End of week note for investment trust investors

This was a week of extreme volatility clearly. With no overnight bombing at the weekend between Iran and the US initially pushing down the oil price to around $90 per barrel, there was a good backdrop for equity markets. Mid-week though, there was a ‘surprise’ attack from Tehran with the US and Saudi forces taking out Iranian missiles. The oil price rebounded accordingly to closer to $90 per barrel. Tech stocks have been all over the place this week, finishing strongly but selling off heavily for a few earlier sessions, particularly in Asia, on the back of more AI scepticism about the quantum of spend to fund growth as well as the growing competitive strength of Chinese competitors in the sector. By way of example, shares in Chinese tech company CXMT, which manufactures chips that power AI, went up 470% on its IPO launch day, with only 7% of shares being available for trading. In addition, Apple, spending less on AI, briefly became the second company in history to hit a $5tr market cap. The US Fed held interest rates in the week at 3.5% to 3.75%, albeit three bank presidents voted for an increase. We note significant movement in the US Treasury market with the 30 Year yield pushing 5.23% at one stage, the highest level since the summer 2007, from sub-5% only a month ago, the bond market reacting without the Fed guidance that was perhaps hoped for.

In the UK, we saw another FTSE 100 stock being taken by private equity, this time DCC, at a 24% premium to pre-announcement price. The FTSE 100 Index has hit a record high in the week despite the AI sell off. The Bank of England MPC held interest rates at 3.75%, although three (up from two last time) of the Committee voted for an increase in rates and they state that “policy strategy could change.”

In the investment trust sector, the average discount (ex 3i Group) contracted by 1.2%, back to 10.9%. The newly appointed independent Board of Edinburgh Worldwide signed up a new sole broker this week, whilst Saba themselves continued to invest further in renewables funds and smaller companies. The Picton Property Board have finally reached agreement to be taken out by LondonMetric Property and Schroder Real Estate. Aberforth Smaller Companies produced HY results with a helpful and timely explanation for investors of the qualities of the closed ended structure coming from the Chairman. These include allowing the manager to adopt a longer-term horizon, to facilitate shareholder engagement, to allow the manager to take significant stakes in businesses and to use revenue reserves to help fund dividend growth over time.

The US Treasury market is clearly concerned about inflation. If you are also, do not be short of investment trusts.

2. Frostrow Investor Events

Aurora UK Alpha (ARR LN, UK All Companies, £270.0m mkt capn, 11.4% discount to NAV): the Phoenix investment team are available for meetings with investors in 2026. The latest update from the management team, from 26 January 2026, is available to view here:

https://www.youtube.com/watch?v=8BbZc9dgjB0

Biotech Growth Trust (BIOG LN, Healthcare & Biotechnology, £309.9m mkt cap, 6.9% discount to NAV): Co-portfolio manager, Josh Golomb, provided an update for investors via Investor Meet Company on 10 March 2026: https://www.investormeetcompany.com/meetings/investor-presentation-1001

A link to the presentation by Geoff Hsu at the AGM on 16 July 2026 can be found here: https://www.youtube.com/watch?v=izwHIML8spU

Kepler video: The Biotech Growth Trust: why now for global biotech innovation?

CC Japan Income & Growth Trust (CCJI LN, Japan, £354.3m mkt capn, 6.9% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2026. In addition, we note CCJI QuotedData In the Hot Seat interview to view here:

https://www.youtube.com/live/eBmf8nisElM?si=O11Cr1IHSuQbv2A0

An Investor Meet Company webinar took place on 18 March 2026. Do view it here:

https://www.investormeetcompany.com/meetings/investor-presentation-1002

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £127.3m mkt capn, 0.6% premium to NAV): investor meetings available again post 14 September 2026

Custodian Property Income REIT (CREI LN, Property UK Commercial, £396.4m mkt capn, 16.7% discount to NAV): Richard Shepherd-Cross, lead manager, is available for meetings in 2026 (physical throughout UK, or zoom, as per preference). Richard also gives his most updated thoughts in the Investor Meet Company webinar which took place on 13 February 2026. You can view it here:

https://www.investormeetcompany.com/meetings/investor-presentation-997

Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £247.9m mkt capn, 0.3% premium to NAV) : Jean-Hugues de laMaze, lead manager of the Trust conducted an Investor Meet Company webinar on 27 May 2026, and for those who missed it, you can access it here:

https://www.investormeetcompany.com/meetings/investor-presentation-1038

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £811.9m mkt capn, 7.0% discount to NAV): Frostrow highlight Nick Train’s presentation at the Company’s AGM on 15 January 2026, available to view here:

https://www.youtube.com/watch?v=2zZXsxaL9xQ

In addition, we highlight FGT Quoted Data In the Hot Seat interview here from 6 March 2026:

https://quoteddata.com/events/in-the-hotseat-nick-train-finsbury-growth-income/

Link to follow in due course for the webinar of 15 July 2026:

https://www.youtube.com/watch?v=jE9n4ut7xl0

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £69.3m mkt capn, 3.8% discount to NAV): To watch the most recent update which took place on 24 March 2026 with Tom Treanor and Charlotte Cuthbertson, click here:

https://www.investormeetcompany.com/meetings/investor-presentation-995

To watch the latest MIGO webinar post FY results and 30 June 2026 factsheet update, please view the event recorded on 27 July 2026 here - MIGO OPPORTUNITIES TRUST PLC - Annual Results

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,290.2m mkt capn, 1.4% premium to NAV): Read the latest quarterly Temple Bar IT newsletter here if your Bar is set high and your portfolio is your Temple: https://www.templebarinvestments.co.uk/media/insights/century-value-investing/

An Investor Meet Company webinar took place on 11 March 2026 and is available to view on this link:

https://www.investormeetcompany.com/meetings/investor-presentation-1008

See co-portfolio manager, Nick Purves’ interview on Citywire from July 2026 here: https://lnkd.in/ezCQ6qZN

Worldwide Healthcare Trust (WWH LN, Healthcare & Biotechnology, £1,352.2m mkt capn, 7.2% discount to NAV): Trevor Polischuk’s comments at the Winterflood’s Annual conference were recorded here (January 2026):

Trevor Polischuk, Worldwide Healthcare Trust - Innovation in Healthcare | Winterflood Conference 2026

See below the link to the latest WWH AGM presentation recording from 14 July 2026:

https://www.youtube.com/watch?v=-phskZBx8gE

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith

Please contact us on ir@frostrow.com

Trump is doing his best to re-set the world geopolitical and 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]”. The UK Government have finally seen sense to allow their pension funds to invest in investment trusts to access a variety of assets such as infrastructure and private equity. Record ETF issuance continues, with now more active ETFs than passive and record open ended funds converting into ETFs also. 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 actively managed listed fund vehicles using the structure appropriately available for savings and investment today, as there have been for the last 150 + years – despite Elon Musk’s views. They act as a strong complement to passive ETF holdings also.

DO NOT BE SHORT OF INVESTMENT TRUSTS

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

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

Check out our May 2026 summary podcast here: https://www.investormeetcompany.com/updates/frostrow-talks-trusts-may-2026-podcast/show

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

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

Discount / Premium control

A total of 413 corporate announcements from Monday this week on the LSE, of which 163 were in reference to share buybacks 39.5% of total). 10 referred to equity issuance.

Molten Ventures (GROW LN, Growth Capital, £1,066.0m mkt capn, 19.0% discount to NAV): announced the completion of the initial £10m tranche of the share repurchase programme and the commencement of a further tranche of up to £15m, increasing the maximum aggregate consideration under the Programme to £75m. Including the initial tranche, the Company has now returned a total of approximately £60m to shareholders through share buybacks since July 2024, representing approximately 8.4% of the Company's issued share capital.

Tender / Redemption offer update

Schroder UK Mid Cap Fund (SCP LN, UK All Companies, £250.1m mkt capn, 4.5% discount to NAV): the tender pool consists of £123,860 in equities and £86.16m in cash

Montanaro European Smaller Companies Trust (MTE LN, European Smaller Companies, £202.2m mkt capn, 8.1% discount to NAV): completed the purchase of 6,224,197 tendered shares in accordance with the terms in the circular with proceeds being paid to shareholders by 30 July 2026.

Tetragon Financial HY results to 30 June 2026 (TFG LN, Flexible Investment, £1,079.1m mkt capn, 68.8% discount to NAV): NAV TR -2.5% vs SOFR +2.75% +3.2% / FTSE All Share Index +7.2%; total dividends of 24cps; share price TR -24.0%; 42.2% insider ownership; certain private equity investments as well as other equity and equity fund investments detracted from performance. Gold and cryptocurrency also had losses in the period. "Tetragon intends to conduct a tender offer for a number of Tetragon non-voting shares with a maximum value of up to US$50m, to be held as treasury shares. J.P. Morgan Securities plc will act as dealer manager in the tender offer, which will use a modified Dutch auction structure. Details of this planned tender offer will be announced shortly."

Saba Capital and activist update

SDCL Efficiency Income Trust (SEIT LN, Renewable Energy Infrastructure, £416.8m mkt capn, 49.6% discount to NAV): Saba Capital position increased from 25.1% to 26%

Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £230.3m mkt capn, 38.4% discount to NAV): Saba Capital position increased from 16.8% to 17%

Edinburgh Worldwide (EWI LN, Global Smaller Companies, £805.9m mkt capn, 8.3% discount to NAV): Singer Capital Markets appointed as sole broker

BlackRock Smaller Companies (BRSC LN, UK Smaller Companies, £655.3m mkt capn, 12.1% discount to NAV): Saba Capital position increased from 13.0% to 14.2%

Capital allocation update

Greencoat Renewables end June 2026 update (GRP LN, Renewable Energy Infrastructure, £845.4m mkt capn, 20.0% discount to NAV): NAV 97.2c, -2.3c; Q2 dividend 1.7025cps; 27m shares repurchased in 1H at 25% average discount, with second Eur25m buyback tranche to begin at completion of the initial programme; Q2 net cash generation of Eur13.7m ahead of budget, with portfolio production in line with budget; 2026 target dividend of 6.81cps expected to be covered 1.5x; 53% gearing; €139 million of on balance sheet cash and €240 million undrawn RCF capacity; approximately 73% of revenues contracted through 2030; completed step up to Main Board of the Johannesburg Stock Exchange in May 2026

M&A update

Alternative Income REIT (AIRE LN, Property – UK Commercial, £59.6m mkt capn, 11.4% discount to NAV): As at close of 27 July 2026, Glenstone have 20,232,461 AIRE Shares (25.13% of share capital) towards satisfaction of the Acceptance Condition (50% required). The Unconditional Date (being Day 60) is 4 September 2026. Separately, Glenstone REIT announced that it has entered into an amendment letter with Handelsbanken plc, so as to increase the funds available to Glenstone for the purpose of making further market purchases of AIRE Shares. The AIRE Board subsequently noted the Glenstone announcement and continue to advise AIRE shareholders to take no action

Residential Secure Income (RESI LN, Property – UK Residential, £51.1m mkt capn, 68.2% discount to NAV): a further 1m LIVE shares will be allotted and issued in regard to the deferred amount, likely in the coming weeks. The timetable for the shared ownership disposal has slipped slightly due to certain sale and purchase workstreams and it is now expected to occur by the end of September 2026. A timetable and amount of its initial B share distribution is expected in mid-August 2026.

Picton Property Income Limited 30 June 2026 update (PCTN LN, £385.6m mkt capn): NAV/EPRA net tangible assets per share - 0.7% to 101.5p. Total return for the quarter of 0.2% (March 2026: 0.7%). Weighted average interest rate on debt, fixed at 3.7% (March 2026: 3.7%), with weighted average maturity of 5.5 years. LTV of 24.1% (March 2026: 23.5%). Dividend of 0.69pps. The Boards of LondonMetric Property Plc, Schroder Real Estate Investment Trust Limited and Picton announced that they have reached agreement on the terms of a recommended all-share offer pursuant to which LondonMetric and SREIT will acquire the entire issued share capital of Picton. Under the terms of the Acquisition, Picton Shareholders will be entitled to receive 0.190 LondonMetric Shares and 0.894 SREIT Shares per Picton Share. Picton Shareholders are expected to hold approximately 4.0% of the enlarged issued share capital of LondonMetric and approximately 48.4% of the enlarged issued share capital of SREIT.

LondonMetric Property (LMP LN, £4,630m mkt capn): The Boards of LondonMetric Property Plc, Schroder Real Estate Investment Trust Limited and Picton announced that they have reached agreement on the terms of a recommended all-share offer pursuant to which LondonMetric and SREIT will acquire the entire issued share capital of Picton. Under the terms of the Acquisition, Picton Shareholders will be entitled to receive 0.190 LondonMetric Shares and 0.894 SREIT Shares per Picton Share. Picton Shareholders are expected to hold approximately 4.0% of the enlarged issued share capital of LondonMetric and approximately 48.4% of the enlarged issued share capital of SREIT.

Schroder Real Estate Investment Trust (SREI LN, Property – UK Commercial, £224.5m mkt capn, 29.4% discount to NAV): The Boards of LondonMetric Property Plc, Schroder Real Estate Investment Trust Limited and Picton announced that they have reached agreement on the terms of a recommended all-share offer pursuant to which LondonMetric and SREIT will acquire the entire issued share capital of Picton. Under the terms of the Acquisition, Picton Shareholders will be entitled to receive 0.190 LondonMetric Shares and 0.894 SREIT Shares per Picton Share. Picton Shareholders are expected to hold approximately 4.0% of the enlarged issued share capital of LondonMetric and approximately 48.4% of the enlarged issued share capital of SREIT.

Conditional tender update

Aberdeen New India Investment Trust (ANI LN, India / Indian Subcontinent, £310.2m mkt capn, 9.9% discount to NAV): for the five-year assessment period to 31 March 2027, the Company's NAV TR is +22.18% vs benchmark +19.96%. As such, the Company is ahead of the benchmark by 2.22%. The Board believe that India remains one of the most compelling long-term growth opportunities in global markets.

Results / updates

Ashoka WhiteOak Emerging Markets Trust quarter end June 2026 update (AWEM LN, Global Emerging Markets, £72.5m mkt capn, 2.3% discount to NAV): NAV +24.5% vs MSCI EM Index +23.3%; key contributors were SK Hynix and Samsung Electronics, whilst key detractors were Alibaba Group and Tencent

Literacy Capital quarter end June 2026 update (BOOK LN, Private Equity, £180.0m mkt capn, 36.5% discount to NAV): NAV -1.8%; Relatively modest valuation movements reported for portfolio companies in Q2. BOOK's largest holding, RCI Group, returned to growth and was the largest positive contributor in the period. Cash inflows totalled £20.6m largely due to proceeds received from the sale of Wifinity in April and the sale of Literacy's largest residual fund interest in May. Cash outflows totalled £13.3m utilised to support growth of existing portfolio companies (via bolt-on M&A, capex and working capital). Bolt-on acquisitions have been, and remain, a priority for 2026. Further initiatives are planned to stimulate awareness and demand for BOOK shares, including discussions to explore moving the fund's listing to the official list on the Main Market. Total charitable donations since the inception of Literacy now amount to £13.5m, including a charitable donation provision of £355k.

NewRiver REIT Q1 update to 30 June 2026 (NRR LN, £353.6m mkt capn): Strong leasing momentum continued with 165,900 sq ft of new lettings and renewals completed across 71 transactions, securing £1.8m of annualised rent. Occupancy increased to 95.4% (95.0% 31/03/26) with tenant retention remaining high at 96%. The strongest performing sectors in the NewRiver portfolio were Non-Food Discount (+10.7%) and Everyday Goods (+8.3%), with Grocery spend remaining stable. Rents remain affordable, as measured by an unchanged Portfolio Occupancy Cost Ratio of 7.8%. Acquired BRAVO's 90% interest in The Moor, Sheffield for £38.3m taking ownership to 100% at a price reflecting a significant discount to the March 26 valuation and a 10% net initial yield. Proforma LTV is 43% (40% 31/03/26), comfortably within the Company's 50% policy. NewRiver retains an active FY27 disposal pipeline to support a return towards its 40% guidance. Agreed £240 million unsecured debt facility to refinance the Mall Facility and enhance liquidity position. In May 2026, executed a forward starting collar which fixes the cost of the Term Facility Commitment between 4.4% and 5.9% from initial drawdown in January 2027 to initial maturity in April 2030. RCF is £20m larger than the facility it replaces with extended maturity and significant margin reduction.

The Unite Group HY results to 30 June 2026 (UTG LN, £2,810m mkt capn): 7% growth in applications for high-tariff universities for the coming academic year with increasing alignment to the strongest universities where applicants are 2.3x available places. Portfolio to focus on c.20 cities comprising c.55,000-60,000 beds. Accelerating disposal programme with 15,000-20,000 beds identified for sale, the majority of which are coming to market this year. Completed disposals totalling £130m for UTG at 4.8% NOI yield. Reinvested c.£165m through a share buyback at attractive returns. Expect 94-96% occupancy and 1-2% rental growth for 2026/27 (2025/26: 95.2% and 4.0%). Continued university demand with 53% of beds nominated for 2026/27 (2025/26: 58%). H1 trading in line with expectations. Interim dividend unchanged at 12.8p. Pro forma net debt: EBITDA of 7.5x and LTV of 36% (31 December 2025: 6.0x and 27%). Cost of debt expected to increase to 4.3% in 2026 (2025: 3.9%)

Pantheon International June 2026 update (PIN LN, Private Equity, £1,543.7m mkt capn, 25.1% discount to NAV): NAV +1.5% with valuation movements -0.3%, investment income added +0.1%, foreign exchange movements +1.0%, share buybacks added +0.9% and expenses and taxes -0.2%. 8% of reported valuations are dated 30 June 2026, 79% are dated 31 March 2026, 12% are dated 31 December 2025, 1% are dated 30 September 2025. Net available cash balances were £258m and undrawn commitments to investments stood at £598m. £214.4m was drawn down under the credit facility and $150m (£113m sterling equivalent as at month end) of private placement notes were outstanding, resulting in a net debt to NAV ratio of 3.3%. PIN generated net cash proceeds of £209.6m during the month, including proceeds from the portfolio sale.

Aberforth Smaller Companies Trust HY results to 30 June 2026 (ASL LN, UK Smaller Companies, £1,307.1m mkt capn, 11.1% discount to NAV): NAV TR +5.5% vs Deutsche Numis Smaller Companies Index +1.8%; share price TR +6.5%; notable features included the Iran war, excitement about AI and large cap stocks outperforming. The Chairman notes: "Two years ago, I noted that “ the effect [of AI] has been akin to that of a black hole, sucking liquidity and interest away from other investment opportunities ”. To extend the metaphor, it feels that we are now confronting a supermassive black hole, since it has become more difficult for companies and asset classes that lack AI glamour to gain the attention of the broader investment world. A one-dimensional market of this sort inevitably excites the contrarian in me." He further comments on use of the structure: "The closed-end status also allows the Managers to adopt a longer-term investment horizon and to support investee companies. Such support is valued by directors of these companies and underpins the Managers’ constructive approach to engagement. There is another way in which closed-end status enhances engagement. The relatively fixed pool of capital allows the Managers to take significant stakes – up to 25% – in the share capital of investee companies. With such stakes can come greater influence, which can be crucial if a company encounters difficulties and the initial investment case moves off course." Revenue return of 38.43pps (32.64pps 2025) with the Board's policy to grow the FY ordinary dividend above CPI. Interim dividend of 15.3p (+7% 2025) with revenue reserves just over 2x annual dividends. 2.3m shares repurchased in the period, with gearing at 5.4%. The Board has agreed an adjustment to the annual management fee arrangements with Aberforth Partners such that ASCoT will now pay 0.75% pa on net assets up to £750m rather than £1,000m. Net assets above £750m incur fees at a rate of 0.65% pa. The reduction has been backdated to take effect from 1 January 2026 and results in an annual saving to ASCoT of around £250,000.

Majedie Investments quarter end June 2026 update (MAJE LN, Flexible Investment, £169.1m mkt capn, 5.3% discount to NAV): NAV TR +10.7%; "Performance came mostly from external managers with an equity-centric profile, although it is important to note how varied the sources of return were even within that category. Direct Investments also fared well, with a mixture of soft catalysts such as earnings results and M&A contributing."

Mobius Investment Trust HY results to 31 May 2026 (MMIT LN, Global Emerging Markets, £112.3m mkt capn, 4.9% discount to NAV): NAV TR +23.0% vs MSCI EM Mid Cap Index £ +21.1%; share price TR +22.2%; there was a more favourable environment for the Trust's "lesser-known, quality growth businesses", with "capital was reallocated towards higher-conviction opportunities supported by attractive long-term structural trends, including infrastructure investment, industrial development and the continued financialisation of household savings across selected emerging markets" and profits taken from the "technology sector, particularly within segments of the semiconductor supply chain." "The Directors consider that the main method to address the discount is the Company's redemption policy whereby shareholders are offered the opportunity to redeem up to 100% of their holdings every two years. The most recent redemption exercise was in November 2025 [43% take up] and the next redemption opportunity will be offered in November 2027."

Aberforth Geared Value & Income Trust FY results to 30 June 2026 (AGVI LN, UK Smaller Companies, £96.3m mkt capn, 13.2% discount to NAV): NAV TR +2.5%, share price +13.2%; Zeros NAV +7.0%, Zeros share price +8.3%; the uncertain political environment and enthusiasm for AI has created a fertile ground for investment opportunities; ordinary shares received 5.25p in dividends plus a 0.85p special dividend. Valuations remain attractive, with Aberforth's investment process well suited to current conditions and the fixed life structure offers shareholders an opportunity to realise value at close to NAV in the future, with gearing enhancing returns until then

Primary Health Properties HY results to 30 June 2026 (PHP LN, £2,470m mkt capn): Net asset value 99p (+1p 2025); property values at net initial yield of 5.4% (unchanged 2025); 99% occupancy (unchanged 2025), long WAULT of 10.4 years and 76% of income funded by government bodies; Private hospitals and Ireland now comprise 13% and 6% respectively of the enlarged Group's portfolio with both markets offering strong and attractive growth opportunities. Weighted average cost of debt of 3.8% (3.7% 2025) and weighted average debt maturity of four years. LTV of 57% (57% 2025), temporarily above the Group's targeted range of between 40% to 50% due to the combination with Assura, continuing with the plan to reduce this during the second half of 2026

Henderson Smaller Companies Investment Trust FY results to 31 May 2026 (HSL LN, UK Smaller Companies, £518.6m mkt capn, 7.9% discount to NAV): NAV TR +11.8% vs Deutsche Numis Smaller Companies Index (ex IC's) +12.3%; share price TR +12.6%; total dividends 29pps (+3.6% 2025); OCR 0.53% (0.45% 2025); appointed Cassie Herlihy as deputy fund manager in November 2025 supporting Indri van Hien. The Fund Managers have refined the investment process to strengthen stock selection, while preserving the Company's core philosophy of investing in growth at the right price. The Company bought back 12.9m shares (18.8% of share capital) enhancing NAV by 1.7%. There is an opportunity to unlock significant value in the UK small cap sector but in order to do this, the market needs to see an alleviation of the acute technical pressure this part of the market has suffered. from in terms of asset outflows.

Oakley Capital Investments Limited HY trading update to 30 June 2026 (OCI LN, Private Equity, £855.6m mkt capn, 33.5% discount to NAV): NAV TR +6.0%; share price TR -16.0%, which was largely driven by Q1 market weakness in response to concerns about the disruptive impact of AI and conflict in the Middle East. The Company invested £43m, with exits and refinancings of £10m. Within the £20m minimum 2026 share buyback programme, £9.4m has been completed enhancing NAV by 2.9pps. £940m of commitments remain, of which c£300m is not anticipated to be called, with the balance expected to be invested over the next five years. Total liquidity of £155m exists

Scottish American Investment Company HY results to 30 June 2026 (SAIN LN, Global Equity Income, £813.4m mkt capn, 6.3% discount to NAV): NAV TR (debt at fair value) +5.6% vs FTSE All World Index £ +12.9%; share price TR +6.3%; two interim dividends of 3.845p and 3.98p declared (+6.1% 2025 vs UK CPI +2.6%); The Company remains on track to continue beating inflation while delivering its 53rd consecutive year of dividend growth. The Company bought back 9.1% of share capital in the period. Gearing of 7% of shareholders' funds at a cost of just under 3% pa.

Greencoat UK Wind HY results to 30 June 2026 (UKW LN, Renewable Energy Infrastructure, £2,343.0m mkt capn, 19.6% discount to NAV): NAV TR +4.4%; share price TR +9.2%; "The discount persists mainly due to macroeconomic and sector-wide pressures, including higher interest rates, policy uncertainty and an oversupply of listed renewable infrastructure vehicles. We are beginning to see some of these pressures ease, notably with the shrinking of the listed renewable trust sector." 2026 dividend target of 10.7pps; the Company has also repaid £53.5m of debt in the period.

SEGRO HY results to 30 June 2026 (SGRO LN, £13,160m mkt capn): 5.3% like-for-like net rental income growth, underpinning 6.6 per cent earnings per share growth. £24m of new pre-lets signed during the period, with a record level of development projects in the current and near-term pipeline. Further progress with data centre strategy: 0.5GVA added to strategic power bank, planning approval received for our first fully fitted data centre and pre-let conversations progressing well. Disciplined capital allocation to drive performance: £308m of disposals completed or exchanged, above book value so far in 2026, development capex now expected to be £500-£550m. LTV 31% (31% 2025)

Alliance Witan HY results to 30 June 2026 (ALW LN, Global, £4,939.1m mkt capn, 5.0% discount to NAV): NAV TR +7.0% vs MSCI ACWI +12.7%; share price TR +6.0%; Technology underweights and stock selection in technology/financials were key detractors from relative returns. Total first two interim dividends of 14.66pps (14.16pps 2025), with the third anf fourth interim dividends to be at least equal to these. The Company bought back 9.8m shares (2.6% of the average market cap). As previously announced, the investment management and distribution fee has been replaced with a lower flat fee, reducing it to 0.46% in 2026 and 0.41% from 2027

Wind down / asset realization news

BlackRock Throgmorton Trust (THRG LN, UK Smaller Companies): placed into members' voluntary liquidation. Cash Pool of £183,753,873 with equities valued at £170.2m and cash collateral of £11.5m plus accrued dividend income of £2.1m

JPMorgan Global Core Real Assets Limited (JARA LN, Flexible Investment, £23.5m mkt capn, 13.0% discount to NAV): published a shareholder circular setting out such proposals and giving notice of an EGM on 27 August 2026 at which shareholder approval for the liquidation will be sought.

Asset purchase / disposal / portfolio news

Tritax BigBox REIT (BBOX LN, £4,670m mkt capn): announced that the six-week judicial review relating to its Manor Farm data centre development has concluded successfully. The Company can now progress the development of a 107MW facility on its 74-acre site in the Slough Availability Zone. Planning consent represents a significant value creation event, enhancing the site's development potential and establishing a clear path to delivery. Following a competitive marketing process, demonstrating strong occupier demand for strategically located, powered data centre capacity in the Slough Availability Zone, a pre-let agreement for this scheme is now in solicitors' hands. Once operational, the facility is expected to achieve a 9.3% yield on cost, demonstrating the value creation potential of the Company's innovative "power-first" approach to data centre delivery.

The Biotech Growth Trust (BIOG LN, Healthcare & Biotechnology, £309.9m mkt capn, 6.9% discount to NAV): noted that argenx SE has entered into an agreement to acquire BIOG portfolio company, Forte Biosciences, Inc for $77 a share, in cash, representing a 40.5% premium to Forte's pre-announcement price. The Company's holdings in Forte represented 3.03% of the Company's NAV at the time of the announcement. This acquisition is the latest in a series of successful M&A outcomes across the portfolio over the past 12 months - following Avidity Biosciences, Cidara Therapeutics, Amicus Therapeutics, Apellis Pharmaceuticals, Kalvista Pharmaceuticals, Esperion Therapeutics, Nuvalent, Inc. and AtaiBeckley Inc. - which have contributed meaningfully to the Company's performance. (Frostrow client)

Cordiant Digital Infrastructure Limited (CORD LN, Infrastructure, £945.7m mkt capn, 14.9% discount to NAV): its US data centre, Hudson Interxchange, has signed a major new customer contract and received an expansion order from an existing customer. Taken together, these new contracts are expected to bring Hudson significantly closer to breakeven once fully deployed. Hudson continues to see interest in its remaining capacity from existing and prospective customers. The new customer contract, covering a period of five years and linked to inflation, is with a specialist provider of high-density GPU cloud computing infrastructure supporting AI workloads. The contract covers 1.8MW of capacity at Hudson's facility at 60 Hudson Street, New York, with the customer holding a right of first refusal over a further 2MW of capacity. Billing under the contract is expected to commence from September 2026 on an initial 450kW deployment of high-density racks, with the remaining 1.35MW scheduled for delivery by the end of 2026. These agreements underpin the continued build-out of Hudson's sixth floor with the new contract, together with the expansion order, taking total contracted IT capacity on the floor to approximately 2.8MW, or c.80% of saleable capacity, leaving a limited balance of premium, high-density capacity available to meet further customer demand.

RTW Biotech Opportunities (RTW LN, Healthcare & Biotechnology, £802.6m mkt capn, 12.9% discount to NAV): noted the announcement by private portfolio company Yarrow Bioscience, of the completion of its previously announced merger with public company VYNE Therapeutics Inc and the concurrent private financings totalling approximately $200m, led by RTW Investments, LP. Yarrow is the seventh new company creation of RTW Investments, LP. In December 2025, RTW invested $5.9m in the Series A and an additional $2.4m in the PIPE financing occurring concurrently with the merger. The combined company operates as Yarrow Bioscience, Inc and began trading on the Nasdaq Global Select Market under the ticker "YARW" on 28 July 2026. Based on the closing share price on the first day of trading, RTW Bio saw a 3.7x MOIC and a 192% uplift to carrying value on this investment. This uplift is equivalent to $20.4m or 2.0% of the 30 June NAV.

HgCapital Trust (HGT LN, Private Equity, £1,759.9m mkt capn, 26.6% discount to NAV): announced a full exit of Quantios with the transaction valuing its investment at approximately £13m, an uplift of £3m (31%) over the carrying value of £10m in the NAV at 31 March 2026. Based on the 31 March 2026 NAV, the pro-forma NAV of HgT is expected to be £2.4bn (or 529.7pps). HgT's liquid resources available for future deployment are estimated to be £292m (12% of the pro-forma 31 March 2026 NAV of £2.4bn) and outstanding commitments to invest in Hg transactions are approximately £2.1bn (87% of the pro-forma 31 March 2026 NAV).

Great Portland Estates (GPE LN, £1,430m mkt capn): has fully let the office space at Carrington House, W1, after leasing more than 6,900 sq ft of Fitted workspace at record rents for the building of up to £105 per sq ft, 8.1% ahead of ERV. Located in the heart of the West End, Carrington House is a prominent Grade II Listed building offering a range of amenities within immediate access to Mayfair and Soho. Over 8,800 sq ft of the total office space in the building was converted from Ready to Fit space into Fitted workspace, expanding GPE's Flex office portfolio.

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

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Equity Capital Markets / Investor demand

n/a

Ex Dividend

HFEL 6.3pps, MIG3 1.5pps, MIG5 0.75pps, MAV4 1.5pps, MIG1 1pps, GSF 1.75pps, EGL 2.25pps, GABI 1.58125pps, ESCT 2.81pps, BUT 6.75pps, NCYF 1.52pps, MGCI 1.75pps, BRSC 2.225pps, MTE 1.55pps, AIRE 1.4pps, GV10 17pps, GV20 17pps; TFG 12cps

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith

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Frostrow Capital LLP,
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