Investment Trust- Thoughts (August 2025)
Investment Trust- Thoughts (August 2025)
Links to older monthly thoughts-reader request.
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.
July2025 Investment Trust monthly performance.
Top 10 Equity only
Athelney Trust (LON:ATY) +18.2%
Manchester And London Investment Trust (LON:MNL) +16.2%
Biotech Growth Trust (LON:BIOG) +16.2%
Crystal Amber Fund (LON:CRS) +16%
Barings Emerging Emea Opportunities (LON:BEMO) +15.6%
British and American Investment Trust (LON:BAF) +13.3%
Vietnam Enterprise Investments (LON:VEIL) +13.3%
Fidelity China Special Situations (LON:FCSS) +13.2%
RTW Biotech Opportunities (LON:RTW) +12.8%
International Biotechnology Trust (LON:IBT) +12%
Bottom 10 Equity only
Augmentum Fintech (LON:AUGM) -9%
Schroders Capital Global Innovation Trust (LON:INOV) -5.9%
Majedie Investments (LON:MAJE) -3.9%
JPMorgan Emerging Europe Middle East & Africa Securities (LON:JEMA) -3.5%
Sure Ventures (LON:SURE) -3.5%
Shires Income (LON:SHRS) -3.4%
Bellevue Healthcare Trust (LON:BBH) -3.2%
Onward Opportunities (LON:ONWD) -3%
Jpmorgan Uk Small Cap Growth & Income (LON:JUGI) -3%
abrdn New India Investment Trust (LON:ANII) -2.9%
Top 10 All Types
Athelney Trust (LON:ATY) +18.2%
Manchester And London Investment Trust (LON:MNL) +16.2%
Biotech Growth Trust (LON:BIOG) +16.2%
Crystal Amber Fund (LON:CRS) +16%
Barings Emerging Emea Opportunities (LON:BEMO) +15.6%
British and American Investment Trust (LON:BAF) +13.3%
Vietnam Enterprise Investments (LON:VEIL) +13.3%
Fidelity China Special Situations (LON:FCSS) +13.2%
RTW Biotech Opportunities (LON:RTW) +12.8%
International Biotechnology Trust (LON:IBT) +12%
Bottom 10 All types
ICG Longbow Senior Secured UK Property Debt Investments (LON:LBOW) -31.4%
Life Science Reit (LON:LABS) -13.2%
Aquila European Renewables (LON:AERS) -9.2%
Augmentum Fintech (LON:AUGM) -9%
Alternative Income REIT (LON:AIRE) -8.6%
Golden Prospect Precious Metals (LON:GPM) -7.6%
Schroder BSC Social Impact Trust (LON:SBSI) -6.5%
Schroders Capital Global Innovation Trust (LON:INOV) -5.9%
Target Healthcare Reit (LON:THRL) -4.5%
Octopus Renewables Infrastructure Trust (LON:ORIT) -4.5%
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.
212 comments
Airbus Defence & Space Ltd. raised stake in Seraphim Space Investment Trust (LON:SSIT) to 4.44% from 3.69%
Nice more unique selection of holders
Saw that too. Good news
But maybe better on the September thread now?
Andy LSL Property Services (LON:LSL) is one I like and hold. Topped up recently as the price came off recent highs. Mix of Estate Agency, now franchises and helping margins improve, Surveying and Financial Services for residential. I think it is fair value compared to Property Franchise (LON:TPFG) and also keep an eye on Mortgage Advice Bureau (Holdings) (LON:MAB1) as providers of similar services to the same demographic. Housing market normalising post Stamp Duty boom and bust earlier this year. Savills estimate a little over 1m home moves this year against normal 1.2m for UK. They expect it to trend up but that may depend on what brilliant schemes the Treasury boffins force on dear Rachel this Autumn. From memory I think Property Franchise (LON:TPFG) were slightly more optimistic in last commentary.
I think it's worth 12-14x next year's EPS, so 350p+ against current 272p. Just my view. Operating margin moving up strongly now Estate Agency side is franchised. Should be up to 16%+ for this calendar year.
Thanks for the info and reply Sevenccc
Charles I just wondered if yourself or any other readers have an opinion on LSL Property Services (LON:LSL) ?
Going off Stocko figures tad over 4% yield covered over 2 x on future earnings estimates, they are buying back shares, according to perplexity AI they have roughly 32 mil net cash and future profit forecasts of £29 mil against a £280 mil market cap.
I have a bit of kit at work where I can take a deeper dive into current holdings , Some firm called Brandes Investment Partners holds 16%.
Negatives off the top of my head the usual more working from home and demand for town centre retail space ever shrinking.
Regards
Andy
Not one I have ever looked at. Anything to do with mortgages scares me off as do estate agents- I have little idea what is going on in the sector. Sorry cannot help with this. Does seem to have plenty of cash, though Net assets seem low.
Thanks Charles,
I will look into Augmentum Fintech (LON:AUGM) again and do some more research with a view to taking a starter stake when funds are available.
Graham.
Graham, I am about as confident in this one as one can be. The NAV has not performed badly, it is more the discount. I cannot see any banana skins and Tim has a large vested interest in getting the share price up.
Charles, a belated thank you for arranging the call with Tim Levene. Very illuminating and time well spent.
Thanks Charles. I should have waited for the new September thread, so will copy it to there now.
Can’t resist replying to a few recent posts here, even though main focus is I’m still in hospital with several spine fractures (don’t know how they occurred)and one swollen on to spinal nerve, that have rendered me immobile for several weeks. Spine xray today will show whether normally straightforward vertebroplasty operation/procedure this week was a success.
Don’t feel an urge to sympathise……as kind though it is when that happens it clutters up what should be an Investment Trust bulletin board and imo this bb is at its best when firmly on topic.
So …..getting back on topic!
First re the merits or otherwise of a forever portfolio that should be able to look after itself in the event of our demise and partner or whoever with little knowledge. I think it works!
Example?
Take a look at the virtual portfolio posted here by number33 at the start of each month. It has a lot of flaws and since starting in 2016 too many poor buy and sell decisions! Yet note this. It has more than doubled and first doubled in no time several years ago. I.e the stake could have been taken out by halving everything once the portfolio had doubled to run the remainder risk free of losing any of that original stake.
Our portfolios now have so much regular income coming in every month along with some holdings that have tripled or more that it too should look after itself now. Obviously with big ups and downs according to markets behaviour but doesn’t the regular income, even in the event of some Trusts and shares cutting dividends protect sufficiently?
Unlike some contributors here I have sold nearly all our renewables/green Trusts… and broken the forever rule with these. . Don’t trust them, and find them too opaque. I used the proceeds to top up quality mainstream Trusts like City Of London Investment Trust (LON:CTY) , Merchants Trust (LON:MRCH) , Aberdeen Asian Income Fund (LON:AAIF) BlackRock World Mining Trust (LON:BRWM) , CQS Natural Resources Growth and Income (LON:CYN) (now paying huge dividend at my buy price) VietNam Holding (LON:VNH) VinaCapital Vietnam Opportunity Fund (LON:VOF) Fidelity China Special Situations (LON:FCSS) , Jpmorgan China Growth & Income (LON:JCGI) and quality shares like Aviva (LON:AV.) (got some for just 245p several years ago) Phoenix group (LON:PHNX) Rio Tinto (LON:RIO) BHP (LON:BHP) and others, instead.
Note what looks like the BRAG of reporting that Aviva (LON:AV.) top up at extreme low price. That’s my key method that works. I buy the big panic dips so most of the portfolio is bought at bargain prices. They go even lower for a while sometimes, but buying as low as we can surely reduces the risks?
e.g I posted during the Trump tariff panic dip in April about topping up opportunities for the likes of BlackRock World Mining Trust (LON:BRWM) …now 40% higher, and the Vietnam Trusts, like VietNam Holding (LON:VNH) also 40% higher now and though riskier, the Chinese Trusts Fidelity China Special Situations (LON:FCSS) (now 50% higher) and Jpmorgan China Growth & Income (LON:JCGI) . There are far fewer obvious bargains now after the strong market rally, so even if posting regularly here, I wouldn’t have many new ideas to check out. Perhaps Pharma/Biotech Trusts in time but even International Biotechnology Trust (LON:IBT) Managers are hinting there’s no rush.
Plenty to ponder there! Not all by any means will agree with my favoured methods.
Finally for other Mike Walters bb stalwarts now posting here, it’s SO good to read your posts, including Grecian (George54 here) now too. This is a great thread when on topic and so many thanks to Charles in setting it up. What a stalwart!
Ken, glad to see you post. I hope you recover soon. Charles
Welcome back, Ken. Concerning the Forever Folio strategy, aka *Natural Income*, apparently, I'm interested to know how much of the income needs to be reinvested, to keep growing. My requirement, and I believe, others like me, is to live off the dividend. I'm presuming there are two possible ways of doing this: either accepting lower dividend/higher growth for at least part of the folio, or maximising dividend in order to have some extra to reinvest. I recently discovered TMF Mayne runs an online folio, and claims to live off the dividends. Though in his case, discrete companies with lower dividends. He very rarely sells. The inclusion of ITs such as those you mention of course widen the net, making it less likely that you'll take a big hit, and more likely that you'll benefit from sectoral bull markets somewhere (at least as much as the opposite!). Unlike you though, I'm not ready to write of green ITs just yet.
Get better soon.
Hi Brucie5,
If I was looking to a forever folio strategy, I would be looking to include IT's such as 3i Infrastructure (LON:3IN) . Assuming that the base position when starting to live off the dividend is adequately covered, then this trust has such a good long term track record of growing NAV and growing the dividend above inflation. It is only a starting dividend of around 4% but is committed to grow that dividend at around 6% per year.
I would much rather set out on a yield that looks sustainable (one to live off) of say 4% and then sleep happy in the knowledge there is a strategy by the Manager to keep it growing.
Good point, yes. Trouble with buying 3i Infrastructure (LON:3IN) is that it's a bit like the Irish joke, "I wouldn't start from here". And without denying your greater point about it's forever qualities, I also have quite a bit of infrastructure. Would you prefer it to Murray International Trust (LON:MYI) or Merchants Trust (LON:MRCH) , for example? Or Temple Bar Investment Trust (LON:TMPL) ...
Augmentum Fintech (LON:AUGM) Tim Levene apologises, he forgot to record the call. I suggested we repeat in 12 months and see what has changed!
Hi Charles,
Thanks again for organizing. It was indeed an interesting call.
One further point Tim made was that he was open to email and invited any follow up questions. If I noted his email correctly, it was Tim@augumentum.vc
Thanks again, particularly for time slot which was my suggestion (and apologies to those that couldn't make it because of the time!)
Jon
Great idea !!!
Augmentum Fintech (LON:AUGM) Interesting online talk with Tim Levene. In summary they are well aware of the discount issue, Tim bought 3m shares at IPO so is well attuned to the share price pain. They are looking at overseas investors to come in, sounded like ideally a couple of large investors to take significant stakes. Accepted that the discount made them vulnerable to an opportunistic bid, though said the Managers were so involved in the holdings it would be a risk if they were not onboard. Merger with another trust not discounted, though no obvious link apart from maybe Molten Ventures (LON:GROW) .He hopes they will realise investments worth £100m over the next 2-3 years. He thinks Tide will continue to grow fast, just stated making inroads in India.The Retail Book investment cost £3m for 15%. They think it has the potential to be a £200-300m business. Believes we are at the bottom of the slump in new issues etc. Some employees ex Primary Bid who are chastened. Seems Primary Bid was values at £700m and maybe was a major part of the failure as they had over sold the company. The T-Bonds issue recently was an example of how they plan to operate, plus the new Pisces market for unquoted companies -enabling shareholders to sell and investors buy through intermittent trading events.Grover has a new board with Tim's co-founder as chairman.
Over all I believe in the company and share Tim's belief that a couple of good exists will narrow the discount. He was adamant liquidity will not be an issue. His enthusiasm is undoubted for the portfolio companies. His record at Flutter and Betfair indicated an excellent business acumen. So I will continue to hold .
Hi Charles,
Unfortunately I wasn’t able to join the call. Did you have any success with asking Tim if it could be recorded? Or is anyone able/willing to provide an account of the main points? I realise this may entail some work for someone but it would be a great shame if more investors weren’t able to learn more about Augmentum Fintech (LON:AUGM) and possibly invest.
I spoke to Tim last year at the AIC conference and I asked him when they were likely to realise/divest some of the portfolio and he said probably 2026. Don’t know if he was asked about that again and if he still feels that’s the case?
Thanks, Graham.
He said he would record, I have asked if he did and share. Maybe it has to be vetted by compliance first. I tried to highlight key points above. He did say he wants to run with Tide, but if offered £120m for the holding would have to consider it. As I recall figure might of been higher, he believed in running winners and Tide is one. Others on call might have some input. My impression is Tide could be worth pretty much the current market cap of AUGM in 2-3 years.
I think Charles's points above cover the main points from the meeting.
Prior to the meeting I was concerned about their discount and also their Mkt Cap - they are way too small to attract any significant corporate activity.
I still think this is a major risk/concern, but I was encouraged by where we are in the cycle and the overall opportunities within the PF. I would hope it wouldn't take too much for the discount to come down from its >40%.
I think this might work out OK over the next couple of years, but it could take a while before any return is seen. I am considering increasing my holding and making it more of a medium sized holding.
Tim is down to attend the AIC conference and he is going to look into making Mello in Nov.
Charles, thanks for posting how the call went. Unfortunately during work so couldn’t make it.
if Augmentum Fintech (LON:AUGM) Get £120m for their holding in Tide, that would be double its current NAV valuation (of around 65m) and more than 80% of the current market cap (of £145m). That would be a pretty sharp injection to the share price. Do you think that level of £120m is based on the $1bm mentioned in the recent private interest reported by Sky?
I don't think so. I”A sort if we were offered £120m now we would have to think about it. But I got the feeling there is perceived value for the holding at a lot more than the current value, he said several times run your winners.
Interested to see an article in the IC today by Val Cipriani entitled The Pros and Cons of a "Natural Income Strategy". Unless I'm much mistaken this what I and others (Ken, I believe) have been foolishly calling for some time now, a 'Forever folio'. approach I created one a couple of years ago for a charity, on exactly the lines that the article describes and my own "Bruciefolio" take similar approach, though with some degree of trading. Apparently, Ben Yearsley, investment director at Fairview Investing is a fan: the advice he gives seems to be pretty much a replica of the intuitive style adopted by many on this and other boards, who are counting on such an approach to fund their retirement. Unsurprisingly, ITs get a good press because of their ability to store up dividends during poor years. While the advantages of leaving it in the market 'forever' avoids the "sequencing risk" consequent on buying/selling during a downturn . I'm now wondering whether a board under the same title "Natural Income strategy" might be of interest on Stocko, to complement the good coverage of ITs offered here. Obviously my own universe includes discreet companies, which have recently been offering extraordinary dividend/growth opportunities, but are clearly not ITs. Any interest?
I'm now wondering whether a board under the same title "Natural Income strategy" might be of interest on Stocko, to complement the good coverage of ITs offered here.
I think that's a good idea, although it does overlap a bit with this board.
Personally I'm a fan of the strategy. The key point, perhaps counterintuitively, is not to purely focus on income. Many high yielders are low or no growers, and the benefit of an equity portfolio is that it should grow over time to match or beat inflation.
I target 3.2% to 3.6%, this seems to deliver both income and enough growth to keep pace with the increasing cost of wine ...
timarr
Thanks Timarr. My intention would not be to detract from this board,, but to complement it is a more intentional/purposeful way, while asking the basis question that so many of us must be doing: 1. what is the universe with the right diversification. 2. what are the best weightings. 3 .what is the right mix of income versus growth ideas. We might be able also to run one or more dummy folios as models? (I'm not volunteering though!!!). I'd be happy to try setting one up - but only if there's supportive interest.
A monthly Board similar to this would be good - things like the Trade Ideas board have gotten so big that I can no longer access it as it takes half an hour to load. With a monthly refresh it is simpler to handle.
Whilst I don't specifically invest for income I am always interested in others holdings as a way to identify & source other interesting opportunities.
I have a more "growth" oriented mindset and whenever I have moved more towards an income type portfolio I have lost interest and moved on (too quickly I am sure ), but I do recognise there are some good growth opportunities out there at also pay a decent dividend whilst awaiting the growth.
So put me down as another supporter.
I'd be very interested in it
I am sure it would be. Are you thinking monthly ? I find the ones that just go on for ever tend to be unwieldy. It is what I did initially with this thread and soon realised/suggested do monthly.
I'm glad I'm not the only one that finds some posts difficult to follow. Does anyone know how I can search discussions for keywords and/or users?
I use the Google Chrome Find under the edit menu. Make sure you select the page though
Thanks. Yes that works for finding keywords in specific posts, but I was trying to find which posts to look at. For example where/when had Bruce posted about the "bruciefolio". I can get a list of all his posts from the user profile but still have to wade through each to look for keywords.
I see, cannot help. They stopped the tagging within a post a while back as I recall. Or maybe that was the first post. Not sure why Stocko do not have the ability to add a searchable keyword
Right click user + open then activity and you get this
https://www.stockopedia.com/co...
Thanks
Well, whatever is manageable. I can't promise to do such a sterling job as you manage to do on these boards. But if there's interest... I haven't yet found an equivalent on advfn,, though there are proxies that also take in the state of politics, footie, world travel and tonight's supper along with tips for advanced health and well being - indicators surely of the perils of leisure in the third age.
;)
I am sure there would be.
Reminder -this afternoon.
Augmentum Fintech (LON:AUGM) Here is the meeting link Friday August 29th 15:00
Topic: Tim Levene's Personal Meeting Room
Join Zoom Meeting
https://us02web.zoom.us/j/9126388980?pwd=SmhYWmVYV21welE1djJzZFdEanBOUT09
Meeting ID: 912 638 8980
Passcode: 6388980
Charles, thanks for organising the call, I certainly got some useful insights into some of the portfolio investments and his views for them.
I thought Tim was very open and passionate about The Trust, albeit very frustrated at the discount.
Well worth listening to
Glad it was of interest Charles. It is a largish holding for me % wise of the portfolio. Tim is certainly down on his original investment at IPO so has a strong vested interest. He was very successful at Fluttr and Betfair, so I have confidence
For those with patience (at least a 12-18 month horizon) I think he will be successful in generating further NAV growth and most importantly some profitable realisations, allowing the share price to re-rate. He seems to think he has sufficient cash to meet funding needs in the meantime.
My personal view however is that we are likely to see another US induced correction in the UK market in the short run, which will provide an even more attractive opportunity to add to my existing smallish investment in them. I have my tin hat ready and have realised other positions, where the market has provided short term gains, for firepower.
Metals
Had reason to turn back today and look at BlackRock World Mining Trust (LON:BRWM) . Was a bit surprised to find it at 565p and a discount of over 7% - and TBF having over 30% invested in gold. Bought a few as it looked good value at these levels and at some point the global electrification will kick in, with or without the US, and we are short even the basic metals to do this.
Gold looks a good safe-haven bet at the moment.
I also went back into Golden Prospect Precious Metals (LON:GPM) earlier in the week for this reason and the discount had started to widen again - and I wanted to add to my current exposure with Serabi Gold (LON:SRB) and Anglo Asian Mining (LON:AAZ) .
(The latter went up today seemingly on reports of massively increased Azerbi copper concentrate production which the sages on advfn are attributing to AAZ)
A.
AVI Japan Opportunity Trust (LON:AJOT) Investors are invited to join AVI’s CEO, Joe Bauernfreund, and Managing Director Japan, Nicola Takada Wood, for a webinar to provide an update on the proposed rollover of the assets of Fidelity Japan Trust (LON:FJV) (“FJV”) into AJOT.
There are two options available to investors:
A recording will be available here following the event.
PANTHEON INTERNATIONAL PLC will be holding a Annual results for the financial year ended 31 May 2025 meeting on 4th Sep 2025 at 11:00am BST.
Please click on the button below to accept the meeting invitation.
Investor Meet Company call.
I did not realise the accept button was personalised to my account- well did not think it through. So some-one has registered as I just got a notification. I do apologise but I think you will need to re-register using your IMC account.
The following is AI generated. The FT had an article on the Japanese stock market and the opportunities. I cannot share that, but did ask Gemini some questions. The link to the general report is here . It is a page in my Google Docs account, set to open view. I asked also about AVI Japan Opportunity Trust (LON:AJOT) and Nippon Active Value Fund (LON:NAVF) both of which I hold.
I appreciate many are not convinced about AI so if this sort of post is not felt helpful I will not do do in the future. Personally I find Gemini AI Deep research a useful research tool.
Below is AI
"An investment trust focused on Japanese equities can be an effective way to invest, particularly one with an "active value" or "opportunity" strategy. The research notes provided information on two such trusts, Nippon Active Value Fund (NAVF) and AVI Japan Opportunity Trust (AJOT). Both of these funds target undervalued small- and mid-cap companies in Japan.
Here’s a breakdown of their strategies:
Nippon Active Value Fund (NAVF)
AVI Japan Opportunity Trust (AJOT)
Both of these investment trusts appear to align well with a key conclusion of the research: that the greatest value in the Japanese market lies in a selective, bottom-up investment strategy that targets companies demonstrating a genuine commitment to reform and improved capital efficiency. The "activist" and "active value" approaches of these funds are designed to take direct advantage of the ongoing corporate governance changes in Japan by pressuring companies to return capital to shareholders or improve their operations.
Nippon Active Value Fund (LON:NAVF) has been a solid performer for me over the last couple of years I have held it - I think I first invested in it after listening to an interview of the fund manager and their whole approach impressed me.
I enclose the 2yr performance graph below - I've held it for about this length of time and potentially will look to top up at some point.
On the topic of AI and research, I have been using ChatGPT recently to search out a variety of ETF's in certain areas I am interested in eg. Banks, Data Centre etc. From the list of ETF's it throws up I can then do further research to identify those that go onto my short list. As an example I was looking at banking ETF's and it gave me half a dozen, but without the AI element I would never have identified Invesco STOXX Europe 600 Opt Banks UCITS ETF Acc (LON:X7PP) as such a strong perfomer - see table below. It certainly will allow some very quick narrowing or searches and opportunities.
The FT today had an article about the UK National Wealth Fund and two other institutions investing a total of £500m in UK battery storage. The move is to try and hit the target required by 2030 of 25GW as compared to the approximately 6.0GW at present. Rather reinforces the point RM made about Gore Street Energy Storage Fund (LON:GSF) should have concentrated in UK and another market, instead of across many.
Grim thought, but we may be in in a race against the clock, should Reform gain any power at next election. They will at least attempt to do what Trump is already doing, in reversing green energy. But in the short term, HMG's actions should be supportive of renewables infrastructure generally. Any particular recommendations come to mind within the area of storage? I think I hold most of the usual suspects! (Foresight Environmental Infrastructure (LON:FGEN) ; Renewables Infrastructure (LON:TRIG) ; GCP Infrastructure Investments (LON:GCP) ;Sequoia Economic Infrastructure Income Fund (LON:SEQI) ; NextEnergy Solar Fund (LON:NESF) ;SDCL Efficiency Income Trust (LON:SEIT) . And while I did sell Gore Street Energy Storage Fund (LON:GSF) from the Bruciefolio I continue to hold elsewhere.
Brucie- Gresham House Energy Storage Fund (LON:GRID) might be one for you. If Reform get in I will be out of the UK physically and stock holding wise.
I have just bought a house in Mauritius today - although it is well worth considering for various tax reasons, safety and also it is on its way to becoming the next Barbados. Sorry slightly off topic.
Bit far for us Viz, though I recall looking at Mauritius in the late 1980’s for corporate tax planning. Portugal , Spain or Greece- will have to be a 70 year old digital nomad.
From what I heard Portugal gets a lot of ticks for welcoming UK ex pats plus it never seems as fast paced/stressful as Spain when I have visited previously.
https://www.rsmuk.com/insights...
Indeed- though I understand more Spanish than Portuguese. And 100% more than I understand Greek
Isn't that where Terry Smith resides also Viz /
Yes, he also lives in the UK down my road in Cheshire and has just done a deal with the MRU govt to allow him to bring his collection of classic cars into the country tax free (normally 100% duty) in the guise of creating a museum (whilst also operating on the economic board as a director who made the decision!). There is no IHT here and 10% corporation tax, besides most investors achieve tax free status quite easily, it is now known as the Monaco of Africa, English and French are spoken by most and the fx rates are strong currently.
Hi Charles so you think it would be so bad that its a leave the country and cash in everything UK based investment wise ?
Probably not, but I could not live in a country where Farage is in charge. But that is my politics not maybe the economic reality, though I doubt that would go well.
Although no fan of Starmer and Reeves I do also realise that with the UK PLC credit card tapped out and half the population not fond of working whoever is running things has a thankless task on their hands.
The wasted money over the years from all parties is shameful though wind power companies being paid a billion a year to turn off, HS2 costs massively over budget etc etc.
Tories must be ecstatic they lost and if I was them I wouldn't be in a hurry to get back in for the next twenty plus years.
Totally agree- they must be absolutely delighted. Sadly it looks like no appetite to cut spending or increase direct taxation. From anon-political point of view it seems obvious that direct taxes must be increased if we want to continue with the NHS and the current welfare state. Given the cost of Gov debt higher taxation is the only way, spread across the entire population, not just taxes targeted at the perceived wealthy- of whom the truly wealthy are easily able to avoid.
Seraphim Space Investment Trust (LON:SSIT) has fallen sharply today. I am not aware of any news or negative press. Seems odd when Filtronic (LON:FTC) goes up on Space X news. Might be a buying opportunity, I have bought more given the latest NAV was 100.78p.
Hope things are improving your end Ken.
A little late with this perhaps, but CLS Holdings (LON:CLI) half year results presentation is available here:
https://sparklive.lseg.com/CLS...
Having watched today, I'm minded to dig a bit deeper with a view to opening a position.
You'll need to register with sparklive to view the recording.
I finally caught up with the Money Makers podcast today from 2nd August in which Jonathan Davies interviewed Sandy Nairn & Alan Bartlett from the Global Opportunities Trust (LON:GOT)
I have to say that I was completely underwhelmed - they just waffled about their process and really didn't say anything of any interest. No wonder their performance has been so lacklusture over the last 5 years - 11/18/37% over 1/3/5yrs (TR).
However, when I then looked at their Top10 holdings I thought they had a reasonable selection of Companies, but I guess it depends upon when they bought into them and how long they have held them for. Needless to say they didn't focus on any specific companies during the interview - just waffled about principles and about how they were positioned to tale adavantage of the future etc etc.
Not one for me.
Investor Meet Company this coming week:
BLACKROCK ENERGY AND RESOURCES INCOME TRUST PLC
Investor Presentation
26th Aug 2025 at 1:00pm BST
We have 5 investment trust/funds joining us for this webinar coming up in early September!
Mello's Trust & Fund shows are back following the summer break with a jam packed schedule.
Here is the FREE webinar for investors to tune in to:
Join us on the 9th September from 1pm for an excellent Trust & Funds show.
Mello Trust & Fund webinar starting at 1:00pm on Tuesday 9th September 2025: https://www.melloevents.com/mitf090925
The full line up is as follows: (subject to change)
1:00pm Keynote Speaker
1:30pm Company Presentation from Law Debenture (LON:LWDB)
2:00pm Company Presentation from AVI Global Trust (LON:AGT)
2:30pm Company Presentation from Jpmorgan Indian Investment Trust (LON:JII)
3:00pm Educational Presentation
3:15pm Company Presentation from Smithson Investment Trust (LON:SSON)
3:45pm Educational Session
4:00pm Company Presentation from Harbourvest Global Private Equity (LON:HVPE)
4:30pm Panel Session
You can register HERE
Augmentum Fintech (LON:AUGM) Here is the meeting link Friday August 29th 15:00
Topic: Tim Levene's Personal Meeting Room
Join Zoom Meeting
https://us02web.zoom.us/j/9126388980?pwd=SmhYWmVYV21welE1djJzZFdEanBOUT09
Meeting ID: 912 638 8980
Passcode: 6388980
Hi Charles,
I can't make the meeting unfortunately
Subject Tim's agreement is it possible to record the meeting and make it available to others in my predicament?
Thanks as always for all your hard work & wisdom
BB4
Barney-I will see if he can/will
Hi Charles, Augmentum Fintech (LON:AUGM)
Many thanks for setting this up. I will try to join, but as in full time work it may be difficult at 3pm. AUGM is quite a large holding for me, but has obviously been disappointing over the last couple of years that i have held.
I have watched the last IMC meeting and would point out the following:
> Looking back since August 2020, it is down over 20% without any dividend distribution so a very disappointing performance for shareholders. I think this is a key point Tim should hear.
> I hold Oakley Capital Investments (LON:OCI) and am much more impressed with their investor relations and presentations than Augmentum Fintech (LON:AUGM). Augmentum have recently issued their Q1 factsheet (https://augmentum.vc/wp-conten...) but it is essentially a regurgitation of the annual report from March 2025. It is almost pointless as issued and I don't think it is useful for shareholders.
> Cash at end March was £28m. Average deployment over years has been £28m, so only a year of cash now? Is there a liquidity squeeze coming? My assumption is not, and I firmly hope for an exit over the next year...
> My hope is that the exit or liquidity event for Augmentum will be a sale of Tide, as speculated in the press. The Sky News report at the time mentioned a $1bn valuation. Obviously Tim cannot comment directly, but if a $1bn valuation, what kind of upside would that be to Augmentum at the current NAV (if at all?)
> There was a big write down in Grover (consumable electronics rental) at year end which really wiped out progress in all of the other holdings. It was stated that Grover has gone through very significant restructuring. right sized debt, recalibrate management etc. AUGM COO is now Chair, and future was reported to be "strong". Can Tim give us any other insight into Grover's prospects for Augmentum?
> Towards the end of the IMC meeting. there was mention of externalising the PLC management team, to allow them to raise other funds for new investments outside of PLC. Is my understanding of that correct, and is there a danger that this just allows them to take their 'eye off the ball' with regards to Augmentum Fintech (LON:AUGM) ?
Old School, I will raise these points with Tim. I agree the newsletters/factsheets could be more informative.
Charles, I would like to listen in to this useful event. I presume you would like us to register our interest with you rather than just dialing in?
Charles, dialling in will be fine, Tim is pretty relaxed. Charles
As per Charles’s DSMR comment the lower price forecasts for UK energy are leading to share price drops in renewables (NextEnergy Solar Fund (LON:NESF) Foresight Solar Fund (LON:FSFL) taking a 4+% hit today, Renewables Infrastructure (LON:TRIG) -10% since their results, and several others also dropping eg Octopus Renewables Infrastructure Trust (LON:ORIT) GCP Infrastructure Investments (LON:GCP) .
I don’t know how reliable the forecasts are (does any one have a view?), but I suspect we’ll see similar downgrades across all of them as results come in.
Somewhat painful as I hold most of the above!
However, within 7 years and 3 months, you have doubled your money regardless of what the price of the share is at todays yield, even sooner if you bought cheaper.
Agreed. I’m going to continue to hold and top up with the next available dividend payments.
GB isn't that just trading capital for income if the SP continues to slide? Might as well buy an annuity before rates drop! Or is that when these infrastructure REITS might show their true value? Like Tim I hold GCP Infrastructure Investments (LON:GCP) but otherwise more property REIT biased. I'm not convinced by the underlying valuations on infrastructure so have a tentative foothold for the income.
As long as they are in control of their debt, the SP can't continue to slide to 0. The underlying assets get progressively more resilient. Yes, bad summer for wind (but good for solar). But normal assessments are against 20-year averages, which are as long-term as you get in the UK. Except for nuclear, which would become even more of a financial basket case without huge subsidies. Remember, most debt here is self-amortizing against lifetimes which are generally exceeded.
And yes, as interest rates gradually drop, these become more interesting just as annuities decline. But buying after another .5%-worth of drop will be too late, as 'the market' tends to anticipate.
The Trump administration is really acting in an extraordinary manner which will affect t their data centres required for ai as renewables are the fastest ways to power these centres. It is a weird world where one man's obsession can cause so much confusion. Oersted A/S (CPH:ORSTED) share price has fallen 18% today as US admin have halted the Revolution Wind project .
Yes, it shocking they can even do that with 45 out of 65 turbines erected.
Wind does not work well for Data Centres. They need 24/365 reliable power.
Good point- they use solar and battery storgae
There was a great quote earlier in the year "we are all at the mercy of the tweets of one old man who doesn't know what he's doing"
Augmentum Fintech (LON:AUGM) The call with Tim will be Friday afternoon-29th Aug at 15:00 pm. Call link to follow.
Thanks Charles - looking forward to it.
Gore Street Energy Storage Fund (LON:GSF) RM statement https://rm-funds.co.uk/wp-cont...
I cannot believe the board confirmed that the investment manager is interviewing candidates to be Board members. This is wrong and I will be writing to the board saying so.
Gore Street Energy Storage Fund (LON:GSF)
Gore Street Energy Storage Fund plc ("the Company") announces the result of the Requisitioned General Meeting of the Company held at the offices of Stephenson Harwood LLP, 1 Finsbury Circus, London EC2M 7SH on Wednesday, 20 August 2025. The requisitioned resolutions 1-4 as set out in the circular & Notice of Meeting all failed to pass on a poll.
The Board would like to thank all shareholders for their engagement, support and participation in the vote. The results of the poll were:
Resolution
Votes For
%
Votes Against (including discretionary)
%
Votes Withheld
% of Issued Share Capital voted
1
Appointment of Brett Miller
95,716,693
30.48
218,354,422
69.52
625,818
62.18%
2
Appointment of Ian Dixon
103,513,211
32.97
210,412,916
67.03
770,806
62.15%
3
Removal of Pat Cox
96,567,845
30.74
217,555,593
69.26
573,495
62.19%
4
Removal of Caroline Banszky
96,432,434
30.70
217,642,683
69.30
621,816
62.18%
While a majority voted in line with the Board's recommendations, the Board acknowledges that a significant minority voted for the resolutions above.
The Board has listened to shareholder feedback received from the engagements over the past several months, including through direct meetings with a majority of shareholders. These discussions covered a range of topics, including Board composition, capital allocation, and the Company's long-term strategic directions. With respect to Board refreshment, the first new appointment is anticipated imminently, and a further appointment in 2026.
The Board also intends to maintain an open and constructive dialogue with shareholders throughout this process. In line with Provision 4 of the AIC Corporate Governance Code 2024, the Board will report on the actions it has taken and will take following this consultation. The Board also expects to undertake a further round of formal shareholder engagement in approximately six months' time to update on progress.
Patrick Cox, Chair of the Company, said:
"We are grateful for the strong support shown by shareholders today. With the distraction of the general meeting now behind us, the Board is fully focused on delivering the strategy we have outlined, including sale or co-investment for the Company's c.495MW of preconstruction assets, increasing the duration of key GB and Irish assets, increasing revenue through propriety revenue optimisation models, as well as seeking further cost reduction in addition to the IM fee reduction, and continuing the Board refreshment process already underway. I look forward to continuing the open dialogue with shareholders over the coming months."
Thanks for posting the results Charles. I will be reviewing my Gore Street Energy Storage Fund (LON:GSF) holding in the coming days. I wonder if RM Funds will continue holding after failing to get their resolutions passed.
From what I gather this is only round 1 of a 4 round bout. They have plans I understand.
Gore Street Energy Storage Fund (LON:GSF) EGM results due shortly. Meeting at 13:00
Hopefully RM managed to persuade the other large holders to vote for its proposals.
Hopefully though the last I heard from RM did not seem 100% confident.
Augmentum Fintech (LON:AUGM) Tim Levene has emailed to say he is available Friday 29th August for a video call. Are people available and what sort of time ?
Hi Charles,
I may well be on the road next Friday, but if say after 3pm, I'd hope to have arrived and be able to make the call. Certainly, I'll try!
Thanks, Jon
Hi Charles - Friday 29th is good for me. Any time is fine.
Thanks for arranging.
Hi Charles, I'd potentially be interested in joining this call - later in the day also preferable - many thanks, Peter
OK Peter, I have asked Tim to confirm that Friday 29th post 3.00pm is ok for him.
VietNam Holding (LON:VNH) I hold and am not doing this. Platform deadline is Aug 26th
Vietnam Holding Limited has announced details of a redemption facility whereby you can request to redeem all or part of your holdings. This means that you will receive cash in exchange for your shares.
Under the terms of the redemption facility, you can choose to redeem any number of shares at a price to be determined at the redemption point on 30 September 2025, either by use of a Redemption Pool or by reference to Net Asset Value (NAV) per share.
Please note, if you choose to tender your shares for redemption, you will be subject to the following redemption charge:
1) No charge will apply for shares held continuously for more than two years.
2) 2% of the redemption price will be charged for shares held continuously for more than one year but less than two years.
3) 3% of the redemption price will be charged for shares held continuously for less than one year.
VietNam Holding (LON:VNH) Latest manager's report https://www.vietnamholding.com...
I don't know if any of you have a view on housebuilders but I've just swapped my position in B.P. Marsh & Partners (LON:BPM) , a share I still very much like for a new holding in Taylor Wimpey (LON:TW.) , which has been on my watchlist for some time, not least for its prospective yield of 9.3% and its chart, which is looking like testing support at £1. It has only once been lower than this over a five year period, which was in 2023, when it touched 90p, before rebounding to £1.70. None of which means that history will repeat, of course, but I have the sense that house builders are in the doldrums across the piece, though some value is being flagged up. In the meantime Taylor Wimpey (LON:TW.) passes no fewer than five positive screens including the Screen of Screens. However, these mainly point to its value and certainly not its quality, which is the issue of the moment, with high labour costs, exorbitant house prices and a sluggish economy. Who can afford to buy the houses that the builders are producing? So this is the risk/reward thing, though of course, demographics plus scarcity plus stated intention of the government to see though a house building policy surely dictate that the established builders are not going away. I also hold Vistry (LON:VTY) on similar basis; together they make up almost 4% of the Bruciefolio.
Brucie, I’ve bought Wimps at under £1 as well. Sold out of my housebuilders a couple of years back and haven’t held any since but medium term can’t see us going far wrong at this price. Even if the price drifts a bit further we will be getting paid to wait! Sentiment will change and their time will come again especially with the shortage of houses . Historically the first quarter of the year has been the best for the sector.
Well there's a lively discussion over at advfn. I see the bottom of the range here at 90p while we wait for interest rates to clarify. Then for upside, 1.20 to 1.50, which is the UBS target. More generally, is there a recommended ETF for housebuilders?
Brucie, None in Europe that I can find . There is one for US house builders iShares US Home Construction ETF (LON:0JJC) . In Europe there is a construction and building materials ETf iShares STOXX Europe 600 Constr & Materials (DE) (LON:0MO6) or Invesco STOXX Eu600 Opt Cnstrctn&Mat UCITS ETF Acc (ETR:SC01)
Thanks Brucie and Grecian - been watching builders since COVID days but never hit the button. With the SP now down around those levels and within spitting distance of Truss's 'hiccup' - and a greater chance of rate cuts rather than rises - I've followed you into TW.
One of my Sharescope PF's is a Housebuilder one. They all seem to track one another (within reason) although once in a while you do get a special situations, such as Vistry (LON:VTY) which had some issues over the last few months and is now more of a recovery play.
I personally hold Taylor Wimpey (LON:TW.) - nothing specific, but slightly biased due to a very old family connection and at these levels I am thinking about a top-up while I hopefully await the housebuilding economy to be kick-started.
Personally I hope that whatever the short-term issues with inflation are the BoE will reduce interest rates which should help the mortgage market (also helps my holding in Mortgage Advice Bureau (Holdings) (LON:MAB1) ). In addition, I also read from some commentators that this black-hole in the Govt finances is rubbish - it is based on some worst case scenarios regards tax-take, interest rates, inflation and growth.
If this proves to be true then hopefully the economy could see a tick-up and a nice run for the 2HY.
I am the eternal optimist!!!!!
I hate to go against the group of better commentators I watch out for from our MW days but I recently reached capitulation point on Taylor Wimpey (LON:TW.) . Agree the HB sector is bombed out but can't see improvement coming through over the next 12-18 months. I believe interest rates will continue to come down much more slowly than we had hoped. Unlikely to cut again in UK this year? Maybe 2 cuts next? Planning changes glacial despite the 'At pace' bluster of the politicians.
And with new GIM memberships for Keir and Rachel (Grossly Incompetent Mismanagement) where are we going to generate this mythical growth? Are they going back to the Magical Money Tree as the adherents of Modern Monetary Theory encourage? Will they stop hammering Employers and reverse the Tory NIC reduction bribes to help fill the coffers? If the last budget was a budget for growth and only had measures to suppress it what will this one be?
Sorry, too downbeat for a summer's day. Increase in National Living Wage clearly a good thing in addressing income inequality and puts a lot of cash back into the economy at the lower income levels, but they are not buying many houses. The haves are very comfortable but why would anybody choose to move with the horrendous level of Stamp Duty? Unless they have to of course. House moves seem to be roughly back to the norm....1.2m a year or so.
I'm more in the Edmund Shing school of thought. Hard commodities and their producers. For income I like the REITS covered here too but any hoped for capital gains there are probably dependent on the interest rate changes too. And finally not convinced we will see significant inflows into any of the traditional fund managers. Their growth will have to come from performance/the market imo. Pressure on mid/higher incomes from tax grabs, crypto for the youngsters/gamblers, more demands on the bank of Mum and Dad and the larger pensioner cohort now drawing down all lead me to question if this sector is now purely an income play.
But part of me still thinks you guys are right on HB sector. I just ran out of patience.
Hi sevenccc, long time no speak and I agree that patience will be needed with the house building sector. I’m sorry that you “reached capitulation point” with TW but at just under £1 I reckon taking a medium term view the chances are very high of making a few quid on top of the dividend. Fits in with the “bargain thread” of buying decent out of favour companies and sitting tight. Can’t argue with commodities and yes this thread is second to none re income paying REITs. Despite getting on for 40 years of playing the markets it’s only since I started to read the posts here over the past couple of years that I’ve really got to appreciate REITs and I’m very grateful for that with income, now at my time of life being as important as my history of growth shares.
Hi Lincs what handle is Grecian under on Stocko always followed him on the Mike Walters board, Thanks
george54 - indeed, he was / is a source of much good advice and suggestion
Thanks Lincs good to see he's here he was mustard on the Walters board and super humble also a top investor.
I agree they are 'not going away', and your comment has made me look again (used to hold Taylor Wimpey (LON:TW.) a few years ago. Thanks for flagging it up, Brucie. But:
I read the good recent summary here, https://www.stockopedia.com/co.... And I think I'm not convinced. The 'exceptionals' have kept coming and imply £240m of cash to pony up. Build cost inflation is 'low single digits', but price inflation seems to have ground to a halt for them. It looks like their cash will slowly get squeezed. Without a re-bound in selling prices, they will have to revisit their 7.5% of NAV dividend in a year or so.
So I think I'll pass for now, thanks, but have set an alert for 'Buy<95p'.
Good discussion, guys, thanks for getting back with your views, all of which expressed with intelligence and respect for each other. As a reader of the French press each morning ("Liberation" atm, online) I'm struck by how much of a bind their own economy is in: the same demands versus the same pressures, and given their constitution, each failure to come up with a winning formula results in a different government under the same President, whose mandate has also only become weaker since he last stood (very questionable timing) for election. I think their housing crisis is less pronounced in the country as a whole - though go to Holland, which I also study somewhat, and it's just as bad, ,if not worse due to EU regulations around excess nitrogen in the environment, which effectively blocks further house building!
My own feeling is that the current government is doing the best of a bad job, albeit with several false steps. Mainly they allowed themselves to be boxed into no income tax rises so the pressure is falling on employers, with knock on for recruitment. and then there's Brexit draining 4% of our GDP growth,, which you really cannot blame on Reeves. But my hope is that we will pull through by process of pragmatism combined with a greater interest in how the large infrastructure essential to our national well being is managed for the good of the country, not the PE funds who swoop in order to fill everything with debt, before selling it on. HS2 surely marks the low water mark of our country's incompetence at infrastructure planning and execution: when I so much as think about the needless cost and damage this has done in order to shorten the journey time to London by 20 minutes and pull yet more people into London rather than Leeds or Manchester, I have to sit down and have a glass of water! Again, not Reeves' fault, but she effectively has to deal with the dead weight of this continuing spend.
But back to house building - I can't see her targets for new build being met, anywhere near. Which is not so much down to her and the current government, which are already drawing flak for lifting restrictions wherever and however they can; but our embedded fixation with property as a money making asset, and the south/north distortion which makes prices in the south east so unaffordable. Economics should dictate that capital flows to cheaper assets, except that people living and working in Salford or Rotherham or Sunderland have relatively so few prospects compared to their counterparts in Reading, let along London. How do we shift that? I notice that Christopher Mills' one builder, makes affordable houses for working families in the north; and I really applaud that. Housing should be a project for social betterment and enablement, not enrichment. But it's difficult if the prices elsewhere - where people want to live - are just too high, especially for youngster wanting to start families. no wonder our birth rate is falling!
End of rant: forgive the long post.
B5.
Tritax Big Box REIT (LON:BBOX) (I hold) Ft today recommends BBX as a buy. Move to datacentres expected to increase yields to 11% as opposed to 7% for logistics. Shore expect earnings per share growth of 7% pa up to 2027.
Thanks Charles. Though I notice Tritax Big Box REIT (LON:BBOX) currently yields a measly 5.2% on a 28% discount. So how much of that putative 11% are we likely to see?
Tritax Big Box REIT | The AIC
I assume we will see a 3% increase. But no real idea until we see the income split. Over the years BBOX has done well for me with capital gain and div. I did invest many years ago and have sold and bought bank once.
Investor Meet Company this coming week.
SCHRODER REAL ESTATE INVESTMENT TRUST LIMITED
Results for the quarter ended 30 June 2025
19th Aug 2025 at 1:00pm BST
CT UK CAPITAL AND INCOME INVESTMENT TRUST PLC
Investor update
21st Aug 2025 at 10:00am BST
DIVERSE INCOME TRUST (THE) PLC
Investor Presentation
21st Aug 2025 at 3:00pm BST
B.P. Marsh & Partners (LON:BPM) surely has some of the qualities of a specialist IT? Owns and invests in a range of companies and start ups within the insurance industry while standing on a discount to NAV - at least according to Simon Thompson in the IC from July this year.
These shares are up 70% – and still rate a buy - Investors' Chronicle
"However, strip out BP Marsh’s estimated current net cash of £51mn (after adjusting for dividends paid, share buybacks and debt and equity investments in both Pantheon and Cameron Specialty) from its market capitalisation of £256mn and investments worth £285mn are in the price for an unwarranted 28.4 per cent discount to their book valuations."
The only thing missing is a meaningful dividend - to my standards at least. But I'd be interested to hear your views as I now hold.
Brucie- I hold BP Marsh for that very reason, it looks undervalued.
Thanks Charles, that gives me encouragement. I also bought some Primary Health Properties (LON:PHP) yesterday as the the deal over Assura (LON:AGR) has been confirmed. I don't see enormous upside, but I do see a decent, stable and potential for a growing dividend within the enlarged group. Also, the chance to add on any further weakness in share price.
Brucie I’m a new holder of Primary Health Properties (LON:PHP) (by virtue of being a former Assura (LON:AGR) holder), and will probably look to use the cash from that takeout to increase PHP holdings. As you say it should be a reliable divi payer, and probably a chance to pick up at lower prices in next couple of weeks as the former AGR holders sell down their unwanted PHP stock.
"The Vietnamese government announced Thursday a massive infrastructure development plan equivalent to 10% of the country's gross domestic product.
The government will launch 250 infrastructure and housing projects worth a total of 1.28 quadrillion dong ($49 billion) on Tuesday as part of a nationwide effort to raise economic growth to more than 8% this year and achieve double-digit growth in subsequent years."
https://asia.nikkei.com/econom...
I know this is an IT thread but in determining whether I invest in an IT or UT I had always thought that one advantage of a UT/ OEIC (there aren't many!) was the bid offer spread was nil on a UT through HL (sometimes via rebates) as that is what they show in the quoted prices. Looking into one of my holdings I see they charge a "dilution" levy on sales and purchases, this is described:
the Fund is an OEIC and is single priced. This means the price presented to the investor reflects the “mid-price” of all the underlying holdings. When someone elects to invest or divest from the Fund, the investment manager will place trades accordingly. This process has a cost. Stocks are typically transacted by reference to a “Bid-Offer” spread and there will be costs in terms of stamp duty and commissions. On a monthly basis, the managers will analyse these costs to calculate the dilution levy applicable to the Fund. Valu-trac, as the ACD, has the discretion to charge this to subscriptions and divestments to the Fund. Offsetting purchase and sales trades placed on the same day may reduce the actual dilution levy charged.
The rate varies from month to month and in this fund it is Purchases: 1.11% Redemptions: 0.76%. I think it is reasonable to make the charge for the reasons they give but there is no mention of this in the HL summary page. Clearly you don't know what they will charge as it will depend on other redemptions and additions on the day. I am not sure how many other funds make a similar charge. Maybe others are already aware of this but it is another differentiation from investing in IT 's where you know what you are paying/ receiving.
There is a big Mello Trusts and Funds show coming up in September
A jam packed Mello Investment Trust & Fund Show - Tuesday 9th September | By carmensfella | Stockopedia
Renewables Infrastructure (LON:TRIG) I hold. Share price is continuing to fall. This would seem an opportunity to buy unless there is something I have- and Kepler- missed. Dividend cover is not great, but they are aware and taking active steps do increase cover. Short term borrowing is being replaced with longer term debt.
I do use Gemini AI for research and its conclusion was " In summary, the fall in TRIG's share price appears to be a reaction to its own reported financial results and operational challenges, rather than a single negative press story. The combination of falling asset values, disappointing power generation, and a warning about future dividend coverage has created a negative sentiment among investors."
Not ignoring the downward trend, but Renewables Infrastructure (LON:TRIG) has gone ex-dividend today, accounting for the bigger than usual fall. But a good buying oppurtunity nevertheless, for those inclined.
Good point-I had missed that!
I took the sword to Renewables Infrastructure (LON:TRIG) along with CLS Holdings (LON:CLI) and Supermarket Income REIT (LON:SUPR) yesterday to allow me to; lock in some gains, generate some cash for future withdrawals and/or reinvestment and to protect my PF from some of the gradual declines - I know this might appear to be a little short-termism, but I'd got to the point where I was 100% invested and decided it was nigh on time to review my holdings and let the ones with the least conviction go.
As with many other investments I am sure I will regret it, but this is probably why I try not to look back at past sales - bury my head in the sand!!!! I tend to not worry too much about what Ive sold out of.
What are you keeping? I hold all 3 of those!
The only IT I have so far decided to top-up is my newish position of Migo Opportunities Trust (LON:MIGO) - I like the new strategy and feel that this more active approach could bear fruit.
The rest will be held in cash, although there could be some small top-ups in some of my highest conviction individual shares.
Few newsletters out today. Worldwide Healthcare Trust (LON:WWH) commentary is as below" In July, the NAV per share total return was +6.1%, the share price total return was
+5.8% and the MSCI World Health Care Index was +0.6%, on a net total return, sterling
adjusted basis.
Global equity markets were generally positive in July, continuing a three month plus
rally that began after April's lows that followed President Trump’s “Liberation Day”
initiative. In fact, the MSCI World Index closed the month at an all-time high yet again.
Healthcare stocks continued to underperform in the month. This continued a trend in
which the broad market has rebounded nearly 20% (MSCI World Index total return;
sterling) whilst healthcare returns have declined nearly 5% (MSCI World Health Care
Index total return, sterling) since Liberation Day. The uncertainty around
pharmaceutical specific tariffs and U.S. drug pricing have remained a significant
overhang on therapeutic stocks.
Against this backdrop, the Trust was able to materially outperform the benchmark.
Absolute and excess performance was multifactorial. The largest contribution – both
absolute and relative – came from Emerging Markets, in particular China. Our longheld thesis that scientific and clinical innovation coming from China is real, has caught
the attention of investors after a number of high profile licensing deals have been struck
between China biotech companies – such as Jiangsu Hengrui Pharmaceuticals – and
Western multi-nationals.
Another key source of performance in the month came from Emerging Biotechnology.
Biotechnology outperformed in the month - A combination of stock picking (such as
Argenx after a solid quarter), our proprietary M&A basket, and allocation (overweight)
led to outsized gains for the Trust. Other positive contributions came from
Pharmaceuticals (stock picking and allocation), Healthcare Services (allocation), and
Japan (stock picking).
Looking ahead, investor focus remains on headlines and newsflow with respect to U.S.
policy initiatives, as investors wait for pertinent updates (if any) on specific
pharmaceutical tariffs and/or U.S. drug pricing. Whilst President Trump continues to
spout rhetoric on these topics, there has still been no specific details released. We do
believe the collective situation is “more bark than bite” and thus believe any formal announcements out of Washington DC could be a clearing event for healthcare stocks."
"But some experts now contend that, after a sweeping debt-restructuring campaign, the outlook for China is shifting. And they say that, by comparison, the debt challenges facing the United States are causing considerable alarm.
“After years of effort, the overall debt risks of local governments in China have been brought under control and are gradually being resolved,” said Zhao Xijun, a finance professor at Renmin University in Beijing."
https://www.scmp.com/economy/c...
AVI Global Trust (LON:AGT) Latest fact sheet. Increased holding sin Korea to 5.8%. https://www.assetvalueinvestor...
India Capital Growth Fund (LON:IGC) Latest fact sheet here https://www.indiacapitalgrowth....
Sadly the trust is continuing its underperformance of the BSE Midcap index. I am going top consider whether to contue holding, sell and buy a tracker . It is still the best performing Trust in the India sector on AIC over 5 and 10 years though https://www.theaic.co.uk/aic/f.... I know some readers use unit trusts- any thoughts on better performing funds ?
Hi Charles.
I use Ashoka India Equity Investment Trust (LON:AIE) for my Indian exposure - looks very similar in performance terms to IGC.
I've not held it that long (about 6-8mths) and it hasn't done a lot - but I view it as a long-term holding and I am sure India will have further spurts of growth.
I originally chosen it due to the process that Ashoka go through and their good performance across their other funds/IT. It hasn't yet reciprocated this yet, but I am sure over time it will come good.
I hold as well Kevin
Scottish Oriental Smaller Companies Trust (LON:SST) I hold Latest fact sheet https://www.scottishoriental.c...
Country Trust (%)
China 23.2
Hong Kong 2.6
Taiwan 12.3
Australia 0.9
Bangladesh 0.0
India 36.3
Indonesia 13.1
New Zealand 1.7
Malaysia 0.0
Pakistan 0.0
Philippines 12.2
Singapore 2.3
Sri Lanka 0.0
South Korea 0.0
Thailand 0.0
Vietnam 2.2
Gearing -7.8
Cash 0.9
Total 100.0 100.0
I may have to look at this holding, I am up, but I have other investments in India - and now- China having just bought Fidelity China Special Situations (LON:FCSS) and disappointed nothing in South Korea.
I know Newriver Reit (LON:NRR) isn't in the AIC list (which I don't understand), but we have a small position now, essentially to learn about it, and I'm considering more. Today's announcement seems unusual. https://newsfile.refinitiv.com...
In theory this makes today's price of 72.5 to buy very attractive. Any comments, anyone? They seem like a solid antidote to my renewables tendency...
NRR is not an official investment trust due as I recall to dividend payout ratio. I hold it, todays announcement is complex, but seems NAV will increase by 4%
Charles, Newriver Reit (LON:NRR) is a REIT not an AIC IT as you say, but for a different reason. Most REIT's are property trading companies. I think to be included in the AIC list it has to be a fund and trading companies can't be included . Most of the REIT's such as Land Secs, British Land etc fall under this caption.There are some REITs that are funds and would qualify for the AIC list. This is largely irrelevant as REITs have most of the same critical features - REIT's don't pay UK tax on capital gains they make and they are forced to distribute their income - 90% within 18 months calculated on a special basis. REITs are also close ended companies that can borrow, but have special rules they need to meet to qualify for tax purposes. The one obvious difference is that REITs are required to deduct 20% tax ( shares held in SIPPs and ISA's don't suffer this) from property income distributions which you can offset against your tax liability.
Any views on CLS Holdings (LON:CLI) this morning? Slashed dividend now at about 4% I believe means that this has to have significant realisable upside to maintain its attraction to me.
I sold out this morning - just not really coming through for me and I think there are far better things out there that offer more opportunity, so I will look to put it to work elsewhere - not sure yet, but plenty of good co's around.
Sold at a small loss, but I think the past Divis might cover that - not checked yet.
The dividend cut had been flagged. I hold and will continue to as management focus on reshaping the business.
Agree Charles. I bought CLS Holdings (LON:CLI) this year knowing the divi would be cut. The discount is nearly 70%, so it is a hold and wait item for me.
I hold. They have a problem with voids and end of leases. Oak Bloke highlighted this earlier on. I possibly should have sold then! They have started announcing any significant let.
I also hold CLS Holdings (LON:CLI). I was actually quite reassured by todays update. The key issue with them is that they have some weaker assets in more difficult locations in Europe and way too much debt. They have shown good progress in refinancing the up coming maturing debt and realising assets to pay some debt down. They also refer to increased momentum on leasing up some of the void units. I have known the CEO for 15 years+ when we worked for the 2 owners of the Manchester Arena, and he is a smart operator and adept at refinancing assets. So long as they can refinance, reduce voids and reduce debt they can keep the plates spinning and at some point there will be a better market to sell the more challenged assets and their share price should re-rate or they will be taken out. I am happy to forgo part of the dividend in the short run to facilitate this.
Thanks Charles, sounds like your knowledge will be very helpful re NRR and CLI. I personally am the view they will be taken out, and maybe NRR as well which may explain why the placing (as it was called in the 1980's) went so well.
I think Newriver Reit (LON:NRR) is more likely to re-rate than be taken over. There are no obvious trade buyers (the big REITS aren't really interested in the smaller secondary centres) and I am not sure there is enough in it for PE who will be wary of the UK retail environment. The asset values should benefit in due course from interest rate reductions which would also make the dividend yield look more attractive to investors.
In comparison I agree there is much more likelihood of CLS Holdings (LON:CLI) being taken over given the huge discount, if it continues to make progress on lettings to re-risk the portfolio. Someone will have been running the slide rule (some might remember them!) over the assets. The unknown is how the controlling family (c65%) will react. They could just try to take it private. Clearly there is also greater risk given the 49.2% LTV but that is baked in the price, and I think the controlling family stake provides some under pinning..
Love a slide rule- and Sine and Cos tables
Renewables Infrastructure (LON:TRIG) - does anyone else think that the current ongoing sell down is over done? It is bleeding 0.5-1% per day....
Yes, the recent results had a ~7p NAV writedown, but it has dropped 9p+ (to ~80p) in last 2 weeks (vs 70p all time low point in March 2025). One possibility is that the March/April buyers in the 70-80p range are exiting to preserve gains, however it is unusual to see a high divi payer dropping (and continuing to do so) in the run up to ex-date on 14/8.
Could represent a top up opportunity soon....
A big market downer on wind atm. orstead? Rights issue but it's a good entry point imo. I hold lots!
'
yep, Orstead dropped about 30% yesterday (ouch).
Renewables Infrastructure (LON:TRIG) and Greencoat UK Wind (LON:UKW) had been tracking down together recently, although UKW is doing the traditional pre ex-date mini rally this week (goes ex on 14/8), which TRIG is not doing! Worth noting that TRIG is 'only' 80% wind, with solar and battery making up the remainder.
I'm about 1/5th away from a full position on Renewables Infrastructure (LON:TRIG) , looking to top up but will prob wait until post ex-date at least given the bearish look to the chart!
Perhaps it's just mid-August. I saw the results and wasn't phased. We've had very low wind in the last few months, but I don't think you can predict the next few years on that. I think they know what they're doing, and they're not small. We are fully invested in theory, and in a small profit because of the timing of purchases, but I will think about a small top-up today, tempted by the ex-d @ 9.4% yield. I do think UK rates will come down further over the next year. Do you really see this discount persisting when the slightly rising div puts it at 6% over base of 3.5%?
Re TRIG
This is a recent purchase ( small position). Bought with the expectation that the dividend will eventually be cut and that a 6-7% yield should be possible on a long term basis.
Energy theft, weather and insufficient battery storage are all headwinds for the industry. Seems to be diifcult for anyone in the supply chain to make the anticipated return on investment.
Biggest test may well come with increased costs of repair etc. Anything offshore is usually expensive to maintain or replace.
I did hold Renewables Infrastructure (LON:TRIG) but sold earlier this week for a small profit.
Here’s a concise post that captures the current grid connection challenges and their implications for TRIG’s battery-heavy development pipeline:
The UK’s grid connection system is undergoing a seismic overhaul. NESO’s Connections Reform, set to be implemented in Q2 2025, will reorder the transmission queue to prioritise projects that are “ready and needed” under the Clean Power 2030 Action Plan A. But here’s the catch: the queue for battery energy storage systems (BESS) has ballooned to 129GW for 2035, more than four times the grid’s projected requirement.
Despite over 30GW of battery projects already consented, only a fraction will secure grid access in time. NESO and Ofgem have outlined protections for a limited subset—those with Capacity Market contracts or near-term connection agreements—but the vast majority remain stranded B.
This has serious implications for developers like TRIG, whose 1GW development pipeline is dominated by battery projects—around two-thirds of it. With grid access unlikely before 2035 for most of these assets, their near-term value is questionable. TRIG’s flagship Ryton battery project is under construction, but the rest of the pipeline may be stuck in limbo.
In short: consent no longer equals viability. Until NESO’s reforms take hold and infrastructure catches up, many battery projects—however strategic—may remain paper assets.
PS I also use to be a subscriber to Michael Walters under the name Strappedforcash!
AVI Japan Opportunity Trust (LON:AJOT) is buying Fidelity Japan Trust (LON:FJV) "In summary, FJV shareholders will be offered the choice of rolling their investment into new ordinary shares to be issued by AJOT as the default option, and/or to elect to receive cash in respect of part, or all, of their ordinary shares subject to an aggregate limit of 50% of FJV's issued share capital, at a discount to FAV (Formula Asset Value) of 1%."
I hold AJOT. Given the activist nature of AJOT they will have more funds- the combined trust will be nearly double AJOT's existing. So probably a good deal.
"Foreign inflows to Chinese stocks will probably continue after the summer, as a regulatory push to boost shareholder returns, appealing valuations and rising expectations of interest-rate cuts in the US lure investors, according to Morgan Stanley.
The rotation back to Chinese stocks was expected to be “stronger” after two consecutive months of net buying by global long-only funds, analysts led by Laura Wang at the US investment bank said in a report on Friday." From SCMP https://www.scmp.com/business/...
I am going to buy Fidelity China Special Situations (LON:FCSS) despite losing money in it a few tears ago ! They use gearing, currently 24% so if the market is strong returns will be increased , (As could losses)
I hold Jpmorgan China Growth & Income (LON:JCGI) , but wary of having too much in China (on top of Henderson Far East Income (LON:HFEL) and Aberdeen Asian Income Fund (LON:AAIF) ) so it is a 2% holding for me. Ie I should either commit more or get rid!
Tim, I have been on the sidelines for a while. Things do seem to be improving but maybe I read the SCMP too much !
I have an exposure to China in case it does have a sudden improvement - the trend looks to be going in that direction. I have a 2.5% exposure in Jpmorgan China Growth & Income (LON:JCGI) bought in Feb this year, so pretty much flat, although the trend line is going up.
I also have an ETF focussed on Chinese IT (4% position) which I bought at the wrong time (a spike in March) so is showing an approx 10% loss.
I don't believe China will stay in the doldrums over the medium term and who knows when it will spike up, but both holdings look to have bottomed out and who knows when the spike upwards might start.
Happy to hold both of these and see what happens.
I sold out of Henderson Far East Income (LON:HFEL) some weeks/months back so don't have any exposure here. Neither of my EM or Frontier Market holdings also have any exposure.
Sold HFEL as well a few months ago. Switched into Scottish Oriental Smaller Companies Trust (LON:SST) . Held HFEL for a few years, good dividends, but just got concerned about the management of the fund. Mainly if divs were covered.
Just to add a bit more regards China Tech - I am always about 2-weeks behind on my Money Week reading and Ive just spotted an article from 27th July (Page 12) which states "China takes lead in tech race" which basically says that China is fast catching up (and in some cases has overtaken) the US in all tech areas eg. EV (BYD), EV batteries (CATL), drones (DJI), solar wafers (LONGi) etc etc.
It is certainly an area worth watching.
Just to say I’m sorry for temporarily turning this thread in to kind posts about my predicament. I won’t explain the predicament as that would continue to clutter this thread, beyond determination to get through it.
I SO appreciated those kind posts, including old friends from Mike Walters site, but better now to let this thread get back to normal. So this is a request for no more replies about me and this post (much as I really appreciated them) to get us back to normal.
btw…I am reading all the posts here. Can’t add anything useful as I’m not up to speed beyond agreeing that now looks a good time for a Biotech Trust like International Biotechnology Trust (LON:IBT) .
Also Vietnam as I expected is having a great run with the 3 Trusts well up ((around 30%) but VinaCapital Vietnam Opportunity Fund (LON:VOF) still doing least well and still on big discount. I’m confident that Vietnam will prove a big winning market in time and hope a few readers of this thread did buy when that great buy opportunity was posted here and so ahead of the recent very fast gains.
Thanks again everyone.
Just a reminder- if your a shareholder do not forget to vote in the Gore Street Energy Storage Fund (LON:GSF) EGM. Ideally in favour of RM as I have and others on this thread. Only a couple of days left to get your vote registered.
Ken - very sorry to hear of your health problems. I remember from M Walter days you've suffered before with some issues. You're a wise old owl though, from researching investments to now researching your health issues - well done. All the very best, dartagnan
Investor Meet Company this coming week.
MIGO OPPORTUNITIES TRUST PLC
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Does anyone know why pharma trusts are performing so well recently?
I probably meant biotech!
Biotech trusts are due a bounce. Performed really badly over the last few years. See this link to AIC. I hold Worldwide Healthcare Trust (LON:WWH) and Polar Capital Global Healthcare Trust (LON:PCGH) . I am looking to buy Syncona (LON:SYNC) which is winding up, but waiting for further news before I do so. https://www.theaic.co.uk/aic/f...
There is merit in biotech, I am an avid investment trust follower, but my only holding now is BP Marsh, this will be a zinger! (BPM)
Thanks for your continued commentary, Charles. From my diary I am chipping in that, having Apax Global Alpha (LON:APAX) bid for and a share price now near it, we have sold and re-invested into Greencoat UK Wind (LON:UKW) , which I think is unfairly marked down because recent wind has been a bit low, which seems a very short-term view. At 116p, it seems to be able to afford its 8.8% yield, which is gently rising, and is of sufficient scale to be a consolidator (I'm a bit fed up of being taken out every month while wanting to maintain yield as a buffer against general economic gloom).
Also, we have added to our medium holding in Taylor Maritime (LON:TMIP) . This is no longer an IT, but some on the board may know it. They have aggressively sold down vessels and are starting to hold significant cash to, they hope, re-buy at the bottom. Meanwhile, they are sticking to their $0.02 per qu. div. 9.7% at our buy price. I suppose I am keeping faith with the Buttery family, who have decades of experience in the sector, but occasionally one does buy on trust. That's investment risk, but therein sometimes reward. It's certainly safer than any of the miners I have regretted!
Ragged, glad to see that you too have become involved in Taylor Maritime (LON:TMIP) , as I did just this week - an entirely new value/income idea. I also intend to add further if the share price continues lower. Not quite sure why Stocko has its dividend at zero - "shorely shome mishtake", especially when their recent results made it quite clear their intention to pay 8 cents (c 5.97p) over the year in quarterly installments. Implying a current yield of 10%.
I bought some more AVI Japan Opportunity Trust (LON:AJOT) on Weds having sold Zotefoams (LON:ZTF) at a small profit after the share price recovery. I only bought ZYF for the new packaging they were working on , so as my original reason for buying had gone after they dropped it I sold. I hold Nippon Active Value Fund (LON:NAVF) and my wife has CC Japan Income and Growth Trust (LON:CCJI) . The market was up this morning on strong earnings growth being reported, clarification on the trade deal with the US and a feeling US rates will be cut soon with Trump’s new appointment to the Fed board. Read this today"There really is no reason to not buy right now," said Takeshi Kamoshita, a senior fund manager at PGIM, explaining that companies will be able to calculate tariff impacts following the trade deal and that there are expectations for earnings to bottom out this fiscal year. "Investors are looking at companies' potential earnings for the next fiscal year and that is pushing stocks up."https://asia.nikkei.com/busine...
AJOT and NAV are activists in the market as corporate reforms continue to be pushed through to change the way companies treat shareholders. The risk is always the currency as a UK investor, I know some ETF have out performed. But I am happy to hold the trusts we do , particularly the activist pair. As the name suggests CCJI gives my wife an exposure to Japan plus an income. There are some more trusts focussed on Japan, 2 sectors on the AIC site, Japan and Japan smaller companies. https://www.theaic.co.uk/aic/f...
Hi Charles, I also had similar Zotefoams (LON:ZTF) situation and took the nice spike up to reduce my holdings. Have redployed in topping up Seraphim Space Investment Trust (LON:SSIT) & also took a nibble (excuse pun!) in Greggs (LON:GRG) which I think might be interesting entry point
Very keen on SSIT. Not sure about Greggs personally, but have only tried their food once and was not impressed. But I have not looked at in depth.
Gore Street Energy Storage Fund (LON:GSF) THE DEADLINE FOR PROXY VOTING CLOSES AT 1.P.M. ON 18 AUGUST 2025. DEADLINES FOR VOTING THROUGH PLATFORMS WILL BE EARLIER.
After watching both presentations, we have voted FOR the EGM resolutions by RM, mainly for two reasons: it is clear that there is not proper separation between the current Board and Manager; and I REALLY object to them using shareholder funds to send me and my wife (and presumably other holidaying family members) individual postcards. I find that quite improper. So give RM some influence.
Totally agree- I have voted the same way. How they persuaded two governance bodies, who I have never heard of, to support the board is just another example. Makes me wonder what they are concerned about new directors finding out.
I have just voted for the RM proposals rearding Gore Street Energy Storage Fund (LON:GSF) .
To those on Hargreaves Lansdowne, I couldn't find a way of voting through the mobile app, you need to use the web login, and follow the link to 'Shareholder meetings' on the main page.
Apologies if this is old news...
AJ Bell's SHARES magazine- features Income Trusts https://www.sharesmagazine.co....
RM have published a powerpoint presen`ation after this mornings meetings. https://rm-funds.co.uk/wp-cont...
I have voted in favour of the RM resolutions. Given the Board/Managers have paid for a mail shot to shareholders! and Investor Meet Company to mail out investors who follow GSF I am even less enchanted with the current structure. The 2 individuals RM are proposing top join the board seem to have the right blend of experience between them.
Thanks Charles although growth shares have always been my expertise I find this thread invaluable and have added several investment trusts to my portfolio to join other high yielding long term holdings. But does anyone know why Ken isn’t posting? I hope to goodness he’s okay. Not many will know me here as I post infrequently but Ken and one or two others will remember me as Grecian from the old Mike Walter’s site. We had a great run with growth shares in those days and Ken was very actively involved. Ken, after many years, if you read this look forward to reading your posts in the future.
George, I am not sure why Ken is not posting- I was also a bit concerned and hope he is OK.
Those comments were SO kind George. Thank you so much.
I’m in hospital with sudden serious issues at the same time, including extreme pain and spasms from several spine fractures. . So I’m hardly looking at investments etc and so not posting. Research on medical issues instead (e.g to be sure nothing prescribed or is done to make things worse). ..NHS “system” seems be a different Doctor every day (so sometimes not clued up at all) and sometimes the same Doctor for everyone in the ward. Hence the need to be clued up!
I’m starting to look here (my favourite Stockopedia thread) every day now and hope to be clued up enough to post here again before too long. Meanwhile the more contributors to this brilliant thread (THANKS Charles) the better.
Wrongly I assumed you were on holiday Ken!
Get well soon and look forward to you posting regularly again. Your financial wisdom is greatly appreciated.
Hope your fixed soon Ken
Yes get well soon Ken, for old times sake as you are reading the thread rather than posting at present I’ll list my current portfolio . We regularly did that in the early years on Mike’s site although my pot doesn’t have the high percentage of growth shares like it used to.
Hope you are better soon Ken and can get out & home. Best wishes. K
Get well soon ken, it's times like these that you need your portfolio taking care of itself :-/
timarr
Here's george54 current portfolio, as said not many growth shares at present but I'm sure their time will come again. I've never been a blue sky investor or held any of those type of stocks so for those interested in that form of investing go no further.
Aberdeen Group recovered nicely and a 7% yield
Audioboom, bought one third of a holding only the other day, no dividend but the podcast industry looks to have a good future ahead of it.
Augmentum Fintech, no dividend but persuaded by this thread and Simon Thompson, bought one third of a holding
Aviva, long term hold, yield 5.5%
Blackrock World Mining, yield 4%
Bluefield Solar Income Fund, yield 9%
BP, been rather lucky here as sold after holding for a long time at a higher price but sold Shell and bought them back 6 weeks or so ago, yield 5.75%
Foresight Solar Fund, yield 9%
GCP Infrastructure, thanks Charles, a nice 10% gain to date and a 9% yield
GSK, bought back within the past couple of months, yield 4%
Hollywood Bowl, another bought back fairly recently, I thought the share was way oversold, we will see at the next newsflow but 9% gain so far, yield 4.7%
Impax Asset Management, not one of my better efforts on paper but have received big dividends. Current 14% yield certain to be cut!
International Biotech Trust, dividend 4.4%
L & G, long term hold with an 8.25% dividend
Liontrust Asset Management, my worse investment on paper despite receiving big dividends over the years. Cut the holding in half a couple of months ago , dividend although the latest one paid today is certain to be cut
Lloyds, a longish term hold but had a good run recently, dividend 4%
ME Group, a previous winning growth share but after not holding for a while bought back very recently as the company appears to be up for sale? If so surely any take out price will have to be around £3-00, yield 3.6%
New River Reit, paid a dividend today, yield 9%
Paypoint, held for a while but surprised at the share coming off recently, yield 4%
Pheonix Group, yield 8%
Polar Capital Holdings, dividend 9.4%
Pollen Street Group, dividend 6.3%
Premier Miton, not long bought back , yield 9%
Prudential, yield only 1.8%
Rockwood Strategic, held this for a while, the team seem to have the gift of the gab for finding recovery plays. Let's hope it continues!!
Schroder European Real Estate Investments Trust and SDCL Efficiency Income trust, cracking yield and thanks to this thread for these two
Spire Healthcare, another possible take out play, yield only 1%
Supermarket Income Reit, yield 7%
TP ICAP, dividend 5.5% but surprised at the fall after this weeks newsflow, will be watching this one closely.
I have to say after the good market run I'm a little nervous now and recently have increased my cash balance to 30% by top slicing a few and selling out of others after recent price spikes. Rightly or wrongly the stocks I've sold are Foresight Group, price rose from £4 to £4-50, TT Electronics 80p to £1.05, Ashoka India £2.60 to £2.85, Venture Life 40p to 60p, Glencore, at a loss, IG Group, just over £9 to £10-50 although this looks to have been a mistake as the price is now £11.30. And finally 3 which might get comments from Charles and Ken, Seraphim after price spurt from 72p to 88p, Crystal Amber £1-30 to £1-55 and Hammerson £2-70 to £3-00
So there we are that's about it, fwiw I've always tended to run winners and cut losers and try to buy on market dips, hence the reason for increasing my portfolio cash balance to 30% at present.
Oh yes I did buy a couple of world market trackers after the US market falls back in February. As they are heavily weighted in US stocks they've done okay on the DOW and Nasdaq rebound but thinking about it I reckon I might dump them on Monday as well and take my smallish short term gains.They are HSBC All World Index and L & G Global Equity.
Comments welcome and Ken get well soon, I hope this doesn't bore you to tears
Thanks George, always good to see what others are invested in. Here's mine and I notice that I've become a bit more venturesome, possibly, and psychologically off the T/O of two holdings, APAX and IPF. So i have somewhat relented in my high dividend approach to buy-
Speculatively: IES, SCE and IOF (1% holdings)
Chartwise: VOD, CARD, ECOR (2%)
Income Value: TMIP (2+% and looking to add for that 10% dividend)
YTD is 16%, including dividends reinvested.
On the watchlist: Vistry (LON:VTY) % Taylor Wimpey (LON:TW.) .
AAIF, ABDN, ASHM, BRWM, CAML, CARD, CLI, CLIG, CSN, DUKE, ECORA, GCP, FGEN, HEFL, IES, IOF, IPX, LGEN, MNG, NESF, NRR, OSB, PHNX, POLR, RCH, RECI, RWS, SCE, SEIT, SERE,SEQI, SOHO, SNWS, SQZ, SUPR, TFIF, TMIP, VOD
Get well soon Ken! All the very best!!!
Oh no - poor you Ken. You've had a rough few years of late - here's hoping you are soon on the mend.
Gosh, so sorry to hear that, Ken. You are definitely missed here, so GBS!
So sorry to hear you're in pain and difficulties, Ken. I hope you recover soon.
Dear Ken
Really hope you are better soon.
I have learnt an awful lot from your comments and generous approach on this Board.
Yes I was a bit surprised to receive that mail out this morning from Gore Street Energy Storage Fund (LON:GSF) .
Less of a surprise was their recommendation to vote against the 4 resolutions without mentioning what they are!
Indeed. I can only see positives in replacing 2 directors with the RM suggestions.
Gore Street Energy Storage Fund (LON:GSF) RM webinar link- do sign up, should be interesting ! A presentation about their plans for GSF.
This webinar is open only to professional investors and self-certified sophisticated Investors, as defined under the Financial Services and Markets Act 2000 (FSMA) and
related regulations, and is intended solely for individuals who are resident in the
United Kingdom or in jurisdictions where participation would not breach local
securities laws. Verification of investor status may be required upon registration.
Investors may sign up by following the link below:
https://us06web.zoom.us/webina...
9am, Wednesday 6th August
Asian exports set to decline as tariff 'front-loading' loses steam https://asia.nikkei.com/busine...
Whats the likely impact of tariffs on a trust like Henderon Far East Income (I hold)?
It is hard to quantify. A lot of the countries have good inter-nation trading excluding the USA. India looks a slight concern given the row over Russian oil, though I am continuing to hold by two Indian Investment trusts.
A J Bell have given me permission to share the link to the magazine they produce weekly- this features Biotech and Health care stocks https://www.sharesmagazine.co....
Gore Street Energy Storage Fund (LON:GSF) RM response and webinar on this Weds. https://www.stockopedia.com/sh...
Reading that response, it seems like Gore Street Energy Storage Fund (LON:GSF) and the investment manager have far too cosy a relationship, in fact they seem like one and the same. No wonder RM Funds have decided to act.
Investor Meet Company this coming weeek.
PREMIER MITON GLOBAL RENEWABLES TRUST PLC
Investor Presentation
5th Aug 2025 at 11:00am BST
CT UK HIGH INCOME TRUST PLC
Financial Year 2025 update
8th Aug 2025 at 10:00am BST
THE RENEWABLES INFRASTRUCTURE GROUP LIMITED
Interim Results
8th Aug 2025 at 1:00pm BST
Summary of AIC monthly corporate changes in the sector
VITP Update
Charles, thanks again for keeping the IT threads going, they are much appreciated. Have a good August.
I do not buy and sell Manchester And London Investment Trust (LON:MNL) but it does seem to be quiet volatile, name always appearing in top 10 or bottom 10. Biotech had a good month, so some of the health care trusts lagged. Why Augmentum Fintech (LON:AUGM) was down given it looks like there could be an investor in Tide above book value is beyond me, but many things are. Might be the first month the 10 ten equity and top 10 all trusts have the same 10!
Life Science Reit (LON:LABS) was a bad month. Another trust board who announce a review and I can only assume when potential buyers had a look questioned valuations. These boards really need to be more attuned to shareholders and less enthralled by the managers. The quality of many trust boards would appear to be pretty mediocre. But I guess being asked to be on a trust board probably looks like a nice gig, what could disturb the cosy pooled fund . The lesson all boards need to learn is things do and they need to pay close attention to valuations and the fees managers are charging, particularly when trading on a large discount.
Gore Street Energy Storage Fund (LON:GSF) EGN looms. I have been in contact with RM and they seem to have a clear idea of how to resolve this discount and ensure a decent income is generated. I have been emailed their letter to the board, it is in the public domain though has not been widely seen. I will add it just below this post.
Off topic I was pleased to read in the Guardian that the River Test has been recognised by the local council, Test Valley, as having rights. I am part of a citizen science group in Carmarthenshire and we test the local river monthly, will be testing the estuary from next month and a larger river than runs nearby, and into the same estuary from October onwards. This explains in case you were not aware why I liked the now end of life Hydrogenone Capital Growth (LON:HGEN) and own a few solar trusts. A good listen if your at all interested in the idea , which most children would say is obvious, that rivers are alive please listed to this https://www.bbc.co.uk/sounds/p... and interview by Amol Rajan with Robert Macfarland : Rivers are dying so give them Rights. I am currently listening to Macfarlane's latest book on Audible "Is a river alive"
Enjoy August before we know it the days will be shortening.