| Investment Trust- Thoughts (June 2025)

Sat 9:43am by Charles Mitchell

16 comments 680 reads

Investment Trust- Thoughts (June 2025)

Links to older monthly thoughts-reader request.

May 2025 April 2025 March 2025 February 25 January 2025 December. 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/

Plenty of performance data on that site.

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.

May 2025 Investment Trust monthly performance.

Top 10 Equity only

Seraphim Space Investment Trust (LON:SSIT) +41.7%

Manchester And London Investment Trust (LON:MNL) +23.6%

Augmentum Fintech (LON:AUGM) +22.8%

Schiehallion Fund (LON:MNTN) +17.6%

River UK Micro Cap (LON:RMMC) +13.4%

Weiss Korea Opportunity Fund (LON:WKOF) +13.4%

Polar Capital Technology Trust (LON:PCT) +13.2%

Molten Ventures (LON:GROW) +12.8%

Odyssean Investment Trust (LON:OIT) +12.6%

Canadian General Investments (LON:CGI) +12.2%

Bottom10 Equity only

Majedie Investments (LON:MAJE) -9%

International Biotechnology Trust (LON:IBT) -8.6%

British and American Investment Trust (LON:BAF) -6.2%

RTW Biotech Opportunities (LON:RTW) -3.9%

Nippon Active Value Fund (LON:NAVF) -3.7%

Biotech Growth Trust (LON:BIOG) -3.5%

Polar Capital Global Healthcare Trust (LON:PCGH) -2.7%

Digital 9 Infrastructure (LON:DGI9) -0.6%

Bellevue Healthcare Trust (LON:BBH) -0.1%

Athelney Trust (LON:ATY) -0.0

Top 10 All Trusts

Seraphim Space Investment…

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Brucie5

Sun 8:44pm

Thanks for bringing this up to date Charles. I particularly look forward to hearing your further views on SDCL Efficiency Income Trust, which I hold between gritted teeth. Or is it truly a gift horse?

number33

Mon 8:20am

Virtual Investment Trust Portfolio update

Charles Mitchell

Mon 12:08pm

Join Portfolio Manager Jeff O'Dwyer in this one hour webinar for the Schroder European Real Estate Investment Trust.

He will present the half year results of the Trust for the six months ended 31 March 2025. You will also have the opportunity to pose questions during the session.

Wednesday 18 June 2025
09:00 - 10:00

apozniak

Mon 12:13pm

Thanks again Charles for the update. Like Brucie5 I hold (a lot, maybe too much) of @SEIT, don't believe there's anything too negative but will be reassured if you come to the same conclusion. Am also down circa 30% on @RGL but think I will struggle to convince myself to buy more. @GROW is also a current holding and nice that it rallied somewhat in May. To add to your list, I think @PIN, a large fund on a near 40% discount, is also in interesting territory.

Mon 12:27pm

I struggle with PIN. Presentations are always great, performance no so. But maybe I should look again.

Mon 12:28pm

Investor Meet Company this week - just the below

INDIA CAPITAL GROWTH FUND LIMITED
Annual General Meeting
5th Jun 2025 at 11:00am BST

Registered

ken mitchell

Mon 3:23pm

Thanks again to number33 for posting the latest state of the Virtual Investment Trust portfolio. It looks good at a casual glance because of the near £1700 increase since last month.

The reality though is that performance should be way better and a reason it isn’t because too often when buying or topping up my own Investment Trusts or reading posts here covering what look like excellent new buys, I don’t even think about using (as I should!) some of the current £7000 cash to buy any of them for the portfolio.

To give a few recent examples of this; Charles covered what looked a strong buy case for Seraphim Space Investment Trust (LON:SSIT) and I bought it….but why not for the portfolio too? The same on April 7th when Charles posted a very reassuring reply from Craig of VietNam Holding (LON:VNH) when the share price had crashed thanks to Trump’s tariffs. I posted that I had topped up VietNam Holding (LON:VNH) on April 7th at 261p. It’s now 30% higher at 341p. I also topped up BlackRock World Mining Trust (LON:BRWM) and VinaCapital Vietnam Opportunity Fund (LON:VOF) both up 20% since, the same day. Again none for the portfolio! Ditto when there were plenty of posts here when Supermarket Income REIT (LON:SUPR) looked far too cheap at 65p. It was. Now up 30% to 82p but none added to the portfolio. I also forget to sell when selling or reducing one of my holdings, or after an obviously disappointing update.

It doesn’t really matter as most will make their own buy and sell decisions. And most of us know that investing in a wide range of Investment Trusts often works well, and that’s why we invest in them and use some of the good posts here to add another tool for our decision making. And disappointing though performance over the last 3 years has been, it’s no worse than the UK indexes and a lot better than the awful long term performing AIM index.

Where the portfolio might be very useful is for anyone only just starting to look at Investment Trusts as it gives a good indication of the many sectors and Countries and Regions we can use Trusts to invest there. And the big gains for Virtual Portfolio Trusts bought years ago are also useful in showing the gains it’s possible to achieve.

Mon 3:45pm

SDCL Efficiency Income Trust (LON:SEIT) I can see nothing to suggest any issues. The target dividend has been mentioned twice in the last 9 months, no RNS to say that it was in doubt. There is a presentation on June 23rd so might wait for that before increasing my holding. Email seit@cardewgroup.com if you want to attend. Will be interesting if they do let private investors- it states for investors and analysts. I have requested.

chelsea

Mon 5:16pm

Does anyone hold or have any views on Polar Capital Global Financials Trust (LON:PCFT) On a small discount and intending to payout 4% of NAV as new dividend policy imminently. Also a continuation vote shortly but given holdings I can’t envisage why would not pass.

bsharman

9:23am

I've noticed that the infrastructure funds have picked up over the past few days: Sequoia Economic Infrastructure Income Fund (LON:SEQI) GCP Infrastructure Investments (LON:GCP) HICL Infrastructure (LON:HICL)

Is there a reason for this in particular or just people moving into this cheap unloved sector with very high yields?

raggedtp

9:39am

Thank you for keeping this thread going, Charles. I also see no real reason why SDCL Efficiency Income Trust (LON:SEIT) is so low. But then, we are heavily invested and holding. Perhaps it is unloved for a couple of reasons. Firstly, it is a pretty technical trust, covering a wide range of energy efficiency solutions, which most people aren't interested in understanding. I should know: I started a small company in this area in the UK in 1990 and gave up fast, as people's eyes just glazed over, even when I showed how to save them money with no capital expenditure. It's just not sexy. Secondly, a lot of this is in the US, and people may think the rollback of the IRA will hurt. SDCL produced a blog post on why the impacts should be limited, https://www.sdclgroup.com/blog... . While I will also sign up to the results presentation, we are holding steady for now, comforted by the dividend apparently being covered. I don't expect an uplift this year, but it's huge.

I have to say, we are now invested in 10 different new energy/energy efficiency/infrastructure trusts, partly for income opportunities I think I may never see again, and partly because there will be consolidation, and I don't want to miss out!

10:03am

Chelsea, PCFT is a sound investment in my opinion. I would hold but rather over weight in Augmentum Fintech (LON:AUGM) and whilst PCFT is very different as it holds listed I do not want further exposure to financials- I hold Legal & General (LON:LGEN) M&G (LON:MNG) and Aberdeen (LON:ABDN) as well.

I mayu well buy more after the meeting

af20001

10:55am

While I don't hold quite as many as 10, I also hold a number of new energy/energy efficiency/infrastructure trusts, mainly because of the high yields and large discounts available (helpfully pointed out by contributors in these threads). I often wonder if I'm too exposed to this sector, but hopefully buying in at such already large discounts limits any potential downside.

1:14pm

Thanks Charles. Quite like the banking sector but dont want to be exposed to single stocks and it seems to have a global spread and therefore diversified. I also hold insurance financials; Aviva (LON:AV.) Legal & General (LON:LGEN) M&G (LON:MNG) Polar Capital Holdings (LON:POLR) primarily for income although the share prices recently have perked up which is a bonus.

3:46pm

That was a very helpful post raggedtp including the link you provided. Seems there’s a chance that SDCL Efficiency Income Trust (LON:SEIT) is woefully undervalued on that 52% discount and I’m tempted to average down. I’m 10% down at present. And 14% dividend means that even if it is cut, the yield should still be high.

I hold 7 in the Renewable sector and went for the biggest yielders, and GCP Infrastructure Investments (LON:GCP) from the Infrastructure sector.

Investment Trust- Thoughts (June 2025)

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Charles Mitchell

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