End of week note for investment trust investors

Despite the continuing ‘madness’ seen across the world, it was generally a good week for equity markets. With Trump and Scott Bessent claiming that peace in the Middle East was moving closer, the oil price moved below $80 per barrel. Iran disputed the claim that peace talks are continuing but we note that Iran agreed a deal with Oman on a route for shipping in the SoH. Recent reports are more negative with Iran striking hostile targets there and also seeking to bar the US and Israeli shipping from the route moving the oil price higher. The UN has suggested that food prices are likely to rise again as we move into 2027, impacting further on the cost-of-living debate. Mid-week technology stocks gave equity markets another boost, largely driven by another leg of the AI tail wind, with the result that the market cap of the S&P 500 Index hit $70 trillion. Bond market yields fell back a little, albeit yields remain well above the levels before the start of the Iran war still.

It is the holiday season of course and new UK PM Andy Burnham has gone off on his. BP reported that it is selling its North Sea business after recording significant profits. Segro has finally agreed to the takeover by Prologis, with the deal likely to complete in the first half of 2027 and now, another UK equity, Bodycote, has seen a couple of bids come in from private equity.

The investment trust sector average discount to NAV (ex 3i Group) has contracted by 20bps to 10.7%. Newsflow was dominated by half year updates from a number of trusts as well as the activities of Saba Capital. They came to a stand-still agreement with Aberdeen and Aberdeen-managed trusts post the Herald Investment Trust deal as well as managed to get a continuation vote and wind down resolution put on the agenda at the forthcoming Gore Street Energy Storage AGM. They have also been buying more of it, as well as buying more Molten Ventures and now they own a chunk of Unite Group as well. At Frostrow, MIGO Opportunities Trust noted that Pacific Asset Management have purchased manager AVI’s share capital. It is certainly an exciting development there albeit there will be no changes to the mandate or management team of MIGO.

Do not be short of investment trusts.

2. Frostrow Investor Events

Aurora UK Alpha (ARR LN, UK All Companies, £275.0m mkt capn, 10.7% 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, £319.3m 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, £373.2m mkt capn, 4.2% 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, £138.4m mkt capn, 6.6% premium to NAV): investor meetings available again post 14 September 2026

Custodian Property Income REIT (CREI LN, Property UK Commercial, £377.6m mkt capn, 19.6% 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, £250.1m mkt capn, 0.8% 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, £815.3m mkt capn, 6.9% 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, £70.1m mkt capn, 3.3% 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, £1,305.3m mkt capn, 1.1% 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, £1,352.7m mkt capn, 7.9% 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 465 corporate announcements from Tuesday this week on the LSE, of which 67 were in reference to share buybacks (14.4% of total). 11 referred to equity issuance.

International Public Partnership (INPP LN, Infrastructure, £2,578.9m mkt capn, 5.6% discount to NAV): The Company's existing share buyback programme of up to £225m, is expected to run until the end of March 2027. At the time of writing, c.£150m of shares have been bought by the Company.

Tender / Redemption offer update

Schroder UK Mid Cap Fund (SCP LN, UK All Companies, £253.2m mkt capn, 5.8% discount to NAV): the tender pool, as of 30 July 2026, contained £96,219 of equities and £86.2m of cash, with a dividend of 6.5pps payable on 7 August

Tetragon Financial (TFG LN, Flexible Investment, £1,075.3m mkt capn, 68.8% discount to NAV): announced the commencement of a tender offer to purchase up to a maximum of $50m of non-voting shares. The tender offer will be conducted as a "modified Dutch auction" with shareholders able to tender their Tetragon non-voting shares at prices ranging from and including $12.75 up to and including $14.75 per share. The tender offer is expected to expire at 11:59 p.m. (ET) on 3 September 2026, unless extended or terminated earlier.

CT Healthcare Trust (CTHT LN, Healthcare & Biotechnology, £66.3m mkt capn, 3.8% discount to NAV): second tender offer, post the appointment of Columbia Threadneedle as investment manager, for up to 15% of share capital at NAV less tender offer expenses

Saba Capital and activist update

Aberdeen Asia Focus (AAS LN, Asia Pacific Smaller Companies, £611.3m mkt capn, 8.6% discount to NAV): the Board, Aberdeen Group and Saba Capital have entered a three-year agreement (to AGM 2029) under which Saba has given a number of undertakings to the Company, including agreeing not to put forward any proposals to shareholders or requisition any resolution or general meeting of the Company, not to seek change of the composition of the Board, not to seek to control or influence the Board or Company or the policies or management of the Company, not to vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders and not to engage, directly or indirectly, in any short selling of the Company's shares.

Dunedin Income Growth Investment Trust (DIG LN, UK Equity Income, £367.9m mkt capn, 8.4% discount to NAV): the Board, Aberdeen Group and Saba Capital have entered a three-year agreement (to AGM 2029) under which Saba has given a number of undertakings to the Company, including agreeing not to put forward any proposals to shareholders or requisition any resolution or general meeting of the Company, not to seek change of the composition of the Board, not to seek to control or influence the Board or Company or the policies or management of the Company, not to vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders and not to engage, directly or indirectly, in any short selling of the Company's shares.

Murray International Trust (MYI LN, Global Equity Income, £2,200.6m mkt capn, 1.5% premium to NAV): the Board, Aberdeen Group and Saba Capital have entered a three-year agreement (to AGM 2029) under which Saba has given a number of undertakings to the Company, including agreeing not to put forward any proposals to shareholders or requisition any resolution or general meeting of the Company, not to seek change of the composition of the Board, not to seek to control or influence the Board or Company or the policies or management of the Company, not to vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders and not to engage, directly or indirectly, in any short selling of the Company's shares.

Aberdeen UK Smaller Companies Growth Trust (AUSC LN, UK Smaller Companies, £233.2m mkt capn, 8.3% discount to NAV): the Board, Aberdeen Group and Saba Capital have entered a three-year agreement (to AGM 2029) under which Saba has given a number of undertakings to the Company, including agreeing not to put forward any proposals to shareholders or requisition any resolution or general meeting of the Company, not to seek change of the composition of the Board, not to seek to control or influence the Board or Company or the policies or management of the Company, not to vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders and not to engage, directly or indirectly, in any short selling of the Company's shares.

Aberdeen New India Investment Trust (ANI LN, India / Indian Subcontinent, £315.9m mkt capn, 10.2% discount to NAV): the Board, Aberdeen Group and Saba Capital have entered a three-year agreement (to AGM 2029) under which Saba has given a number of undertakings to the Company, including agreeing not to put forward any proposals to shareholders or requisition any resolution or general meeting of the Company, not to seek change of the composition of the Board, not to seek to control or influence the Board or Company or the policies or management of the Company, not to vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders and not to engage, directly or indirectly, in any short selling of the Company's shares.

Aberdeen Asian Income Fund Limited (AAIF LN, Asia Pacific Equity Income, £433.2m mkt capn, 6.8% discount to NAV): the Board, Aberdeen Group and Saba Capital have entered a three-year agreement (to AGM 2029) under which Saba has given a number of undertakings to the Company, including agreeing not to put forward any proposals to shareholders or requisition any resolution or general meeting of the Company, not to seek change of the composition of the Board, not to seek to control or influence the Board or Company or the policies or management of the Company, not to vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders and not to engage, directly or indirectly, in any short selling of the Company's shares.

Aberdeen Equity Income Trust (AEI LN, UK Equity Income, £370.4m mkt capn, 1.1% premium to NAV): the Board, Aberdeen Group and Saba Capital have entered a three-year agreement (to AGM 2029) under which Saba has given a number of undertakings to the Company, including agreeing not to put forward any proposals to shareholders or requisition any resolution or general meeting of the Company, not to seek change of the composition of the Board, not to seek to control or influence the Board or Company or the policies or management of the Company, not to vote against the recommendation of the Board on any resolution put to a general meeting of the Company's shareholders and not to engage, directly or indirectly, in any short selling of the Company's shares.

Molten Ventures (GROW LN, Growth Capital, £1,108.2m mkt capn, 15.8% discount to NAV): Saba Capital position increased from 13.2% to 14.2%

Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £235.4m mkt capn, 37.1% discount to NAV): the Board confirms that it will accommodate the inclusion of Saba's proposed resolutions such that there will be a vote on the continuation of the Company and also, if such resolution is not passed, within three months, the Board shall put forward proposals to wind up the Company. The Company subsequently announced that the Saba Capital holding increased from 17% to 18.1%

Unite Group (UTG LN, £2,750m mkt capn): Saba Capital position at 5.1% reported

M&A update

Alternative Income REIT (AIRE LN, Property – UK Commercial, £59.6m mkt capn, 11.5% discount to NAV): the Board continue to suggest that investors should take no action in regard to the Glenstone REIT's unsolicited final cash offer

Living REIT (LIVE LN, Property – UK Residential, £301.1m mkt capn, 28.6% discount to NAV): As referred to in the June announcement, the consideration for the acquisition is made up of a mix of cash and newly issued shares and a component of the consideration paid at completion was based upon the estimated net asset value of the Target Group at Completion, with £1m of the purchase price being deferred until finalisation of the completion accounts. The process now concluded, the target group's actual NAV at completion was £162,393 less than the estimated NAV and thus the deferred consideration has reduced to £837,607. 889,896 new shares were issued in satisfaction of the deferred consideration.

Gearing update

Literacy Capital (BOOK LN, Private Equity, £179.4m mkt capn, 36.5% discount to NAV): announced that it has agreed an extension of its RCF with its existing lender, OakNorth Bank Plc. The existing facility was due to expire in September 2027, had a credit approved limit of £50m, of which £40m was committed and a further £10m uncommitted. The RCF has been extended by a further two years, taking its expiry to September 2029, and the committed element of the facility has been increased from £40 million to £50 million, giving greater financial headroom. As part of the extension, there has been a reduction in margin percentage that BOOK is charged. The covenant regarding the minimum number of assets that need to be held has also been reduced from "needing to exceed" ten to eight, providing more flexibility to BOOK. All other material terms relating to the RCF remain unchanged, including the 20% loan-to-value covenant. Net borrowings amount to £15.7m. The Company's Borrowing Policy permits "indebtedness of up to a maximum of 20% of its NAV". However, gearing is expected to remain conservative throughout the term of the facility, and the Company's LTV is not expected to exceed 10% of net assets for a sustained period.

Templeton Emerging Markets Investment Trust (TEM LN, Global Emerging Markets, £,2876.0m mkt capn, 6.7% discount to NAV): the Company's £122m multi-currency revolving loan facility with The Bank of Nova Scotia was increased to £150m. The terms have not changed, being a rolling agreement with the option to terminate after one year, with commercial terms being reviewed every three years. There is a margin of 0.95% pa over the relevant market reference rate on drawings in any of the three currencies allowed under the facility (GBP, USD or CNH) and a commitment fee of 0.325% pa on undrawn amounts. Current drawings are £79.7m, CNH 300m and USD $50m. The Company has no other debt.

Results / updates

Allianz Technology Trust HY results to 30 June 2026 (ATT LN, Technology & Technology Innovation, £2,343.9m mkt capn, 6.4% discount to NAV): NAV TR +44.6% vs DJ World Technology Index £ +25.8%; share price TR +42.7%; OCR 0.61% (0.62% 2025); the Board consider buying back shares when the discount is consistently over 7%; 16.2m shares were repurchased at an average discount of 8.1% (4.6% of share capital); the continuation vote was passed in the FY; "...the longer term outlook for the tech sector remains as exciting as ever and our Investment Manager continues to identify compelling opportunities across a broad range of themes and sectors including AI infrastructure, semiconductors, memory, data centres and optical networking."

F&C Investment Trust HY results to 30 June 2026 (FCIT LN, Global, £6,462.6m mkt capn, 8.4% discount to NAV): NAV TR +12.4% vs FTSE All-World Index +12.6%; share price TR +12.8%; First interim dividend of 0.99pps and "The Board aims to increase the total dividend again this year." Undertook a four for one stock split in the FY; Gearing 4.5% (4.7% 2025); repurchased 0.7% of share capital. "Outside of the technology sector, valuation opportunities exist in a number of market segments, particularly where earnings expectations have been more subdued and where investor sentiment remains cautious."

HICL Infrastructure update to 31 July 2026 (HICL LN, Infrastructure, £2,582.4m mkt capn, 13.8% discount to NAV): Completed the acquisition of a further 6.65% interest in Cross London Trains for approximately £52m; Bought back £32.8m of shares at an average discount of 17.1%; Dividend outlook reaffirmed, with the Company remaining on track to deliver its target dividend of 8.50p per share for the year ending 31 March 2027 and new guidance of 8.65p per share for the year ending 31 March 2028. Improved management terms agreed, moving to a 100% market capitalisation fee basis and a step-down in the notice period to 2 years, enhancing alignment with shareholders. The Company will hold a biennial continuation vote from the 2028 AGM if the Company's shares trade at an average discount to NAV per share of more than 10% over the preceding financial year.

Chrysalis Investments Limited Quarterly NAV update to 30 June 2026 (CHRY LN, Growth Capital, £360.2m mkt capn, 42.9% discount to NAV): NAV - 2.1%, largely reflecting stock specific factors, with the decrease in key peer valuations being a major driver of the diminution in Starling's carrying value. The Company had gross cash and equivalents of approximately £1.0m, and a position in Klarna worth approximately £56.9m, giving a total liquidity position of approximately £57.9m. To fund working capital requirements, post period end the Company realised a portion of its holding in Klarna, generating proceeds of $8.0m, at an average price of $18.66 per share. The Company also anticipates receiving approximately £4.5m from amounts held in escrow in connection with its former investment in Featurespace.

Octopus Renewables Infrastructure Trust Quarter end June 2026 update (ORIT LN, Renewable Energy Infrastructure, £323.4m mkt capn, 29.5% discount to NAV): NAV TR -5.8%, "driven primarily by lower long-term power price forecasts, a comprehensive review of long-term energy yield assumptions for the onshore wind portfolio and an increase in discount rates to reflect the latest transactional activity in the broader market." The weighted average discount rate increased from 8.2% to 8.8% driven by the European assets where sustained changes in market conditions and evolving transaction evidence warranted increases to discount rates." "Updated long-term energy yield assumptions for onshore wind assets reduced NAV by £30.4 million during the quarter. This reflects a circa 10% reduction in forecast onshore wind generation, equivalent to approximately 5% of the Company's total generation." Gearing of 46.6% (44.8% 31 March 2026)

GCP Infrastructure Investments Limited Quarter end 30 June 2026 update (GCP LN, Infrastructure, £643.5m mkt capn, 17.6% discount to NAV): previously announced NAV 98.6pps; Net debt of £11m (£17m 31 March 2026); Bought back 19.1m shares in the period. Completed the sale of an AD project for £3m and two operational wind projects for £10.3m, with £0.8m expected imminently a 13% premium to NAV

M&G Credit Income Fund quarter end 30 June 2026 update (MGCI LN, Debt – Loans & Bonds, £191.8m mkt capn, 1.8% premium to NAV): NAV TR +2.0% vs Benchmark +1.9%, with "outperformance was supported by income generation, trading gains and the positive impact of credit spread tightening across parts of the portfolio." Public market purchases focused on high yield and investment grade opportunities where compensation appeared attractive relative to the underlying credit risk. "Private market deployment was also meaningful, reflecting the Company’s ability to access differentiated opportunities across M&G’s broader private credit platform. In total, just over £9m was deployed across a diverse range of private credit sectors and asset types, including a secondary market purchase of debt linked to one of Europe’s largest independent bulk-terminal operators; investments in first loss and mezzanine tranches of two regulatory capital transactions, referencing corporate and commercial real estate loan portfolios in one case and SME loan portfolios in the other; a senior real estate loan refinancing a prime London office asset; and debt secured against future receivables linked to an Italian road project."

Schroder Real Estate Investment Trust Limited quarter end June 2026 update (SREI LN, Property – UK Commercial, £219.4m mkt capn, 30.7% discount to NAV): NAV TR +0.8% vs MSCI Benchmark +1.0%; EPRA earnings 0.8pps; 93% dividend cover; 27% rent reversion to the estimated rental value. 3.4% interest cost on debt, with weighted average of 7 years. fair value of the Canada life loan is £19.2m, not reflected in the NAV. Portfolio allocated to higher growth sectors, 66% industrial and retail warehouse. Void rate of 10%. Quarterly dividend of 0.897pps to be paid in September. The Boards of SREIT, LondonMetric and Picton Property Income Limited recently announced that they have reached agreement on the terms of a recommended all-share offer pursuant to which SREIT and LondonMetric will acquire the entire issued of Picton. Under the terms of the acquisition, Picton shareholders will be entitled to receive 0.894 SREIT Shares and 0.190 LondonMetric Shares per Picton share.

Target Healthcare REIT quarter end June 2026 update (THRL LN, Property – UK Healthcare, £705.8m mkt capn, 9.5% discount to NAV): EPRA NTA TR +2.5%; EPRA EPS 1.55pps (1.60pps 31 March 2026); dividend of 1.508pps (unchanged 31 March 2026); Net LTV of 16.1% (15.2% 31 March 2026), with weighted average term of 5.1 years. Interest costs are fixed on £200 million of debt until at least September 2030, at a weighted average cost of 3.89%. "We note the Prime Minister's recent social care plan speech and the commencement of public consultation by Baroness Casey of Blackstock on the need for social care reform. We would welcome new solutions to the issues in social care and it is sensible to bring forward the Casey report to 2027."

Rights and Issues Investment Trust HY results to 30 June 2026 (RIII LN, UK Smaller Companies, £114.2m mkt capn, 18.1% discount to NAV): NAV TR +5.4% vs FTSE All Share Index +7.2% / DN Smaller Companies Index +1.8%; share price TR +9.4%; "The portfolio was little changed over the period, with one holding exited and one new holding added. JTC received a number of takeover bids since we invested in it and, with shares close to the bid price, the position was exited during the period. Mortgage Advice Bureau, a leading network for mortgage brokers in the UK, was added to the portfolio." Interim dividend of 12.5p declared (12.25p 2025)

Onward Opportunities Limited HY results to 30 June 2026 (ONWD LN, UK Smaller Companies, £42.3m mkt capn, 3.2% discount to NAV): NAV -14.1%; "The share prices of the Company's mark to market portfolio of under-owned investments suffered materially during Q1 in response to global market volatility...The fund's top 10 holdings saw an average share price decline of 28.6% during the first quarter - but only two went on to issue profit warnings...Share prices of all portfolio investments lagged the global recovery in risk assets, again a repeat of the trend seen in 2025. Micro caps typically require company specific updates to trigger price recoveries. Many of these are due in H2 and have started to come through in July with NAV recovering further to 131.5p." The Company has issued 4.4m shares YTD and moved to the Main Market from AIM

RIT Capital Partners HY results to 30 June 2026 (RCP LN, Flexible Investment, £3,262.7m mkt capn, 17.2% discount to NAV): NAV TR +9.0% vs CPI +3% +2.8% / ACWI (50% £) +12.5%; share price TR +2.0%; "All three investment pillars - Quoted Equities, Private Investments and Uncorrelated Strategies, delivered positive returns with each making a meaningful contribution to the NAV during the period." Completed a tender offer of up to £300m at a 15% discount in July, with 80% of shareholders not electing to participate. The Company now intends "to continue repurchasing shares where appropriate while ensuring we retain the financial flexibility to invest in attractive investment opportunities as they arise".

Syncona Limited quarter end June 2026 update (SYNC LN, Healthcare & Biotechnology, £660.5m mkt capn, 36.3% discount to NAV): NAV +0.0%; 86.4% of the Life Science Portfolio in commercial, late-stage and clinical-stage companies. Four key value inflection points expected in CY2026 with a further four key value inflection points expected before the end of CY2028 (a key value inflection point meaning a material de-risking event for a portfolio company that has the potential to drive significant NAV growth).

Murray International Trust HY results to 30 June 2026 (MYI LN, Global Equity Income, £2,200.6m mkt capn, 1.5% premium to NAV): NAV TR +10.5% vs MSCI ACWI High Dividend Yield Index +12.4%; share price TR +9.9%; declared two interim dividends of 2.8pps (2.6pps 2025) and remains committed to a progressive dividend policy. £84.6m of revenue reserves equating to 1.2 times annual dividend. The Company sold 5m shares from treasury at an average premium of 1.5%. Net gearing of 4.0% (4.4% 31 December 2025). OCR of 0.47% (0.5% 31 December 2025)

Baker Steel Resources Trust Limited July 2026 update (BSRT LN, Commodities & Natural Resources, £140.0m mkt capn, 15.9% discount to NAV): NAV -2.6%, largely due to a fall in the value of Blue Moon shares on the TSX-V exchange. Bought back a further 50,000 shares, bringing the total bought back to 1.2m shares since the programme began

Wind down / asset realization news

Home REIT (HOME LN, Property – UK Residential): the Company has now exchanged on the final four properties in the portfolio. As the Company now holds fewer than 10 properties, AEW's monthly fee of £167,000 will reduce to £120,000 in three months from 29 July 2026 and reduce further to £42,000 after an additional three months. The Company exited the REIT regime from 28 July 2026. It is expected that the current level of expenses that the Company is incurring will shield any income from corporation tax, however future events could change this. The Company's "ability to make distributions to shareholders continues to be constrained whilst it faces potential group litigation or other claims. The Company is working intensively with its advisors in relation to these matters and expects to update shareholders further following commencement of the Subsidiary Liquidations."

GCP Asset Backed Income Fund Limited (GABI LN, Debt – Direct Lending, £64.3m mkt capn, 12.7% discount to NAV): in connection with the Fourth Compulsory Redemption announced on 22 July 2026, the Company has compulsory redeemed as at close of business on 31 July 2026 on a pro rate basis 65,560,523 ordinary shares at a price of 68.63875pps, which was approximately 38.1% of the Company's ordinary shares

Schroder European Real Estate Investment Trust (SERE LN, Property – Europe, £83.6m mkt capn, 35.0% discount to NAV): published a circular to convene a general meeting and to allow shareholders to consider, if thought fit, approve a change to SEREIT's investment objective and policy and to amend SEREIT's existing articles in order to implement a managed wind-down of the Company. The amendment is conditional on shareholder approval by way of a special resolution which requires at least 75% of the votes cast to be in favour to pass. The wind down is expected to take approximately two to three years to complete. Conditional upon the adoption of the amended investment objective and policy, the Board and the Investment Manager intend to amend the terms of the Investment Manager's fee arrangements in light of the proposed change in strategy.

Asset purchase / disposal / portfolio news

Crystal Amber Fund Limited (CRS LN, Flexible Investment, £53.0m mkt capn, 49.3% discount to NAV): announced a further investment in Morphic Medical Inc. Since February 2026, the Company has invested a further approximately £6.1m at current exchange rates with the most recent investment being made on 31 July 2026. The investment comprised three tranches, each at a price of US$0.48 per share. The proceeds are principally being used to support the continued acceleration of MMI's pivotal US clinical study and the commercial development of its Reset system. Following these investments, the Fund holds an aggregate of 435.9m preferred and common shares in MMI, representing approximately 97.9% of MMI's aggregate preferred and common issued share capital. MMI is currently in discussions with a number of prospective strategic and financial investors, including large multinational medical device companies, in relation to further funding. The Board continues to believe that the optimal time to seek to realise the Company's investment in MMI would be following FDA approval and access to the US market. The Fund therefore intends to continue actively managing and supporting its investment through this important stage of MMI's development.

Seraphim Space Investment Trust (SSIT LN, Growth Capital, £431.7m / £107.8m, 2.5% premium / 19.4% discount to NAV): announced the first deployment of capital raised through its £137m C Share issue, with follow-on investments of $25m in Pixxel and $3.6m in Zeno Power, both existing Ordinary Share portfolio companies.

RTW Biotech Opportunities (RTW LN, Healthcare & Biotechnology, £802.6m mkt capn, 12.9% discount to NAV): noted the announcement by private portfolio company Obsidian Therapeutics, of the completion of its previously announced merger with public company Galera Therapeutics Inc and the concurrent private financing totalling approximately $350m. RTW Bio first invested $2.1m in Obsidian's Series C financing in March 2024 and an additional $0.4m in a PIPE financing occurring prior to the merger. The combined company operates as Obsidian Therapeutics, In. and began trading on the Nasdaq under the ticker this week. Based on the closing share price on the first day of trading of $34.00, this investment represents a 2.5x MOIC and 170% uplift to carrying value for RTW. This uplift is equivalent to $3.9m or 0.4% of the 30 June NAV.

Management team update

Worldwide Healthcare Trust (WWH LN, Healthcare & Biotechnology, £1,352.7m mkt capn, 7.9% discount to NAV): existing co-portfolio manager, Trevor Polischuk, has taken on the role of lead portfolio manager, and Geoff Hsu has been appointed as co-portfolio manager. Sven Borho has decided to step down as manager of the Company. These changes will be effective immediately. (Frostrow client)

The Biotech Growth Trust (BIOG LN, Healthcare & Biotechnology, £319.3m mkt capn, 6.9% discount to NAV): confirms that there is no change to the Company's portfolio management arrangements, post the announcement by Worldwide Healthcare Trust. Geoff Hsu remains lead portfolio manager of the Company, supported by Josh Golomb as co-portfolio manager. Roger Yates, Chair, commented: "The Biotech Growth Trust will maintain its focus on providing shareholders with exposure to the exciting opportunities in the global biotech sector and the Board is confident that Geoff, Josh and the wider team at OrbiMed are well placed to deliver the Company's investment objective." (Frostrow client)

Management group ownership update

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £70.1m mkt capn, 3.3% discount to NAV): the Company announced that Asset Value Investors Limited, the Company's AIFM and investment manager, is to be acquired by Pacific Asset Management, the London-based multi-boutique asset manager and part of the Pinnacle Investment Management group. As part of the transaction, Pacific will acquire the circa 25% stake owned by Goodhart Partners. AVI has confirmed to the Board that the transaction brings no change to the regulated entity that manages the Company, to the investment team led by Tom Treanor and Charlotte Cuthbertson, or to the investment philosophy and process applied to the Company's portfolio, investment objective and policy, or to its fee arrangements. AVI will retain its brand and continue to operate as an independent boutique within Pacific, with access to a broader distribution network and to Pacific's operational and technology platform. (Frostrow client)

AVI Global Trust (AGT LN, Global, £1,040.3m mkt capn, 6.3% discount to NAV): the Company announced that Asset Value Investors Limited, the Company's AIFM and investment manager, is to be acquired by Pacific Asset Management, the London-based multi-boutique asset manager and part of the Pinnacle Investment Management group. As part of the transaction, Pacific will acquire the circa 25% stake owned by Goodhart Partners. AVI has confirmed to the Board that the transaction brings no change to the regulated entity that manages the Company, to the investment team, to the investment philosophy and process applied to the Company's portfolio, investment objective and policy, or to its fee arrangements. AVI will retain its brand and continue to operate as an independent boutique within Pacific, with access to a broader distribution network and to Pacific's operational and technology platform.

AVI Japan Opportunity Trust (AJOT LN, Japanese Smaller Companies, £373.6m mkt capn, 2.5% discount to NAV): the Company announced that Asset Value Investors Limited, the Company's AIFM and investment manager, is to be acquired by Pacific Asset Management, the London-based multi-boutique asset manager and part of the Pinnacle Investment Management group. As part of the transaction, Pacific will acquire the circa 25% stake owned by Goodhart Partners. AVI has confirmed to the Board that the transaction brings no change to the regulated entity that manages the Company, to the investment team led by Tom Treanor and Charlotte Cuthbertson, or to the investment philosophy and process applied to the Company's portfolio, investment objective and policy, or to its fee arrangements. AVI will retain its brand and continue to operate as an independent boutique within Pacific, with access to a broader distribution network and to Pacific's operational and technology platform.

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

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Equity Capital Markets / Investor demand

Tritax BigBox REIT HY results to 30 June 2026 (BBOX LN, Property – UK Logistics, £4,465.3m mkt capn, 10.1% discount to NAV): Net rental income +16.2%, driven by the Blackstone acquisition and continued operational execution with strong like-for-like rental growth capture. Adjusted EPS 4.41pps (4.12pps 2025); LTV 32.9% (33.2% 2025); EPRA cost ratio including vacancy cost 13.5% (13.8% 2025); announced the Company is seeking to raise approximately £350m of gross proceeds (approximately 8% of current issued share capital) via a non-pre-emptive placing, with no set time or date for the close. Trot Holdings Limited, 8.6% shareholders, are subscribing for up to £30m in the placing. The Manager has now secured a further 235MW of additional grid connection agreements, nearly doubling the Group's pipeline of secured power to 507MW, capable of enabling two new data centre schemes in the Greater London Availability Zone deliverable between 2030-2031. The Company intends to use the net proceeds of the raise to provide the early stage and longer-term funding to unlock its enlarged pipeline of data centre development opportunities and to enhance financial flexibility to pursue additional logistics acquisition and development opportunities. BBOX subsequently announced that it had successfully raised gross proceeds of £350m, representing 7.9% of issued share capital. The placing price represented a discount of approximately 4.5% to the closing price of 171.7p pre-launch and a discount of approximately 11.8% to the NTA per share of 185.9p as at 30 June 2026.

Ex Dividend

NTV 1.3pps, NTN 2.5pps, NVT 1.5pps, BVT 1.5pps, BMD 1.75pps, OOA 2.5pps, GSCT 2.45pps, DIG 4.25pps, MNKS 0.9pps, PCGH 1.2pps, AAEV 2.8pps, GCP 1.75pps, EJFI 2.8625pps, CREI 1.5pps, CVCG 2.3125pps, CVCE 1.8125cps, ASL 15.3pps, AEWU 2pps, MWI 2.265pps, MUT 12.5pps, SGRO 10.14pps, AGVI 4.54pps, TORO 1.4cps, PCTN 0.69pps

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

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