Hi

I was looking at Town Securities (TOWN) , I am puzzled that they are not discussed much here.

Discount to nav is 45/50% ,Lord Lee invested and seem to have prudent family managment .

Therefore not sure why they are not discussed perhaps liquidity as mkt cap only £50m .

What am I missing ?

I am way behind on my podcast listening as I no longer seem to have the time to listen to them - no weekly long commute to work and I think the wife might be a little upset if I listened to podcasts whilst we were out walking the dog together!!

However, I caught up with The Money Makers Podcast of 23rd September in which Richard Staveley of Rockwood Strategic (LON:RKW) was interviewed.

I hold this as a key part of my PF (to avoid me buying small-caps and losing money!!!!) and again he came across really well.

Going through his PF I can see plenty more growth to come - he has already had at least three takeovers in the last 12months and looks to try and double his investments in the following 3-5 years.............often very successfully.

Worth 30minutes of peoples time in my view.

Smiths News (LON:SNWS) looks a stunning bargain priced buy. If you haven already seen it, have a look at Graham Neary’s comments and green rating on the Daily Stock Market report yesterday.

Key extra points are that recent transformational acquisitions have changed SNWS from a Company in decline but paying big dividends and specials to compensate for that, in to a potential growth story.

What Graham didn’t cover, and we wont know until their full Results is the extend of costs involved for the acquisitions and the possible effects on the dividend.

The big current plus point is that the share is still priced as if Smiths News (LON:SNWS) is in terminal decline. It’s extraordinarIy cheap with yield currently higher than the low PE ratio. And despite the good news this year the share price is still down 7% year to date. So there’s potential big share price upside ahead. Meanwhile there’s the big dividend yield.

I’ve mixed feelings about the Newriver Reit (LON:NRR) Leeds Retail Park acquisition. It’s well placed right by an M1 exit, and good tenants like Next, Marks and TKMax but this acquisition also increases the debt and well over 40LTV. The next debt repayment is due in 2028.

The share price rose a bit on the news but then little share price reaction even to more obviously good news from REITs often doesn’t see much share price reaction at present. Newriver Reit (LON:NRR) looks well worth holding for patient investors happy with the 9% yield, and there’s a small chance of a bid. If looking for share price gains soon, then for most in the sector, it’s probably best to look elsewhere.

A possible exception is Schroder Real Estate Investment Trust (LON:SREI) where the share price is SO depressed and as Charles‘s list shows, it’s on such a high discount, Once things settle down from selling pressure resulting from the joint venture with Londonmetric Property (LON:LMP) there’s a chance the share price recovery might be quite strong. Meanwhile, again there’s a great yield.

I do not hold SDCL Efficiency Income Trust (LON:SEIT) and would probably see on the news SABA's Boaz Weinstein and Devon Equity Management founder Richard Pavry are being suggested by SEIT to be non-exec's.

https://citywire.com/investment-trust-insider/news/saba-boss-boaz-weinstein-to-join-sdcl-energy-board/a2498993?refea=1918627&link_id=2345805

I think a few hold Grainger (LON:GRI) - SABA has been increasing and is now at 8.9% - I wonder if they are going to pressure the board to break it up?

I’m not surprised to see most housebuilders down as much as 5% after the big rally yesterday.

The exception (at least for now) is my preferred choice in the sector, Persimmon (LON:PSN) which is up another 8p.. I only hold Persimmon.

The link is to a Google sheet I used Claude AI to create of Trusts at near the bottom of the discount range.

https://docs.google.com/spreadsheets/d/1kqqrpvQeWY8RSPqRNnTElCETlDmBjqjlDDxTy8jI0K0/edit?usp=sharing.

A trust I have never held but is at a historic wide discount is F&C Investment Trust (LON:FCIT). It is. a solid performer over 10 years so might be worth a look to buy as a hold and forget stock.

Some cheer for holders of Chrysalis Investments (LON:CHRY) "The Capital Redemption will be implemented through the redeemable share mechanism described in the Articles of Incorporation. Cash payments due to Shareholders will be funded to the Company's registrar, Computershare, on or before 6 October 2026 and will be paid via CREST or, in the case of certificated holdings, by cheque. The latest payment date is expected to be 9 October 2026." Only 4.1% of one's holding, but a start !!

Mobius Investment Trust (LON:MMIT) (I hold) Interesting article in Citywire this morning. I bought it because it holds different companies than many EM funds. Read here https://citywire.com/investment-trust-insider/news/the-unusual-stock-that-has-become-top-dog-at-mobius/a2498787?refea=1918627&link_id=2342903.

I cannot get the usual hyperlink button to work- reported.

Not quite on topic, but might be if you can find the right IT vehicle - but I'm curious as to what poster here feel about the morning's rise in housebuilders, following Labour's announcement on Friday of their Right to Buy 2.0 - call it what you will, and I hope it fares better than the last version, which mainly seemed to push up house prices. Obviously some large spikes across the board among in a highly depressed sector, which caused me to take a look. Curiously, Cairn Homes (LON:CRN) is pretty unruffled, and has somehow managed to continue a classic bottom left/top right trajectory for some time, making it an outlier. Also subject to a Green review by Graham earlier this month, who also cautioned it might be getting ahead of itself in buying back shares at these levels. But more typical of the sector are shares like Taylor Wimpey (LON:TW.), Barratt Redrow (LON:BTRW) , Persimmon (LON:PSN) - unlikely to go bust, but seemingly at secular (5 year) share price bottoms. Vistry (LON:VTY) an even more extreme case of distress.

Normally I'd be very cautious of a jump on news like this: it's likely to be a spike into which opportunist buyers quickly become sellers. Ideally, I find it best to wait until the trend changed has actually confirmed. The conundrum with the sector as a whole is all too familiar: house prices remain too high for people to buy, yet we remain both chronically and rather acutely short of houses for people to live in. I have two kidults myself, who both face this problem, so in theory i welcome any initiative that might help them get a foot on the ladder. And obviously, we need a successful housebuilding industry.

So what are your thoughts?!!!

If Trump does decide to ban diesel exports from the US the effect on diesel supply and prices here, and in many other Countries coukd be dire. Some are forecasting major diesel shortages leading to diesel prices as high as £3, and possibly rationing. Trump throws his Allies to the wolves and admires thuggish dictators. Has there ever been a worse US President.

Since diesel is used by Lorry’s , ships etc supplying food, clothing etc etc the likelihood of a big inflation rise and higher interest rates is obvious.

So far markets have risen a “wall of worry” during Trump’s Iran madness, but at some point ( possibly soon) there could be very big falls. It’s worth bearing that risk in mind when making our investment decisions.

Separately re trying to build a high yielding portfolio.

The time to have done it was when the UK Market were way too cheap with yields on some quality Investment Trusts and shares like Aviva (LON:AV.) Standard Life (LON:SDLF) M&G (LON:MNG) Legal & General (LON:LGEN) and others were not only available with double digit yields, but were also confident about increasing their dividends every year. Most of those opportunities have now doubled or more so their current yields are half what they were.

Bear markets are the time to buy bargains across the board, including potential big winning non dividend investments. Bull markets are the time to top slice or sell to raise cash for the inevitable next bear market.

For accurate and right up there to date full information on dividends this site is superb. (Don’t know why it doesn’t appear in the usual clickable link).

https://www.dividenddata.co.uk

Just look at and use each of the headings. The “more” heading at the end lists all those with monthly and quarterly dividends. There are loads of high yielding ETFs paying monthly dividends. Twentyfour Select Monthly Income Fund (LON:SMIF) (I hold) is the only share or Investment Trusts paying monthly.

When I wrote how up to date the info there is, it’s because as soon as a dividend amount and ex dividend and pay date is announced it is on this dividend data site.

Investor Meet Company this coming week.

Target Healthcare Reit (LON:THRL) Full Year Results
28th Sep 2026 at 10:00am BST

Us Solar Fund (LON:USF)

Interim Results for the period ended 30 June 2026
28th Sep 2026 at 4:00pm BST

India Capital Growth Fund (LON:IGC)

Quarterly Investment Update
30th Sep 2026 at 11:00am BST

AVI Japan Opportunity Trust (LON:AJOT)

Interim Results
1st Oct 2026 at 10:00am BST

Foresight Solar Fund (LON:FSFL)

Interim results for the half-year ended 30 June 2026
2nd Oct 2026 at 11:00am BST

Londonmetric Property (LON:LMP) seems to have stopped falling after the Picton takeover so I have increased my holding. I had bought more SREI on the drop last week. The sector is out of favour at the moment so on a medium term view seems a good time to take advantage of price weakness and increase both to a full holding.

I have bought back into China through Fidelity China Special Situations (LON:FCSS) . A smiling Trump at the summit with XI also smiling makes me think China probably did a good deal and let Trump think he had won. Cynical maybe but the Chinese market has fallen overall since Nov 25 . So I might be early but at the level I would rather be in than out. Plus FCSS pays a 3.5% dividend according to the AIC.

While I am still gutted that the market has rejected the SDCL Efficiency Income Trust (LON:SEIT) business model, I am happy to see they are recommending the appointment of NEDs from their two biggest shareholders. I would have thought that this instant alignment with 42% of their shareholder base makes it an interesting special situation. After all, getting anywhere close to the most recent NAV over the next two years would easily give a 50% uplift. Strong hold. If I had speculative money left over, I would consider buying more.

Hi Ken, I think one of the big advantages for investment trusts over ETFs is that they can pay enhanced dividends and/or build up revenue reserves. I remember during the Covid panic, many ITs were able to maintain dividends while many companies were cutting/reducing dividends which therefore, had a knock on effect for ETFs which tend pay out based on the underlying dividends received.

With so much enthusiasm for ETFs here, I’ve been wondering whether I am missing out not buying any. So I decided to try and find out whether they outperformed Investment Trusts in the same sectors. AI reply shows that overall they don’t.

The key negative for me is that unlike Investment Trusts , ETFs rarely trade at a discount. In the past I’ve had wonderful Investment Trusts buys that went to 50% discounts at the depth of bear markets which as much as ten bagged from my buy price. e.g Geiger Counter (LON:GCL).

Much lower Management fees are a key plus point for ETFs. Here’s the AI info:-

Because ETFs are predominantly passive (index-tracking) and Investment Trusts are actively managed, performance varies based on structural mechanics rather than just stock picking. [1, 2, 3]

FeatureExchange-Traded Funds (ETFs)Investment Trusts

Management Style

Mostly Passive (tracks an index)

Primarily Active (stock-picking)

Gearing (Leverage)

❌ Not permitted to borrow money

Investment Trusts are Permitted to borrow to invest

Fees

When ETFs Outperform

• Efficient Markets: In highly liquid, heavily researched sectors (like US Large Cap equities), active managers rarely beat the index consistently over time. ETFs often win purely on lower fees. [1, 2]
• Downturns: Because investment trusts use "gearing" (borrowing money to buy more assets), they fall faster and harder during sector sell-offs. [1, 2]
• 
  Can ETFs Go to a Discount?

Yes. Even though ETFs are designed to trade exactly at their Net Asset Value (NAV), they can and do trade at a discount (or premium) under specific market conditions: [1, 2]

• The Authorized Participant (AP) Mechanism: ETFs utilize specialized institutional market makers called Authorized Participants. If an ETF falls to a discount, the AP buys the cheap ETF shares on the open market, redeems them for the underlying basket of stocks, and sells those stocks for a profit. This arbitrage quickly forces the ETF price back to NAV. [1, 2, 3]
• When Discounts Happen anyway:
  • Extreme Volatility: During a market crash, the underlying assets may become so illiquid or volatile that APs cannot safely complete the arbitrage fast enough, causing temporary steep discounts.
  • Time Zone Discrepancies: An ETF trading in London or New York that tracks Asian equities will often see its price deviate from its NAV because the underlying Asian exchanges are closed while the ETF is actively trading. [1, 2]

Unlike Investment Trusts—which can trade at structurally permanent 10% to 20% discounts because their share supply is fixed—an ETF's discount is almost always fleeting and narrow (often fractions of a percent).[1, 2, 3]

A trust new issue- almost forgot these happened ! M&G Credit Income Investment Trust plc is an investment trust focused on generating a stable income stream with relatively low volatility. Rather than investing in equities, it invests mainly in a diversified portfolio of public and private debt instruments, with at least 70% held in investment-grade credit.

The portfolio includes corporate bonds, private loans, asset-backed securities, social housing debt and other credit investments. Over time, the trust expects to increase its exposure to private credit, which can offer higher yields than traditional public bonds.

The trust is raising new funds to meet continued strong investor demand and provide additional capital for investment in attractive public and private credit opportunities. The additional capital will help the trust grow its diversified portfolio while continuing to deliver attractive income and maintaining a low-volatility approach.

An AI summary is this

"Key Yield & Metric Highlights

• Target Return / Dividend Policy: The trust targets an annualized total return of SONIA (Sterling Overnight Index Average) + 4.0% per annum based on the NAV at IPO, paid out via quarterly dividends.
• Current Trailing Yield: The share price yields approximately 7.8% – 8.0% (calculated on trailing 12-month dividend payouts relative to the share price).
• Quarterly Dividends: Recent quarterly dividends have run at approximately 1.73p to 1.75p per share.
• Pricing for New Shares: Ordinary shares under tap or retail issuances are typically placed at a slight premium to the NAV per share."

Also posted this on the DMSR. Citrini Research, the ones who posted a SCiFi article (Feb 2026) which was largely responsible for the SaaSpocalypse selloff have an update. Very topical because META have just launched "MUSE". https://www.citriniresearch.com/p/agentic-reality

Previous Article (forward looking educated SciFi): AI destroys software → software valuations collapse → employment collapses → economy suffers.

> They did say it was written partly as a thought exercise and I believe they were surprised by how much traction their article got. A blog version of a viral video perhaps.

Latest Article written to be much less controversial methinks: AI agents change the economics of consumer behaviour./ Who owns the customer when the customer no longer does the shopping?

> Note admits "the card companies are probably not going to be the losers here" as they suggested VISA and MasterCard may be at risk in Feb

My take is: the winners will be those companies that can effectively take advantage of how AI changes the economics of consumer behaviour. And gets the timing (and IT decisions) correct, not too early not too late - if you are relying on individuals across the planet to change their buying behaviour (and for them to trust AI to make purchases) there will be early adopters, there will be later adopters, but the key question is when does the critical mass make the change. IE YES ITS POSSIBLE, BUT WILL IT AND WHEN.

It will be interesting to see how the likes of Salesforce perform over next week or two. Although the MUSE thing seems to be creating a stir so muddy waters.

Side thought: Pershing Sq - 13 Aug 26 - six new holdings, including Netflix NFLX.O, Visa V.N and Mastercard MA.N, marking the billionaire investor's biggest portfolio overhaul in years. Putting this with the Citrini thing only suggests Ackman might be on the right path, long way to go.

All very interesting from a wider world point of view if not for the investment.

Seraphim Space Investment Trust (LON:SSIT) Seraphim Space Investment Trust (LON:SSIC) 

Space investment more than doubled to $23 billion in year to June, report says

https://newsfile.refinitiv.com...

Congrats George on your Pollen Street (LON:POLN) steer a few days back.

Charles and others, enjoyed the nostalgia today. Never been involved in exchange etc but it was nationalisation and the BigBang that 'sort of' introduced me to stock dealing but in only small way at the time, couldn't afford much then and saw it is very risky. Family not keen either. In the early days my buying involved visiting my bank and paying £25 and stamp  duty for the privilege, Added significantly to cost per share at amounts i could afford but it mainly  went well over time

I hold iShares MSCI Poland UCITS ETF USD (Acc) (LON:SPOL) . This news sounds positive for the Polish economy.

"Taiwanese technology companies led by Foxconn are on track to build a multibillion-dollar hub in Poland centered around AI servers and EV parts that experts say will accelerate industrial development in the European Union and bolster ties between the bloc and the Asian island.

A formal agreement between Poland and the Taiwan Electrical and Electronic Manufacturers' Association (TEEMA) is expected by year-end. The hub at Miekinia, near Wroclaw in Poland's southwest, will span up to 280 hectares and was previously reserved for Intel before the U.S. chipmaker pulled out last year to cut costs.

A Polish state aid package worth 7.4 billion zlotys ($1.96 billion) meant for the Intel project is expected to be repurposed to benefit TEEMA members that join the hub."

Full article here https://asia.nikkei.com/busine...

Decent interview with Bankers IT - Richard Clode here:    https://www.investorschronicle...

Also happened to listen to most recent "the-companies-and-markets-show" where they discussed Supermarket Income reit and that it has a lot of rejnts with an annual RPI cap of 4%. I guess you would know this but thought Id mention.

Greencoat UK Wind (LON:UKW) - for holders, this video by Kepler Trust is refreshes  my case for holding strongly, as well as  reminding me about the sectoral dynamics.  I also hold Renewables Infrastructure (LON:TRIG) .  Of course a Reform victory in 2028/9 would put the spanner in the works, but that would probably be the least of it.  The future meanwhile, is via electrification.

For anyone interested in Strategic Equity Capital (LON:SEC) annual results - a flat year, but some interesting smaller companies held.  I don't hold currently but have in the past.

https://greshamhouse.com/wp-co...

Pollen Street (LON:POLN) - my current PE choice looks a bit perky this morning.  I discover it's issued a statement.  A shame if it  happens, but that seems to be the way of things at the moment.  Nevertheless, all very speculative at this stage.  Meanwhile, what I do like about it, is that  we're paid to wait.

Pollen Street Group Limited Announcement regarding media speculation - ADVFN

Foresight Solar Fund (LON:FSFL) "The Board is frustrated that shareholders continue to suffer from a share price that has traded at a material discount to NAV for a prolonged period and are resolute in the view that change must be accelerated to address the situation. Accordingly, the Board is considering all strategic options to maximise value for shareholders in an effective and timely manner. We will gather opinions of shareholders on possible outcomes over the coming weeks.”

There is article in Citywire this evening https://citywire.com/investmen...

I do not hold and do not feel any need to buy into this at the moment. These "discussions" never seem to go well for the Private Investor.

Another difficult "investment call" . 2024 has been declared a vintage Port year. As good as 1945 according to The Wine Society. They have kindly sent me a choice of 2024 Port cases. One of my early investment mistakes was not buying a case of Warre 1958 port when I worked at Gordon's wine bar in Charing Cross- must have been about 1978. As my 70th loomed it would have been rather nice or could sell it for £900 on a good day. The cost was £60 as I recall. Though a return of 7.8% before cellar costs would not compare well with the FTSE100 would have returned 11-12% p.a . So a £20 port investment would be worth £750, £20 in the FTE250 about £4000 and in the S&P500 £5700.

Sadly I neither bought the Port or invested at that time in the market- wages were pretty low and I joined the Stock exchange that year on about £1800 p.a and had a rent of what felt like 70% of my net income. But we did get Luncheon Vouchers-25p as I recall a day which got a couple of cheese and onion rolls. When the broker I worked for found out I had no Private income- I had asked a partner for a pay rise and he was incredulous on how I survived ! They did increase it to £2500 ( from memory I could be out by a few hundred pounds) . That broker got hammered shortly afterwards, but not due to my pay rise!

For full disclosure- and I am a fan of the trust-sold part of my holding in Molten Ventures (LON:GROW) today-done really well for me but, as 70 years old looms in under 2 years, need to rotate the portfolio slightly. It is still one of my larger holdings - it had become maybe too large as a %. Part went into Pershing Square Holdings (LON:PSH) which might be a risk and the rest into a bombed out industrial Coats (LON:COA) . So not exactly reducing the portfolio risk , but COA does pay a dividend. Looks undervalued and with a good cash flow, decent "moat" . We will see but I will be out at above a £1.00 if the re-rating that happens . Debt is the issue post acquisition of OrtoLite. I hold Hill & Smith (LON:HILS) an interesting industrial and looked at Croda International (LON:CRDA) , cheap but ruled out as they produce pesticides which I am fighting a daily battle against with our Science group- we self-weed the streets of Laugharne with the consent of the County council rather than have sprays used on the pavements. Madness but makes me happy and so CRDA not on a buy list.

VietNam Holding (LON:VNH) Craig Martin's weekly views. "Emerging from the Frontier "(i.eNow part of FTSE Emerging markets universe) https://dynamcapital.substack....

I have bought back into Pershing Square Holdings (LON:PSH) . The discount is near its  largest at 36% ( historically trades between 25-30%) and Ackman has changed the portfolio-Ackman described his target investments as: “simple, predictable and free cash-flow generative, with strong competitive positions, low leverage and excellent management.”

Given the poor performance the excessive performance fees will be a way off- the NAV has to recover losses first and then perform. The fund is geared so if the market falls that could see NAV fall even faster. Though historically they have adopted macro hedges in rapidly falling markets which should hedge the worst- if they do it .

Just after a steer chaps I'm trying to move more monies into ETF's with the longer term plan to have about 20-25 etf's that will just run for the long term with six monthly rebalancing. It seems there are a lot of sector specific ETF's but I can't find any multi asset style offerings.

Has anyone come across a good multi asset etf outside of index trackers ?

Thanks

Andy

I have been looking at my IUKP holding- it is down recently amongst interest rate fears. It also has a large % in Segro which sometime next year will be re-allocated across other property companies. Prologis , the bidder, share price has also dropped back recently. So I have asked Gemini AI what holding a bank ETF would do to offset any property weakness. Amundi STOXX Europe 600 Banks UCITS ETF Acc (EPA:BNK) holds just European banks.

A 60% IUKP / 40% BNK portfolio establishes a strong structural balance, intentionally pairing two asset classes that react in opposite directions to interest rate policy:

• IUKP (60% UK Property): Negatively correlated with rates (higher rates squeeze property valuations and debt service costs).
• BNK (40% European Banks): Positively correlated with rates (higher rates expand commercial lending margins).

Scenario Performance Matrix

Key Risk Considerations

1. SEGRO M&A Distortions: Until the Prologis acquisition of SEGRO closes, IUKP’s 24% weighting in SEGRO makes the fund less purely sensitive to UK commercial interest rates and more dependent on the deal's equity swap performance and closing timeline.
2. Geographic Divergence: IUKP is 100% focused on the UK economy and Bank of England policy, while BNK holds continental Eurozone banks (ECB) alongside Swiss/UK lenders. Divergence between ECB and BoE policy will introduce minor tracking drift across the two sleeves.

Investor Meet Company this coming week.

Octopus Renewables Infrastructure Trust (LON:ORIT 

Unaudited interim results for the six months to 30 June 2026
22nd Sep 2026 at 1:00pm BST.

RIT Capital Partners (LON:RCP) 

Investor Presentation
23rd Sep 2026 at 10:00am BST.

EJF Investments (LON:EJFI)

H1 Results and Investor Update
24th Sep 2026 at 11:00am BST

Living Reit (LON:LIVE)

Interim Results
25th Sep 2026 at 10:00am BST.

Biopharma Credit (LON:BPCR)

Half Year Results
25th Sep 2026 at 2:00pm BST

Polar Capital Technology Trust (LON:PCT) Manager interview in the Times today. https://www.thetimes.co.uk/art...

Decided to pick up some Unite (LON:UTG) at long last.  Coverage seems mixed as to prospects, but so much as to value.  Meanwhile it yields  8% (-/+) as I write and albeit now ex-dividend.  Sold down my holding in RWS Holdings (LON:RWS) in order to fund the purchase.  The latter has staged a promising recovery from where I bought it in May this year, and I'm leaving some on the table just in case the wind in its sails in not just, err, wind.  But I continue to think that REITs offer exceptional value, having also added to my holding in  Schroder Real Estate Investment Trust (LON:SREI) this month.  Unite also has a very  special niche in student accommodation, which gives me a bit more confidence, as I hold a number of other niche players where I sense the expertise has come to the fore - Primary Health Properties (LON:PHP) , Supermarket Income REIT (LON:SUPR) Living Reit (LON:LIVE). Safe to say my  enthusiasm has also been stoked in no small measure  by the excellent discussion on this board, with an honourable mention to the two Mitchells, Ken and Charles.  Thank you  and please keep it up, gentlemen!

FT  Inside the Deal-Why Schroder Real Estate Investment Trust (LON:SREI) bought Picton Estates https://www.ftadviser.com/cont... This is FT adviser which is free to sign up.

I saw that Citywire had a quick update on Baillie Gifford Shin Nippon (LON:BGS) and the changed fortunes since the new manager arrived earlier in the year - its 5year track record had been very poor.

https://citywire.com/investmen...

My Japanese tool of choice for the last couple of years had been Nippon Active Value Fund (LON:NAVF) but I sold out after Mello at the start of  June where I heard the manager talking about activism now being actively fought against by Japanese companies and them putting blocking measures in place which could undermine their strategic approach.  Funnily enough I think Citywire highlighted this week that this was exactly the reason for some poor performance over the last couple of months, so the risk has become an issue.

I dont have much Japanese exposure currently, but could be tempted by BGS, although I am not 100% sure what the rising interest rates in Japan will do in the short to medium term.

Any thoughts?

Ecora Royalties (LON:ECOR) is up today-I hold- and reminded me to relook at it. Not a Trust but concensus NAV is 200-215p. So it trades at about 0.78 of NAV.  Key thing is they are reducing debt- down from ¢120m to $75m. The company functions as a specialized "mining landlord" and financier, providing upfront capital to mining operators in exchange for a percentage of the mine's top-line revenue or production stream. Operating with a lean team of roughly 13–15 employees, the company avoids the heavy capital expenditures, labor costs, and operational inflation associated with digging, instead earning near-pure cash margins (~80%+) as a passive royalty collector. Its portfolio focuses predominantly on energy transition and base metals—such as copper, cobalt, nickel, and uranium—allowing investors to capture the commodity upside of global electrification while bypassing the operational risks of traditional mining companies.

I like the slightly less volatile exposure to critical-minerals and is one of my holdings I will be holding for the mid-term. Yield is 2%.

Many thanks  for all the supportive posts.

I’ll keep posting in the way I want to as anyone who doesn’t like the way I do it it can easily avoid my posts. I think we should move on from this now and get back to trying to find interesting Investment Trust and ETF suggestions. That’s not easy at present but opportunities will arise. 

Ken, I am pleased to see so many in support of your posts, all well deserved.  Charles started this thread and sparked my interest. But it was your postings, along with his that helped and inspired me to make a start with ITs,. It's not been all good but I didn't expect it to be.  I think I understand what  bsharman was hinting at but I agree with campervan, it is our responsibility to do our own research and not blindly follow others however good. Do please, please keep your thoughts coming and post however you feel will help others, including me

Going to have a look at this when listed on AJ Bell. Decent yield and  the potential of capital growth -in line with MSCI world.

The UBS Global Equity Income Plus UCITS ETF (XETRA Ticker: FGZJ / SIX Ticker: GINC) officially launched on September 16, 2026.