late 2025, several of these companies are prime candidates for either an Initial Public Offering (IPO) or a major acquisition in 2026.
Exit Outlook: The "Top 5" Breakdown
Why an Exit Matters for Augmentum (AUGM)
The biggest challenge for Augmentum is its 45% share price discount. When a portfolio company "exits" (is sold or goes public), it proves to the market that Augmentum’s private valuations are accurate.
Key Indicator to Watch
In late 2025, Augmentum’s Chairman announced that the board would update shareholders in early 2026 on new strategies to resolve the share price discount. This often signals that they expect significant "liquidity events" (exits) to occur soon."
Congratulations to Charles and anyone else who posted on Seraphim Space Investment Trust (LON:SSIT). It’s up over 70% this year.
Ken- At least one of the specialist trusts that delivered- unlike Hydrogen Capital Growth (LON:HGEN) and so far Augmentum Fintech (LON:AUGM) . I am getting a bit fed up with AUGM- much as I like the story, it is only a story until they deliver. Increasingly think they need to merge with Molten Ventures (LON:GROW) - AUGM must need more capital ,I would think to, fulfil the potential of the runway. I am considering taking a hit now and halving my stake which does sadden me, but the market is against AUGM.
Charles
I also gave up on Augmentum Fintech (LON:AUGM)a good while ago now. . Molten Ventures is up60% (LON:GROW) and others in the Growth Capital sector have had a good year too. So it’s not all disappointing for more specialist Trusts.
Great year for commodities Trusts with Golden Prospect Precious Metals (LON:GPM) more than doubling and BlackRock World Mining Trust (LON:BRWM) and CQS Natural Resources Growth and Income (LON:CYN) both up about 80%. Disappointing performance from the 3 Vietnam Trusts underperforming the 30%+ gain for the index.
Too many Trusts are on very wide discounts. And too many still seem to believe that buying back their shares will reduce that discount. Why don’t they look at the evidence of the Trusts doing just that but seeing the discount stay just as wide or go even wider?
The high yielders are continuing to provide welcome and frequent income for those of us focusing on dividends.
Saba are imo a perishing nuisance. If they chose awful performing Trusts to wake up instead of some good performers like CQS Natural Resources Growth and Income (LON:CYN) it would be ok ….and it’s right to wake up sleepy Managers. But (e.g CQS Natural Resources Growth and Income (LON:CYN) ) too often they are targeting decent Trusts, with, it seems , the aim of making a quick profit. Or have I got this wrong?
Finally Hargreaves STILL forcing investors to fill in an irrelevant questionnaire before they can buy that Trust is not helping at all. Any investor new to Investment Trusts and trying to buy one, finding that obstacle could take it that all Investment Trusts are very risky, and could give up on them for good.
Saba I guess have a mandate to make money- so easier if they can target a decent trust on a discount, not a new idea. Happed in the USA back in the late 1970's/early 80's. Pretty much wiped out the closed fund sector. One of the people behind it was client of mine, looked at the Uk but I think just baulked at the way the City of London worked.
Invesco Physical Markets (LON:SPPP) (I hold) is up 13% this week. Platinum is it seems playing catch up with silver and gold- the reason I bought it mid-October was in the hope this would happen. It could also be the EU announcement that they may soften the 2025 ban on ICE vehicles. So the demand from makers of catalytic converters will continue. There has also been some strong Chinese buying after the launch of a platinum and palladium futures contract on the GFEX in China. Supply is in short supply, Russia is a major producer and further sanctions could affect availability.
There also could be a bear squeeze going on- there were apparently a lot of short positions. Given it is approaching $2000 I will be watching- if it does not break through I will be selling and looking for exposure to Palladium which is lagging . Invesco Physical Markets (LON:SPAP) is what I would buy.
Blackrock Frontiers Investment Trust (LON:BRFI) (I hold) Annual report is now out - detailed information on holdings etc https://www.blackrock.com/uk/l...
HL came back to me today with regards to Man Dynamic Income Unit Trust (Global Bond Fund) with excellent 3yr track record from the manager who took over 3yrs ago.
They have confirmed that they have "soft closed" it as I suspected - no reason given but current holders with HL can still buy & sell.
I've not looked at any alternatives.
Same manager, might be an alternative if you are on HL? As the name suggests, 'the primary difference between the Man Global Investment Grade Opportunities Fund and the Man Dynamic Income Fund lies in their investment mandates and the credit quality of the assets they can hold. The Global Investment Grade fund is largely restricted to higher-quality, lower-risk debt, while the Dynamic Income fund has the flexibility to invest across the full spectrum of credit ratings, including high-yield (junk) bonds'. Or if you want exposure to non investment grade (for the higher yields) then maybe something like Royal London Sterling Extra Yield Bond?
Man Global Investment Grade Opportunities:
https://www.hl.co.uk/funds/fun...
Royal London Sterling Extra Yield Bond:
https://www.ii.co.uk/ii-super-...
Thanks Duveteux - a couple of interesting options. Wondering if anyone else uses Inv Trusts for Bond exposure? I know that CQS New City High Yield Fund (LON:NCYF) has been mentioned/popular in the past, but it currently trades at a 6% premium.
I have held in the past, but am now considering more bond exposure and am therefore looking around for other options.
I hold CQS New City High Yield Fund (LON:NCYF) . Held for a while. AJ Bell allow this Man dynamic to be bought BQB39C4
HI Kevin. I use Twentyfour Select Monthly Income Fund (LON:SMIF) TwentyFour Income Fund (LON:TFIF) Invesco Bond Income Plus (LON:BIPS) CVC Income & Growth (LON:CVCG) M&G Credit Income Investment Trust (LON:MGCI)
All yield 7/9.5 zone and relatively static prices
Hi Kevin
I hold Twentyfour Select Monthly Income Fund (LON:SMIF) and CQS New City High Yield Fund (LON:NCYF) but wouldn’t be buying any of them right now. I bought both on temporary dips and am up about 15% excluding dividends. So it’s a definite hold for any of us already holding.
The reason for not buying now is (as you pointed out) every one in the sector is trading at a premium and there’s more risk perhaps of any share price move from here being down. And there IS downside risk….though so far it has been temporary.
E. g CQS New City High Yield Fund (LON:NCYF) has twice fallen to the mid 30s.
This is the problem with so many shares and Trusts that tempt us the markets are bouyant and it’s hard finding new buys.
Here’s an AIC link for all in the debt, loans and bonds sector.
https://www.theaic.co.uk/aic/f...
I hold CQS New City High Yield Fund (LON:NCYF), Twentyfour Select Monthly Income Fund (LON:SMIF) , Invesco Bond Income Plus (LON:BIPS) , CVC Income & Growth (LON:CVCG) and M&G Credit Income Investment Trust (LON:MGCI) . Fortunately I was able to buy them when they either weren't at a premium or a very small one (less than 1%). The prices seem to be fairly static at the moment, but of course they do vary up and down a bit, occasionally offering a buying opportunity, often just after they go xd.
Amanda has L&G Qlty Eq Div ESG Ex UK UCITS ETF GBP Dist (LON:LDUK) in her portfolio- yields around 4.9%. 1 Year total return is 15%
Crystal Amber Fund (LON:CRS) share price is week- down to 109p. I sold out a while back at 130p and the bulk at 159p. With a NAV of 181.52 on a big discount now. But they only have one main holding-Morphic Medical(74%) following the sale of De La Rue. But since the last portfolio was dated 30 June 2025 on the AIC site it is not easy to fully get a picture of what cash they have. They could still have a small holding in Sutton Harbour (LON:SUH) and Sigma Broking(Combined 2%). Estimate of cash is £29m (44p per share),(24%) but they are buying back shares -£5m and funding Morphic Medical. Since Morphic Medical will probably need funding until 2027/28 it is feasible to say the cash will disappear. Alternatively Saba on 20% might try and push a sale of Morphic, but as Merseyside with 21% supported the new strategy of Tarncourt-4.5% it might be difficult. 1607 Capital hold 1%, Noble Grossart 6.4% and PJ Milton 6%.
The share buyback is not reducing the share price, they seem to be happy to buy at lower and lower prices. Given 72% is held by institutions and the fall in the price one could expect selling to stop meaning the price will have to go up to enable the buyback programme.
Morphic is a medical device to aid weight loss. Will it be able to challenge the drugs such as Ozempic and Wegovy. It is approved in Europe but US FDA approval is unlikely until 2028. Would a competitor buy it- to develop or stop it ? the board have indicated they are talking to companies re a JV- firms like Medtronic or Boston Scientific could be interested. CRS have said there target is a ¢400m exit. This would be the equivalent of 562p per share.
Interesting situation potentially- I have bought a small number of shares today at 111p. Could be worth a small investment, though on a 3 year view. And there are high risks re Morphic.
Sean Peche has done a few interviews on the ii YouTube channel. These are an interesting listen and not too long. I am looking to buy into his fund.
Of Ranmore Global Equity Fund. I hold as do others on this thread.
https://youtu.be/6kEKu91Hpx4?si=fyawju6ZwMKrRjVa
https://youtu.be/p4MCmjYSnRg?s...
Augmentum Fintech (LON:AUGM) Portfolio company Monzo makes acquisition https://tech.eu/2025/12/16/mon...
Asset Value Investors would like to invite you to join us via livestream for the 2025 AVI Global Trust AGM, please register here to attend.
We have also published our 2025 Annual Report for the AVI Global Trust, which can be read or downloaded here.
Date: Friday 19 December 2025
Time: 11am
This livestream is open to shareholders and interested parties. There will be a messaging option for questions; if your question is not responded to during the livestream we will endeavour to reply to you individually afterwards. Please note that it will not be possible for shareholders to vote via the livestream.
Good morning,
I’ve noticed that some of you have decided to top slice, or sell your winning trusts.
Can I ask what you mean by top slice? For example, I have BRWM, and it is up by 56% as of today. I have also heard the term “run your winners”
So, in the scenario above, should I run my winner, top slice or sell and bank the profit?
I would love to hear your thoughts.
Thank you.
Hi Campervan,
I use top-slicing to mean taking anything from 10-50%.
Not running my winners is one of my faults, so I wouldn't take anything I say as factually correct, but in terms of BRWM I have noted the following;
1. It has shot up like a rocket since 21st Nov - on top of the solid gains through the rest of the year. There will be sensible reasons for this - have a look at the recent video where it explained its holdings and then compare the commodity prices individually and you'll probably find some sort of correlation - probably silver.
With such a "bounce" it would make sense to have a period of consolidation to let the exuberance subside a bit (not always) eg. gold came off a few weeks back so I top-sliced GPM and bought back in a couple of weeks later once the heat had subsided.
2. BRWM seems to have a "top" of around £8.00 - it has done this about three or four times in the last 20 years, but doesn't seem to stay above this for long - no reasons why it shouldn't keep going this time if we are in a commodity bull market, but there might be a case linked to above where it takes a breather.
3. I could be incorrect on this one, but a solid run up in Dec (the Santa Rally) is often followed by a softer Jan/Feb. This pullback is healthy and allows for further gains over the next few months - I am stashing some cash from my winners to take advantage of this if it comes - if it doesn't then I will lose out, but so be it.
4. My PF is around 30% commodities - not by design, but it has simply performed this way with all of those stocks adding to the total. This is slightly higher than I'd like/feel comfortable with. Therefore a top-slice from most of them would make sense. I've now done this with GPM, SLVP & BRWM. I hold a couple of specific miners and will leave them as they are more linked to specific mine news.
I also have a habit of(maybe a bad one) of once I have one-bagged I take back my stake - others will call this a fault and I should run my winners more, but I try to keep a sensible weighting on all my stocks and anything too heavy leads me to sleepless nights.
Hope that helps. K
Thank you, KevinS1, it certainly gives me food for thought. I really appreciate your input.
campervan65
In case you didn’t know this; a very good way to access key info on every investment trust is by using AIC compare companies. This example is for BlackRock World Mining Trust (LON:BRWM) and other commodity Trusts. For every other Trust or sector just enter the code for that Trust.
Here’s a link,for BlackRock World Mining Trust (LON:BRWM)
https://www.theaic.co.uk/aic/f...
Thanks for this Ken. Thanks for the links, very interesting. I am happy with my BRWM but do wish I'd have bought CQS, CYN, when you highlighted it some months ago.
Hi campervan
I’ve noticed that some of you have decided to top slice, or sell your winning trusts.
Yes, I'd noticed that too ... I can't speak for anyone else but there are a few things I generally consider in selling:
Personally I'm doing nothing with BRWM - I suspect that the commodity cycle is only just in the foothills and the argument that BRWM is at a cyclical peak based on previous share price highs isn't based on any fundamental analysis. On the other hand, if it does fall I don't care, I'll just buy more.
To give an example on REITs I sold most of my warehouse ITs when they reached premiums of around 1.6 to 1.8 on NAV in the wake of the pandemic when we were all expected to stay at home and shop frantically forever. They all subsequently halved before predators moved in. Something similar has happened with the Lindsell Train trusts where investors convinced themselves that the managers had found a way of generating infinite returns infinitely, and the 100% premium on Lindsell Train Investment Trust (LON:LTI) has now collapsed to a discount of around 20%. Neither of those are justified (in my view).
Outside the rather esoteric trusts that tend to be the staple fare of this thread the more traditional IT's are steady compounders, often trading at small premiums. With those I'm never tempted to sell, but will top-up if they fall significantly below NAV. That only tends to happen in a crisis though, so the opportunities are few and far between.
As a general statement on investing it's important to run your winners. Investing is an asymmetric process - you can only lose 100% of your investment, but you can gain an infinite amount, so running the ones that are doing well is important. However, most stocks don't go up forever, so being willing to at least top-slice into new highs is an important discipline.If it were easy, of course, everyone would be doing it and no one would make any money ...
timarr
Thank you, Timarr. You have given me a lot to think about. I have so much to learn, and this board really helps.
RM funds statement re Gore Street Energy Storage Fund (LON:GSF) https://rm-funds.co.uk/wp-cont...
Hmm, they do have points that should be answered. However, I think that would be all to the good, even if the fund would have to be re-named or sold down.
Top 10 most purchased Investment Trusts on Bestinvest in 2025
Temple Bar Investment Trust
Scottish Mortgage Investment Trust
JP Morgan Global Growth & Income
Allianz Technology Trust PLC
Polar Capital Technology Trust
Greencoat UK Wind PLC
City of London Investment Trust
F&C Investment Trust PLC
Renewables Infrastructure Group Ltd
Alliance Witan PLC
From: https://www.bestinvest.co.uk/n...
2nd post above is the top performing investment trusts over the past year, from Trustnet: https://www.trustnet.com/fund/...
Oops. For some reason the 1 year figures are in the 3 year column. Hopefully this will work (top 25 in 2025), the number in the column under the trolley is the % return over the past year.
https://www.trustnet.com/fund/...
Not an Investment Trust or ETF so only brief. For dividend fans. .I’ve held Smiths News (LON:SNWS) for a good while, for the big
and increasing dividend yield alomg with share on steady upward trend. It goes ex a near 10% dividend on Jan 8th.
SNWS has been good for us as well Ken
Here too. I was considering buying a few more, but my TP was 80p and the recent price keeps floating up, possibly because of the bumper upcoming divs of 6.8p total, after which it may be expected to fall. Any thoughts/targets of your own that you'd care to share, gents?
I bought SNWS a few years ago partly for the yield, but also because I think investors underestimate the opportunities the company has. Most feature on the decline of newspaper deliveries. But the network they have has great value for last mile deliveries. The move into recycling is interesting. At some stage the message might get out that this is not a business in terminal decline, but one that has huge opportunities. Execution will be the key. So at the moment on a PE of 6.8 and a yield of 8.29% I am a firm holder. At 90p the yield drops to 6.8% and PE up to 8.62 which might make me re-consider holding. The balance sheet is not great though.
Charles.
I’m definitely a very firm holder ofSmiths News (LON:SNWS) for the reasons you mention. There could well be further special dividends. At our buy prices, which is what counts, they yield is well over 10%.
Indeed Ken. I originally bought it on a simple screen that shows yield is higher than PE. Worked well for me- got International Personal Finance (LON:IPF) from it as well, though used to buy and sell that and therefore was not a holder when the bid came in.
My apologies in posting non IT specific content, but this interview is IMO worth the listen
https://www.youtube.com/watch?v=Ohfb1kAbvb0
Life Science Reit (LON:LABS) (I hold) Saba have just announced holding increased to 11.1%. Hopefully this will keep the board focussed on realising the assets speedily and at good prices. The last NAV was 67.55p. I would be happy if I see 60p !! I have holdings in several companies realising assets prior to winding up- LABS, Palace Capital (LON:PCA) and Real Estate Investors (LON:RLE)
I have a very small holding in Life Science Reit (LON:LABS) too. Am in profit by about 10% and have been tempted to ditch it, but might hold on given the potential is there for a decent gain.
Also have some Real Estate Investors (LON:RLE) bought in Aug/Sept 2023 at 29p and 30p, so only up around 10% there too, but at least that one 'pays you to wait' via the quarterly dividends (approx 5% yield). Hoping for somewhere not too far below the nav of 50p on full realisation, which should give a decent IRR, as long as they don't take too many more years to sell most / all of it! September half year results said "£54.0 million of larger assets prepared for disposal in 2026, offering a clear path to full debt repayment and enabling future capital returns to shareholders.." so hopefully some reward for being patient will come next year?
Timing is the key, hopefully larger holders will put pressure on. I like these situations and should be protected against stock market falls as long as the property market holds up.
There is a Substack called Liquidation Stocks, which keeps track of and updates liquidations in the UK, US and France:
https://open.substack.com/pub/...
I have sold Golden Prospect Precious Metals (LON:GPM) and put the proceeds into Baillie Gifford High Yield Bond Fund B Accumulation B1W0GF1. Unusual investment for me, but I just feel that it might be time to put some cash into Bonds. The yield is near enough 7%. I bought the accumulation units in a ISA.
I did halve my BlackRock World Mining Trust (LON:BRWM) holdings across all of my PF's today. I will probably sit on cash for a while.
For Bond funds I still can't see past Man Dynamic Income - but HL don't seem to be showing it in their list of funds any more. I shall drop them a line and see why not - I did notice it seemed to have grown by a few hundred million of ££££'s recently which might be a reason.
Kevin- Happy to have BG High for the moment. MAN Dynamic has had a great run since launch. I will bear it in mind when I cash in other shares- which is probable at the moment. I am struggling to convince myself other than a few down and out shares which I have followed for a while- Sanderson Design (LON:SDG) being one that surely cannot go lower, earnings are recovering and a bid will surely happen if the shares do no re-rate soon.
p.s AJ Bell also restrict dealing in MAN Dynamic- have asked why.
Had this Kevin "The class you are attempting to trade is unfortunately not available for retail investors on the AJ Bell platform from the fund manager, you
can however trade BQB39C4 which is the same fund just a different class, this does have higher ongoing charges however."
Looks like I picked the wrong Sedol. I will look further had a decent performance since launch.
Gore Street Energy Storage Fund (LON:GSF) Saba increase stake to 10%
Just saw the RNS, Charles, which furthers comfort, I think. What's your best source of up-to-date shareholder and director listings. I think Stocko is not great on that front...
I use Stocko or Gemini AI. I have emailed RM Funds re GSK but not had a reply yet.
Harbourvest Global Private Equity (LON:HVPE) $300m asset sale announced. More funds will go into the distribution pool to buy back shares (30% of proceeds). Rather explains lack of news on the Company at yesterday’s IMC.! With perfect timing I sold yesterday, but as I bought not long ago happy with14% return, mainly due to narrowing of discount. Still considering buying Literacy Capital (LON:BOOK) as I am reasonably sure the discount will be addressed. Liquidy in the shares is the issue.
Got a quote easily this morning in Literacy Capital (LON:BOOK) so bought a holding. My Gemini AI research notes are here https://docs.google.com/docume...
I recently bought (at 133p) up till now very poor performer Chelverton UK Dividend Trust (LON:SDV) . Annual dividend is 10p a year. Key reason for the poor performance was the need to pay off the ZDP holders….but that’s now done. Perhaps worth a look? Views very welcome.
Hi Ken.
The UK is still an area I am trying to get to grips with for Trusts & ETF's having largely previously picked my own stocks - predominantly in small-caps although I have held plenty of IT's in the past at different times, but less so recently.
I am currently doing some research to find some options to make sure I keep some UK exposure. Obviously the AIC website is a primary source of info.
To date I have established the following; In the UK Equity Income Sector Temple Bar Investment Trust (LON:TMPL) has shot the lights out this year (+40%) and has a good long-term record, although Law Debenture (LON:LWDB) also has a good LT track-record, but only 18% growth YTD.
Funnily enough I just checked my records and saw I'd held Temple Bar for a couple of years after Covid, but sold out through boredom just at the wrong time - never made a capital gain but the dividends were excellent. Since then its gained about 75%.
In the UK All Co's sector there is only one company worth looking at (in my view) Fidelity Special Values (LON:FSV) - its return being 31% YTD with a good 5yr track record. It holds just under 30% in overseas exposure.
I have just parked a small amount of cash into iShares Core FTSE 100 UCITS ETF GBP (Acc) (LON:CUKX) - a cheap (0.07% fee) tracker - 24% YTD.
I've also got some in a Unit Trust - TM Brickwood UK Value - only launched in Feb this year and so far about 16% return. A "star fund manager" was part of the Jupiter stable.
Other good long-term IT's worth looking at with strong track-records include; Shires Income (LON:SHRS) CT UK High Income Trust (LON:CHI) City Of London Investment Trust (LON:CTY) Jpmorgan Claverhouse Investment Trust (LON:JCH)
No idea on discounts, but I suspect there won't be much of one on any of these. I also don't specifically look for income - I tend to focus on Total Return, but will go into whatever I feel provides the best opportunity.
PS. for small caps I can't see far past Rockwood Strategic (LON:RKW) but there are plenty of other options out there.
Further to your mention of Temple Bar Investment Trust (LON:TMPL) this is an idea I like very much and so belatedly I have been adding to various 3rd party folios I help with, which are essentially designed as low maintenance. The concept of a value seeking IT with freedom to roam in pursuit of undervalued assets, managed by a highly expert team, while providing some income, is very attractive. I believe TMPL is mandated to invest about 70% in UK stocks, which is fine. For the Far East, I also hold Fidelity Asian Values (LON:FAS) for 3rd party folios, which has similar approach. Obviouly, Rockwood Strategic (LON:RKW) is another such, and on total return basis is probably the star of the bunch, though offers no dividend.
Rockwood Strategic | The AIC
Hi Kevin
Investors are spoilt for choice with UK Trusts. It might be a bit late for Temple Bar Investment Trust (LON:TMPL) perhaps? I don’t hold but bought for a relative and it is up 140%! His dividend is nearly 10%.
My focus has to be dividends so Rockwood Strategic (LON:RKW) is out for me, but except over 1 year its performance has been outstanding. So perhaps otherwise a must buy for smaller company exposure? It often trades at a premium but is currently around NAV. Similarly as you say Fidelity Special Values (LON:FSV) also has an outstanding record. I hold City Of London Investment Trust (LON:CTY) (up 55% excluding dividends). Yield is unexciting because of the share price gains over the years but they’ve now increased the dividend 59 years running.
Ken, re Chelverton UK Dividend Trust (LON:SDV). Bought it myself back in June and have drip fed on any drops. I like the "solid" company names held in their portfolio - but unfortunately / fortunately for me there's some cross over with several I hold as individual investments. That's reducing my diversification, but at the same time I take comfort in the fact that they like what I like as well as holding several others I don't already hold.
Thanks Lincs. I like the way that Chelverton UK Dividend Trust (LON:SDV) cover some of their new buys and sells when issuing Results. Here’s that section from their most recent update:-
“In the last 6 months we have repositioned our portfolio following the ZDP redemption at the end of April 2025. We increased investment in ten of our existing holdings (2024:16), B&M Europe, Chesnara, Conduit Re, Foresight Group Holdings, Gateley Plc, ITV, Polar Capital, Serica Energy, Vesuvius and Zigup.
During the period we also added nine new names to the portfolio (2024: 9). These were British Land Co - real estate investment and development; Bytes Technology Group - IT solutions and services; Hilton Food Group - meat and fish packaging; Hollywood Bowl - leisure; Man Group - investment manager; Next 15 Group - consultancy; Primary Health Properties - healthcare REIT; Taylor Wimpey -housebuilder; and Tristel - hospital disinfection products.
Funds were raised from the outright sale of two of our holdings Bakkavor Group and Epwin Group, both of which were the subject of takeovers.
The following holdings were reduced on yield grounds: Arbuthnot Banking Group, Coral Products, DSW Capital, Kier Group, LendInvest, M.P. Evans Group, One Health Group, Orchard Funding Group, Palace Capital, Personal Group, Ramsdens Holdings, Sancus Lending Group, Smiths News and Stelrad Group.”
Of those I either hold or follow it’s only adding to B&M European Value Retail SA (LON:BME) that I didn’t like as I suspect they are in terminal decline, and reducing big yielder Smiths News (LON:SNWS) which I’ve held for years (up 45% excluding very big dividends) and goes ex a near 9% dividend next month.
They hope to pay 10p dividend for the next 3 years…..so a yield around 7% and a bit more if there‘s again the chance to buy Chelverton UK Dividend Trust (LON:SDV) on a dip.
Thanks Ken. I have held Chelverton UK Dividend Trust (LON:SDV) at various times but looking at its portfolio on AIC it seems to derive its relatively high income from the same shares that I already hold directly, such as CSN, SNWS, POLR, DUKE, and two that I hold indirectly, WUN and PGH. The structure of the trust also rather tended to confuse me. According to the AIC it now has no gearing and trades at NAV. So altogether, I'm not sure why I would buy it.
Chelverton UK Dividend Trust | The AIC
Surely anyone also holding BlackRock World Mining Trust (LON:BRWM) and/or CQS Natural Resources Growth and Income (LON:CYN) is doing very well? The share prices of both are now up to previous sector bull market peaks. BlackRock World Mining Trust (LON:BRWM) has almost doubled since I highlighted that good top up opportunity in April. My holding in CQS Natural Resources Growth and Income (LON:CYN) has now quadrupled.
The investors feeling aggrieved may well be those who sold out of CQS Natural Resources Growth and Income (LON:CYN) at £2.07 after pressure from Saba. Those of us who remained have seen another 65% added to the share price…..along with a very big dividend. Saba sometimes do more harm than good and imo are more interested in making a quick killing than being constructive.
Perhaps with the share prices at these high levels there’s a case for top slicing or doing so on the first signs of a peak having been reached?
Hi Ken, I agree ref BRWM - I am now much more aware of its cycality having bought wrongly previously and waited a while to get my head above water again.
However, now it's back at a peak which it seems to hit off across the last 20years or so I am in a quandary. Top slicing would make sense (which is what I will probably do), but its PF is spread across various metals/commodities, some of which appear to have more to go (if not all).
A good presentation a couple of weeks ago, which I posted further up the board and which I compared the CQS PF holdings to.
I think just by writing this I have convinced myself of what action to take - and can always reinvest whenever they drop back down again.
With you there on BlackRock World Mining Trust (LON:BRWM) KevinS1. Have just exited too on the back of an excellent run up. As the discount to NAV is only 2% or so now I'll put that in the bank and try to watch and wait for opportunities. I've also top sliced Serabi Gold (LON:SRB) , which I may come to regret, and Atalaya Mining Copper SA (LON:ATYM) . Both have been kind to me and whilst I try to let winners run these days I don't want to be too greedy - just in case. Might just look to diversify across the mining sector as some countries and projects are clearly higher risk.
Still holding Schroder European Real Estate Investment Trust (LON:SERE) but considering chopping that in as well. Might hold through the Interest Rate decision Thursday and see if that makes any difference. Probably only pennies if anything but they are all welcome.
sevenccc.
Unless Londonmetric Property (LON:LMP) who now hold about 11% bid for them then Schroder Real Estate Investment Trust (LON:SREI) could along with other REITS continue to be dead money for a while. I’m happy to hold for the dividend and don’t want to end up selling just ahead of LMP pouncing.
Sold Harbourvest Global Private Equity (LON:HVPE) today- made 14% but listening to the presentation today it was clear mainly the discount narrowing. The presentation was interesting if you wanted to hear about the global PE market. Nothing I heard about the trust, but did have to leave just before the end. I was going to buy Literacy Capital (LON:BOOK) as it is on a historically wide discount, but could not get a quote which sort of put me off- do not really want to be in shares that are not easy to buy or sell.
Gore Street Energy Storage Fund (LON:GSF) All will be OK- the new Chairman signed off by saying "Onwards and upwards" ! Lets hope, after the share price fall today the market seems less confident. The positives are the new board do accept that better communication is required to get the investrment case out into the market. The second ITC div will be paid in the early New Year. They have tripled MW since 2023 from290 to 643. Dividends are covered by operating income and they see no reason why this should not continue- indeed the chairman is hopeful that falling costs and increased income will allow more flexibility- though did not mention an increase. They are building out the increase from 1- 2 hour battery storage in the UK. 50% of management fees are now base on market cap. Personally I feel this should be 100%. Gearing is low, so should not have the same issues as other infrastructure PLC's with high gearing. The implication again was the dividend should be safe, though this was not categorically stated. My main concern iwas the declining revenues forecasted in the US, particularly Texas, die to increased competition. Whether new entries can build facilities cheaper than GSF's existing ones was not mentioned. They are looking to recycle assets- i.e sell some to buy higher performing assets.
Given the share price fall, which looks harsh, today I am holding on. I was at breakeven before this morning. Income sounds like it will be OK over the next few years. I am not sure that I will be holding beyond a couple of years as it does look like competition will be increasing. In the short term I guess it depends what RM and Saba do to try and force changes that will see the discount reduced. Whether there is a buyer for 100% of the assets I am not sure, but I guess the could be at a 10-15% discount. The most impressive speaker was the person who ran the GSET trading platform, which is an internal proprietary platform to manage revenue generation. They have developed software that decides when to charge them- low power costs- and when to discharge them- at higher prices. The division seems to perform well- they outperform the MODO benchmark. GSF do not own it as far as I can see, Gore Street Capital the managers do.
Thanks for sharing your thoughts on Gore Street Energy Storage Fund (LON:GSF) Charles. As a former holder, my main interest is whether to buy back in. It all sounds reasonably positive, especially with the income covering the dividend.
I think the main problem they are facing is the general negativity around the sector. I would probably want to see a general increase in sentiment before buying back in, but can see why you'd hold on for now.
Having now seen the IMC presentation, I too am holding, Charles. I might even buy a few, were it not for us having enough already (and being somewhat underwater). There are a number of upside elements, as you say, plus value if they get their Middleton project included in LODES, given that it seems ideally located for long duration need. Also, from the half-year report:
"Additionally, certain assets that reached commercial operations during the period have been weighted to reflect their operational status for only a portion of the reported period. Further, assets that are not yet generating revenue through the full range of revenue generating services available have been excluded for the purposes of determining the total portfolio revenue and the average revenue per MW per year to provide a more accurate reflection of portfolio performance. This includes Enderby in 2025 and Ferrymuir in 2024, which, while generating revenue from some streams, has faced delays preventing access to some available revenue sources. In cases of delay, as previously disclosed, commercial remedies such as
liquidated damages may be pursued to compensate for lost revenue periods. Comparative period revenue, operational EBITDA, and average revenue have also been updated for this treatment to exclude liquidated damage payments from portfolio revenue, EBITDA, and average revenue metrics to show more accurately market performance of the portfolio."
Apparently they are pursuing a liquid damage payment that would equate to something like .7p of NAV (which would increase available cash for distribution).
The part that most concerns me is the Texas underperformance on price, which is at least half due to mild weather. And there have been aggressive investments in batteries there. BUT, they will likely need more, so price will probably swing back up. But it hasn't helped the price curve assumptions, which is what have really done the price damage today.
However, I think the comment which keeps me in is from Alex O'Cinneide, that private investors are still putting money in internationally and are prepared to pay book values for battery assets. He says it in the Report too:
"There’s a clear disconnect between public and private market valuations—listed energy storage funds are trading at deep discounts, while private transactions continue to reflect intrinsic value."
If Saba/RM force a wind-up, there should be a good capital return over time. MIGO Opportunities Trust invested into VH Global Energy Infrastructure (LON:ENRG) BECAUSE they are winding up and think they'll get >20% IRR on the investment (as per the last MoneyMakers podcast).
I would agree ragged. I am mulling over increasing our holdings.
Sorry to hear of the issues at Gore Street Energy Storage Fund (LON:GSF) and the subsequent SP drop.
Here is the write-up from Citywire.
https://citywire.com/investmen...
It seems to me that currently the whole renewable sector is in a period of pain. I look forward to some future stability and to hear an end to the Govt's consultation on the RPI/CPI debacle. For me, any backtracking of past agreements would lead to a major period of legal challenges costing everybody and enormous amount of time and money.
After profits warnings and disappointing updates some prefer to look for a silver lining, find one or more, and decide to continue holding or even to double down. . Others, me included, get out at once.
There’s no right way of course but years ago when I also used to look for reasons to hang on, so often it turned out to be the wrong decision. So now I’m very firmly in the always sell on bad news camp and since taking that line my investment performance improved a lot. Good luck to those continuing to hold Gore Street Energy Storage Fund (LON:GSF) or any other Trusts in what for me (of course I might be wrong) is an uninvestable sector.
The old adage of when everyone is bearish time to buy could apply. I am coming of the opinion theat they are slightly different- not highly geared. I am always slightly biased as I have a strong "green economy" bias which can be expensive- like Hydrogen Capital Growth (LON:HGEN) . But these projects do need supporting for the future of the next generations.
Gore Street Energy Storage Fund (LON:GSF) Figures out this morning, another special dividend of 1.5p. Hopefully more clarity after the 10:30 IMC meeting this morning.
I hold some of these shares like you happy to sell .
Seems a bit strange they should become vocal with essentially just 7 properties left to sell !!
Anecdotal evidence looks to be showing that this is proving a very difficult pre Christmas for retailers, including possibly Marks and Spencer (LON:MKS) and Next (LON:NXT) whose share prices have been falling.
I usually keep off politics but there’s little doubt the extreme incompetence of Rachel Reeves and a series of tax rises that hammered business and increasing price pressures widely, are key cause.
Another problem with this Government is their huge majority which means many incompetent and financially ignorant people who when selected looked unlikely to win their seats, but are now frightening Starmer to give way to them. They also made such a basic mistake in promising not to raise any of the key taxes. They could have blamed the Tories for increasing National Insurance or whatever.
I voted Labour…falling for Reeves claims about being so well qualified for the role of Chancellor, .but now we know how incompetent both Starmer and Reeves (and other Cabinet members) are, give me sensible and financially competent Rishi (who now has a regular column in the Sunday Times) and astute Jeremy Hunt every time.
With unpredictable Trump in the White House and this lot here, it might not be too long before when we find out whether our portfolios hold up in bear markets!
Hope your not right about Marks and Spencer (LON:MKS) having just bought a few. Only a partial holding so can always average down. I also voted Labour and I am very disappointed. Cannot see me voting for them again, back to my natural home of the liberals.
Aside from the taxes etc hitting retail and some other sectors, with Marks and Spencer (LON:MKS) it looks a near certainty that food will have done well but winter clothing when it has been so mild could be taking a hit. Next (LON:NXT) always report in early January and that will be a guide. Marks updates soon after.
Yes I know. We will see, I may have bought early but long term I have faith in MKS
My first point is that I too like M&S as a long-term concept - the food is fantastic and they have a good clothing offering, but I do still worry about its attraction to the younger age groups. Plus succumbing to a cyber attack that ended up costing tens-of-millions-of-pounds worries me as to what management were doing.
With regards to the SP though I would offer some caution - its stock rank is declining across all measures and my worry is that this might be a falling knife. I really hope it's not as it has some superb features, but when a share starts its downward trend (which seems to be common across UK retail) I wonder where it's going to stop.
Using the Stock-ranks has not always been a priority for me, but the NAPS concept looks to show that the SR's do have some value and could help pick winning stocks.
Good luck Charles and I hope it goes well.
I have bailed on MKS- broke even, but my confidence has been eroded over the w/e. I do not need any more losses at the moment- GSF has annoyed me enough this morning!
For what it's worth Kevin, my daughters in their late teens/early twenties both love Marks and Spencer (LON:MKS), as do a lot of their friends. Clothes as well as food. Wouldn't like to guess how widespread that opinion is though...
Their chocolate squirty cream is a particular fave this Christmas!
Hi Kevin
I’m assuming you read the full Results and statements from Marks and Spencer (LON:MKS) in November? I don’t remember seeing any reference about not appealing to younger customers? Here’s the link for those Results:-
https://www.rns-pdf.londonstoc...
The cyber attack was already priced in and markets look forward, not back. Their clothes offering is vastly improved and often gets very good Press and other reviews…….but (and this applies to all clothes retailers) the long spell of very mild weather could have hit sales of their winter offering,
Previously this year the share has bounced from the current level. I try to base my investment decisions on what a Company is telling us. The last 3 years or so there have been a succession of upbeat updates, until that was broken by the cyber attack. Marks and Spencer (LON:MKS) has definitely got its mojo back.
Anyone wondering whether or not to buy now might be best advised to wait for their next update on January 8th. OR if Next (LON:NXT) update on January 6th reassures or as usual beats expectations then there’s a case for chancing buying Marks before their update.
As you probably know already I’ve held Marks from £1 and have followed them closely ever since. fwiw….I don’t think too much should be read in to those falling stock ranks. Again that reflects the recent past and the current share price decline. I don’t think the ranks have any more idea than we do whether the Marks and Spencer (LON:MKS) update will be positive or not.
Hope this is better than useless for anyone either looking to buy on the 20% price dip or anyone holding and wondering whether to sell.
Hi Ken - yes I read the results, but wasn't that keen at that point due to the cyber attack and the unknown medium term impact. I have though held them in the past and done OK and recognise their phenomenal turn-around 2020-2025.
I also do recognise their quality offering - food & clothing, but as an investment case I am just not sure - and I guess that is why I am now moving away from binary share-pick decisions on single companies...........just too much uncertainty.
The key questions for me are;
1. Up until 5th Nov they had a very strong SR - why overnight did this drop from high-80's to low 50's - not many companies do this (I haven't looked at any research info to try and understand it).
2. Profit forecast for 2026 (YE March) have been declining consistently - obviously the cyber attack had a part to play here, but is that the only thing? 2027 forecast look strong so there could be a return to previous SP levels.
3. Until recently it kept having lower highs as it tried to recover - I am no chartist, but I believe this is a sign of weakness - it has obviously now been able to overcome this, but how long for.
4. Management - having worked in a Critical National Infrastructure Business I fully understand critical IT systems. Whilst I appreciate M&S is not CNI I would question both the boards understanding of their own IT estate and what actions they had taken to ensure its robustness when a) clearly foreign entities are attacking anywhere they can b) their business is wholly reliant on IT - wether for ordering/controlling stock and/or on-line sales. What other weaknesses lurk within M&S itself or its Board. Nobody seems to have paid the price here.
5. Appeal to a broad audience - much of this is anecdotal and I know others have said their children/young-adults use M&S - I totally get that, but its just a nagging doubt I have based on a small sample.
I know this is not a single-company bulletin board and will focus on IT/UT/ETF's for the most part, but its an interesting debate on this one stock which it seems quite a few of us keep an eye on.
For me this is just too much of binary choice. I absolutely hope I am wrong as a strong M&S is probably good for a strong UK economy which we will all benefit from. I am also probably still hurting from last weeks retail PW at others, so slightly biased.
Best wishes - and I truly hope you prove my very weak thesis wrong - it wont be the first time.............. In the meantime I will keep spending at M&S and enjoying their fantastic food.
Hi Kevin
That was a great reply on Marks and Spencer (LON:MKS) . Can’t argue with any of it. Anyone with doubts can wait for their next update. Hope it’s bullish!
Just when I thought the wind down of abrdn European Logistics Income (LON:ASLI) was proceeding according to plan and I might at least recover my initial investment ( including dividends anyway!) a major shareholder objects to the process!
https://www.stockopedia.com/sh...
I had thought that this was one of the few wind downs that had actually been managed in a professional and efficient manner. I believe there are only 10 out 27 original assets left and 3 of those are expected to complete in 4Q 2025. The remaining 7 assets are all in the process of final sale negotiations. Why has this DL group outfit (based in Poland where I think some of the remaining assets are located) suddenly decided to call for a halt in the process. Are they a late addition to the shareholder register (18% holding) and are trying some Saba like strategy to gets what is left on the cheap to integrate with the rest of their Polish focused assets. If they have such a fantastic future growth strategy why didn’t they offer to buy abrdn European Logistics Income (LON:ASLI) when it was looking for buyers for the total business following the strategic review. Personally I just want out with at least getting close to my original money out. I will have to look at what selling the shares at the current price plus my dividends and capital returns means in terms of net loss to exit.
What do other investment trust investors think about this late intervention in the managed wind down?
Am not a holder, but it seems slightly odd - they seem to have only become an investor in mid-Oct, so seem to have come on board with a specific agenda.
However, the strategy/wind-down was well established before this so it seems like they are trying to overturn what has been agreed in the past.
I guess it depends on what their purpose/strategy is - assets on the cheap etc. But what then happens to the current shareholders - will they look to take it private and leave shareholders out of pocket.
Not sure, but if it were me I'd be looking to see if I could exit to secure as much of a return as possible before any uncertainty kicks in........but thats a comoplete guess with little knowledge.
Investor Meet Company next week
Gore Street Energy Storage Fund (LON:GSF)
GORE STREET ENERGY STORAGE FUND PLC
Interim Results for the six-month period ended 30 September 2025
15th Dec 2025 at 10:30am GMT
Harbourvest Global Private Equity (LON:HVPE)
HARBOURVEST GLOBAL PRIVATE EQUITY LIMITED
Market Outlook 2026
15th Dec 2025 at 2:00pm GMT
Schroder Real Estate Investment Trust (LON:SREI)
SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED
Half Year Results
19th Dec 2025 at 2:00pm GMT
Sold half my holding in Invesco Physical Markets (LON:SLVP) and topped up holdings in Oakley Capital Investments (LON:OCI) and NB Private Equity Partners (LON:NBPE) . I am quite heavily exposed to PE trusts mainly as there does seem to be increasing M&A activity. Seen it the Biotech sector, so hopefully it will spill over onto the more general sector. Most sales across the Trusts I hold have been at least at last NAV if not slightly above. Elsewhere after my very poorly timed purchase of Blackrock Latin American Investment Trust (LON:BRLA) in Dec 2023 back to break-even- and have had dividends along the way. I have also been averaging down - last purchase was July this year at £3.50. Lets hope it continues. I follow a Mexican ETF and that has just reached a new hig iShares MSCI Mexico Capped UCITS ETF USD (Acc) (LON:CMX1) . Of course I sold it at a lost of 25% in August 2024 at 10708p. It is now 14920p.
Londonmetric Property (LON:LMP) I hold, has quarterly div of 6% ish and now seems cheap? Anyway I just added!
Good write up on Capita (LON:CPI) from Graham today on the Daily Report. The market has dismissed past disappointments (galore!) and is looking forward to the more upbeat prospects. Jury still out for now though. The remaining stake after I sold half is up 125%.
Vietnam index fell another 3% today. Key reasons appear to be real estate worries, as well as uncertainty about tariffs, and foreign selling.
Falls like this are quite common (see the index chart) but perhaps this one will last a while longer.
Bearing in mind the upgrade to full Emerging Market status is on schedule for completion by next September, the lower the index goes now the better the buy opportunity. For any holding now there’s a case for riding out any further falls as they might yet again be temporary and VietNam Holding (LON:VNH) which I’d down this year and VinaCapital Vietnam Opportunity Fund (LON:VOF) which is not up by much have both underperformed against the index which despite recent falls is up about 26% this year. I hold all 3 Vietnam Trusts.
I am taking a bit of time to think about my strategy moving forward.
My PF now has a far more manageable number of holdings and only about 1/3rd is in single companies - sold another two this morning after poor RNS's in the last 24hrs - my ability to pick winners is not great (although probably average) and I am fed up with the big drop in SP's on poor announcements - probably says more about me than anything else. I've not done my YE review yet, but I suspect that whilst it has been a good year my results will largely be down to commodities and a couple of outstanding fund managers.
I am aslo not really seeing many opportunities to find new trusts that offer significant upside.
As a result I think my new strategy will be to a) only invest further in what I already hold b) sit on some cash to see if there is a downturn in the New Year and top-up current holdings at that point.
It's also quite surprising (although maybe not) that due to the slow transition into the funds & trusts I hold that my UK exposure has hugely dropped. Whilst I do think the UK will have some growth next year I don't trust myself to find the diamonds among the mud and therefore will probably rely on a couple of funds/trusts that have a good track record to do this for me.
It's interesting to start seeing the commentators coming forward on where they think the big plays are going to be next year. I have no idea, but some markets remain good value and so I will likely find some ETF's to dabble in these areas.
Just some random thoughts whilst I use the last few days of 2025 to take stock.
I do enjoy this board and appreciate all those that throw their ideas out there - keep them coming - I've found some great gems from this board and other ideas shared by fellow investors.
Sounds similar to my current strategy. Thinking of selling Invesco Physical Markets (LON:SLVP) reading too many bullish articles in the FT etc. Maybe halve it !
I think a wise move - I did that end of last week, but I think it's up another 7 or 8% since then. Seems to have hit a new high earlier today and then dropped down. My failure is to take profits way too early, but I've also been known to hang on and watch as they all disappear eg. Spectra Systems (LON:SPSY)
Sounds similar to me- I bought SPSY recently- mistake.
That was an interesting post Kevin.
Don’t know what you think of the following and be as blunt as you like if you reply.
Re Losing on too many smaller companies. Is looking out for companies with a record of doing better than expected in updates a good tactic to solve that?
Re Hard finding any new good value Trusts at present. Strongly agree. That’s because the good mainstream ones have joined in the current bull market. Is a solution to be patient with plenty in cash ready for the next big market falls and in the meantime if we want to buy doing so after short term dips as you suggest?
There WERE so many bargain Uk opportunities for ages that I and others highlighted time and again on the BARG thread on Mike’s bb….e.g Aviva (LON:AV.) Phoenix group (LON:PHNX) M&G (LON:MNG) with dividends then in double figures…..a crazy situation for such high quality shares…..but they and others I highlighted have at last gone up a lot and with dividend yields consequently lower. And Marks and Spencer (LON:MKS) at a crazy £1 . And Trusts like BlackRock World Mining Trust (LON:BRWM) and CQS Natural Resources Growth and Income (LON:CYN) along with many others including Fidelity China Special Situations (LON:FCSS) orJpmorgan China Growth & Income (LON:JCGI) or Aew UK Reit (LON:AEWU) I highlighted then have gone up a lot, as have the Vietnam Trusts……though they’ve had a bad year this year.
The next big bear market could come at anytime with Trump causing chaos and so many other things like Putin cyber attacks and on undersea cables etc etc. A good thing about recent bear markets has been they have been severe but much shorter than in the past.
Finally re taking profits too soon and running losers for too long. Is the answer to run our winners at least until more iffy news, and if news remained good then top slice to provide cash for the next falls? And is the solution to running losers for too long similar? I.e check out all company updates and go through the commentary with a fine tooth comb as often the first hints of more difficult times ahead are hidden away somewhere. . Doing that has saved me from so many subsequent big losers. And get rid of any share we hold on profits warnings.
Thanks Ken, I agree with all of that. I think that's (in a roundabout way) what I was trying to say; Not a lot at attractive prices out there, top slice profits at sensible times, don't jump in when prices are high & bide your time................it will come.
On top of that it's critical to have some sort of stop-loss strategy (whatever works for you) so that you don't sit on losers and watch them drop 20%, then another 20% and all the way down to a 95% loss.........not saying I have any of them, but I have held on to a couple for too long.
I pretty much follow the "sell on bad news theory" eg. this week was Card Factory (LON:CARD) & PZ Cussons (LON:PZC) which both went on the bell. BUT, I do have a couple of others still "polluting my PF", but each are under 1% of the PF.
It was probably more just an expression of my slight frustration at the current position in markets generally, but hopefully a Santa rally may help with that.
I also think there is a certain mindset I need to adopt more which is that you don't need to be invested 100% all of the time - stop feeling like the cash is burning a hole in your pocket. There is nothing wrong with having either cash sat on the sidelines, or put it into a MM fund or even a bond fund and await the drop. That's probably the biggest change I can adopt.
Kevin.
Thanks for replying. I certainly agree about not needing to be 100% invested. Building up our cash by top slicing after big gains and being ruthless with losers and not necessarily reinvesting that money makes sense.
A time to be near 100% invested can be after very big falls, to cash in on the near certainty of gains for quality Trust and share ahead when the market turns. That worked a treat for me. E.g in 2008 (banking crisis) 2015 (incredible mining bear market low) and again once it was clear that money was being thrown at covid in 2020. Another such opportunity will come sooner or later. And I’m wary of the gold etc rally…..is it getting extreme now and enough to justify some profit taking as soon as there’s a dip?
I’ve just looked at Card Factory (LON:CARD) and Graham or Roland’s updates on it after their updates. I also looked at the update where it was given a “green” rating for any warning signs. There weren’t any obvious ones.So you were unlucky with that profit warning. I suppose with postal costs so high and more switching to e-cards a profits warning was likely….BUT I only thought of that after their profit warning! Also Clinton Cards went bust, and perhaps with hindsight that was a warning.
If we are matching the UK indexes …ideally the high flying FTSE100 or the lesser performing FTSE250 aren’t we doing ok? And very well if beating them? But doing something wrong if underperforming them? Don’t know what benchmark others use when checking how well their portfolios are doing.
Health issues mean I no longer do what I suggest. I’ve got a big income portfolio where the cash builds rapidly, that should largely look after itself ..though obviously I do a bit of changing ….like swapping iffy Trusts like Renewables in to alternatives. I’ve found it hard finding alternatives for that Renewables cash because there are so few obvious big dividend paying QUALITY bargains at present.. The bulk of the income comes from Trusts bought at good prices and shares like Aviva (LON:AV.) (LON:AV.) Legal & General (LON:LGEN) etc when they were at clear bargain level. This is another method that older folk could consider.
Hi ken
If we are matching the UK indexes …ideally the high flying FTSE100 or the lesser performing FTSE250 aren’t we doing ok?
If we can't beat the indexes shouldn't we just invest in them?
I enjoy the intellectual challenge of investing, but I'm realistic that I won't beat the indexes all the time, more so now because I need to live off the income rather than reinvest it. However, that's a choice perhaps compounded by overoptimism about my predictive abilities.
On that note I was holding Card Factory (LON:CARD) this week (no longer) and although there were no specific warning signs I'd been mulling over selling it for a while because of its lack of defensive moat and the general weakness in UK consumer stocks. I also hold Pets at Home (LON:PETS) and Hollywood Bowl (LON:BOWL) and their performance has been poor. I've decided to add retail stocks to my list of uninvestable areas due to my consistent ability to mistime them.
Generally I find that it's avoiding errors that leads to compounding wealth - I don't need to find the next big thing, just avoid the next (decreasingly) small thing - sell on profit warnings and don't look back. I'd also note that a dispproprtionate number of my successful growth stocks are US based and most are large and ought not to be exciting - Alphabet (NSQ:GOOG), Apple (NSQ:AAPL), Visa (NYQ:V) , Berkshire Hathaway (NYQ:BRK.B), eBay (NSQ:EBAY),PayPal Holdings (NSQ:PYPL), Jackson Financial (NYQ:JXN), Garmin (NYQ:GRMN). It's hard to get outperformance overall if you're not holding stocks in the world's deepest pool of capital.
Finally, if anyone has missed it I'd recommend having a read of jamesalastair's various threads on ETFs which have a very different angle to them:
https://www.stockopedia.com/co...
Properly thought provoking.
timarr
Hi timarr
Re my comment about matching the indexes and your reply to that. Yes we should try to beat the indexes but the focus of my post was a few thoughts for the many (probably) who struggle to make much if any profit. Anyone whose focus has been Uk smaller Companies including AIM shares has been in a badly performing area for several years until recent improvement.
That link you provided was eye opening!
I am not that bothered by indexes. My aim is simply to grow the assets and income from the portfolios. I probably underperform them in a rapidly rising market, but hope in falling one I do not suffer as much.
Yes - agreed. I have tracked the performance of the FTSE & FTSE all-world alongside myself and another well-known investor (subscription) and all I can say is that we all have good & bad years - and more often than not, all in different years. I've got accurate figures since 2013 although my investing style has changed a lot in those years.
One of the big lessons is that when I split this period into two. Pre-Covid when I was 90% UT & IT's, and 2020-onwards, when I was much more into individual stocks, my performance pre-2020 was better.
I don't know if this is down to the overall investing environment, my decision making about global diversification pre-2020, my post-2020 selections (largely small caps) or simply luck.
It is very hard to explain all of these factors as there are so many variables. However, I've only ever had two "down years" and both of those have been less than 20%, so my key takeaway is "let compounding do its job, whilst protecting your capital and ensure that you cut losses before they hurt your PF".
I am comfortable in just making progress - avoid big losses and be grateful for what you can create/gain. I enjoy the mental challenge and the odd big year makes a difference so I am comfortable with the pedestrian years (0-5%). I've only got two down years since 2013 which I am also very happy with - the FTSE All-Share has had two, and the FTSE-All World has had 4 down years across the same 13-year time period.
Make of that what you will. I possibly could be better off if I'd left it all in a tracker (not checked), but I would have never had the experience or mental challenge this has given me. Horses for courses...........
Agree Charles. I’m also not bothered by indexes and my aim is similar to yours. Key thing is to try and outperform in a falling market. Time will tell but our portfolios stuffed full of quality Trusts and shares, often paying big dividends, should hold its own in a bear market.
My index comment was not a suggested tactic, except for anyone who regularly struggles to make profits.
My index comment was not a suggested tactic, except for anyone who regularly struggles to make profits.
Hi ken
Agreed, but if someone can't make more than a large, well diversified international index over a reasonable period of time - say five years - they really should consider moving to an entirely passive portfolio. But any focused strategy will go though years of underperformance - just look at Nick Train and the Lindsell Train trusts, who are now going through further suffering because their high quality data driven stocks are being knocked by AI fears.
Lindsell Train Investment Trust (LON:LTI) is now down 60% from its peak and still falling. At its peak it was trading at double its NAV and the chairman was telling people not to buy and yet they were still piling in! Now it's at a 20% discount and you can't give it away.
This is yet another benefit of investment trusts - it's pretty easy to spot when most of them are expensive or cheap. With ordinary shares it's far harder.
timarr
International Public Partnerships (LON:INPP) I hold. AI generated summary of todays portfolio update.
”
International Public Partnerships (INPP) has issued a portfolio update (July 1 - Dec 12, 2025) focusing on disciplined capital management and enhanced shareholder value.
Financial and Capital Allocation
* Performance: Portfolio of over 130 infrastructure projects performed in line with expectations (98.7% availability).
* Share Buybacks: The programme was increased to £225 million (from £200m) and extended to March 31, 2027. £114 million has been completed to date, generating 1.3 pence per share NAV accretion.
* Asset Realisations: Over £345 million of divestments since July 2023, all at or above published valuations (including £32m from Angel Trains and £49m from UK education interests during the period).
* Selective Investment: c.£35 million invested in Sizewell C as part of a c.£254 million commitment. This investment is expected to add c.0.30% to the Company's overall returns.
* Investor Returns: Projected net returns of 9.9% (7.1% dividend yield plus inflation linkage).
* Dividend: 2025 and 2026 dividend targets confirmed at 8.58 pence and 8.79 pence per share, fully covered by net operating cash flows.
Portfolio Updates
* Tideway: Fully connected; commissioning underway.
* Cadent: Ofgem's RIIO-3 Final Determination is broadly consistent with valuation assumptions; no material impact expected.
* Beatrice OFTO: Returned to full capacity in July 2025; no material financial impact expected.
For anyone interested Keplar have released a new review of CT Private Equity Trust (LON:CTPE) on 8/12 (I hold). Seems relatively positive for trust and sector. Interesting general PE sector fact - "Invest Europe research, which shows that, using data from 2019–2024, for listed private equity firms investing directly in companies and other assets, the average exit uplift was 36% above the last reported valuation, whilst for listed private equity funds of funds, the average uplift was 47%.". Combine that with some big current discounts to NAV and it seems to support my view that the PE space is generally undervalued in the medium/long term.
https://www.trustintelligence....
Another one that is more euro centric is Patria Private Equity Trust (LON:PPET), with more in Europe and less weighting in the uk. Both look good trusts.
I hold PPET as part of my holding of 5 private equity trusts. I sold CTPE a few years ago as despite the managers bullish presentations nothing seemed to happen asset wise.
Any holders of Newriver Reit (LON:NRR) wondering why it's down 4.5% today - it's gone ex-div (the Stocko dividend system is broken today so doesn't show that).
Newriver Reit (LON:NRR) It's gone 3.1p ex-div today - with the other dividend being in June 25 at 3.5p. That is a 9.6% annual dividend at the current price - therefore the 4.5% drop today simply reflects todays ex-div announcement ie. the SP simply reflects the payout of this dividend and therefore the reduction in cash of the company.
I don't know the company at all, but this would be my summary without any other knowledge.
Thanks Kevin, but that's what I was trying to point out!
Sorry - my mistake. I thought you were asking why.
Finally ……note the very upbeat Twentyfour Select Monthly Income Fund (LON:SMIF) update today. It’s a dividend Trust and unfortunately it’s at the top of a narrow trading range. But for anyone else also holding Twentyfour Select Monthly Income Fund (LON:SMIF) it’s very reassuring, including for now a lot of surplus cash for dividends. Current dividend is 8.4%.
Anyone else holding Capita (LON:CPI) where Rockwood Strategic (LON:RKW) Manager Richard Staveley holds it?
The share price has soared over 50% in the last six months. Either an update will confirm that at long last Capita (LON:CPI) is a classic recovery share…….or it’s a lot of investors buying in the hope it is or corporate action etc coming?
I had held a full stake but wise posters here convinced me to sell half (for a 60% profit from memory) at about 340p. I don’t regret that decision as the remaining half makes the risk low.
I've just recently bought back in to Capita (LON:CPI) for the 3rd time this year. I'm not interested in holding it long term, just for trading.
There was an RNS yesterday stating UBS had completely sold out of their holding, so whatever brake that was putting on the share price will have cleared.
I hold and think it is materially undervalued. If they can give their contact centre biz away for free to a larger competitor, close down the 1 onerous contract in their Regulates Svs division by giving the customer £100M to end the contract and then value the remaining 2 divisions (Public Svs, Pension Solutions) at a 25% discount to comps (Serco, XPS), you get to a SP of over 600p. Richard Staveley's target price is 900p!
I am not sure if Capita (LON:CPI) is on a clear upward path (yet) - If you read the Private Eye or the register (https://www.theregister.com/20... and https://www.theregister.com/20... ) it indicates a flagship project that should have set sail with flags flying managed to not quite sink immediately.
What is worrying is they probably now have all hands working on this project and other projects that do not have the resources / project management / visibility they should have will be [insert sentiment here]
I’ve just seen that Saba have gone up to a 10% holding in SDCL Efficiency Income Trust (LON:SEIT) today. It will be interesting to see share price reaction tomorrow. Positive surely? I’m a bit tempted to buy a small stake again. What do others think?
Will this just be purely a punt? OR?
It would be a punt. I’ve just about decided it’s not worth the risk.
They should know the US scene. I can see better opportunities to be honest rather than investing back into a company with a flaky board. Just bought Marks and Spencer (LON:MKS) with proceeds of sale - share price been dropping again recently so a punt on Christmas food sales.
Charles; good chance that Marks and Spencer (LON:MKS) could be a good long term buy after the 20% share price fall since the start of the cyber attack.They’ve got their mojo back. I don’t see a buy as a punt.
I hold Marks and Spencer (LON:MKS) and bought for £1. It’s a core holding in my portfolio. I sold enough to cover the original stake and a bit more on top as the huge gain meant it had become too big a component of the portfolio.
Anyone tempted to buy but not sure, could wait for the trading statement quite early next month, which will also cover Christmas figures.
Thought I would get in ahead of the Christmas trading- but who knows a small sample in West Wales does not say they are busy
Anecdotal evidence like that Charles can be a guide to how Christmas trading is going. So more posts like yours would go down well with any looking to buy Marks and Spencer (LON:MKS) and those like me already holding. My wife says our food store is busy every time she goes.
They are always busy in the two stores I have used recently. I dropped in earlier in the week to pick up an on-line ordered Xmas present and ended up spending an unplanned £35 after a foray into the food store - they are not cheap, but their quality and attractive offerings are superb.
I am unsure on the clothing sales, but one anecdote is a coat I was buying online (for the wife) appeared to be sold out - and no other stores within 100 miles had any in stock, so I suspect (on a sample of one) sales in non-food might also be OK.
Ken what do I know as I’m far from an expert on Investment Trusts, in fact anything but!!! However despite the dividend I wouldn’t touch it after selling yesterday fortunately at a 15% profit. With the sale proceeds of SEIT and some of my surplus cash balance I bought 3 shares today, 2 previous winners Future ( a massive ex winner) and Brave Bison. Also for the first time ever I bought a holding in Water Intelligence. Time will tell.
Thanks George. I had just about decided not to buy SDCL Efficiency Income Trust (LON:SEIT) and your post clinched it and I’m definitely out now. Like you I somehow made a profit and am now looking for quality big dividend paying shares or Trusts as alternatives. Unfortunately it seems I already hold the the obvious ones!
BTW, as this has strayed a little into open ended funds too, I'll share that my long term "coffee can" portfolio now has 6 holdings: Pershing Square Holdings (LON:PSH) , Ruffer Gold Fund, Argonaut Flexible, Ranmore Global, Thornbridge Global and Orbis Balanced.
The latter 3 have different styles and no overlap I could discern. I found them by looking at risk adjusted performance over 5 years, and then by making sure they weren't holding the same stocks. But here is the funny thing. Sean Peche, who now manages Ranmore, started his career at Orbis and used to manage the Thornbridge fund. In fact, the managers of all 3 funds appear to have learned their trade under Allan Gray, a South African manager. And yet Ranmore has a real value bias, Thornbridge is more quality, and Orbis goes anywhere and has an extremely eclectic portfolio with lots of TIPS and similar instruments.
Thanks Donald. I shall take a look at those UT's and do some work comparing performance & exposure, but the Orbis looks good - done a quick comparison vs Argonaut Absolute Return and seems very good.
Interesting fact about Sean Peche - I love his approach where he seems to have a very disciplined approach and is 100% focused on return and doesn't mind very high turnover as he is looking for value to out quickly. If this is common across the other managers/trusts then I would hope for similar results.........more work required on my part.
On a brighter note, Regional REIT (LON:RGL) 's sale announcement this morning cheered me up.
"Regional REIT Limited, the regional commercial property specialist, is pleased to announce it has completed the disposal of Oakland House, Talbot Road, Old Trafford, Manchester to Legacie Developments Ltd. for a total consideration of £13.0m, reflecting a net initial yield of 5.1% and representing a 1% premium over the 30 June 2025 book value."
That seems to hit the mark.
I have finally had time to think about the SDCL Efficiency Income Trust (LON:SEIT) investor/analyst presentation on Monday. I will recomment within the family that we continue to hold our positions, which are quite large in total. I think (!) this is not just out of sympathy. They have declared everything, I believe, in lowering the NAV, which is what caused the investment policy breach (note: no convenant problems at all in the individual companies). And the reason for the main driver is Onyx's need to cash to to finance their growth. Given this is for building solar/battery projects in the US, this is investment for the future. It may be that they will sell it, which is a shame. I hate it when you can't grow, because you're overstretched, and you're only overstretched because investors don't believe in your story. Then you get taken over at a discount, which is similar to what happened at Atrato in the UK a while ago. People aren't asking for commercial solar for 'greenness' in the sector: they see it making commercial sense for them. But in a market where you are so heavily discounted, what can you do? Generally sell out to private business with no such valuation constraints. Who then goes on to enjoy the ever-increasing payback.
Their individual operating companies seem fine. If SDCL Efficiency Income Trust (LON:SEIT) loses a continuation vote, Jonathan Maxwell may be part of that. He has the rest of SDCL (which he founded) to consider. The following relates to other activity, for instance, which continues:
"Sustainable Development Capital LLP (“SDCL”) and Carbon AMS today announces the closing of an investment to finance the construction of a biomethane production facility (the “Project”) in Duleek, County Meath, Ireland. The SDCL managed €650 million Global Energy Transition Fund (“GETF”) will provide the capital investment needed to deliver the 40 GWh p.a. facility that will produce and sell renewable energy to Alexion, as well as supporting the decarbonisation of Ireland’s gas grid and benefitting local agricultural communities.
The new facility is planned to be the most advanced AI-controlled biomethane production facility in the world, leveraging a strategic relationship with the founders of rhobot.ai and their work with Siemens to deploy edge-native AI, virtual sensors, and intelligent agents purpose built to maximise sustainability, efficiency and performance for biomethane production."
Anyway, we will ride it, because I think they will announce a decent sale soon, even if that constrains 2026 dividends, and I don't believe the NAV will go much lower, as their discount rate is being held high, in the face of overall rates gliding down (I believe). But DYOR, of course.
Ragged- Hope it works out. I sold because on balance I think the US looks a pretty hostile place for renewables.
Thanks Ragged. I concur, and will continue to hold existing positions in two 3td party folio as well as remaining two thirds of my own. Oak Bloke also worth reading.
See Saba just increased holding to 10%- not quite clear what the swap holding means, but one would assume they see value. I would assume they will try and force through a wind up.
Has anyone had an issue with the Interactive Investor platform when buying an ETF quoted in dollars on the London stock market that the foreign exchange charge is not quoted explicitly on the screen before the transaction?
I recently bought an ETF with ticker EMVL that's quoted in dollars on ii. When I purchased EMVL, I did not realise that a Foreign Exchange charge of 1.25% would be made by ii, because all the screen showed was an effective pound to dollar exchange rate which implicitly included the FX charge. However, as I did not know what the true exchange rate was at that time, this did not cause me to think that an FX charge would be applied. If a note explaining this or the actual FX charge had been shown on the screen, I would not have gone ahead with the trade, because there are many other ETFs available on the London stock market that are quoted in pounds rather than dollars and don't have FX charges applied. I have lodged a complaint with ii about this.
I had problems around 4pm yesterday and the day before just trying to buy regular shares.
I don't think there is a dealing charge though? Many uk. Quoted etfs have £ and Usd versions.
It’s hard finding new Investment Trust buys at present but is an exception Vietnam and the now lagging Vietnam Trusts? Vietnam Trusts have provided me with very big long term gains, but this year they’ve been a disappointment.
The Vietnam Index is UP 35% this year. In contrast VietNam Holding (LON:VNH) is DOWN 8% …partly because it has gone from a premium to a 7% Discount. VinaCapital Vietnam Opportunity Fund (LON:VOF) is up 10% and Vietnam Enterprise Investments (LON:VEIL) is up 30% These are the AIC figures.
There’s a strong case now for Vietnam Enterprise Investments (LON:VEIL) as it’s the biggest of the 3 and might be the one that appeals to big investors when full Emerging Markets. VietNam Holding (LON:VNH) looks a buy too after recent weakness.
I hold all 3 and they are well worth checking out.
Just bought Real Estate Investors (LON:RLE) which is the process of realising the portfolio. Some risk as bank loan are due to be repaid mid year 2026. However they have so far been successful at selling properties above NAV, so as long as they get NAV the discount looks attractive. If UK rates start falling that will also help as they are now unhedged against bank rates. They do have a large amount if offices in the Midlands, which will mean the most likely buyers are institution's who are cautious at the moment. Falling rates would help again.
I boughtPalace Capital (LON:PCA) in 2022 for similiar reasons and the return over the period, assuming all goes ahead early next year will be getting close to 39%. Not amazing, but in my opinion a relatively risk free return. RLE offers a potential return of 45%, but dependent on asset sales and the time it takes. I had hoped for a quicker and higher return from PCA but the disposals did take longer than I anticipated.
RLE currently yields 5%.
Just watched the Ranmore Global Equity presentation this morning. A rather refreshing change form the average I.T presentation. And managers with a large chunk of their own savings in the fund.
Agreed - much of it was similar to the summer presentation, but always good to see their current thinking/holdings. Interesting to see that they "churn" the PF hugely - think they said nothing left from their Top10 of 12-months ago (might have misheard and maybe 1 or 2 left).
Also good to hear them admit errors - got out of European Banking too early - which made me think of my holding in Invesco STOXX Europe 600 Opt Banks UCITS ETF Acc (LON:X7PP) - still staying with it currently, but need to keep a close eye on it.
Compared them straight after the call to the other unit-trust I hold of a similar approach (as I understand it) ; Argonaut Flexible Fund - it is only 12months old but has done even better than Ranmore, but has massively different holdings - quite a bit of Airlines.
I am happy to hold both as a diversifier in Global Equities & am still building my position in Argonaut, but been in Ranmore for quite a while.
I wrote to them last week and they said they would be posting a link to the presentation on their website so worth people checking if they want a 60minute listen - including a good 20minute Q&A session.
Think they had one left- Mattel. I also liked that there aim is to increase value, not beat an index.
Molten Ventures (LON:GROW) partial realisation in ICEYE. Seraphim Space Investment Trust (LON:SSIT) also hold a significant proportion of total asserts in ICEYE. “Molten first invested in ICEYE’s Series B round in 2018, with follow-on investments in 2019 and 2021 during its Series C and D rounds. Since our initial investment, ICEYE has demonstrated significant growth, recently securing €150 million in new funding and a €50 million secondary placement, resulting in a company valuation of €2.4 billion. As part of our active portfolio management, Molten has undertaken a partial realisation of its holding in ICEYE, at a valuation above the most recent valuation date of 30 September 2025, generating circa £17.5 million in cash proceeds.”
SDCL Efficiency Income Trust (LON:SEIT) It’s another update screaming “sell” at us imo. They’ve made it very clear that debt is too high and getting a decent price for assets they want, or need to sell, is going to be difficult. Potential buyers of anything they have on offer will know they’ve GOT to sell. Not the best situation for getting a fair price!
There looks to be a good chance of another downbeat update ahead.
Despite needing to get debt level down urgently, they are maintaining the dividend…..for now. They NEED to save money…..so is there a dividend cut or cancellation ahead? How would the share price react to that news?
I was tempted by persuasive posts here to buy SDCL Efficiency Income Trust (LON:SEIT) again around 45p. I was breaking my rule of always sell on an iffy update and their last update which so clearly was warning of trouble ahead.
I sold again today, luckily at a small profit, and also got rid of NextEnergy Solar Fund (LON:NESF) the only other Renewable Energy sector I was still holding at a small loss. That’s it for me for the sector.
After their previous update I included a plus case for holding too. That was also breaking my sell on bad news rule! So I won’t do that this time, the more so because other posts here are far more optimistic today! Mind you, after profits warnings, holders often look on the (too?) bright side.
Good luck to those taking a different view and continuing to hold SDCL Efficiency Income Trust (LON:SEIT) .
Very disappointing update so I sold first thing, still made a small profit as well as picking up the dividends but any sign of a story changing with below par newsflow I usually cut and run. Good luck to those still holding, I hope the price recovers.
Been looking into the breach. It appears to be technical-
"The core purpose of a TEBL is to be repaid quickly (bridged) by the promised Tax Equity funding once the project is operational. However, the Board's decision to include it in the gearing calculation suggests:
In short, the decision is driven more by risk management and compliance with the company's internal debt policy than by specific concerns over the ultimate repayment of the TEBL itself."
What I do not understand is if the TEBL it is still likely to be repaid why the need for a rapid sale of assets. This smacks to me of the Board deciding the TEBL was an issue- which presumably has been known about for a while- and combined that with a desire to cut debt anyway results in what could be described as a ham fisted statement. Or there is more going on that shareholders are being told. And despite all this they are suggesting an increase in the dividend to 6.36 from 6.32p. The dividend appears to be covered by future cashflow.
I am sitting on the holding for the moment.
Re SEIT
Hi Charles - thank you for responding to my post earlier drawing my attention to this post. My lack of understanding has been entirely captured by your paragraph... (my bold)
"What I do not understand is if the TEBL it is still likely to be repaid why the need for a rapid sale of assets. This smacks to me of the Board deciding the TEBL was an issue- which presumably has been known about for a while- and combined that with a desire to cut debt anyway results in what could be described as a ham fisted statement. Or there is more going on that shareholders are being told"
There is nothing new here, so why the sudden change of stance which has effectively reduced asset sale value at a stroke.
As I think that I said before, trying to get to the bottom of the inner workings of Renewables is almost impossible. A situation where you are then completely reliant on the competence of the management.
Either Renewables are the bargain of the decade or something else is occurring....
The whole point of risk management is to score the risk (probability) of the event happening. The debt was project related and is expected to repay the debt. This regulatory governance not fit for purpose.
Hi Charles
One possibility is that the tax equity funding may be delayed due to federal administration staff cutbacks - there have been reports of such delays. It's very unlikely that this won't get paid so it seems that the issue here is purely technical.
What's more confusing is that the gearing policy limit is an internal constraint, it's not triggering external covenants, so any decision to seek asset sales to bring cover back within range is a board decision, not something inflicted by lenders - albeit one they're bound to communicate to shareholders.
I think this has been badly handled by the board and that actually there's no additional risk associated with the gearing breach. If that's right then there's no need to conduct a fire sale, and the asset disposal is about optics and, arguably, governance. My tentative conclusion is that holding on is fine and that maybe this is a buying opportunity, rather than a trigger for a sale.
The real question will come down to whether the asset sale is at or above stated NAV. If it isn't then there could be some underlying issues - either because of an unneccessary fire sale or because the stated NAV isn't reliable.
The wider issue is around the incredibly downbeat statement from the Chairman. I understand that life is difficult for renewable funds at the moment but surely they never assumed that their funds would always trade at a premium, or that the renewables market would never have a downturn? Surely? Now is the time for good boards and managements to show their mettle not throw their hands in the air in despair at the fact they have to put some effort in.
Ho hum. Keeps the brain ticking along anyway.
timarr
I guess this is now the time to reconsider the question "which renewable Co's provide the lowest risk vs best upside". I hold a tiny position in NextEnergy Solar Fund (LON:NESF) but am going to take a good look at some of the others as well.
Any thoughts out there.
An interesting take on SDCL Efficiency Income Trust (LON:SEIT) from oakbloke (https://theoakbloke.substack.c...). Free article but might need a substack account to view.
His basic thesis is that the pessimism is overdone (including by the board), and is not clear why they have taken the downbeat view.
Separately it is worth remembering that SABA have a stake in SEIT (although there is no evidence of their involvement of the latest updates from the board, but clearly they will be pushing for actions to close the discount).
Timarr. The Chairman, Tony Roper, was a managing partner at Infrared until 2018- manager of HICL and TRIG.
I have just sold SDCL Efficiency Income Trust (LON:SEIT) . Gemini AI research caused me a few concerns- particularly with Onyx. Despite the fact the US needs more power for the growth of data centres the chances of Trump changing his mind after the OBBBA must be slim given his distain of the renewables sector. Happy to share the research if anyone wants it.
I am holding onto NextEnergy Solar Fund (LON:NESF) for the moment. Dividend is covered, so if maintained the yield is 16%.
Big Ouch! for me this morning on SDCL Efficiency Income Trust (LON:SEIT) , which I hold across three folios.
SDCL Efficiency Income Trust StockReport™ | Stockopedia
Having thought that maybe this was the one that would get away on basis that it owned real companies making real profits all on a whopping discount to NAV.
So I cut my substantive position by a third this morning, while I wait for the dust to settle.
The Bruciefolio continues to give large dividends, but perhaps at cost of some more exciting growth situations and of course, the occasional shocker.
(Bracketed shares acquired more recently, outside the tax wrapper).
AAIF, ABDN, ASHM, BRWM, CAML, CLIG, CSN, DUKE, GCP, FGEN, HFEL, IDHC, ING, ITH, ITV, LGEN, MNG, NESF, NRR, OSB, PHNX, PHP, POLR, RCH, RECI, RWS, SEIT, SERE,SEQI, SOHO, SNWS, SPSY, SQZ, SUPR, TFIF, TMIP, UKW (BPCR, BBOX, BLND, FSG, NESF, SREI).
On another note, I received a generic marketing email from the John Baron folio which I did for a while subscribe to. I generally now read him in the IC instead. But as some here have also mooted, he is very positive on pharma/biotech, which is where i am visibly underweight. With the exception of my recent purchase of IDHC, which is quite speculative, but has been well covered by Oak Bloke. It's a small position, but does look like breaking out.
Elsewhere, the bracketed shares are a further indication of my addiction to value, including a repurchase of NextEnergy Solar Fund (LON:NESF) at 50p, Lord help me. As you can see, I'm heavily into REITS of all sorts.
Re: SDCL Efficiency Income Trust (LON:SEIT)
I haven't listened to the presentation but on the face of the results I'm a little perplexed by the market reaction (although this is normal, I spend most of my time wondering whether it's me or the market that's deluded).
The dividend is covered (admittedly this is technically by cash realisations from Onyx, but there's no short term threat to it), the company is well within their banking covenants (if not within their own gearing policy) and interest rates are dropping, which should increase NAV. It's not obvious to me that they have to sell assets, albeit they seem to want to. They are "in progress" of making an asset sale that will restore their required gearing levels.
Frankly, the outlook section is so downbeat that I can understand shareholders bailing:
The Company has a continuation vote at its AGM in 2026 (as set out in the Company's Articles), and without some material success in making disposals, reducing our drawing under our RCF and with the potential to return capital to shareholders, the Board is unlikely to recommend continuing in the current form. In the current market environment, it takes time to find the right investors to acquire our investments at acceptable prices, and time is limited.
Anyway, as the Chair states:
The Board recognises that newer shareholders to the register have bought in at a share price offering an attractive yield and the potential for share price appreciation. The Board considers the share register as a whole and clearly longer-standing shareholders who have supported the Company's development over the years have experienced poor shareholder total returns due to the material share price discount. Our ambition remains to find solutions to reduce the discount to NAV.
As one of the newer shareholders I'm quite happy. I'd be happier if the board wasn't flagging their need to conduct a fire sale of assets. Still, some action is likely here. Happily holding (although, as is typical with these sorts of trusts, it's a small holding, albeit a smaller one today).
timarr
SDCL Efficiency Income Trust (LON:SEIT) (I hold).
Seems like Ken called it right, back in June, https://www.stockopedia.com/co...:
"5. And note this!
“Whilst TOTAL DEBT LEVELS ARE CLOSE TO THE COMPANY’s GEARING LIMIT (my capitals) this is being closely managed. But how is it being closely managed? They don’t explain.
So theres a clear chance of a shock share price hammering bad news update ahead. "
Having listened to the presentation, I'm more upbeat (so I'll need to listen again), but what stops me from increasing my position is that I already sold some at similar levels to today, back in summer, having decided that my position size was bigger than comfortable.
The hinted at forthcoming asset sale should give a better indication as to the reasonableness of their NAV, so perhaps the best ploy is to wait for news on that.
Jon
Thanks Timarr. I'm glad that someone is able to remains somewhat positive. I don't intend to sell my remain positions on basis of today's news and like you, benefitted from topping up at earlier lows though my main residual position is now down.
Yet another example of a board who seem incapable. I am pretty fed up with the poor quality boards many trusts have.
IS the fall on SEIT not overdone I hold Dividend maintained Am I missing something from todays report
(Just my opinion) They need to sell assets.
If this is on a tight timescale, expect further falls. If they are not under time pressure, then the sp will rise.
In the presentation they didnt make it truly clear but strongly indicated there wasnt going to be a distressed sale.
there are many ways to solve this, one is to get the lending limit changed. Either way there will be costs.
Sorry editing and lost post....
Apologies - original post below..
RE SEIT
(Just my opinion) They need to sell assets.
Yes - this will be required. As you say, it all boils down to time. If you are under time pressure then that in itself will encourage low ball offers.
SEIT does discuss this in its 50 page report. On page 9 there is a paragraph which is headed a "Buyer's Market". Within the paragraph it discusses the reasons why this is occuring and challenge of asset disposals. The link to the document can be found on the company website.
I am not that positive on Renewables but I would have expected that SEIT might have been a stronger punt in the sector.
I dont hold but I think that Investors need a clear answer on why the aggregate gearing (71.9%) exceeds the 65% policy.
See my post above- a change in the way the board viewed the TEBL
If the debt is project specific there is no need to panic sell assuming the project is still economically viable
Good news for BlackRock World Mining Trust (LON:BRWM) with the following announcement;
The Board of BlackRock World Mining Trust plc announces the sale of its BHP Brazil Royalty Contract to Gold Royalty Corp for a total consideration of $70 million, a premium of 105% to the current holding value of $34.1m. The uplift results in approximately a 1.8% increase to Net Asset Value which will be reflected as at 8th December 2025, published 9th December 2025. The Company will also receive all revenue from the Royalty owed for production in 2025 which has not yet been paid.
I am still sitting on the fence to see if there are any other better commodity IT's out there, but pleased that in the meantime we should see a bit of further upside today with BRWM.
Looks like they are going to invest the proceeds into further unquoted holdings - up to 20% of the Mkt Cap.
recent interview on iii with fund manager at BlackRock World Mining Trust (LON:BRWM)
https://www.ii.co.uk/analysis-...
As a general resources/mining trust I think its quite good, although I have seen experts soemwhere trading in and out, I just held! Where I do think they went wrong is not taking advantage of long terms interest rates when they were very low and all the signs were the rates were only heading higher. Hopefully they will benefit if the reverse ever happens.
HELP PLEASE. I’ve somehow put “Google private browsing on” and can’t get rid of it and can’t access many of the sites I use. I also can’t “Google” anything as it just brings up a Google page with no log out facility.
I use an iPad.
Is there anyone computer competent here who can tell me how to get rid of it please. (I’ve tried the AI solution but it didn’t work).
Hi ken
Normally closing your browser and restarting does the job. Failing that a complete reboot (yah, turn if off and on again).
If that doesn't work can you let us know what browser you're using? And computer - PC, presumably?
timarr
Thanks timarr
I use an iPad. I had already tried your 2 suggestions but even switching it off and then on again failed!
Hi ken
If you're on Safari there's a tabs button (two overlapping squares) somewhere - probably bottom right. Click on that and then "Private", Then close Safari and restart.
timarr
Thanks all of you. Somehow my clever wife solved it via the overlapping squares at the top right. I’m so grateful for the immediate responses…….shows what a friendly community this is.
Problem is it’s SO off topic!
Is this any good Ken ?
Thanks…..but it’s very hard to follow or understand.
I think it depends on whether it is really Google that you have put into private mode (in which case Charles' solution is correct). I made the guess that it is Safari that you have put into private mode. What browser are you using Ken ?
To get out of Google's "private browsing" (Incognito mode), simply close all open Incognito tabs or windows; your regular browsing session will automatically resume in the standard Chrome environment, as Incognito is a separate session that ends when closed, saving nothing to your device except downloads and bookmarks. You'll know you're in it by the dark theme and the Incognito icon (hat and glasses) next to the address bar.
The FT today has 3 articles on Investment Trusts. Overall the feeling seemed to be, as has been said here several times, the Trust Board's need to come up with some more interesting ideas to narrow the discount than just share buybacks. Apparently Baillie Gifford have started using TicTok, a platform I do not use/have no interest in. The problem they say, and this is trued of all trusts, is that marketing brings no obvious rewards unlike a unit trust where you see sales go up. I am still of the view they need to specialise, have a very clear strategy that investors get. No more try and beat Joe Bloggs index. It is real returns people want, not losing money but told they outperformed an index. Certainly the PE trusts should be having a big marketing push given the new rules re PE investments with the launch of LTAF's (Long term asset funds). A quoted vehicle would seem a far better vehicle. I hold a few now -Augmentum Fintech (LON:AUGM) Molten Ventures (LON:GROW) Chrysalis Investments (LON:CHRY) Oakley Capital Investments (LON:OCI) NB Private Equity Partners (LON:NBPE) Harbourvest Global Private Equity (LON:HVPE) Patria Private Equity Trust (LON:PPET) Seraphim Space Investment Trust (LON:SSIT) and the worst one Hydrogen Capital Growth (LON:HGEN) .
Infrastructure I just hold International Public Partnerships (LON:INPP) Renewables Infrastructure (LON:TRIG) (bought back in recently) Gore Street Energy Storage Fund (LON:GSF) NextEnergy Solar Fund (LON:NESF) SDCL Efficiency Income Trust (LON:SEIT) and another disaster Digital 9 Infrastructure (LON:DGI9) .
I am though less pessimistic on the sector having researched more about the possible changes (or not changes).
Investor Meet Company this coming week.
NextEnergy Solar Fund (LON:NESF)
NEXTENERGY SOLAR FUND LIMITED
Interim Results for the period ended 30 September 2025
9th Dec 2025 at 11:00am GMT
Utilico Emerging Markets Trust (LON:UEM)
UTILICO EMERGING MARKETS TRUST PLC
Investor Presentation
10th Dec 2025 at 10:00am GMT
Twentyfour Select Monthly Income Fund (LON:SMIF)
TWENTYFOUR SELECT MONTHLY INCOME FUND LIMITED
Full Year Results
11th Dec 2025 at 9:30am GMT
Over on SparkLive, SDCL Efficiency Income Trust (LON:SEIT) Interim Results are today (8th Dec) at 9:30:
https://sparklive.lseg.com/SDC...
Hmmm, and it looks like bad news has already got out. Down 18%
SDCL Efficiency Income Trust (LON:SEIT) yes, it will be an interesting presentation at 09:30 - imagine turning up to present your results when the market vote on your performance is -20%!
SDCL Efficiency Income Trust (LON:SEIT)
The results RNS
Key quote for me
Tony Roper, Chair of SEIT, said:
"The portfolio is broadly performing in line with expectations, yet we have seen little improvement in sentiment towards SEIT's segment of the investment trust market in the past six months. We are acutely aware of the need to dispose of assets in order to reduce gearing levels, notwithstanding the challenging environment for asset sales. Our priority remains to make disposals but also to take action to find an alternative to the status quo, whilst ensuring that we deliver value for all shareholders."
... distressed sellers. oh dear
Listinening to the presentation - the mgt said they intend to take a (paraphrasing... ) staged, disciplined approach that allows true value to be released. ...so not that distressed?
(I sold half on seeing the news and will now stop and think)
Source: Morningstar 04/12/25
Here are the biggest weekly Investment Trust winners taken from the Weekly Citywire Trusts update. Many of then have featured here………with CQS Natural Resources Growth and Income (LON:CYN) yet again having a very good week. Augmentum Fintech (LON:AUGM) in 2nd place has at last shown signs of life. That will please Charles as well as others holding.
Brief REITS update.
Schroder European Real Estate Investment Trust (LON:SERE) Results today were disappointing. Dividend not fully covered along with the French tax claim dragging on . I sold at a small loss (excluding years of big dividends) on my if in doubt sell rule.
Re French tax claim. Here’s a section on it from their update.
€8.3 million of available cash, with a further €14.2 million ring-fenced to cover against the French tax claim, resulting in an LTV of 29% gross of cash, and 25% net of cash
- Tax disclosure update: as previously announced, the Group received a notice of adjustment from the French Tax Authority amounting to c.€14.2 million, including interest and penalties. The Group maintains its position that this amount is not payable and has formally appealed the decision. This appeal, submitted as a claim to the French Tax Authority, is expected to be reviewed within a six-month period. If the claim is dismissed, the Group would escalate the matter to a formal court process, which could take up to two years to resolve. Based on professional advice, the Board has decided not to make a provision, as they do not believe that an outflow is probable. The Group will continue to monitor the situation and will provide further updates as necessary.”
In contrast the Results from Custodian Property Income Reit (LON:CREI) looked reassuring……but disappointingly the share price hasn’t gone up. I hold.
The REITS sector could be livening up at last!
Note that Londonmetric Property (LON:LMP) has now declared a 9% stake in Value and Indexed Property Income Trust (LON:VIP) . They also have similar stake in Schroder Real Estate Investment Trust (LON:SREI) Surely a high chance they are looking to bid for both of……hough not at once! I hold all 3.
.Aew UK Reit (LON:AEWU) ……..apparently Simon Thompson has updated in Investors Chronicle. If anybody has read the article please post. I expect he is saying buy or hold. I initially thought it was a bit harsh when Graham (or was it Roland) gave it an “Amber” rating…….but that’s fair as Aew UK Reit (LON:AEWU) is fully valued. I hold. Bought at 63p on one of those big sector dips!
I hold Newriver Reit (LON:NRR) I’m going to go through their Results again to remind why very slightly doubtful. Great dividend. And raggedtp post was convincing AND he reminded it goes ex a dividend of over 4% next Thursday. Why sell a 9% yielder.
Hi ken
Simon Thompson on:
Never entirely sure about ST's investments, but he can certainly move the market with smaller cap stocks. If I do anything at all on his tips it's sell.
timarr
Hey Ken
Yes Simon Thompson did feature Aew UK Reit (LON:AEWU) in his weekly write up last week. Didn't say anything of note from memory. Just reinforced message about quality of team and holdings. Secure divi, etc. Following our previous dialogue I sold and will watch for a rebuy opportunity but would want it to be less than £1.
Separately I expect the run up in gold and precious metals to continue while the Orange idiot continues to rampage about. The action around Venezuela should surely be getting massive criticism from the UN and EU, the blatant interference in Honduras elections and release of their former drug smuggler President too. His intentions towards Venezuela seem similar to Putin and Ukraine in so many ways. His ego, greed and narcissism know no bounds it would seem. So 2026 likely to see more gains for gold? And silver is on a tear that might last too. I do enjoy Edmund Shing's weekend articles and think he's sketched out some interesting opportunities for next year.
Sevencc, I could not agree more re Trump. An inferiority complex, no doubt from his father, classic insecure bully who throws his weight around blaming all for problems that are not theirs(I went o school with a few). I worked for a while in New York for a UK broker and also tried to do a deal or 2 for a UK listed PLC.I was a director of later. I would not trust them an inch- shake your hand, smile and stab you in the back. A place where if NYSE went down they called to sell all Uk shares as obviously the markets were all collapsing, no sense could be talked into them. Making a fast buck was all that seemed to matter. Those were the honest ones, let alone the dodgy pre runners of crypto robbers. The worst were people like Ivan Boesky-the Guinness/Distillers affair (and there were more- both dodgy deals with hindsight and other firms),who was a client of mine, though at the time was regarded as a smart arbitrager.
Trump at the time was near bankrupt- or indeed went bankrupt several times(Casino business), having to deal with Mafia trade unions to get his New Jersey project built at Atlantic City.
A thoroughly immoral individual who has surrounded himself with the same.
My holdings in precious metals are far higher than I have ever held before as a %.
I am moving increasingly to property as well- looking at British Land (LON:BLND) and Picton Property Income (LON:PCTN) . I feel more comfortable with assets based companies at the moment and once bids emerge or do not for Spire Healthcare (LON:SPI) ,Audioboom (LON:BOOM) I will be buying more discounted assets.
Stoicking with Asia and Vietnam, as disclosed out of Japan for now. I am going to buy Global X China Robotics and AI ETF HKD (HKG:2807) now I have an account. Probably just a small put of a few thousand Ido not have to kick myself if my gut feel pays off ! If it goes wrong there we are, but all I have read for 6 months is China is racing ahead in robotics and with the IPO of the NVIDIA chip rival who knows. HK market opens Sunday.
Hi Charles,
I also think that China's tech is developing faster than most people realise (or want to admit). I struggled for a while earlier in the year to find an ETF that I could buy that tracked the ChiNext index, I couldn't get hold of my preference which would have been VanEck ChiNext ETF (PCQ:CNXT), so held Invesco MSCI China TechAllShr StkCon UCITS ETF Acc (LON:MCTS) for a while. For electric vehicles Global X China Elc Veh and Bttry UCITS ETF USD Acc (LON:CAUG) is also available. I exited both as the momentum seemed to have broken down, but both have come back onto the watchlist.
Interesting will have a look.
What about KraneShares CSI China Internet UCITS ETF USD (LON:KWEB). Whilst I do hold it, I am never quite sure if it provides much diversification than a more mainstream China fund eg. Jpmorgan China Growth & Income (LON:JCGI) which I also hold - obviously very different holdings and different track records.
Kevin, Another to consider. I am still going to buy the Robot fund, but just a small amount. I am just interested in the area. But all went wrong with Hydrogen Capital Growth (LON:HGEN) so hence relatively small investment.
Hi Charles,
If your thesis was the increase in the hydrogen economy, then I dont think it was in error. The problem to me seems more to be with the HGEN management. All of the hydrogen ETFs have done very well, mainly (IMO) to the frothy valuations at Bloom Energy (NYQ:BE). My guess would be the use in AI datacentres. Even so, alot of the other hydrogen linked businesses have moved in sympathy (James Cropper (LON:CRPR) , Ceres Power Holdings (LON:CWR) , even the serial disappointer AFC Energy (LON:AFC) looks like it is moving).
It was indeed Cheeky and your right it was management, and the board also have to take responsibility for lack of governance. My other investment in Riversimple, welsh hydrogen car maker is still going although they seem more interested in cars that shareholders!
I found the NewRiver Reit (LON:NRR) presentation this morning on IMC reassuring. They do seem to be delivering what they promised, and they were robust in asserting multiple avenues to improving performance and scale in the retail rental industry. I would estimate second-half div to be around 3.7p, come the time. (You'd lock in 4% in a week's time from the first hald div.)
Again, when interest rates are further down next summer, >9% solid yield (and should rise a little annually) through a REIT based on the housing of stuff millions are going to keep buying, seems helpful for sleep in older investors. Not going to shoot the lights out, but I think there is 20% capital gain to hope for as well, when people realise the current 30% discount to NAV is unjustified. Happy holder.
Tim Levene of Augmentum Fintech (LON:AUGM) was I thought a bit more assertive about the value of the portfolio. I will continue to hold. My main concern is the overall size of the Trust- at £250m it is not huge in the PE world and I have concerns about its ability to follow through on investments. Molten Ventures (LON:GROW) had an interesting presentation and at £1.3bn assets has scale. I have increased my holding in GROW today. One could say a merger of GROW and AUGM would make sense, GROW have several decent holdings in fintech.
Schroder European Real Estate Investment Trust (LON:SERE) results out today.
Not had time to digest, but look like a mixed bag - NAV and earnings down, profit up, divis maintained.
Main risks still look to be the French tax claim, and their main Apeldoorn site going vacant at end 2026.
I hold as part of my REIT scattergun portfolio!
Tim, Quick AI summary "Schroder European Real Estate Investment Trust (SERE) has reported resilient Full Year Results (to 30 September 2025), achieving a +2.0% NAV Total Return bolstered by a share buyback programme and positive IFRS profit. The company declared a total dividend of 5.92 euro cents per share, offering an attractive yield of approximately 8.2%, supported by a robust balance sheet with 25% net gearing. A key risk remains the contested French tax claim of up to €14.2 million (including penalties), for which the Group has taken the conservative step of ring-fencing the full amount in cash while continuing to assert that an outflow is not probable."
Tax claim.
The French Tax Claim is a contested tax audit by the French Tax Authority regarding the Group's historical tax structure, carrying a potential exposure of up to €14.2 million (including penalties). The company's Board disagrees with the adjustment and believes a payment is not probable, so no financial provision has been recorded. Crucially, the Group has ring-fenced €14.2 million in available cash to fully cover the claim should the dispute ultimately be lost.
Apeldoorn
The Apeldoorn asset, a mixed-use data centre and office building in the Netherlands, is a key concern for Schroder European Real Estate due to a specific tenant risk, despite the general popularity of data centres. The main tenant, KPN, is scheduled to vacate the property in December 2026, leading to an anticipated income void. This impending vacancy is expected to impact future dividends and has already contributed to a valuation decline. The company must now focus on strategies for re-letting or redeveloping the space to mitigate this future income loss.
Risk/reward
Continuing to hold SERE is a high-conviction value investment proposition.
The risk/reward calculation hinges on your belief in management's ability to successfully re-let or dispose of Apeldoorn and win the French tax case. SERE is technically vulnerable to a bid because of its high discount and low gearing. However, the existing binary risks (French tax and Apeldoorn vacancy) act as a deterrent, keeping some potential bidders on the sidelines until those uncertainties are resolved. Any successful bid would likely be a cash offer at a meaningful premium to the current share price, but still at a discount to the full NAV."
Given my trust in Trusts boards has been shaken recently I sold my holding at a small loss this morning. The risk of not being able to let Apeldoorn is likely to see an 18% cut in the dividend-to €4.85. Dividend cover would reduce to 80%. If they lost the tax claim as well the company would be under significant cash pressure one would image. Looks like two factors that if they came together would cause significant problems. I could be persuaded to buy back in but I think clarity is required before I would do so.
Schroder European Real Estate Investment Trust (LON:SERE) I sold out in the summer when those risks started to cause me some concern - at an 8% loss, although about 2/3rds of this was offset with the dividend payments received over the previous 8months. Although the risk of holding for 9months without a capital gain is obviously a cost to the PF.
Possibly worth a punt for those happy to run with the risk - I've started to try not to take these types of risks on single shares as I am trying to get a more risk adverse PF to provide a little more stability rather than trying to shoot the lights out, but I think it depends upon your own risk profile.
Plenty of other REITS out there without this risk/reward profile.
I decided to sell the majority of my holding at about break even if I factor in the dividends I’ve received as well.
Does anyone have a view on Robotics ? Article in the FT which reminded me I looked at this 6 months ago Global X China Robotics and AI ETF HKD (HKG:2807) . AJ Bell will not let me buy easily, telephone order and could not find another broker so forgot about it. After the article today I re-looked at it and found an online broker who will trade-Saxo. Has anyone used them ?
I have a saxo account. Overall I find them quite good. They operate a bit like IG in that their tech will allow multiple partial fills to make up an order. Serve lots of markets although some will have a minimum volume for purchases. Helpdesk not great.
OK Dons, Thank you. Some of the ETF's I am interested are only available on markets outside of the normal scope of AJ Bell.
As an interesting note, Saxo are Danish and recently Sarasin have replaced Geely (a Chinese car manufacturer) as the majority owner.
You probably already know, but most UK brokers only deal in UCITS ETFs (an EU directive for funds)
I know Cheeky, hence my search for a solution.
I agree that Mineral & Financial Investments (LON:MAFL) is tiny, illiquid and a bit odd. The list of shareholders gives that insight: you are really buying into a small vehicle that's like a private fund. But the performance is super. If you want to buy or sell in a hurry though the liquidity is non-existent. But it also holds a punchy stake in an unlisted costa rican gold miner that is in isolation likely to be worth multiples of the current market cap. Very much buy and hold, or dismiss and ignore.
Oakley Capital Investments (LON:OCI) One of my long term holdings - Winter news https://www.oakleycapital.com/...
Mineral & Financial Investments (LON:MAFL) has massively outperformed BlackRock World Mining Trust (LON:BRWM) and CQS New City High Yield Fund (LON:NCYF) but is smaller and illiquid. It may also have huge embedded upside from a couple of its unlisted investments. Worth researching.
Far too small for me, but did have a look . Over 3 Years BRWM + 34.7% and MAFL +30%. Price movement does tell a better story for MAFL .
Thanks Donald - your post on this a few weeks back prompted me to take a look and subsequently took a small holding.
Will do further research, but currently comfortable with progress, but as you say, it is very small and quite illiquid. Mineral & Financial Investments (LON:MAFL)
RE Greencoat UK wind - consultation response
For those interested, the full response is to be found here below. It is a 15 page document which gives much more detail than the initial press release.
https://mybrand.schroders.com/...
As per previous posts, I am cautious of the value in Renewables - but appreciate that others have a different view. I think that Charles here is a little more optimistic. Depending on your view, there might be something for all in the response.
The first thing that strikes me is that the Consultation is rather strange. It looks very basic and the questions appear to be framed like an alternative close. To me it looks like a grass beating exercise, to see what comes back.
If I was Greencoat I don't think that I would have put this level detail into a response at this stage, but Greencoat clearly felt that they had to. Apart from confirming the extraordinary complexity of the investment and funding of the industry, it gives away some details of the impact of any changes.
The catch 22 of this situation is an old one. To effectively mount a defence you have to explain the impact and loss. You try to win an argument, but in process alert investors to perils of not winning. The uncertainty in the meantime acts as a drag to new investment.
I suspect that this will be resolved by negotiation in the end. I doubt that legal action will help either party and it will be the usual negotiated outcome where both parties have to accept a little less than they originally hoped for.
Thank you for the link. Here is an AI summary
Summary of Schroders Greencoat's Consultation Response
Schroders Greencoat (SGC) is responding to a government consultation on Changes to Inflation Indexation in the Renewables Obligation (RO) Scheme. SGC, a specialist energy transition and renewable infrastructure investment manager with significant investments in the RO scheme, is strongly opposed to the proposed changes to switch from the Retail Price Index (RPI) to the Consumer Price Index (CPI) for adjusting RO scheme costs.
Primary Position and Key Concerns
SGC's primary position is that no change to inflation indexation is needed, and the government should retain RPI until 2030, moving to CPIH (Consumer Price Index including owner-occupiers' housing costs) at that point.
Their key concerns are:
Evaluation of Proposed Options (Question 2)
SGC believes neither Option 1 nor Option 2 should be pursued.
Comments on Impacts (Question 3)
Generators
SGC refutes the consultation's argument of "avoiding overcompensation". They provide two charts illustrating that actual total capture price for both Onshore Wind and Solar has been lower than the government's forecast between 2013 and 2024.
Investors
The retrospective nature of the change is the latest area of negativity for investors, who have seen an immediate drop in fund values and may look elsewhere if the UK is perceived as too complex and risky. The UK's Clean Power 2030 ambition requires approximately £40bn of new investment annually, and the same firms backing RO projects are needed for future renewable projects.
Consumers
Any small near-term reduction in bills would be quickly offset by the higher financing costs required to deliver future investment in CfD generation, hydrogen, and transmission assets.
Alternative Approach (Question 4)
While favoring no change, SGC suggests an alternative approach to reduce consumer costs and volatility: offering RO assets the voluntary opportunity to switch to a Contract for Difference (CfD) for the electricity they sell.
The Fixed Price Certificate (FPC) Commitment
The FPC scheme was intended to replace the market-based RO Certificates (ROCs) after the RO scheme closed to new capacity.
Schroders Greencoat considers the current consultation to change the indexation to be a breach of these unequivocal statements and a reversal of long-standing policy.
Vietnam leading the way in EV cars https://asia.nikkei.com/busine... As Vinfast is listed on Nasdaq no Trust holds the shares that I can see. But as a general comment there must be benefits to other companies in Vietnam and the Asean region.
Seraphim Space Investment Trust (LON:SSIT) Nov newsletter https://newsfile.refinitiv.com...
I have sold my 3 holdings in Japan. I am confused about the direction of the government under the new PM, the Bank of Japan sounding like it will increase rates and what appears to be quite a big fall out between Japan and China- not just on a Government level but Chinese not visiting and selling assets. I am going to keep an eye on it until next year. Market timing is always difficult, but having had a reasonable return over the last few years and feeling uneasy decided to cash in. First time I have had zero exposure to Japan for a while and it could be an error. But I would rather buy back later when things are clearer.
Hi Charles,
I have Nippon Active Value Fund (LON:NAVF) littered across all of my portfolios.
It has definitely had a bit of a "blip" over the last few months and I agree that the uncertainty around the new PM has created some volatility. However, I think I am going to hold on as I believe in the long-term the direction of travel will remain upwards - there is still a huge amount of shareholder value to be delivered across company balance-sheets and an active PF manager should be able to chase the best opportunities.
Interesting how the SP often works between the tram-lines. I think it was Jonathan Davis who used these and I just copied them into my charts - but I often now use them as a timing tool.
Kevin, I am sure that long term it looks good. I am just nervouse for the next 6 weeks or so.
Kevin, Used some of the roceeds to buy a small position in an RTF copper miner fund iShares Copper Miners UCITS ETF USD (Acc) (LON:MINE) . Article in the FT today highlighting the demand/supply imbalance, though also the issues facing miners with old mines, increased costs. On balance thought i should have some exposure.
I held Global X Copper Miners UCITS ETF USD Acc (LON:COPG) for a couple of years from about March 22 until Apr 24 and then sold out through boredom with about a 5-10% gain. Typically it's flown about 45% since then.........
I have also heard about the imbalance, so I might take some profits from silver and redeploy into copper - I'll take a look at a couple of the different ETF's. I've not looked at single Co's like Central Asia Metals (LON:CAML) recently, but I do hold Jubilee Metals (LON:JLP) which is transitioning from a PGM play to a copper play. I held it back in about 2020-22/3 (just checked and a very small part of it became a 4-bagger for me - possibly my only ever one) but Oak Bloke bought it up a few months ago. Not a lot happening currently, but a good long-term punt.
JLP sounds a bit like SolGold (LON:SOLG) - used to trade that around 2010 when I had just fun investment money. See it is under offer at the moment, but was a great share if you got timing right.
If you are interested in metals/ mining / resources, you may find the CQS Natural Resources IT presentation of interest? It covers their current views and positioning on precious metals, copper, uranium, oil etc:
?si=7b2W2z7y05hW15BzThanks Duveteux. I am now fully exposed to mining/natural resources. I hold BlackRock World Mining Trust (LON:BRWM) ,Golden Prospect Precious Metals (LON:GPM) , ETF's Invesco Physical Markets (LON:SPPP) , Ishares Physical Metals (LON:SGLN) ,Invesco Physical Markets (LON:SLVP) and iShares Copper Miners UCITS ETF USD (Acc) (LON:MINE) . One of my oldest holdings which I still have despite selling bits of over they years is Perseus Mining (ASX:PRU) . Used to Cluff Gold and then became Amara mining. PRU is a good example of do not top slice winners ! It would be worth 20% of my portfolio now if I had not. But that is how I work and would do the same again, never been good at running winners.
Thanks Duveteux.
I've just watched that (at 1.5xspeed) and it was very interesting. It has confirmed that my decision some time back to use BlackRock World Mining Trust (LON:BRWM) as my main commodities exposure may not have been my greatest decision.
It is now making me reconsider, but the danger with that is that quite often jumping from one horse to another is you fall-off!!!
I will give it some more thought - but like Charles I also have plenty of other commodity exposure, but will exit individual commodities as I believe they have topped - this might not be running your winners, but in 2020ish I watched too many great performers reverse and did nothing eg. Sylvania Platinum (LON:SLP).
I also usually watch these videos at 1.25/ 1.50 speed, depending on the speakers...
Suggested the presentation more for some current info / thinking on commodities, rather than for that particular IT as a possible investment. I don't hold CQS Natural Resources Growth and Income (LON:CYN) trust myself, although it looks like a useful one stop shop, albeit much more precious metals and mid/ small cap focused than BlackRock World Mining Trust (LON:BRWM) which I do have. Not so keen on the new high dividend paid from capital policy at CQS either.
I do hold one of their other two investment trusts Golden Prospect Precious Metals (LON:GPM) which has done well this year and some Ecora Resources (LON:ECOR) shares (mining royalties, including copper) as well as a Uranium mining etf (Sprott) and a physical silver etf, so didn't see any need to add CQS as well, although I have price and discount alerts set up at AIC in case it goes to a large discount and/ or there is a big price drop, potentially providing a more attractive entry point..
Duveteux, what would you consider as a big price drop? I often hear comments about 'buying the dip,' but I'm not sure what it means. At what percentage drop should I buy the dip? Thanks.
I think this varies from IT to IT, obviously it depends on why it has dropped too. For investment trusts I like I usually set price alerts for 5% and 10% above the 52 week low and discount alerts for a discount 10 or 20% below the 12 month average. (Discount alerts can be set up on the AIC website, 12 month and 3 year average discounts can be found on the Fidelity and HL websites).
I don't know if this is the best way of doing things, but it does usually at least alert me to when the price of an investment trust on my watchlist price is low relative to recent history or a discount is wider than usual and then I can make a quick decision to buy (or add if already holding) or not.
But also in general, I think it makes sense to have a watchlist/ shopping list of trusts you particularly like and can refer to at times when the markets are falling heavily (like in April this year) and can then act on, if cash is available to buy. Of course nobody can time buys to buy exactly at the bottom, except by sheer luck, but if you have a watch list prepared and price alerts set up, then you will be alerted to 'dips' in prices without having to check prices constantly.
What I also do, especially with more volatile trusts is just set up a price alerts 'ladder' - so for example if the price is 100p I will set alerts for say 90p, 85p, 80p, 75p, 70p etc. (You can set up price alerts on here, FT (free) Investing.com app (free) etc ). By the way, the FT site also allows you to set price alerts for a new 52 week low/ high.
Thank you so much for your reply. I am a very novice investor and have made some very silly choices. I have found this IT thread and have implemented some of the ideas; as a result, my portfolio is looking significantly better. I have a lot to learn. Thank you for explaining.
Hi campervan65
Just to add to Duveteux's response the other thing to watch out for is whole market drops - the overall market will quite often drop by 10%. It's dropped by 20% five times in my career and twice over 40%. Those are the times when real bargains present themselves, because good shares get thrown out with the bad.
On Investment Trusts I'd always look at the discount to NAV - anything over 20% is bargain basement territory but not all ITs are the same. Renewable trusts in particular have NAV's calculated on mathematical models that depend on guesses about the future direction of interest rates. I'd certainly not want to risk a lot of money on these.
The trick is to have cash available for when the market drops, it's all too easy to be fully invested.timarr
But then Timarr you can miss out when the market rises. Timing is so difficult so I tend to be fully invested . My holdings in individual stocks are not so large I would struggle to ssell.
Hi Charles
But then Timarr you can miss out when the market rises. Timing is so difficult so I tend to be fully invested
You're right, of course, bull markets climb a wall of worry and keep going. Momentum is a powerful thing, and sitting on the sidelines can be a very difficult and unprofitable thing to do. Personally I've found that panicking early when the market turns can be a very good option ...
However, with Investment Trusts I won't ever buy at a premium, and rarely at less than a 10% discount. Typically when trusts go to a significant premium it's a good sign to sell. The reasons for buying trusts at premiums rarely stand up to decent scrutiny, people are usually reaching for "this time it's different". Well - it may be in future, but it's not been yet!
timarr
Agree Timarr
I sold 3i (LON:III) for theta very reason- plus a pretty much one stock punt.
Thank you Timarr, I do have quite a bit of cash sitting around in my ISA waiting for a market drop. The dividends from the trusts I have bought are being saved as I don't need to take an income from them just now, so I will buy on the dips.
campervan
The focus here perhaps tends to be away from mainstream Investment Trusts. For complete beginners a good tactic is to buy a small number of mainstream Trusts. e.g An Asia Pacific Trust, and/or Global or Global Emerging markets, Europe, UK Trusts .
A very good site is AIC. I’ve highlighted the Asia Trusts where say Jpmorgan Global Growth & Income (LON:JGGI) a Trust with a very good record and at near 9% discount is worth considering.
https://www.theaic.co.uk/aic/f...
Some Trusts have increased their dividends for over 50 years in a row, and a few were established in the 1800s. These won’t let you down.
e.g UK Trusts City Of London Investment Trust (LON:CTY)
Here, taken from AIC website are those dividend heroes. You wouldn’t go far wrong with most of those long term, UNLESS you buy at or near a market peak and just in time for the next bear market falls.
(Unfortunately the dividends are currently small, partly huge long term share price gains, and also short term gains on top. e.g I hold City Of London Investment Trust (LON:CTY) which was founded in the 1800s and it’s top of the dividend heroes. But for now it is trading at a premium so is fully valued).
https://www.theaic.co.uk/incom...
I strongly agree with timarr about never buy a Trust at a premium. It means you’re paying more than it is worth. A Trust at a 20% discount otoh means buying for 80p a Trust worth 100p.
Unfortunately now is NOT an optimum time to start investing as markets are in a bull market……ahead (eventually or soon) the next inevitable bear market will arrive.
So a good tactic if you are buying now is to start with small stakes. Save quite a lot so that you have firepower when a better buy opportunity occurs.
Thank you Ken. I do read all your posts and have learned lots.
I’ve held BlackRock World Mining Trust (LON:BRWM) for several years and the first buy has nearly tripled. Later average up has doubled. Fabulous dividend at my buy prices. BlackRock World Mining Trust (LON:BRWM) is also up over 70% since the April buy opportunity I highlighted here well under 450p. I’m a bit bemused if readers and posters here have not done well.
As for CQS Natural Resources Growth and Income (LON:CYN) …..it’s been a fabulous investment and my original holding has nearly QUADRUPLED! A later top up has doubled. Again I posted on the attractions then, of CQS Natural Resources Growth and Income (LON:CYN) here, including Saba forcing them to go for a tender offer a short time ago, at £2.08p……basically so that SABA could make a quick buck! Many took up that tender offer. I and other sensible investors who saw through it are again the winners! The share is now up 40% from that tender offer price.
What’s more……CQS Natural Resources Growth and Income (LON:CYN) have rewarded those investors who stayed by going for a big dividend policy….currently via a 24p a year dividend paid quarterly. At the tender offer price and when that policy was announced it meant a yield of 12% for anyone buying then. Again I posted about all this here at the time.
My CQS Natural Resources Growth and Income (LON:CYN) buy at 88p now has a yield of almost 30% thanks to that sudden extraordinary yield. I fully understand alternatives being appealing too, but am surprised that such big winners (unless people post to show I’m wrong) seemed not to appeal to investors here too when someone such buy opportunities were available.
I’m keen to know why!
It’s getting very late now……imo the time the optimum time to buy is not at what could be near the peak of the current roaring bull run, but at bargain prices when most are too scared to buy. Isn’t that how we get our triplers and more, and not by buying after a Trust has nearly quadrupled? And isn’t buying and getting fully invested in mining etc shares now, (as so many do near possible peaks) risking doing so near the peak! Buys long before current high prices provide a good cushion in the next bear market. For those buying so high, is the risk big losses?
Hi ken
It’s getting very late now……imo the time the optimum time to buy is not at what could be near the peak of the current roaring bull run, but at bargain prices when most are too scared to buy.
So we should be buying renewables (e.g. Greencoat UK Wind (LON:UKW) and Renewables Infrastructure (LON:TRIG) ) and tech trusts (like Augmentum Fintech (LON:AUGM) and Chrysalis Investments (LON:CHRY))?
timarr
Hi timarr
I should have made it clearer that buying low doesn’t apply to any old share or Investment Trust. It’s shares and Trusts that look undeservedly oversold I meant like those Mining Trusts at extreme bargain prices ….and when shares likeAviva (LON:AV.) fell to £2.50 and Legal & General (LON:LGEN) 155p Marks and Spencer (LON:MKS) fell to under £1/and others like Phoenix group (LON:PHNX) and M&G (LON:MNG) were so cheap that their yields were well in to double figures. There’s much more enthusiasm for some of these now AFTER the great gains have already been had, than when I bought them at those bargain prices.
We all go for bargains away from shares…..hence the Black Friday offers, so why do people when buying their investments go for a policy of ignoring the bargain prices and waiting until they are much more expensive??
I agree with that Ken. Where do you see the bargains to be at the moment if at all? Commercial Property and Renewables still....
Do you hold Schroder European Real Estate Investment Trust (LON:SERE) and do you have some thoughts on this one?
Also Lindsell Train Investment Trust (LON:LTI) have announced their half year results today. The performance over the past five years has been dire! but I do think that this is now extreme value. Anyone else follow them?
It’s shares and Trusts that look undeservedly oversold
Hi ken
I'm just not sure how you identify these at the time, it's easy with hindsight. Clearly during a market crash prices can become disconnected from reality, but at other times one is presumably making a judgement based on valuation.
So, for example, Foresight Environmental Infrastructure (LON:FGEN) at the moment sits on a 10% plus dividend which is well covered at over a 30% discount to NAV and with a very diversified portfolio of assets. Or Molten Ventures (LON:GROW) at a nearly 40% discount whose stake in Revolut was valued at nearly a quarter of their market cap only a few weeks ago.
Are those not "undeservedly oversold" at the moment? And if not, why not?
timarr
Hi timarr
Before answering your question, for health reasons I’ve now got well established portfolios with a lot of very big dividend payers that I only tinker with round the edges….like selling on a profits warning. The idea being that our portfolios should be able to survive even a severe bear market where my wife who isn’t in to investments won’t need to do anything beyond taking the fast growing income out from time to time.
As for deciding when or whether a share or Trust is deservedly oversold……at the end of bear markets like early 2009 (after it became clear that Central Banks were going to throw money or QE or whatever at it) and again near the bottom of the covid bear market again once money was being thrown at it, there were so many obvious bargain buys. I did most of my buying in those early market recovery stage.
As for deservedly oversold……I go by Company updates and whether a record of under or over achieving. There are loads of rubbish shares available and a few Investment Trusts that have fallen as much as 99%.
When quality shares like Aviva (LON:AV.) we’re available as low as 250p if investors can’t see what a crazy price and buying opportunity that was then what will persuade them. Aviva (LON:AV.) dividend at that price is now paying roughly 15% a year too. And Marks and Spencer (LON:MKS) at under £1 was an obvious oversold share. It was a well established retailer that had lost its way but when I bought was showing clear signs of recovery.
As for the Trusts you mentioned…….yes, IF (as always applies) you/we are convinced by the investment case. Also there are often sectors in bull markets that miss out and might have buying opportunities.
btw….there’s near zero interest here in the Virtual IT where I’ve chosen the Investment Trusts to buy and number33 displays it superbly. If readers here checked the gains in it …..they might be very surprised at some of the gains. Many of my IT holdings were bought at those prices.
When quality shares like Aviva (LON:AV.) we’re available as low as 250p if investors can’t see what a crazy price and buying opportunity that was then what will persuade them.
Hi ken
I think you're underselling yourself and overrating the majority of investors.
The reason that people didn't buy Aviva (LON:AV.) at that price or indeed any shares in the throes of a bear market is fear - and, if you think about it, that's the thing that drives a bear market anyway. If people weren't terrified then the prices wouldn't fall that low.
It takes confidence, and perhaps a lot of experience, to buy into the teeth of the bear. It also helps if you have other assets and and income to fall back on. Buying at the absolute low is usually luck, and buying on the way down can still result in eyewatering losses before the recovery.
As for the Virtual IT - I'm interest in it, but it largely shows what we all really know to be the case anyway. Time in the market matters more than timing the market - buying, preferably at a lower price, and holding a decently diversified portfolio will give you very acceptable returns over long periods. Of course, by definition, most active posters on Stockopedia are active investors, so the merits of such an approach are never going to get a lot of noise or attention.
So in short, I agree with you, but the psychological and personal factors at play, especially when you're trying to build up your capital, are significant. Losing 40% of your portfolio value, as I've done twice in my investing career, and continuing to plough money in takes courage and an appreciation of stockmarket history. And a lot of patience.
timarr
You know I agree with you Ken as we both have had the guts to buy after market dips for many years, in fact it sounds bonkers but as I have and am sure you will have, the ammunition now to take advantage of the next dip I won’t be over upset or too down hearted when the inevitability does happen. But most investors are scared to go against the crowd and don’t buy after market setbacks and I can fully understand that. Certainly I was and I’m sure you were probably the same as in my early years of investing I learnt the hard way by doing the opposite. Seeing a queue and joining it ie buying when markets have risen as they have now and selling on a correction or crash is a common panic reaction which is a recipe for disaster when it comes to the markets. It’s obviously very common and for some reason takes a long time for the penny to drop but I’m sure your regular posts stressing the subject is helping many on the Stocko site to think before they act and have the courage to replicate your success.
All sounds very good, if your sitting on cash when the market falls. That implies the gift on knowing the top and the bottom. Or sitting on cash in an upturn,One I do not have though buying on dips is what I often do. But if limited cash, and after all the ISA limit is only £20k per annum, is not always easy. Outside of an ISA tax kicks in, though I guess unless you cash in only income tax. Probably the reason most funds stay fully invested, though i accept they are trying to beat an index rather than always increasing value. Part of the active management issue in my opinion. As I have said in the past not everyone can be a contrarian, the market would not exist as it does. Different views, different aims and different approaches is what makes the market sort of work.
Thanks for your reply Charles, although I’ve subscribed to Stocko for several years and have found this thread second to none I’ve never posted much as I was very active on the Mike Walter’s site for many years. In fact being an unknown here other than to the ex Walter’s site members such as Ken, sevenccc, number 33, shoeshine boy, brucie etc I’m “reluctant to post” very often as I feel I might be intruding. But I agree with what you say, unless very lucky it’s almost impossible to get out at a market high or in at the bottom but taking a contrarian view has worked for me (and Ken) for many years now. Also yes it certainly takes different views and methods to make the market what it is. My specialised area though is/was growth shares but there’s not so many dynamic opportunities around now (not helped by the current market position) than there used to be a decade or so ago. I do hold onto one or two though and luckily have benefited from a few big winners over the years some of which the ex Walter’s crowd will be aware of. Also 99% of my holdings are in our Sipps and Self select Isas so the tax problem is avoided. Many thanks for your efforts on this thread up though, it’s second to none for all types of investors.
Many thanks for both your posts George54. We’re on exactly the same wavelength and that’s an added reason why I was pleased you posted!
You mentioned that you’re wary of posting here for fear of intruding. No way would you feel that and surely anyone is free to post here and on other Stockopedia threads. The fact that imo you are a brilliant poster (and I did very well with some of the shares you posted on Mike’s site) means we’re all missing out if you don’t post when you want to. So should anyone else afraid to post or ask a question.
NO question is stupid if we don’t know the answer!
btw……..I remember Mike Walters (formerly Daily Mail Deputy City Editor) giving dire stay away warnings every time there was a big market fall. More evidence that it’s a common opinion. Consolation is that Warren Buffett believes so strongly that the time to buy is when the markets have fallen heavily.
Thanks again. I think the various posts on the buy low sell or top slice high tactic have been well argued……..even if most are very dubious about our proven tactic.
George / Grecian - just to echo Ken's comments; I would value your continued posts - I always did and have no reason to doubt that they will not continue to be quality. On MW I recall that you didn't post that frequently but when you did - well, they were worth paying attention to. Thanks again for the pointer for Pollen - a great example of your insight.
I obviously do not agree. There seems good reasons why natural resources like silver, copper will continue. The bull market is not quite like others I have seen, some sectors yes but others look good value. Maybe some of the moves in any company that looks like it has half decent prospects (HOLDINGS) (LON:G4M) for example seem odd, but maybe just smaller caps moves. The fall in Sainsbury after Quatar sold their stakes seems illogical.
My feeling is we have an irrational market at the moment.
I am doing what I think is best to de-risk, could be wrong but that is the nature of a market. If we all agreed it would be one way traffic.
Hi Charles
I think you might have misinterpreted my post. I agree (and hope) that the bull market in natural resources has a high chance of continuing. My point was that there was NO enthusiasm for such shares and Trusts when they were at bargain prices and when I bought. But now, AFTER they’ve rocketed and investors have missed out on huge gains, they want to join the party?
Can anyone explain ……why now and not then?
What, if anything, did I do wrong by buying THEN and with some huge gains instead of now?
I think I understand Ken- I bought a while back. On a macro level I think a poor job is done marketing the different types of Trusts etc. I am not sure how much funding the AIC has, but probably not enough to do a proper marketing job on the opportunities they can offer. Trusts spend a fortune buying back shares, why not spend it on marketing the sector and the options within the sector.
Hi Ken,
I think my issue with my purchase of BRWM was that at the initial buy price I was too much of a buy & hold investor - I bought on the rise of the late-22 early-23 spike and then watched the decline to mid-25. I did do a couple of avge-downs in '24 & '25 so my avge buy-price has me in an OK position, but nothing to crack open the champagne on.
I am now much more observant on the charts and will lock in profits sooner (although not always!!!!).
I think in the current market there is money to be made from going after the different individual commodities themselves, but I get people may wish to leave that to others - hence CYN might be a safer bet.
What I have learnt is that there might be a better opportunity in CQS Natural Resources Growth and Income (LON:CYN) as I feel they are much more flexible in their commodities - I dont know BRWM enough to know if they would diversify as much as CYN, but those guys impressed me with their views and thinking on oil, shipping, coal etc. I'll try and dig out the latest presentations & holdings from BRWM to see what they are currently in to.
Kevin and Charles.
I’ve no more time for now to reply to your posts but will do so later.
Bull market sigbns "The IPO market in 2024 is currently in an "IPO window"—a period where private companies and their private equity/venture capital backers feel market conditions are finally favorable to go public after years of holding back. This is a sign of strengthening investor confidence, but not yet the unbridled, indiscriminate enthusiasm that typically marks the very final peak of a bull run."
Hi Kevin
I’m not a Chartist ……but use them to keep any eye on multi year lows or general market lows and similar. Hence my buys like CQS Natural Resources Growth and Income (LON:CYN) at 88p and India Capital Growth at 46p (I sold around 130p) etc.
An absolute MUST when choosing which Trusts to go for is to check out their top ten holdings. I can’t conceive anyone buying ANY Trust without doing that! I prefer Trusts that have conviction portfolios….i.e a lot in their TOP10. That also makes it easy for us to check how their TOP10 are doing. Another must is to check thoroughly whenever they update investors.
I use AIC for top holdings. Eg for BlackRock World Mining Trust (LON:BRWM) here:-
https://www.theaic.co.uk/compa...
and to check out all the Trusts in the sector, this one:-
https://www.theaic.co.uk/aic/f...
I agree that overall single companies will do better than Investment Trusts investing in them. But obviously there’s the single company risk we don’t get with most Investment Trusts. The few rubbish Trusts I avoid like the plague. If I’m holding (e.g DG19) I get out at the first signs of trouble.
Totally agree Ken. I also like to check out the level of country holdings where relevant in order to understand exposure to any specific countries eg. a global fund would currently have me drawing breathe if it had a 70% exposure to US, but appreciate that is down to personal preferences.
Further to last nights comments I did a bit more digging into the comparisons with BRWM vs CYN. Research Tree has a Sept 25 presentation from BRWM and I cut the below breakdown from that - vs the CYN one from the above presentation (bottom chart).
My own take-away is that the CYN trust provides a far more diversified exposure; oil & gas (shipping as well as direct commodities), uranium and a few others. It seems to me to be more of a "thinking mans" (and womans) investment with a broader look at geopolitical and wider macro trends than just a basket of metals.
One for some more thinking & research.
Link to BRWM video on Research Tree;
https://www.research-tree.com/...
Hi Charles. I also sold my five Japanese holdings and converted the yen back to GBP in the lead-up to the BoJ's rate hike. But I’ve changed my stance since and especially after Kazuo Ueda stressed that real rates will remain ‘significantly negative’, avoided giving any guidance on the neutral rate, and made it clear the BoJ will move slowly while watching the impact on borrowing, lending and the wider economy.
On the China side, the tensions are real but they’re mostly political and tourism‑related. Beijing issued travel warnings and cut flights after Japan’s comments on Taiwan, which hit tourism stocks, but I'm not aware of evidence of Chinese investors dumping Japanese assets.
Meanwhile the corporate reforms are still very much alive — higher buybacks, better governance, and pressure from the TSE for companies to improve capital efficiency.
With the policy rate still only 0.75% against inflation of roughly 3%, deposits are still a guaranteed real loss so I struggle to see a major rotation out of equities when Japanese stocks remain attractive and foreign bonds are still yielding more than JGBs.
The yen weakened after the announcement — GBP/JPY moved higher — so it’s now slightly cheaper to buy.
I’m tentatively getting back in but would be very interested in your thoughts when things are clearer and if and when you think it's time to get back in yourself.
Peter, I am thinking about it. I need to read a bit more about what effect higher interest rates- if they happen- could affect locals buying shares. Japan is probably a more developed market- in Vietnam, India local private buyers can have a huge effect. I do recall the "lost decade" of the 1990's. Maybe I am overthinking this though. The papers I read in the Far East-SCMP and Nikkei Asia seem positive and there are structural changes going on as the stock exchange continues to push reforms through to improve the quality of listed companies- smaller companies leaving as they have less scrutiny. Tender offers have risen dramatically $68 billion this year as the Exchange continues the push for capital efficiency- I read that is acting in the interests of all shareholders I will no doubt buy back into Nippon Active Value Fund (LON:NAVF) and AVI Japan Opportunity Trust (LON:AJOT) next year. Shares have not moved much- very slightly down since I sold. But not the fall I was worried might happen.
Brucie. Total debt is nearly £500 million, and on top they breached the 50% gearing preference share limit. I’m watching the share price to see market reaction to it.
I read it initially as a positive update and with 16% dividend an irresistible yield. But then read all the way through to find that section and more on the debt situation.
I’m on the sidelines still. Hope there is further informed comment here or Daily Report today.
That was a good spot Ken - I'd got bored before that point so only skimmed over it and didn't take a lot of notice.
There are a fair few trades going through today, but most are of small ££'s and it looks like a lot more buys than sells.
Having considered the position for a while I am prepared to hold here (I have a tiny tiny position) and await them delivering the asset sales to bring the ratios down. I also think that whilst the dividend is just about covered (less than previously) this provides a great yield on a big discount.
I am tempted to find some more cash and top-up a little - the risk around the Govt review of RPI/CPI must surely end up remaining with the status quo prevailing - surely there are long-term contracts/agreements in place that prevent the Govt from reneging on this type of thing? A very long and expensive court battle would ensue if they tried this unethical approach in my mind.
Not sure how the reduction of power prices/bills will impact the longer-term business case with the reduction of green levies, but I suspect not a lot as the renewables will be structured on more fixed basis. Reducing interest rates must also be a positive.
Anyway, what do I know............???
Here's what the Bot had to say. If you'd rather I didn't paste these AI generated reports, please let know. But I thought I'd run it through since I have a sub to ChatGPT and it can be clarifying. . HOWEVER, the bot is not always reliable, and I had reason to update it on UKW very recently! I was also interested to ask it about RBC's 'downgrade", which places a target of 50% higher!
Like I said earlier, I rebought a modest position in NextEnergy Solar Fund (LON:NESF) recently and so far, so good. But I do recognise that it is speculative.
Oops! Looks like it hasn't come through. Computer says No!
I had thought the NextEnergy Solar Fund (LON:NESF) update was surprisingly upbeat and a tempting buy….., but scrolling through it I found this more worrying section. Thought on that anyone (at least it prevents them from buying back shares!)
“USS Preference Share Ratio:
·
From 1 April 2025, in accordance with the USS preference share subscription agreement, the Company is required to assess a further gearing ratio using the three-month average Market Capitalisation in order to determine gearing based on enterprise value (the "EV gearing ratio"). This additional measure was triggered as the Company's shares traded at an average discount exceeding 10% for three consecutive months immediately prior to 1 April.
As a result of this additional methodology and the prevailing macroeconomic environment, the EV gearing ratio has exceeded the 50% limit specified in the agreement. This has triggered certain restrictions, meaning the Company must seek USS's approval or waiver before undertaking any share buybacks, distributing special dividends, or incurring additional debt that would further increase gearing.
The restrictions do not impact on the Company's current operations or strategy. The current debt-to-GAV ratio stands at 49.2%, close to the investment policy limit of 50%, which prevents the Company incurring further borrowing that would increase the investment policy gearing ratio above 50%. In addition, the share buyback programme, the continuation of which would also have caused gearing to exceed the limit in the investment policy, was paused in May 2025.
The EV gearing ratio was 54.8% at 30 September 2025 and 58.5% at 27 November 2025 and the preference shares represented 22.0% and 23.5% of EV at those dates respectively.
The Company remains confident that it will reduce the ratio below the 50% threshold through planned asset disposals and use of the proceeds from sales to pay down the short-term RCF.
Yes, but it seems fairly confident about maintaining that dividend. Yer pays money. I bought back some at 50p about a week ago. I think it's been oversold along with others in the sector. But wdik.
On another note, anyone been running the figures at Hydrogen Capital Growth (LON:HGEN) now it's wl and truly on the naughty step at a >50% discount in a recently booming sector? Can someone better informed remind me why it's languishing at this level when from what I understand it's largest holding is worth the entire share price? I must be missing something.
It is winding up and No-one trusts the NAV. Back from suspension at least, and meeting approved wind down. If Surefire is as valuable as they state hopeful I will recover a reasonable amount, but with an NAV now 34 p following the write off of Bramble
I am not 100% convinced. One of my larger losses and am reluctant to formalise that by selling now. Buying now I think could be a punt only.
Well, having just got off the investor call, I believe the dividend will be maintained (but not raised) next year. The USS pref share disclosure is just that, and apparently relations are still cordial. There is a buyer in the wings (but not guaranteed, of course), for the remaining 100MW of assets up for sale, which would bring plenty of leeway.
Repowering/maintaining of assets is entirely accounted for in opex and is adding a small amount to their output, and DNO outages should reduce in 2-3 years, which would enable further income. Forward pricing? No one knows. But Next Energy is a major player for the government's CP30 plan, and they too have represented forcefully that an effectively retroactive change in regime would reduce investment in future solar projects.
Frustration about the share price, of course, but various plans for some amount of new projects nevertheless, and they seem to have decent leeway still to me. Do remember, at least their long-term debt is fully amortising by the time any subsidies run off in 2035.
This might be more like a corporate debt investment at the moment, but you're paying a low price for it at the moment.
Re: Next Solar (NESF)
The Company remains confident that it will reduce the ratio below the 50% threshold through planned asset disposals and use of the proceeds from sales to pay down the short-term RCF.s
This is a good spot Ken. The problem with this situation is that it erodes your negotiating position. Everyone knows that you need to sell.
I have just caught up with the Foresight Environmental Infrastructure (LON:FGEN) half-year results presentation. V. stable, v determined in their strategy and confident in covered dividend outlook and resilience, along with the ability for some self-funded growth (not wind or solar). I may be biased, holding some in multiple family accounts, but because I do, I also need to reassure myself about its stability. If anyone wants just one Trust in the environmental sector, I suggest you invest the time in seeing the presentation, at https://www.investormeetcompan....
I think there is capital re-growth to be enjoyed at this price, but for 11.5% yield, I'm more comfortable in this than Nvidia.
It was a decent presentation on on my list when funds are available.
Yes, QED,. I'm constantly reminded of the truism that the market is a voting machine. It's the job of a value investor to be a weighing machine. I hold Foresight Environmental Infrastructure (LON:FGEN) . Billy Bonkers value if you're looking for income.
3i Infrastructure (LON:3IN) Citywire article https://citywire.com/investmen...
Just been having a look at some ETF's v.Trusts I hold. I bought on the 2/7/25 Montanaro European Smaller Companies Trust (LON:MTE) and iShares Core MSCI Europe UCITS ETF EUR (Acc) (LON:SMEA) . The latter is up 8.8% MTE down 4.37%. Ok in different segments I appreciate, but I would have been better off buying a Europe Small cap like Xtrackers MSCI Europe Small Cap UCITS ETF 1C (LON:XXSC) -that is up about 6%. No wonder so much cash is flowing into ETF's !
I was thinking about this post after I had written it. I seem to recall that Montanaro European Smaller Companies Trust (LON:MTE) were asked at a recent presentation why they did not merge with Montanaro UK Smaller Companies Investment Trust (LON:MTU) . They said it would not be sensible. I am not so sure, UK is in Europe. So why not, would they lose fees if they had to merge and offer a cash exit? MTU is not the only UK small cap trust after all.
Charles, your suggestion on Xtrackers MSCI Europe Small Cap UCITS ETF 1C (LON:XXSC) piqued my interest as an easy way to access European small caps. The downside is that 26.6% is invested in UK co.s such as Diploma and St James Place. I was really looking for Europe ex UK small cap, but can't see any ETF option.
Sadly non-ex UK- which is how I bought Montanaro European Smaller Companies Trust (LON:MTE) .
Another proposed merger deal today between Edinburgh Worldwide Investment Trust (LON:EWI) and Baillie Gifford Us Growth Trust (LON:USA) (I hold neither) which looks a though it is going to struggle courtesy of the friendly activist investor, Boaz Weinstein of Saba Capital. Many similarities with the HICL Infrastructure (LON:HICL) and Renewables Infrastructure (LON:TRIG) tie up in terms of the deal structure. The same investment manager handling both trusts in Baillie Gifford, a 40% cash exit at a small discount to NAV and in this case a big shareholder (Saba with c. 30% in both) objecting vociferously. This deal not likely to go ahead unless the remaining 70% of shareholders gang up on Saba!
https://www.ajbell.co.uk/news/...
I am not as anti-Saba as many, but not sure why they blocked this deal.
Schroder European Real Estate Investment Trust (LON:SERE) presentation this friday https://www.schroders.events/e...