Good morning investment trust professionals,

 Contents

1. Overview for the week
2. Frostrow investor Events
3. Investment Themes
4. Sector data for the week

1. Overview for the week

 Equity markets have continued to climb the wall of worry hitting record highs throughout the week as Trump hits the end of his first six months in power.  The S&P 500 Index rose 1.3%.  A US / Japan trade deal was signed indicating that tariffs will be kept at 15% rather than the 25% level expected.  The Nikkei 225 Index is up 4.1% this week accordingly.  Scott Bessent is off to Stockholm next week also to meet with Chinese delegates and the market has been rising there on optimistic expectations that there could be a delay to tariffs.

 The FTSE 100 Index has been rising again also, this week up 1.5%.  The UK Government is resurrecting the Pensions Commission given fears that we are sleepwalking into a retirement crisis here with pensioners set to be worse off in years to come without action. According to analysis by the Department for Work and Pensions, 15m people are not saving enough for retirement.  We note Chris Hayward, Policy Chair of the City of London Corporation, talking about policy to encourage sensible risk taking and getting over the ‘allergy to risk’.  We clearly need to encourage more of this debate to foster a satisfactory equity risk culture, particularly given the IMF’s warning about growth and fiscal constraints.

 Separately, Narendra Modi, the India PM, has been visiting London to sign a free trade agreement with the UK worth £6bn.  We may have seen some positive retail sales in June but we need that, especially with UK Government debt rising by £20.7bn in June, more than expected and an increase of £6.6bn from June 2024. Interest charges alone accounted for £16.4bn of that total, up from £8.4bn a year ago, so UK Gilts ticked a little higher with bond investors naturally requiring more return to be persuaded to invest.  The increasing debt burden together with the ongoing concerns about growth has produced some further concerns from another senior global banker, David Solomon, the boss of Goldman Sachs, who has rightly warned us that, “talent is much more mobile than 25 years ago.”  It certainly seems that taxpayers are more mobile here.

 In the investment trust sector, discounts to NAV have been contracting again, this week by another 40bps on average and by 3.3% since the Trump tariffs kicked in.  I quote the late great Ozzy Osbourne here from “Iron Man”, “Why should we even care.”  Well, I will tell you why - one can only see that momentum continuing, as we have said before – if the UK Government are pushing LTAFs to hold less liquid assets, then the already stronger corporate governance protections, fully baked, diversified portfolios, independent Boards of directors and mainly with shares trading at discounts to NAV, the investment trust sector is the place to start before thinking about LTAFs naturally.  As an example, look at the APAX Global Alpha take private announced this week.  The shares are up 18.6% this week following the announcement and the discount has contracted by circa 13% points from 30.6% to 17.1%.  If that was not enough, basically all of the other listed private equity funds have had mini share price rallies in sympathy. Do not be short of investment trusts my friends.  It is increasingly clear that the market has totally mispriced the listed company sector. One well known investor in the sector, Tom Treanor, the new co-portfolio manager of MIGO Opportunities Trust, he knows this and has purchased a significant number of shares to align himself with his shareholders.  We like that, it is a great sign to others.

 We saw a less great sign at Third Point Investors who had previously announced a $75m tender at a very wide discount.  That clearly dismayed investors and a period of shareholder consultation has followed.  The outcome of that consultation was announced this week and it seems that quite a number of investors are still angry about its plan to turn itself into a US pension provider next month. Asset Value Investors, Evelyn Partners, Almitas Capital, Staude Capital and Metage Capital said that they have formed the TPIL Investor Group to fight for a “fair deal” for shareholders in this underperforming investment company. Having complained to the FCA and Takeover Panel, the dissenting shareholders are pushing for a vote of independent shareholders next month, ie excluding the Third Point shareholding, which they could be in a strong position to win if 50% support is required. The company says it has the support of 45% of shareholders, including 25% held by the manager. It feels like this may be a battle that intensifies in weeks to come albeit we need more APAX stories and less Third Point at this stage.

1. Frostrow Investor Events

  Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £157.6m mkt capn, 41.7% discount to NAV): Please contact Frostrow for interest in seeing Tim Levene in London and the regions in 2025.  The AUGM Capital Markets Day took place on Wednesday 2 July 2025 at Searcy’s at The Gherkin, between approx. 8:30am and 1:30pm.  Contact Frostrow to attend. The latest Frostrow webinar from our London seminar in May 2025 is available to see on You Tube here.

https://www.youtube.com/watch?v=HsulTfN_o1A

 The IMC webinar from 1 July 2025 is available here:

AUGMENTUM FINTECH PLC - Annual results for the year ended 31 March 2025 on 1 July 2025 | Investor Meet Company

 Aurora UK Alpha (ARR LN, UK All Companies, £286.4m mkt capn, 9.8% discount to NAV):  the Phoenix investment team are available for meetings with investors in 2025. The last webinar was recorded on 14 July 2025 and is available to watch here:

https://www.youtube.com/watch?v=0hl0yNZgRlM

 Kartik Kumar gives his updated thoughts at the time of our London investor seminar in May 2025 here:

https://www.youtube.com/watch?v=ZZGGM5Aw5sw

 And via UK Investor Magazine also (May 2025):

Aurora UK Alpha Investment Presentation May 2025 - UK Investor Magazine

 We also enclose the invitation for the Aurora UK Alpha plc Investor Event on 15 October 2025

See below for link to reserve a spot

 Biotech Growth Trust (BIOG LN, Biotechnology & Healthcare, £203.6m mkt cap, 7.6% discount to NAV): the latest webinar took place at 3pm UK on Tuesday 25 February 2025. You can hear the recording on the following link:

https://www.youtube.com/watch?v=wxOUIC0oT5s

 Geoff Hsu, lead manager, gives further thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=VjloEBj9O1I

 The AGM recording, including presentation from portfolio manager Geoff Hsu, from 17 July 2025 should be available shortly also.

 CC Japan Income & Growth Trust (CCJI LN, Japan, £272.2m mkt capn, 9.8% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2025.  In addition, the last webinar was recorded on 22 January 2025 and is available on the following link:

https://www.youtube.com/watch?v=MmbViKRnsdA

 In addition, we highlight the most up-to-date thoughts from management at the time of our London investor seminar in May 2025 here:

https://www.youtube.com/watch?v=VcVErs9OUN8

 CCJI management conducted a webinar on 17 June 2025 via Investor Meet Company, recording available here:

https://www.youtube.com/watch?v=7X_p5A3SXT8

 CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £143.7m mkt capn, 0.9% discount to NAV): please contact Frostrow to arrange a one-on-one meeting with management in 2025.  The managers presented on the investment opportunity on 10 June 2025, so please have a look if you were not able to make it:

https://www.youtube.com/watch?v=wJtWKAesmOI

 Custodian Property Income REIT (CREI LN, Property UK Commercial, £377.3m mkt capn, 18.9% discount to NAV):  Richard Shepherd-Cross, lead manager, available for meetings in 2025 (physical throughout UK, or zoom, as per preference).  Richard also gives his most updated thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=XOQA7R2yBKk

 Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £233.5m mkt capn, 9.4% discount to NAV) :  Jean-Hugues de laMaze, lead manager of the Trust presented at a webinar with Frostrow on Wednesday 23 April 2025.  The link to the recording is available on the link below:

https://www.youtube.com/watch?v=lVkYbR67ecE

 Jean-Hugues also presented via IMC on 10 July 2025, with the presentation link below:

https://www.investormeetcompany.com/companies/ecofin-global-utilities-and-infrastructure-trust-plc

 Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,308.4m mkt capn, 7.9% discount to NAV):  Nick Train’s AGM presentation (January 2025) was recorded and is available to view on the Frostrow You Tube page.  Click the link here to see it, it is worth a view:

https://www.youtube.com/watch?v=yE9HV__Iwlc

 We also highlight our most recent recording of Nick’s presentation following our London investor event (May 2025):

https://www.youtube.com/watch?v=HeiFCPd5zS8

 MIGO Opportunities Trust (MIGO LN, Flexible Investment, £70.7m mkt capn, 3.5% discount to NAV): Following on from the HY results release, Nick Greenwood and Charlotte Cuthbertson presented on a webinar at 11am on 24 January 2025.  This one stop shop is a great way to play the discounts on offer generally in the listed fund sector.  The recording can be accessed on Frostrow’s You Tube page here:

https://www.youtube.com/watch?v=XuSoFuNKSXk

 To watch the most recent update which took place on Monday 23 June 2025, please see below for the link:

https://www.youtube.com/watch?v=1BT7aH0da04

 Mobius Investment Trust (MMIT LN, Global Emerging Markets, £159.6m mkt capn, 4.5% discount to NAV):  Carlos Hardenberg, lead manager, presented at a webinar from his trip to Taiwan in April 2025.  Please see below the link to the recording:

https://www.youtube.com/watch?v=sMBNxj6ZD-o

 In addition, Carlos gives his thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=E4GIjtAelhc

 Carlos also presented via Investor Meet Company on 24 June 2025, see below for the link to the recording:

https://www.investormeetcompany.com/meetings/investor-presentation-845

 Temple Bar Investment Trust (TMPL LN, UK Equity Income, £976.2m mkt capn, 0.6% premium to NAV): Ian Lance and Nick Purves presented on the trust at a webinar on 18 March 2025.  Please do click on the link below to see the recording as well as the link to ‘reflections on current market volatility’ or to hear the Chairman, Richard Wyatt, or to see the recent AGM update

https://www.youtube.com/watch?v=wkaifQndXaQ

https://www.templebarinvestments.co.uk/media/insights/reflections-current-market-volatility/

https://www.investormeetcompany.com/updates/an-update-from-the-chairman/show

https://www.youtube.com/watch?v=AcVspDPT3-c

 The Managers presented an update on 12 June 2025, click here to watch if you were not able to make it:

https://www.youtube.com/embed/M37EYIh-VCM?rel=o

 Read the quarterly Temple Bar IT newsletter here: htts://www.investormeetcompany.com/updates/finding-value-in-modern-markets/show

 Worldwide Healthcare Trust (WWH LN, Biotechnology & Healthcare, £1,408.9m mkt capn, 6.0% discount to NAV): Sven Borho presented at this year’s AGM in July 2025, see below for the link to watch: 

https://www.youtube.com/watch?v=x0K6RxlI40c

 In addition, if you did not make the 30-year anniversary event and you would like a copy of the presentation, please contact Frostrow

 Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Matt Norfolk-Clarke & Nicholas Todd

Please contact us on ir@frostrow.com

Trump is doing his best to re-set the world trade order and in so doing will potentially re-set the investment landscape.  Saba Capital have said they are “ready to buy billions more UK investment trusts [and they are] open to taking stakes in trusts that hold illiquid assets [now also]”. Rachel Reeves is promoting LTAFs whilst multiple asset classes via top class managers are already available at discounts to NAV in the investment trust sector.  What has worked for the last few years (ie US Equity trackers, passive investments and short dated bonds) will not necessarily be the best idea in the coming periods.  Whether there is a “crack” in the bond market or not, the investment trust sector is here offering best in class active management from the world’s top fund managers in a variety of liquid and less liquid asset classes. It continues to represent one third of the FTSE 250 Index and half of the FTSE Small Cap Index.  There are highly valuable listed fund vehicles using the structure appropriately available to use for savings and investment today, as there have been for the last 150 + years. Do not be short of investment trusts – they represent the greatest financial secret on these fine shores even if our Chancellor has never heard of them.

Find us on the web:  https://www.frostrow.com/

 Find us on You Tube:  https://www.youtube.com/channel/UCAptpfmx0HITqvlI68psd7Q

 Check out our June 2025 summary podcast also:  https://www.investormeetcompany.com/company/updates/frostrow-talks-trusts-june-2025-summary

Frostrow Capital, bringing you high quality, differentiated product in a UK listed closed-ended form

1. Further investment themes evident in the investment trust sector this week include:

 Discount control

We note 57 share buybacks vs 4 share issuance announcements yesterday in the sector (as an example) of the ongoing buyback trend

Redemption / tender opportunity

JPMorgan Indian IT (JII LN, India / Indian Subcontinent, £490.8m mkt capn, 8.6% discount to NAV):  Company announced the tender off price of 1,167.22p.  Following completion of the tender offer, the Company will have 79,795,505 Shares in issue (with 33,889,363 Shares held in treasury). Therefore, the total number of voting rights in the Company will be 45,906,142

 Third Point Investors (TPOU LN, Hedge Funds, £470.5m mkt capn, 17.8% discount to NAV):  have subsequently increased the size of the redemption opportunity from $75m to $136m and improved the exit price from a 12.5% discount to circa 4.8% discount to reference NAV, all following consultation with shareholders.  Irrevocable undertakings to support the proposals have been received from 45% of shareholders (including Saba Capital and Third Point). Post the transaction (a combination with Malibu Life Reinsurance SPC) the Company will transform into a fully capitalised London-listed reinsurance operating company. A circular is being produced in the coming days.  [We note the significant and public campaign against this transaction]

 Schroder Capital Global Innovation Trust (INOV LN, Growth Capital, £114.4m mkt capn, 35.3% discount to NAV):  A total of 542,234,263 Ordinary Shares, representing 67.1 per cent. of the Ordinary Shares in issue were validly tendered under the Tender Offer. As a result it was oversubscribed. The Company will purchase a total of 173,220,974 Ordinary Shares. Shareholders who validly tendered their Basic Entitlement shall have all tendered Ordinary Shares purchased in full.  Following a scale-back exercise, Shareholders who validly tendered more shares than their Basic Entitlement will have a number of Ordinary Shares equal to their Basic Entitlement purchased in full plus approximately 2.9% of their Excess Applications. The Final Tender Price at which the Tender Offer is being made is 21.119983pps, equal to the NAV as at 31 May 2025 less the costs of the Tender Offer.

M&A news

The PRS REIT (PRSR LN, Property – UK Residential, £587.7m mkt capn, 23.5% discount to NAV) has now “completed its consultation process with shareholders regarding the options available under the Strategic Review and Formal Sale Process [and] based on the feedback received from shareholders, PRSR will continue to progress with its Formal Sale Process and engage with potentially interested parties including discussions with Long Harbour, on its non-binding proposal for the acquisition of PRSR [for 115pps cash], which remains subject to completion of due diligence and financing.” PRSR has also published an update for calendar Q2 2025: “the 35 contracted homes that remained under construction were delivered. This meant that the company's portfolio as at 30 June 2025 was fully completed and amounted to a total of 5,478 rental homes, with an ERV of £72m pa.” “The portfolio's performance remains very strong. Rent collection in the period was 99% and physical occupancy at 30 June 2025 was 96%.”

 Assura plc (AGR LN, £1,620m mkt capn) FY results to 31 March 2025: EPRA EPS +2.9% to 3.5p vs DPS +3.1% to 3.34p; EPRA NTA +2.2% to 50.4pps; LTV 46.9%. “Valuation gain of £58m recorded in period following uplift on independent hospital portfolio and from rent reviews delivered; net initial yield 5.21%.” “Rent reviews generated a weighted average annual uplift of 3.2%. LFL increase of 6.1% on £79.99m of rent roll reviewed.” Separately, both KKR and Primary Health Properties (PHP LN) have updated on the ongoing Offer situation

 Apax Global Alpha Limited (AGA LN, Private Equity, £791.1m mkt capn, 17.1% discount to NAV):  the Board and a bidco advised by Apax Partners have agreed the terms of a recommended cash acquisition of the entire issued share capital.  Bidco will be equity funded by one or more funds advised by Ares Management LLC.  Under the scheme, investors will be entitled to receive Eur1.90 / £1.65, a 18.8% premium to the closing share price just prior to announcement and a discount of 17.1% to AGA's preliminary unaudited Q2 2025 NAV of Eur2.29. Eligible shareholders can continue holding unlisted shares if they elect to roll at least half their shares and in aggregate no more than 40% of shareholders do that. The Board are recommending unanimously that shareholders vote in favour of the scheme and have 34.9% of irrevocable undertakings and letters of intent in support

 Primary Health Properties HY results to 30 June 2025 (PHP LN, £1,270m mkt capn):  "We continue to believe in the compelling strategic and financial rationale for the recommended combination with Assura plc. The transaction is expected to be earnings accretive for both sets of shareholders and we were pleased to have secured strong support for the transaction from PHP shareholders at our general meeting on 1 July 2025 with over 99% of voting shareholders approving the proposed combination. This is a clear endorsement of the Company's ability to deliver a financially beneficial transaction that is strategically valuable, supported by an expected strong investment grade credit rating that will deliver future value to shareholders and underpin the Group's progressive dividend policy. "Since the announcement of the Assura plc recommendation, we've continued discussions with third party investors on forming a joint venture, which is expected to include the private hospital portfolio, as part of our deleveraging strategy. Conversations are ongoing with a range of highly- credible investors and we remain confident in our ability to conclude a transaction in a timely manner post completion. "From day one the combined group will offer a powerful platform with greater scale, enhanced income and valuation growth potential and a lower cost of capital, all underpinned by a clear and important social purpose. The proposed combination also positions us strongly to invest in the future of healthcare infrastructure and we will have the financial capacity and Government support to help deliver it."

Debt news

Cordiant Digital Infrastructure (CORD LN, Infrastructure, £722.8m mkt capn, 26.7% discount to NAV) has, as anticipated at the time of announcing the acquisition of Datacenter United (DCU) in October 2024, syndicated a part of its investment to another fund managed by Cordiant. The €20m proceeds "are intended to partially repay the Company's outstanding revolving credit facility and can be redeployed in accordance with the Company's capital allocation strategy."

 Supermarket Income REIT (SUPR LN, £984.5m mkt capn) has issued a £250m senior unsecured bond with a term of 6 years, bearing a coupon of 5.125%. The bonds are expected to be rated investment grade BBB+ and take SUPR’s LTV to 34%.

 Taylor Maritime FY results to 31 March 2025 (TMI LN, £296.1m mkt capn):  NAV TR -16.6%. The Company continued to maintain its dividend policy and in aggregate distributed $39.5 million, declaring dividends of 12 cents per Ordinary Share. The Group continued to make good progress on debt reduction on an absolute basis, and at 31 March 2025, on a non-IFRS look-through basis[4], the Group's debt was $247.1 million (31 March 2024: $328.0 million), representing a debt-to-gross assets ratio of 38.2% (31 March 2024: 35.5%). "With a strengthened balance sheet, the Group is on a firm footing to weather ongoing market volatility while maintaining regular dividends to shareholders."

Results / updates

Brunner Investment Trust HY results to 31 May 2025 (BUT LN, Global £615.0m mkt capn, 3.9% discount to NAV):  NAV TR -1.5% vs 70% FTSE World Ex UK Index and 30% FTSE All-Share Index -0.1%; share price TR -3.9%; BUT anticipates a FY dividend of 25pps, which would be an increase of 5.3% from 2024; 53 years of consecutive dividend increases; "Whilst demand for the trust's shares dropped back slightly from the peak we reported on at the end of the previous financial year, we are pleased to say it remains steady at a good level on the back of our strong and steady long-term performance and consistent dividend payment. Sales, marketing and PR efforts continue and we believe that the overall makeup of the company's share register is one of appropriate stability and diversity of investor type."

 GCP Infrastructure Investments (GCP LN, Infrastructure, £666.9m mkt capn, 23.1% discount to NAV) NAV as at 30 June 2025: -0.1% over calendar Q2 2025 – Mazars, the Company's independent valuation agent, did not make any changes to discount rates in the quarter. The Company has agreed settlement terms relating to the ongoing contractual claim under investment documentation relating to the audits of the accreditation of a portfolio of solar projects under the Renewables Obligation.  Net debt following such prepayment will be c. £10 million. The Board reconfirms its commitment to the Company's capital allocation policy set out previously, continuing to prioritise repayment of leverage, as well as reducing equity-like exposures and exposures in certain sectors, whilst also facilitating the return of £50 million of capital to shareholders. At 30 June 2025, the Company had £43 million (31 March 2025: £41 million) outstanding under its revolving credit arrangements, representing a net debt position of £36 million (31 March 2025: £29 million) which compares to the Company's unaudited NAV of £864 million (31 March 2025: £872 million). Further supporting the capital allocation policy, the Company bought back 6,321,854 ordinary shares in the quarter, contributing a 0.22 pence per ordinary share increase to NAV.

 Law Debenture HY results to 30 June 2025 (LWDB LN, UK Equity Income, £,1332.2m mkt capn, 1.9% discount to NAV):  NAV TR +15.0% vs FTSE Actuaries All-Share Index TR +9.1%; share price TR +14.2%; dividend yield 3.4%. Continued strong performance of the Portfolio and growth of the IPS business supports the Board's intention to maintain or increase the total dividend in 2025, enabling the Company to build on its' 46 years of increasing or maintaining dividends to shareholders. "...the real driver behind the returns has been the low valuation across the portfolio of UK companies. This can be seen in the high number of bids particularly from US buyers. It is possible for them to purchase UK companies that have built good franchises over many years in their area of operation at prices that do not reflect the cost of building that position. It is frustrating, but, until there is a substantial rise in UK quoted equities, the bid activity is likely to continue."

Management fee amendment

CT Global Managed Portfolio (CMPG/I LN, Flexible Investment, £91.1m / £64.4m mkt capn, 5.0% discount / 0.7% premium to NAV):  management fee reduced from 0.65% of total assets to 0.6% of net assets with much of the savings to be used for marketing

Managed wind down update

Riverstone Credit Opportunities Income (RCOI LN, Debt – Direct Lending, £37.3m mkt capn, 15.9% discount to NAV) has realised its first lien green loan in Streamline Innovations, following which RCOI will have six remaining positions and cash and equivalents of approx. $4.8m. Separately, RCOI has published its NAV as at 30 June 2025: +2% over the calendar Q2 2025 to $0.90. "Since the Company's AGM on 22 May 2024 and adoption of the Wind-down Investment Policy, the Company has redeemed approximately 41 per cent of the Company's Ordinary Shares with 49,066,161 Ordinary Shares outstanding following the most recent redemption on 27 June 2025. Following this Realisation, the Company's portfolio is comprised of six remaining positions. Furthermore, the Company has an estimated unencumbered cash and cash equivalents position of approximately $4.8 million."

 GCP Asset Backed Income Fund (GABI LN, Debt – Direct Lending, £142.7m mkt capn, 19.5% discount to NAV) NAV as at 30 June 2025: -2.5% over calendar H1 to 79.79pps, driven by “revised estimates of future recoverable amounts… and asset-specific performance impacts.” “As at 24 July 2025, GABI held a cash balance of approx. £20m, supported by scheduled repayments and further realisations. During the six-month period ended 30 June 2025, GABI received approx. £12m in loan repayments and other cash realisations.” “Post-period end, the company completed the sale of one of its problem loan assets for cash consideration in line with its December 2024 fair value.” 1.58125pps quarterly dividend declared in respect of calendar Q2 2025.

 JPMorgan Global Core Real Assets (JARA LN, Flexible Investment, £136.7m mkt capn, 10.7% discount to NAV):  second compulsory redemption of £85m coming on 7 August; Approximately 55.9% of the Company's issued share capital will therefore be redeemed. The Redemption Price per Share will be 89.116731p

 RM Infrastructure Income (RMII LN, Debt – Direct Lending, £66.0m mkt capn, 15.8%) NAV as at 30 June 2025: -0.64% over the month to 80pps, due to “discount rates adjustments, largely driven by investment loan Ref #76 relating to Energie Fitness where the discount rate has increased from 12.54% to 17.33%.”

Share split

Caledonia Investments (CLDN LN, Flexible Investment, £1,908.0m mkt capn, 35.0% discount to NAV) will sub-divide its shares on a 10-for-1 basis with effect from 25 July 2025.

Alignment update

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £70.7m mkt capn, 3.5% discount to NAV):  Co-portfolio manager Tom Treanor has purchased 33,442 shares at 14,149 shares and Eve Treanor purchased 19,958 shares (NB - Frostrow client)

1. Sector data this week (AIC data, as at Thursday’s close)

Equity Capital Markets

n/a

Ex Dividend

FSFL 2.025p, HFEL 6.25p, BRIG 2.7p, BNKR 0.686p, IBT 16.17p, SUPR 1.53p, IGET 3.375p, CTY 5.4p, AAIF 3.84p, JCH 8.4p, SHIP 2.5c, SEQI 1.71875p

 Markets doing well, but of course, they can turn just as quickly as Trump’s golf game.

Frostrow Investor Relations team – Grant Challis, Neil Winward, Matt Burrows, Matt Norfolk-Clarke, Nicholas Todd