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Good afternoon investment trust investors,
Contents
- Overview for the week
- Frostrow Investor Events
- Investment Themes
- Sector data for the week
- Overview for the week
The 60-day ceasefire between the US and Iran expired this week with no end to the conflict in sight. There was another expletive-laden rant made by Trump with reference to Oman which nudged the Brent crude oil price over $90 per barrel. He has further suggested that tougher economic measures will be imposed on Iran and those doing business with it. The VIX Index started the week at the lowest levels seen since December but soon pushed higher. In the US Treasury market, yields moved up to 5.25% post the $25bn auction of 30-year Treasuries late last week. As US national debt hit $40 trillion this week, concerns remain about inflation, debt levels and the growing AI spend. The US Treasury stepped in mid-week to provide support by doubling its buyback of government debt at the medium and longer end of the yield curve, also helping the gold price in turn.
Japan’s GDP rose by 0.3% in Q2 compared to 0.5% in Q1. Ukrainian leader, Zelensky, is facing his first major challenge to his leadership, with the former defence minister there calling for an election. In the UK, JPMorgan boss, Jamie Dimon continues to warn Andy Burnham against imposing a tax on banks. The number of job vacancies is at a five-year low, with smaller companies significantly reducing hiring. The ONS noted CPI at 2.9% in the 12 months to July, up from 2.6%, with economists suggesting a peak in inflation later this year or into early 2027. Despite strong tax receipts in July, the UK reported a £1.8bn deficit, which was unexpected. Focus on the deficit will increase as we approach the Budget Day of 28 October no doubt.
In the investment trust sector, average discounts (ex 3i Group) widened 10bps to 10.9%. It was a good week for commodities, biotech and healthcare sectors and less good for tech. We saw again plenty of half year results published, Saba Capital increased their stake in Syncona and the Board of Gore Street Energy are defending shareholders from the two Saba Capital requisitioned AGM resolutions. Frostrow client Temple Bar Investment Trust published half year results. Temple Bar is differentiated by an investment approach that focuses on companies whose stock market value is at a significant discount to the fair or intrinsic value of the business. Since Redwheel took over as Portfolio Manager on 30 October 2020 to 30 June 2026, the Company’s NAV total return is +216% (+22.5% pa) compared with a total return of +118% (+14.8% pa) for the FTSE All-Share Index.
Forthcoming Frostrow events to note round the corner include:
Edinburgh investor event on 2 September: The George Hotel, 19-21 George Street, Edinburgh EH2 2PB – invitation link below to register interest in attending
Aurora UK Alpha annual investor event: to be held from 4pm on Wednesday 14 October 2026 at Chartered Accountants’ Hall, One Moorgate Place, London EC2R 6EA
Custodian webinar invitation: 10:30am on Monday 14 September 2026 enclosed
Temple Bar Investment Trust half year results webinar: 11am on 10 September 2026
2. Frostrow Investor Events
Aurora UK Alpha (ARR LN, UK All Companies, £271.6m mkt capn, 10.1% 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, £328.4m mkt cap, 5.2% 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, £361.1m mkt capn, 6.7% 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, £161.6m mkt capn, 4.6% premium to NAV): investor meetings available again post 14 September 2026
Custodian Property Income REIT (CREI LN, Property UK Commercial, £376.3m mkt capn, 20.1% 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, £244.0m mkt capn, 0.4% 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, £816.2m mkt capn, 6.7% 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, £70.3m mkt capn, 3.7% 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, £1,282.8m mkt capn, 1.0% 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, £1,397.5m mkt capn, 5.8% discount to NAV): Trevor Polischuk’s comments at the Winterflood’s Annual conference were recorded here (January 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
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Check out our July 2026 summary podcast here: https://www.investormeetcompany.com/updates/frostrow-talks-trusts-july-2026-podcast/show
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3. Further investment themes evident in the investment trust sector this week include:
Discount / Premium control
A total of 291 corporate announcements from Tuesday this week on the LSE, of which 92 were in reference to share buybacks (31.6% of total). 7 referred to equity issuance.
Tender / Redemption offer update
Aberdeen New India Investment Trust (ANI LN, India / Indian Subcontinent, £307.8m mkt capn, 9.9% discount to NAV): the Company announced that the NAV TR performance from 1 April 2022 to 31 July 2026 was +24.2% vs Benchmark TR +20.4%. The five-year assessment period for the conditional tender offer runs from 1 April 2022 to 31 March 2027. Performance over the assessment period is measured against the MSCI India Index £. If, over the assessment period, the Company's Adjusted NAV per share total return fails to equal or exceed the total return of the benchmark, the Board will put forward proposals for a tender offer for 25% of the Company's share capital at a price equal to 98% of the prevailing NAV per share, after deduction of implementation costs.
Saba Capital and activist update
Pantheon International (PIN LN, Private Equity, £1,5001.0m mkt capn, 25.8% discount to NAV): Saba Capital position fell from 11.1% to 10.5%
Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £239.7m mkt capn, 36.2% discount to NAV): The Board's unanimous recommendation is to vote against the two Saba resolutions. The Company is publishing a supplementary notice of AGM incorporating the Saba resolutions, together with a new form of proxy. Th Chairman said "We are concerned about the future of the Company and the value-destructive impact should the Saba Resolutions pass". "Saba, having a current shareholding of approximately 18 per cent. of the Ordinary Shares, is relying on other Shareholders not voting their shares at the AGM. It is very important that you as Shareholders and owners of the Company vote on all of the resolutions to be proposed at the AGM, including the Saba Resolutions, as the future of your Company and the value of your investment depend on it."
Syncona Limited (SYNC LN, Heathcare & Biotechnology, £659.3m mkt capn, 36.5% discount to NAV): Saba Capital position increased from 10% to 11.3%
M&A update
Alternative Income REIT (AIRE LN, Property – UK Commercial, £57.8m mkt capn, 13.2% discount to NAV): noted that excluding the AIRE Shares held by Glenstone and its concert parties and the 1,900,000 AIRE Shares subject to Adam Smith's irrevocable undertaking, Glenstone has only received valid acceptances in respect of only 17,849 AIRE Shares representing less than 0.025%
Results / updates
CT Healthcare Trust HY results to 31 May 2026 (CTHT LN, Healthcare & Biotechnology, £64.0m mkt capn, 5.9% discount to NAV): NAV TR -1.1% vs MSCI World Healthcare Index TR -5.1% (although the Company's strategy targets a net market exposure of 0-50% and aims to generate positive total returns with lower volatility than healthcare equity markets); share price TR -2.0%; interim dividend of 2.565pps; The Company purchased 19.7m shares in the period, excluding the tender. In addition, 15% of the Company was acquired at a 1.7% discount to NAV. "The Board will continue to keep the usage of both the buyback authority and quarterly tender offers under review, ensuring that they are utilised in the best interests of shareholders. " The Fund Manager believes valuations in much of the sector now look stretched.
Sequoia Economic Infrastructure Income Fund Limited July 2026 update (SEQI LN, Infrastructure, £1,253.1m mkt capn, 8.1% discount to NAV): NAV TR -1.1% with a portfolio of 48 private debt investments and 2 infrastructure bonds, diversified across 8 sectors and 26 sub-sectors.; weighted average portfolio yield to worst of 9.93%; pull to par of 4.7pps. SEQI benefits from its dynamic interest-rate positioning, with 55.4% of the portfolio invested in fixed-rate instruments. SEQI had drawn £76.3m under its £300m RCF and held cash of £42.9m, inclusive of interest income. Net undrawn investment commitments stood at £74.4m. There are two non-performing loans of 0.7% of NAV work to maximise recovery
Aberdeen Asian Income Fund Limited HY results to 30 June 2026 (AAIF LN, Asia Pacific Equity Income, £445.8m mkt capn, 7.7% discount to NAV): NAV TR +28.0% vs MSCI AC Asia Pacific ex Japan Index +25.7%; share price TR +30.9%; EPS 12.36pps (8.75pps 2025). During the period, the Investment Manager began increasing exposure to sectors beyond information technology, adding selectively to financials, industrials and consumer companies with strong cash generation and long-term dividend potential. First two interim dividends of 4.47pps and 5.55pps. Net gearing of 7.6% (4.7% 31 December 2025)
JPMorgan American Investment Trust HY results to 30 June 2026 (JAM LN, North America, £2,002.6m mkt capn, 2.3% discount to NAV): NAV TR +10.7% vs S&P 500 Index £ +11.6%; share price TR +9.9%; The Company's assets are concentrated in a high-conviction large cap portfolio of approximately 40 of the Manager's best growth and value ideas, which represents at least 90% of the total portfolio, with the flexibility to allocate up to 10% of assets to a portfolio of smaller companies. Eric Ghernati moved internally within JPMorgan and Felise Agranoff, who has 22 years' experience in the industry, continues to lead in the selection of the growth stocks in the large cap portfolio. She is supported by a well-resourced team of experienced analysts in the Growth team. The portfolio's value stocks continue to be managed by Jack Caffrey and Graham Spence, who have 34 and 24 years' experience respectively in the industry. The Company repurchased 3.8m shares into treasury (2.2% of share capital). Gearing was 5.9% at period end (4.7% 31 December 2025)
Global Opportunities Trust HY results to 30 June 2026 (GOT LN, Flexible Investment, £97.9m mkt capn, 18.0% discount to NAV): NAV TR +1.5% vs FTSE All-World Index +12.9%; share price TR +0.5%; the discount to NAV increased from 16.1% to 17.3%. "Post the half-year end, we have continued to witness significant swings in investor sentiment, particularly in the semi- conductor related area as investors concerns over AI infrastructure build wax and wane. At current valuations, it is not an area in which we are currently inclined to participate, but this could change if there is a meaningful sustained setback."
Temple Bar Investment Trust HY results to 30 June 2026 (TMPL LN, UK Equity Income, £1,282.8m mkt capn, 1.0% premium to NAV): NAV TR (debt at fair value) +5.4% vs FTSE All-Share Index +7.2%; share price TR +5.2%; Temple Bar is differentiated by an investment approach that focuses on companies whose stock market value is at a significant discount to the fair or intrinsic value of the business. Since Redwheel took over as Portfolio Manager on 30 October 2020 to the reporting date of 30 June 2026, the Company’s NAV total return is +216% (+22.5% per annum) compared with a total return of +118% (+14.8% per annum) for the FTSE All-Share Index. Seven new positions were initiated including B&M European Value Retail, Land Securities and Kraft Heinz funded by the outright sale of holdings in Anglo American (profit taking) and Molson Coors (deteriorating outlook), as well as a reduction in some of the Energy and Financial stocks that had performed strongly. 13.8m shares were issued out of treasury at an average premium of 2.3%. Two interim dividends of 3.90pps each were declared (3.75pps 2025) with the Company’s dividend including 3.0p pa (0.75p per quarter) funded from capital reserves. This policy reflects a change in the nature of distributions by many listed companies in recent years, with substantial growth in the level of share buybacks either alongside or instead of dividends. (Frostrow client)
Wind down / asset realization news
US Solar Fund (USF LN, Renewable Energy Infrastructure, £118.2m mkt capn, 38.7% discount to NAV): announced that it has agreed to extend the period of exclusivity in relation to the proposed sale of USF Holding Corp, the Company's subsidiary which holds its entire portfolio of solar generation assets. The extension is granted in order to finalise the tax analysis related to the transaction, negotiate definitive documentation and complete any outstanding confirmatory due diligence. The Board has agreed to extend the exclusivity period by 60 days which will now expire on 16 October 2026. The Company will provide an update on the timetable related to the Potential Transaction as soon as practicable.
Riverstone Energy Limited HY results to 30 June 2026 (RSE LN, Commodities & Natural Resources, £28.5m mkt capn, 51.3% discount to NAV): NAV per share of $16.04 (£12.12), representing a -$0.2% and + of £1.5%, respectively, compared to the 31 December 2025 NAV per share .Total net realisations and distributions received during the Period of $50.0m from Onyx Power. The Company has a cash balance of $24m and no unfunded commitments. Consistent with the Managed Wind-Down approved by shareholders and announced on 22 August 2025, the Company announced on 9 April 2026 that it would return £30m by way of its second compulsory partial redemption of up to 2.5m shares on 27 April 2026 and with a redemption payment date of 15 May 2026. On 28 April 2026, the Company confirmed that it had redeemed 2.5 Shares (representing approximately 34.3% of the Company's share capital) for cancellation at a Redemption Price of £11.94 pence per Share. This decreased the Company's shares outstanding from 7,334,416 as of 31 March 2026 to 4,821,934 post-redemption.
Digital 9 Infrastructure HY results to 30 June 2026 (DGI9 LN, Infrastructure, £24.6m mkt capn, 47.1% discount to NAV): NAV per share 8.6p (9.3p 31 December 2025); The first return of capital under the managed wind-down: a compulsory pro-rata redemption returning £30m to shareholders (approximately 3.5p per existing Ordinary Share, at a Redemption Price of 9.2753p; a 37.38% redemption ratio). £10m received in cash on early settlement of the Verne Global earn-out (valuation uplift recognised in the audited 31 December 2025 results). Aqua Comms disposal completed in FY25, with a positive completion adjustment of £0.4m received in the period. Portfolio now comprises two remaining assets, Arqiva and Elio Networks, as the managed wind-down and orderly realisation continues.
abrdn European Logistics Income (ASLI LN, Property – Europe, £77.2m mkt capn, 17.5% discount to NAV): the Company announced a further B Share issue providing Shareholders with a capital return equivalent to 6.6pps. Following this distribution, the Company's special distributable reserve established for the purposes of the B Share scheme will be substantially depleted. The Board therefore does not currently expect to undertake any further B Share issues prior to the Company's liquidation. Since the commencement of the managed wind-down, the Company will have returned to Shareholders 49.6pps via the B Share scheme and 9.08pps through interim dividend distributions, representing total distributions of 58.68pps, or approximately £242m in aggregate. The Company's final remaining asset located at Den Hoorn in the Netherlands is currently subject to ongoing due diligence by a potential purchaser. Subject to the satisfactory completion of due diligence and agreement of final terms, the Board currently expects that a sale could complete during Q4 2026. Following completion of the sale of Den Hoorn, the Company intends to publish a circular convening a general meeting to seek Shareholder approval to place the Company into members' voluntary solvent liquidation and to appoint a liquidator.
Asset purchase / disposal / portfolio news
GCP Infrastructure Investments Limited (GCP LN, Infrastructure, £644.1m mkt capn, 17.2% discount to NAV): announced that a borrower to which the Company has extended a loan secured against a portfolio of operational renewable energy projects in the UK has repaid in full the c. £31.5m outstanding loan. The original maturity of the loan was June 2035, but repayment was brought forward by agreement with the Company following a change of control. This is materially in line with the valuation of 30 June 2026. The loan was one of the Company's lower returning investments, relative to the Company's average annualised portfolio interest rate of 8.0%. With the shares trading at a discount to NAV, the excess cash balance will be used to continue the share buyback programme.
International Public Partnerships (INPP LN, Infrastructure, £2,518.1m mkt capn, 6.7% discount to NAV): due to headwinds in the UK's altnet market, the Company has elected not to commit further capital to toob and will transfer its equity interest to the debt holders for a de minimis amount (from £24.1m or c.0.9% of NAV at 31 December 2025). Following the completion of the transaction the Company's remaining exposure in toob will be £2.6m, being an investment ranking pari passu with senior debt funding. As per the agreement with the debt holders, INPP will retain an entitlement to share in any future value realised upon a sale of toob. Notwithstanding this, the Company's NAV guidance is unchanged and is expected to be broadly in line or marginally higher at 30 June 2026 when compared to 31 December 2025. The performance of INPP's other digital infrastructure investment, Community Fibre (1.0% of NAV as at 31 December 2025), continues to be in line with expectations.
Foresight Solar Fund Limited (FSFL LN, Renewable Energy Infrastructure, £381.5m mkt capn, 25.6% discount to NAV): the Company is investing in a programme of upgrades enhancing nine sites (20% of the UK portfolio) designed to improve electricity generation and revenues (up to £2.5m per year), strengthen dividend cover and support long-term shareholder returns. The panel and inverter upgrades are expected to be concluded by summer 2027.
HgCapital Trust (HGT LN, Private Equity, £1,891.2m mkt capn, 21.2% discount to NAV): announced a £20m investment in Nourish, a leading provider of software for the UK social and community care sector. HGT's liquid resources available for future deployment (including the undrawn bank facility) are estimated to be £241m (10% of the 30 June 2026 estimated NAV of £2.4bn). The investment will reduce HGT's outstanding commitments to invest in Hg transactions to approximately £2.0bn (84% of the 30 June 2026 estimated NAV).
Seraphim Space Investment Trust (SSIT LN, Growth Capital, £428.4m / £111.4m mkt capn, 1.7% premium / 16.7% discount to NAV): made a $30m investment in Hubble Network, Inc. The investment represents the first addition of a new portfolio company to SSIT using the proceeds of the Company's successful £137m C Share issue. The Company has now deployed more than £40m of the C Share proceeds and, as a result, expects a partial conversion of the C Shares into Ordinary Shares to be triggered at the end of the current quarter.
International Public Partnerships Limited (INPP LN, Infrastructure, £2,518.1m mkt capn, 6.7% discount to NAV): announced that it has agreed to divest its stakes in nine UK private-public partnership projects for gross proceeds at completion which are expected to exceed £58m, implying a premium to the Company's last published valuation. Following this disposal, INPP will have realised over £440m over the last three years, equivalent to c.17% of the portfolio, with all realisations either in line with, or at a premium to, the relevant published valuations. Over the same period, the Company has committed to reinvest c.£480m at a combined IRR of more than 11%, ahead of the portfolio's weighted average discount rate of 9.1% and therefore accretive to overall returns.
Oakley Capital Investments Limited (OCI LN, Private Equity, £854.1m mkt capn, 33.5% discount to NAV): has agreed to acquire Graphwise, a pioneer in knowledge graph and semantic data technology, which is a key enabler of enterprise AI. OCI's indirect contribution is anticipated to be up to c.£20m, which relates to OCI's share of Oakley's investment in Graphwise. Oakley will work closely with the founders to build on Graphwise's strong product by developing its commercial capabilities and go-to-market strategy, strengthening its footprint in key international markets, and pursuing selective strategic acquisitions in a highly fragmented market.
RTW Biotech Opportunities Ltd (RTW LN, Healthcare & Biotechnology, £831.2m mkt capn, 8.5% discount to NAV): noted the announcement by BioMarin Pharmaceutical Inc that it has entered into a definitive agreement to acquire private portfolio company Alesta Therapeutics. BioMarin will pay up to $490m ($275m in upfront cash and Alesta shareholders may receive up to a further $215m upon achievement of certain milestones) for ALE1. Immediately prior to close, Alesta will spin out all non-ALE1 assets to a newly-formed entity, in which existing Alesta shareholders, including RTW Bio, will retain their pro rata interest. The transaction is expected to close in the third quarter of 2026. As at 31 July 2026, RTW Bio's holding in Alesta was valued at $3.8m, representing 0.4% of the Company's NAV. The upfront cash payment of $275 million (net of closing adjustments) for ALE1 represents an estimated 41% uplift on the Company's carrying value of Alesta, adding $1.6m (+0.2%) to the 31 July NAV.
Biopharma Credit (BPCR LN, Debt – Direct Lending, £1,093.0m mkt capn, 3.3% discount to NAV): completed the sale of its indirect interest in Lumira SAS (Colombia), recovering approximately 101% of its principal investment of $419m investment which commenced in March 2021.
Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £239.7m mkt capn, 36.2% discount to NAV): announced the sale of two assets, Kilmannock and Mucklagh, both located in the Republic of Ireland. These disposals are in line with the refreshed Board's updated strategy and mark the start of the sales process and augmentation processes set out in the Spring. While the exact value of the transaction cannot be disclosed due to commercial sensitivity, the Company confirmed that it achieved no less than the values ascribed for these assets in the most recently published NAV.
PPHE Hotel Group Limited (PPHE LN, £668.1m mkt capn): announced that it has successfully completed the sale of its development site located in Manhattan, New York. The transaction was structured as a sale of the freehold site to a US real estate developer for the purchase price of $33.5m. The sale proceeds were used to repay the associated debt of $6.75m and the balance of funds will be used for the Group's capital allocation strategy.
Fund Management / Advisory team
Achilles Investment Company Limited (AIC LN, Flexible Investment, £52.6m mkt capn, 13.2% discount to NAV): Chris Hills, formerly Chief Investment Consul at Rathbones, has been appointed as Strategic Adviser to the Company with effect from 1 September 2026. Mr Hills has significant experience in investment management and corporate governance. As Strategic Adviser, Mr Hills will provide independent strategic advice and support to the Board, drawing on his extensive experience of investment management, capital markets and corporate governance.
Schroder Real Estate Investment Trust Limited (SREI LN, Property – UK Commercial, £213.2m mkt capn, 31.8% discount to NAV): announced the appointment of Peter Lowe as Fund Manager, replacing Nick Montgomery, subject to the completion of the consortium acquisition of Picton Property Income Limited. Peter is currently Head of UK Real Estate Investment at Schroders Capital, the Company's Investment Manager, with responsibility for a pan-UK £2.5bn diversified institutional mandate. Given the strategic importance of the Picton acquisition, Nick will continue to support Peter for as long as is necessary to ensure a smooth transition. Thereafter Nick will retain oversight of SREIT in his capacity as Chair of Schroders Real Estate Investment Committee, with Peter also reporting to Nick as Global Head of Real Estate. In this role, Peter will work closely with the Company's co-Fund Manager, Bradley Biggins, supported by Schroders deep bench of investment, asset management, operations and other specialist functions.
Chrysalis Investments Limited (CHRY LN, Growth Capital, £353.0m mkt capn, 44.0% discount to NAV): the Board announced that the notice period of the Company's investment adviser, Chrysalis Investment Partners LLP expired with the Company now transitioned to a self-managed model. The Board has been working to transition key operational functions and this process is now complete.
4. Sector data this week (AIC data, as at Thursday’s close)
Equity Capital Markets / Investor demand
n/a
Ex Dividend
LTI 28pps, MVCT 1.1pps, PNL 1.4pps, GRP 1.7025cps, JUGI 3.73pps, SREI 0.897pps, TMPL 3.9pps, RCOI 0.25cps, HHV 0.75pps, AAS 1.64pps, SMIF 0.5pps
Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith
Frostrow Capital LLP,
25 Southampton Buildings,
London WC2A 1AL
020 3008 4912
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