Investment Trust- Thoughts (July 2025)

1st Jul by Charles Mitchell

267 comments 8165 reads

Investment Trust- Thoughts (July 2025)

Links to older monthly thoughts-reader request.

July 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.

June 2025 Investment Trust monthly performance.

Top 10 Equity only

Digital 9 Infrastructure (LON:DGI9) +17.8%

Seraphim Space Investment Trust (LON:SSIT) +16.6%

Polar Capital Technology Trust (LON:PCT) +11.3%

Hansa Investment (LON:HAN) +11.3%

Strategic Equity Capital (LON:SEC) +10.7%

Templeton Emerging Markets Investment Trust (LON:TEM) +10.1%

Shires Income (LON:SHRS) +9.8%

Manchester And London Investment Trust (LON:MNL) +9.3%

Rockwood Strategic (LON:RKW) +9.1%

Onward Opportunities (LON:ONWD) +9.1

Bottom 10 Equity only

Scottish Oriental Smaller Companies Trust (LON:SST) -4%

Worsley Investors (LON:WINV) -2.7%

Pantheon Infrastructure (LON:PINT) -2%

Diverse Income Trust (LON:DIVI) -1.9%

VietNam Holding (LON:VNH) -1.7%

Sure Ventures (LON:SURE) -1.7%

Blackrock Income and Growth Investment Trust (LON:BRIG) -1.7%

Sts Global Income & Growth Trust (LON:STS) -1.4%

Castelnau (LON:CGL) -1.2%

Top 10 All Types

SDCL Efficiency Income Trust (LON:SEIT) +31.7%

Downing Renewables & Infrastructure Trust (LON:DORE) +21.7%

Gresham…

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Charles Mitchell

24th Jul

MIGO price has done well, discount 3.8 %, seem to recall it was a lot larger than that. Hope it goes well for you Kevin

Brucie5

Ecora Resources (LON:ECOR) up 4% today, now just exceeded its year high. Its two year high sits at £1.20, which is where I would expect it to be headed medium term if the commodity cycle has legs. (Excuse the mixed metaphor!).

Here's the recent update, which also has debt falling. Though I'm rather assuming that debt on a rising value of commodities has the effect of leverage? Not so good on the way down, but a lot better on the way up..?

Ecora Resources PLC Q2 2025 Trading Update - ADVFN

Brucie, Did see they announced today. Should have followed you but exposed through BlackRock World Mining Trust (LON:BRWM) Perseus Mining (ASX:PRU) and Sylvania Platinum (LON:SLP) . Probably enough, but I do have a small dealing fund so rather kicking myself ! Enjoy the ride.

Dave R

25th Jul

Kepler released a report on Blackrock Frontiers Investment Trust (LON:BRFI) recently. One I haven't really looked at before but seems interesting. https://www.trustintelligence....

It is an interesting trust with a unique exposure. I held in a few years ago but it did nothing and foolishly sold it. Has performed well over the last 6 months.

KevinS1

26th Jul

It is one I bought into a couple of months back on the proviso that EM's do well in the current macro conditions of the weakening US Dollar etc.

It is one step beyond EM's with some very interesting country exposure - who knew I'd be holding stocks from Pakistan and Kazakhstan one day!!!

My main EM exposure comes from a unit trust I hold (Redwheel Next Generation EM - very little overlap with Blackrock Frontiers Investment Trust (LON:BRFI) and an excellent 5 year track record.

The Tariffs obviously had a major impact initially in these types of fund, but as things have become clearer they have all recovered and really pushed on (like a lot of other trusts & shares).

Comparison of the two over 5yrs - Blackrock Frontiers Investment Trust (LON:BRFI) vs Redwheel Next Gen EM

Interesting Kervin. Was the out performance due to Redwheel's exposure to South Africa? I see they have 9.65% there, BRFI have zero ?

Scotty020

28th Jul

Life Science Reit (LON:LABS) update today not taken well after -11% NAV (now 66.3p) but says plenty of interest in sale process. I guess the good potential upside will come down to how close they can get the NAV on the sale of these assets

Scotty, I hold and agree with you. Hopefully this write down is so that any offer is near enough at NAV rather than having to explain to shareholders why they should accept an offer 7-10% below NAV. But i could be over thinking how smart the board are. I am in profit and may regret not selling last week. But will hang on for now.

29th Jul

Augmentum Fintech (LON:AUGM) (I hold) https://news.sky.com/story/tid...

TPG, the American private equity giant, is in advanced talks to take a stake in Tide, the British-based digital banking services platform.

AUGN have a stake.

30th Jul

Hydrogenone Capital Growth (LON:HGEN) has announced it is going to wind up. As I rather feared there were doubts whether HGEN could continue as a going concern due to lack of sale of investments . The current managers have been dismissed.

I would say that the board need to consider their position in this. I m holder, and looks unlikely that I will recover ll my investment, but who knows, the new manager to undertake the wind up is Redbank and they are going to review the assets and come up with a NAV in mid-September.

Not the first trust board to blame the managers , at the end of a period of underperformance. Surely the share price alone would have raised concerns about whether the NAV they were issuing was accurate.

I do not regret the original investment as I believe the hydrogen story. They failed to raise sufficient funds at the IPO, which was a concern at the time.

What rankles is the failure of the board to challenge the managers more rigorously and reach a position where they ran out of cash.

Gore Street Energy Storage Fund (LON:GSF) They have announced they will look to sell or co invest some pre-built assets and re-invest in Uk and Ireland to increase income. Positive spin on it but I am concerned at the mention of using existing debt facilities. There is ICM this afternoon at 2.00, I will watch a recording as bitter experience means they will ignore any questions, if allowed, during the meeting.
I will wait until I have seen it but I suspect I will be selling some or all of our holding.

Willinvest

Hydrogenone Capital Growth (LON:HGEN) Now up 6% on the news.

Certainly an interesting situation with a 70% discount to previously stated NAV. There was an analysis of the holdings in a recent article from Oak Bloke (July 19).

This is a recent holding for me and so I am fortunate that I am not as underwater as those that bought last year but I am hopeful that there will be value added re the current SP in the fullness of time ... but of course this might be the biased wishful thinking of a holder!

Hope it goes well, I am drowning in it !

Gore Street Energy Storage Fund (LON:GSF) Seem to be very unhappy with RM according to Citywire https://citywire.com/investmen...

My heart does noty bleed for them, share price performance has been poor, effectively cut the dividend. And now upset because a large shareholder wants things changed. I am unclear what the cuckoo analogy is about. A cuckoo, as does a cuckoo bee by the way, lays its eggs in another nest and gets the mother to raise them, brood parasites they are known as. So are RM brood parasites ? if so what eggs are they laying to be raised by the current board and management.

I am fully supportive of RM by the way.

31st Jul

Gore Street Energy Storage Fund (LON:GSF) I received my voting notice for the EGM. I have voted for all 4 resolutions . I.E in favour of appointing two new directors as requested by RM and reming two existing. The proposals by RM look the best way for shareholders to see the discount to narrow and dividend be protected. Vote could be close so do vote.

Chrysalis Investments (LON:CHRY) nice update today (I Hold) with around 14% increase in NAV mainly from Starling & Klarna. Has been a steady riser in the last year

af20001

Hopefully HL give me the ability to vote on the Gore Street Energy Storage Fund (LON:GSF) resolutions.

They 100% should. The AIC have been pushing this recently.

Investment Trust- Thoughts (July 2025)

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Charles Mitchell

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