Investment Trust- Thoughts (May 2025)

8:10am by Charles Mitchell

7 comments 223 reads

Investment Trust- Thoughts (May 2025)

Links to older monthly thoughts-reader request.

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.

April 2025 Investment Trust monthly performance.

Top 10 Equity only

Athelney Trust (LON:ATY) +12%

Aurora UK Alpha (LON:ARR) +6.9%

Majedie Investments (LON:MAJE) +6.3%

CT UK High Income Trust (LON:CHI) +5.5%

Nippon Active Value Fund (LON:NAVF) +5.2%

European Assets Trust (LON:EAT) +4.8%

Merchants Trust (LON:MRCH) +4.4%

abrdn New India Investment Trust (LON:ANII) +4%

City of London Investment (LON:CLIG) +3.9%

International Public Partnerships (LON:INPP) +3.6%

Bottom10 Equity only

VietNam Holding (LON:VNH) -15.2%

Jpmorgan China Growth & Income (LON:JCGI) -13.3%

Aberforth Geared Value & Income Trust (LON:AGVI) -13.2%

Schroder British Opportunities Trust (LON:SBO) -12.9%

Jpmorgan Emerging Markets Investment Trust (LON:JMG) -12.9%

Fidelity China Special Situations (LON:FCSS) -12.8%

Vietnam Enterprise Investments (LON:VEIL) -11.6%

Chelverton UK Dividend Trust (LON:SDV) -10.6 %

Baillie Gifford China Growth Trust (LON:BGCG) -10.1%

JPmorgan US Smaller Companies Investment Trust (LON:JUSC) -9%

Top 10 All Trusts

Athelney Trust (LON:ATY) +12%

Social Housing REIT…

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Brucie5

9:52am

Really excellent, Charles, and thanks for taking the time. Little to add except that I hold several of these miscreants, including Apax Global Alpha (LON:APAX) (across several folios) , which is something of a mystery and has been written about rather positively by Oakbloke as one of his ideas of '24. In January of this year he noted their realisation of Paycor at a 69% uplift in value. So they do some things right, though the discount has only steepened. I have resolved to be patient.

Apax Global Alpha | The AIC

APAX - hits a 38.7% est. discount - The Oak Bloke

Charles Mitchell

10:35am

IP (LON:IPO)(I hold) Spotlight presentation, not a trust but I know some readers follow it. https://www.investormeetcompan...

number33

11:24am

VITP update

ACounsell

11:26am

Any remaining holders of Digital 9 Infrastructure (LON:DGI9) appear to be throwing in the towel this morning following the 2024 final results announcement yesterday. Yet more delays on asset sales and an implication that the most valuable remaining asset (Arqiva) is dependent on receiving broadcasting licences in 2027! For those of who have been foolish enough to hold on (and there can't be many!!) it has got to the stage where this is a complete write off. The 90%+ fall from my buy price is more akin to a racy commodity stock or small loss making on line business. How the Independent Directors of this shambles can be allowed anywhere near an Investment Trust is beyond me - they have clearly failed in one of their primary roles, Corporate Governance. The assets they have allowed the Investment Manager to acquire have been shockingly bad investments and demonstrated a complete lack of due diligence and business acumen. As Cordiant Digital Infrastructure (LON:CORD) have demonstrated this should be a sector with considerable potential so it can only be truly dreadful execution by the Investment Management and appalling oversight by the Board!

archibold

11:30am

Thanks Charles, really insightful as always! When looking at the listed PE names above, it reminded me of John Authers comments the other day in Points of Return about US university endowments potentially needing to liquidate PE holdings to plug funding shortfalls (due to "govt activities" - let's not go into that one here) and potentially triggering a run. Just wondering if there is a risk that requests for redemptions (due to a recession/trigger event etc) cause a spiral and something disorderly for some of the above? Presumably they have mechanisms in place to defer withdrawals, but not sure if you'd want to be stuck in that. Not an expert, so I may have missed something fundamental, but thought I'd ask....

1:07pm

Archibold, As the Trusts are PLC's with a fixed capital there is no danger of withdrawals. If a holder sells and no buyers then the share price will fall.

1:08pm

Totally agree- I am holding on partly so I can email the board and raise these issues.

Investment Trust- Thoughts (May 2025)

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Charles Mitchell

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