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Good afternoon investment trust investors,
Contents
- Overview for the week
- Recorded Frostrow Investor Events
- Investment Themes
- Sector data for the week
- Overview for the week
Charles Dickens summed it up in “A Tale of Two Cities” with “It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity…” We are into the last quarter now and we are being asked to “Hope again” at the UK Labour Party conference in Liverpool, whilst also being told that there is “catastrophic or existential risks to humanity” via the Anthropic IPO prospectus. The US economy grew at an annualised rate of 2.2% in Q2, faster than previously thought. In addition, the PCE Price Index rose by a lower than expected 0.3% in August. The indirect diplomatic stand-off between the US and Iran continued. The oil price remained elevated as China cancelled the export of some oil-product cargoes to regions beyond Hong Kong and Macau until further notice and Trump is reported to have told some European countries to draw down emergency diesel inventories to avoid a threatened US diesel export ban.
There was quite a sell-off in the global bond market on Thursday with concerns about debt levels, oil prices and inflation. At a 10-year UK gilt auction mid-week, investors demanded a yield of 5.383% to get it away, the highest rate since 1999, and on Thursday the 30-year UK gilt yield touched 6% briefly, a level last seen in February 1998 (albeit UK debt to GDP was 40% then and is now near 100%). It was though pleasing to see the UK economic growth figures were revised up from 0.4% to 0.5% in Q2 this week which subsequently helped bond prices rally a little. In the UK, John Healey, Chancellor, made an important speech at that Labour Party Conference stating his fiscal discipline. PM Andy Burnham has said that the pensions triple lock will be adjusted (really very modestly in reality) in 2030, to try to help fund a national care service. Bank of England Governor, Andrew Bailey, has warned of potential financial shocks due to the sheer quantum of money being invested in AI. We note Eurozone inflation has come in at 3.8% (vs 3.2% in August), with interest rate tightening more likely accordingly.
In the investment trust sector, average discounts (ex 3i Group) remain at 12%, relatively stable for the week. Saba continued to invest in Unite Group, Grainger, Workspace Group, SEGRO, Gore Street Energy Storage and HarbourVest Global Private Equity, with pressure on the Board at SDCL Efficiency Income to make some room for further ‘independent’ directors. At Frostrow Capital, client Aurora UK Alpha announced half year results to 30 June 2026 with the managers switching approximately 4% of the portfolio from Lloyds Banking Group into Barratt Redrow in March and subsequently making a public call for Barratt Redrow’s board to commit their excess capital to share buybacks. Since the period end, Barratt Redrow has announced a £400 million shareholder return for its 2027 financial year, to be delivered principally through buybacks.
Do not be short of investment trusts.
Forthcoming Frostrow and industry events to note round the corner include:
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
AIC Investor Showcase, 9th October 10am – 4.30pm at 133 Houndsditch EC3A 7BX. Investors can attend in person or online - The Investment Company Showcase 2026 | The AIC
The discount code for free entry is INVEST 26
Quoted Data Investors’ Choice Awards: CCJI, CYN and TMPL all up for awards (Frostrow clients) amongst many others. Please cast your votes here (closes 31 October 2026): https://info.quoteddata.com/investors-choice-awards-2026
2. Frostrow Recorded Investor Events
Aurora UK Alpha (ARR LN, UK All Companies, £261.0m mkt capn, 11.5% 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
The link to a webinar that occurred on 29 September 2026 is copied here: Aurora UK Alpha plc (ARR) Half-Year Results & Investor Update Webinar, 29 September 2026
Biotech Growth Trust (BIOG LN, Healthcare & Biotechnology, £282.2m mkt cap, 6.2% 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, £371.9m mkt capn, 10.8% 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
A webinar took place on 13 July 2026, do view it here:
https://www.youtube.com/watch?v=-ZQLFVnEnHM
City Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £161.9m mkt capn, 7.0% premium to NAV): investor meetings available again post 14 September 2026
Custodian Property Income REIT (CREI LN, Property UK Commercial, £371.9m mkt capn, 20.6% 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
A Custodian webinar took place on Monday 14 September 2026, do view it here:
https://www.youtube.com/watch?v=NG7CbqC3pFM
Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £233.4m mkt capn, 0.5% discount 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
The most recent EGL webinar from 23 September 2026 is available here: https://www.youtube.com/watch?v=w3SiZoc41Uk
Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £745.9m 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 for the webinar of 15 July 2026:
https://www.youtube.com/watch?v=jE9n4ut7xl0
MIGO Opportunities Trust (MIGO LN, Flexible Investment, £70.7m mkt capn, 1.0% 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, £1,258.4m mkt capn, 0.3% 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/
See co-portfolio manager, Nick Purves’ interview on Citywire from July 2026 here: https://lnkd.in/ezCQ6qZN
A professional investor webinar took place on 10 September 2026 and is available to view on this link:
https://www.youtube.com/watch?v=mcRiU-TVj0U
Worldwide Healthcare Trust (WWH LN, Healthcare & Biotechnology, £1,281.1m mkt capn, 6.4% 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
Find us on the web: https://www.frostrow.com/
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Check out our July 2026 summary podcast here: https://www.investormeetcompany.com/updates/frostrow-talks-trusts-july-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 379 corporate announcements from Tuesday this week on the LSE, of which 95 were in reference to share buybacks (25.1% of total). 8 referred to equity issuance.
Partners Group Private Equity Limited (PEY LN, Private Equity, £457.2m mkt capn, 40.1% discount to NAV): in March 2024, the Board allocated EUR 18m to the share buyback programme which was due to expire on 30 September 2026. Approximately EUR 5m remains available under the Programme which is now being extended to 31 October 2026.
Conditional tender / tender / redemption news
Ashoka India Equity Investment Trust (AIE LN, India / Indian Subcontinent, £414.0m mkt capn, 4.7% discount to NAV): 9.4m shares are being redeemed at a redemption price of 260.16pps
Fidelity Emerging Markets Limited (FEML LN, Global Emerging Markets, £559.3m mkt capn, 7.6% discount to NAV): the Board announced that the Company's NAV total return of 82.7% exceeded the total return of the MSCI Emerging Markets Index of 55.7% over the five years ended 30 September 2026. No tender offer is therefore required. The Board intends to renew the performance-linked tender mechanism such that if the Company's NAV total return does not exceed the total return of the MSCI Emerging Markets Index over the five years ending 30 June 2031, the Board would put forward a tender offer in respect of up to 25% of the share capital.
Saba news
The Unite Group (UTG LN, £2,370m mkt capn): Saba Capital holding increased from 5.1% to 7%. Subsequently, the Company announced the sale of its 444-bed King's Place development site to an affiliate of Far East Orchard for £60m. The disposal is part of the Group's strategy to realise value from development land and other non-student assets. The sale is priced at a 3% discount to its June 2026 book value and is expected to complete in mid-October. The Group has now agreed or completed disposals in 2026 totalling £200m at a weighted average NOI yield of 3.0% (Unite share), including a number of non-income producing sites. The Group has a number of further disposal processes underway to support the strategy of increasing alignment to the UK's strongest universities.
Workspace Group (WKP LN, £701.6m mkt capn): Saba Capital holding increased from 29.1% to 29.7%
Grainger (GRI LN, £1,210m mkt capn): Saba Capital holding increased from 6.3% to 8.9%
SEGRO (SGRO LN, £12,400m mkt capn): 98.1% of shareholders voted in favour of the Prologis recommended share offer with partial cash alternative. The scheme is expected to become effective during the first half of 2027
Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £246.5m mkt capn, 33.1% discount to NAV): Saba Capital holding increased from 20.1% to 21.2%
SDCL Efficiency Income Trust (SEIT LN, Renewable Energy Infrastructure, £366.9m mkt capn, 55.6% discount to NAV): the Company published a circular in connection with the proposed appointments of Boaz Weinstein and Richard Pavry as non-executive Directors. The Board and the Company’s two largest shareholders are of the view that the additional Board appointments should contribute positively to the oversight of the realisation of the Company's portfolio of assets. "The Company continues to prioritise asset realisations in line with the revised Investment Policy. The Board and its advisers are in active discussions with a number of potentially interested parties." Current drawings on the RCF are c£188m, with the Company's focus on reducing leverage through a combination of portfolio cash generation, project-level financing initiatives and disposal proceeds, with disposal proceeds under the wind-down expected to be applied first towards RCF debt repayment and maintaining appropriate liquidity, before cash is returned to shareholders.
HarbourVest Global Private Equity Limited (HVPE LN, Private Equity, £2,287.7m mkt capn, 27.0% discount to NAV): Saba Capital's holding has increased from 10.1% to 11.1%
Gearing news
CT Global Managed Portfolio Trust (CMPG / CMPI LN, Flexible Investment, £109.8m / £80.3m mkt capn, 2.7% discount / 1.3% premium to NAV): the Company announced that it has increased the amount available under its unsecured revolving credit facility with The Royal Bank of Scotland International Limited from £10m to £20m. The Company has this RCF for the purpose of pursuing its investment objective and it is currently available until 10 February 2027. It is expected that the RCF will be used in both the Growth Portfolio and the Income Portfolio.
M&A update
Irish Residential Properties REIT (IRP LN, 0QT8 LN, £670.2m mkt capn): confirmed that it has received a number of proposals regarding a possible all cash offer for the entire issued and to be issued ordinary share capital of I-RES from Baring International Investment Limited. The initial proposal was received on 05 August 2026 and the most recent proposal received, representing the fifth proposal by Barings, is at a price of €1.386 per share. The Board has carefully evaluated the Possible Offer together with its advisers and has unanimously concluded that the Possible Offer is at a level which, should a firm offer pursuant to Rule 2.7 of the Irish Takeover Rules be made on such financial terms, the Board would be minded to recommend such a firm offer to shareholders. A further announcement will be made as and when appropriate.
Alternative Income REIT (AIRE LN, Property – UK Commercial, £55.1m mkt capn, 17.9% discount to NAV): On 24 September 2026, Glenstone announced that it had crossed the 75% threshold and that it intends to proceed with the delisting of AIRE. Depending on the ultimate level of acceptances received for the Offer, Glenstone intends either to exercise statutory squeeze-out rights and purchase remaining AIRE Shares on a compulsory basis or to make an application for AIRE's admission to trading on TISE. The Offer remains open to acceptances until further notice.
Fund Manager and manager fee news
Cordiant Digital Infrastructure Limited (CORD LN, Infrastructure, £941.8m mkt capn, 15.7% discount to NAV): announced that Steven Marshall, Co-founder, Executive Chairman and Managing Partner of Cordiant Digital Infrastructure Management LLP (CDIM), has entered into an agreement to acquire the membership interest in CDIM held by Cordiant Capital Inc, a Canadian investment management firm and the Company’s Investment Manager. CDIM has provided certain advisory services to CCI. Under the Transaction, CCI will step down as Investment Manager. The existing CDIM team, led by Steven Marshall, will continue in their roles, ensuring the continuation of the Company’s strategy and oversight of the Company’s portfolio. In agreement with CDIM, the Company intends to appoint an FCA-authorised AIFM to the Company as Investment Manager, and CDIM will be appointed to provide investment advisory services to the New IM. The implementation of these new management and investment advisory arrangements is expected to take several months to complete.
Syncona Limited (SYNC LN, Healthcare & Biotechnology, £742.0m mkt capn, 28.5% discount to NAV): announced that Chris Hollowood will take up the role of Chief Investment Officer, alongside his role as Chief Executive Officer, reflecting a greater focus on Syncona’s investment strategy and activity, alongside actively managing the Syncona portfolio. Dr Samantha Roberts will take on the role of Managing Director, where she will focus on using her commercial and reimbursement expertise to drive value creation across the portfolio and future investments as well as manage the organisation day-to-day. Sam joined SIML in February 2026 as an Executive Partner and is currently a Director on the Board of Spur Therapeutics. She is focused on supporting the investment team and portfolio with commercial strategy and market access for high-impact medicines. Sam has over 20 years’ experience in bringing healthcare innovation to patients through her background as a clinician, payor and regulator, and most recently as Chief Executive of NICE. This operational experience will be key in advancing SIML’s strategy.
Golden Prospect Precious Metals Limited (GPM LN, Commodities & Natural Resources, £88.2m mkt capn, 6.5% discount to NAV): regarding the proposed appointment of Baker Steel Capital Managers LLP as the Company's Investment Manager and AIFM, the Board confirms that the transition process remains on track and is expected to complete in October 2026.
Strategic review update
Impax Environmental Markets HY results to 30 June 2026 (IEM LN, Environmental, £174.1m mkt capn, 10.5% discount to NAV): NAV TR +26.1% vs MSCI AC World Index +12.7%; share price TR +17.4%; a new Board was appointed in June 2026 with the Company's lawyers considering each Director to be independent, and also independent from Saba Capita, the largest shareholder. The Company served notice on Impax Asset Management on 20 July 2026, with notice expiring on 31 July 2027. "As part of the strategic review process the Board will continue to engage with all key stakeholders to take into account their viewpoints on the future of the Company."
Geiger Counter Limited (GCL LN, Commodities & Natural Resources, £63.9m mkt capn, 6.3% discount to NAV): Following a comprehensive review, the Board concludes that remaining with Manulife | CQS Investment Management is in the best interests of shareholders. The twelve-month protective notice issued to Manulife | CQS Investment Management on 16 March 2026 has been revoked by the Company. The portfolio management activities have been sub delegated to Manulife Investment Management in Toronto, Canada. Diana Racanelli will continue as the lead portfolio manager, supported by Craig Bethune, portfolio manager and Olivia Chamie, dedicated analyst. The team brings extensive portfolio management experience in this sector. The Company's strategy will remain focused on investment in companies involved in the exploration, development and production of uranium to supply the nuclear power industry. There are some improved terms compared with current management arrangements: reduced management fees; further protective termination provisions in respect of key personnel; and agreed marketing budgets to target increased promotional activities. There will be no change to the Company's investment objective, and the portfolio will remain focused on investment in companies involved in the exploration, development and production of uranium to supply the nuclear power industry.
Results / updates
Vietnam Enterprise Investments Limited HY results to 30 June 2026 (VEIL LN, Country Specialist, £882.3m mkt capn, 12.8% discount to NAV): NAV TR $ -3.7% vs Vietnam Index $ +5.2%; share price £ -4.2%; OCR 1.72%. "...the Portfolio Managers are reluctant to invest too much of the Company’s assets in Vingroup given that it has a small freefloat and its valuation is very high based on historic metrics....One other negative factor for VEIL’s performance in Q2 was the decision by the Board, informed by an independent third-party valuation, to make a full write down to nil of the Company’s investment in Hung Thinh Land, a real estate developer which represented 0.8% of the portfolio value. This was the Company’s only unquoted investment, and so the portfolio is now fully listed." Two 10% tenders have taken place in the last year, with the Board currently intending to announce details of a third 10 tender in due course, although the decision is at the discretion of the Board and will be subject to a shareholder vote. 4.6% of share capital was repurchased in the period
Fair Oaks Income Limited HY results to 30 June 2026 (FAIR LN, Debt – Structured Finance, £167.8m mkt capn, 3.1% discount to NAV): NAV TR +2.1% / 0% (realisation shares); share price TR +5.0%; declared dividends totalling 27.05cps. Euro redenomination from US$ to Euros took place on 1 May 2026, with a 1 for 10 consolidation of the Ordinary shares implemented. "As part of the switch in functional currency and share consolidation, the Company also updated its dividend policy to establish a target base quarterly dividend of 10.0 EUR cents per Ordinary Share, equivalent to an annualised dividend yield of c.10% of the then current NAV per share". 3.9m Ordinary shares bought back in the period
Aurora UK Alpha HY results to 30 June 2026 (ARR LN, UK All Companies, £261.0m mkt capn, 11.5% discount to NAV): NAV TR -6.3% vs FTSE All Share Index +7.2%; share price TR -7.0%; "The portfolio’s underperformance against the benchmark was driven primarily by the market effects of the outbreak of war in Iran in the first quarter, which drove oil prices sharply higher and pushed up interest rate expectations. Domestically focused holdings, most notably Barratt Redrow, sold off. Other detractors were Nintendo, Castelnau Group and Ryanair, while top contributors to performance in the period were Lloyds Banking Group and Frasers. Phoenix Asset Management Partners Limited (“Phoenix”), the Investment Manager, acted on the market moves, switching approximately 4% of the portfolio from Lloyds Banking Group into Barratt Redrow in March, and subsequently making a public call for Barratt Redrow’s board to commit their excess capital to share buybacks. Since the period end, Barratt Redrow has announced a £400 million shareholder return for its 2027 financial year, to be delivered principally through buybacks." 2.5m shares bought back into treasury. "At the period end, Phoenix estimated the portfolio’s intrinsic value to be 167% above its market value. Historically, that gap has been the best guide to the portfolio’s future long-term returns." (Frostrow client)
BH Macro Limited HY results to 30 June 2026 (BHMG/U LN, Hedge Funds, £1,231.7m / $98.4m mkt capn, 6.0% / 5.6% discount to NAV): NAV TR £ +2.4%; share price TR £ +7.0%; "Two critical factors drive the Company’s long-term record: firstly, the management of downside risk; and secondly, the compounding effect of long-term positive returns." "It is the intention of the Board that the focus on discount management and the actions undertaken will assist in narrowing the discount to NAV per share. We are fully aware of the pressures facing certain of our Shareholders created by the consolidation in the UK wealth management industry and of the resulting concentration of shareholdings in closed-ended funds. Nevertheless, we believe the Company is an attractive long-term investment for those wishing to accumulate capital in a manner that has historically exhibited low structural correlation to equity or bond markets."
The European Smaller Companies Trust FY results to 30 June 2026 (ESCT LN, European Smaller Companies, £783.1m mkt capn, 11.0% discount to NAV): NAV TR +16.8% vs MSCI Europe ex UK Small Cap Index +12.4%; share price TR +15.3%; successfully combined with European Assets Trust in the FY to be the largest constituent of the AIC European Smaller Companies sector. The Company targets a minimum total dividend of 5% of NAV, payable quarterly (12.64pps for FY 2027). OCR of 0.76% including performance fee. The Company bought back 16.8m shares, with the Board targeting a mid-single digit discount
3i Infrastructure pre close for HY to 30 September 2026 (3IN LN, Infrastructure, £3,587.9m mkt capn, 4.0% discount to NAV): on track to deliver the Company's target return. Completion of the previously announced sale of TCR and the acquisition of the Lefdal Mine Datacenter platform and continued growth momentum. Continued proactive refinancing activity across the portfolio. 3IN is on track to deliver the FY dividend target of 14.3pps (+6.3% 2026), expected to be fully covered by net income. There is a cash balance of £267m and an undrawn RCF of £900m.
Ruffer Investment Company FY results to 30 June 2026 (RICA LN, Flexible Investment, £845.5m mkt capn, 3.1% discount to NAV): NAV TR +4.6% vs Twice bank rate +8.0%; share price TR +5.5%; OCR 1.09% (1.07% 2025). "The proportion of time that RICL shares have traded at a discount to NAV of wider than 5% has dramatically reduced over the past two years." From 1 January 2027, Ruffer will receive a management fee of 1% of the lower of the Company’s market capitalisation and its net assets, replacing the current annual management fee of 1% of net assets. The Company utilises all the benefits of the closed-ended structure for the benefit of shareholders, including use of derivatives as leverage and also holding illiquid assets
Marwyn Investors Limited HY results to 30 June 2026 (MVI LN, UK Smaller Companies, £79.3m mkt capn, 45.8% discount to NAV): NAV TR -2.4%; share price TR +3.7%; "CIO James Corsellis added to his holding again in June 2026, taking his aggregate holding (together with Marwyn Capital Management Limited) to c.7 million shares (approximately 12.37% of voting rights); Marwyn's management and employees now hold over 14% of the Company in aggregate." "The Board's focus is...unchanged: to ensure that capital remains allocated where there is a clear route to attractive long-term returns, that the Manager maintains its discipline in making those allocations, and that shareholders continue to benefit from both capital growth and distributions as value is realised."
Primary Health Properties Q3 update to 30 September 2026 (PHP LN, £2,350m mkt capn): The Company continues to see an improving rental growth outlook, especially from rent reviews, with an extra £5.8m of income generated in the first 9 months of the year from 480 completed reviews. This represents a total increase of 6.1% over the previous rent of £96m, equivalent to 3.1% (target: >3%) on an annualised basis. All parts of the enlarged portfolio are performing very well with Primary Care UK +2.8%, Private Hospitals +3.7% and Ireland +3.7%. PHP has made further progress on its joint ventures since the Interim Results in late July. The transactions remain on track with financial terms agreed and due diligence complete. Proceeds from the sale of assets into joint ventures will be used to pay down debt. The Company remains focused on bringing the key debt metrics of Net Debt to EBITDA below 9.5 times and LTV below 50%.
Dunedin Income Growth Investment Trust HY results to 31 July 2026 (DIG LN, UK Equity Income, £350.9m mkt capn, 7.7% discount to NAV): NAV TR +6.3% vs FTSE All Share Index +7.8%; share price TR +5.9%; "The Board is mindful of the impact of NAV underperformance and is continuing to monitor the Investment Manager for much needed signs of improvement." As a consequence of a review of sustainability screening criteria, which previously excluded approximately 23% of the FTSE All-Share Index, the Board have now reduced exclusions to around 13%. EPS 6.18pps (7.82pps 1H 2025); two interim dividends of 4.25pps declared with the Board intending to continue with a progressive dividend. Net gearing of 11.3% (11.3% 31 January 2026). 2.5% of share capital was repurchased at an average discount of 8.3%. Since period end, the Company has entered into a three-year standstill agreement with abrdn and Saba Capital
Literacy Capital Q3 update to 30 September 2026 (BOOK LN, Private Equity, £191.4m mkt capn, 32.5% discount to NAV): total net asset value is not currently expected to be less than £270m which would equate to a decline of less than 5.0%. "We had expected Q3 to deliver the strongest quarterly NAV performance for at least 18 months, if not three years. It is unfortunate and regrettable that the developments at Cubo will mitigate the positive developments in other portfolio companies and the efforts of the management teams of these businesses." RCF drawn at £18.7m, with £2m in cash. BOOK's holdings, both inside and outside the top ten, have generally traded well. Cubo Work valuation expected to be reduced to zero
Value and Indexed Property Income Trust HY update as at 30 September 2026 (VIP LN, Property – UK Commercial, £89.0m mkt capn, 1.4% discount to NAV): NAV TR +3.8%; invested £10.2m in three freehold properties at a net initial yield of 7.8%, with weighted unexpired lease term of 30.6 years. Total of 29 properties, all freehold and fully let, with index-related or fixed rent increases. Weighted average unexpired lease term has increased to 14.3 years to the earliest break. 2.7m shares were issued from treasury at a premium to NAV and 90,000 shares were bought back
Wind down / asset realization news
abrdn European Logistics Income HY results to 30 June 2026 (ASLI LN, Property – Europe, £43.4m mkt capn, 50.5% discount to NAV): NAV TR -1.6%; share price TR -8.8%; "The first half of 2026 saw the completion of four further asset disposals in France and the Netherlands for aggregate proceeds of approximately €113 million. This marked a further significant step in the delivery of the shareholder-approved managed wind-down, leaving only one of the Company's original 27 assets to be sold at the period end....The first half of 2026 saw the completion of four further asset disposals in France and the Netherlands for aggregate proceeds of approximately €113 million. This marked a further significant step in the delivery of the shareholder-approved managed wind-down, leaving only one of the Company's original 27 assets to be sold at the period end."
VPC Specialty Lending Investments HY results to 30 June 2026 (VSL LN, Debt – Direct Lending, £33.1m mkt capn, 43.5% discount to NAV): NAV TR -0.2%; share price TR -16.6%; "...the Investment Manager continued to work towards exits for the portfolio’s remaining holdings. The portfolio businesses that are performing well operationally are natural candidates for the next round of disposals. This includes the investment in Essor Group, Inc... Other investments will require greater patience". "Over the six-month period, proceeds of approximately £0.8m were generated from the sale or redemption of Company investments. The Company’s investment in Essor Group, Inc was realised at its NAV of £9.3m in August 2026. As the wind-down progresses, the number of income-generating investments in the portfolio is falling. Accordingly, dividends will be smaller and less frequent than in the past".
Chrysalis Investments Limited (CHRY LN, Growth Capital, £310.6m mkt capn, 48.6% discount to NAV): has completed the sale of its entire remaining shareholding in Klarna Group plc for aggregate cash consideration of approximately £34m, having already disposed of £6m of shares in July 2026, as previously announced. Having completed the Disposal, the Board has announced a compulsory capital redemption of approximately £25m, to be returned to Shareholders on a pro rata basis in proportion to their existing holdings of Ordinary Shares. The Capital Redemption will be at a price of 127.0pps, based on an adjustment to the NAV as at 30 June 2026. The balance of net proceeds, of approximately £9m, will be retained by the Company to provide a prudent operating capital buffer and flexibility for potential follow-on investment into existing portfolio companies. The Capital Redemption is consistent with the Company's stated policy of returning capital generated from portfolio realisations to Shareholders in an efficient and timely manner. The Company subsequently announced that, in connection with the first Capital Redemption of its Ordinary Shares, 19,685,039 Ordinary Shares were redeemed on a pro rata basis at a redemption price of 127.0pps. The Ordinary Shares redeemed represented approximately 4.1% of the Company's Ordinary Shares
JPMorgan Global Core Real Assets Limited (JARA LN, Flexible): the Company has entered into voluntary liquidation
Asset purchase / disposal / portfolio news
US Solar Fund HY results to 30 June 2026 (USF LN, Renewable Energy Infrastructure, £115.4m mkt capn, 38.1% discount to NAV): NAV -0.2%; the Company’s NAV benefitted from upward movements to energy price forecasts. An increase in discount rate and changes to long-term inflation assumptions offset the impact of increased energy price forecasts. Confirmation of the continuation of the Company was made at the AGM. "The Board’s priorities include preserving balance sheet strength and liquidity flexibility within the existing capital structure, continuing to pursue disciplined capital allocation, prioritising initiatives that support operational recovery and reliability, reassessing dividend capacity once cash flow visibility and operational stability have demonstrably improved. Based on the improvement in performance and reduced levels of market uncertainty, the Company will look to declare a modest Q4 dividend. 90-day exclusivity period granted in May 2026, to a prospective buyer for the Company’s portfolio, to enable further due diligence and related work towards a potential sale of the portfolio. Following tangible progress during that period by the prospective buyer, the Company announced a 60-day extension to the exclusivity period."
HICL Infrastructure (HICL LN, Infrastructure, £2,455.4m mkt capn, 17.5% discount to NAV): announced that the Company has entered into an agreement to invest c.£68m in Hector Rail AB, the largest private rail freight operator in Scandinavia. HICL is investing alongside other InfraRed-managed funds, which together will acquire 100% of Hector Rail from infrastructure investment manager Ancala. The investment will be funded using available cash on HICL’s balance sheet and is expected to complete by 31 December 2026. Following completion, the investment will represent approximately 2.3% of HICL’s portfolio by value. "The acquisition represents HICL's first Enhancer investment, in line with the revised articulation of the Company’s investment strategy announced on 2 July 2026"
NewRiver REIT (NRR LN, £324.9m mkt capn): announced the formation of a new retail park Capital Partnership with affiliates of Soilbuild Group Holdings Ltd and United Engineers Limited, two long-established and leading Singapore-based real estate investors. The Partnership announced that it has completed its first acquisition, The Springs retail park in Leeds, for £73.5m from Legal & General. The purchase price reflects a topped-up net initial yield of 7.0% and an equivalent yield of 7.9%. NewRiver holds a 25% interest in the Capital Partnership, resulting in a net equity investment of £9.3m following completion of a loan facility. NewRiver has been appointed to provide acquisition, financing and asset management services to the Capital Partnership, generating recurring fee income. Following this acquisition the LTV is 44%, remaining comfortable within the Company's 50% policy NewRiver REIT (NRR LN): announced the formation of a new retail park Capital Partnership with affiliates of Soilbuild Group Holdings Ltd and United Engineers Limited, two long-established and leading Singapore-based real estate investors. The Partnership announced that it has completed its first acquisition, The Springs retail park in Leeds, for £73.5m from Legal & General. The purchase price reflects a topped up net initial yield of 7.0% and an equivalent yield of 7.9%. NewRiver holds a 25% interest in the Capital Partnership, resulting in a net equity investment of £9.3m following completion of a loan facility. NewRiver has been appointed to provide acquisition, financing and asset management services to the Capital Partnership, generating recurring fee income. Following this acquisition the LTV is 44%, remaining comfortable within the Company's 50% policy
Tufton Assets Limited (SHIP LN, Leasing, £375.7m mkt capn, 10.9% discount to NAV): announced two new time charters (at a 81% to the current rate for Mia Grace, and a c20% increase compared to a sister ship for the Amilyn) and that one floating rate charter has been converted to a fixed rate charter. Nicolas Tirogalas, Group CEO states "These fixtures show we will move decisively when market conditions create opportunity. Tightening sanctions and the closure of the Strait of Hormuz have further reduced the pool of compliant tankers, increasing demand for ships to transport crude oil, which is also tightening the market for product tankers."
Dual share class structure update
Partners Group Private Equity Limited (PEY LN, £457.2m mkt capn, 40.1% discount to NAV): in connection with the proposed introduction of a dual share class structure, due to delays at intermediaries, the Company announces that it has extended the deadline for receipt of Forms of Election and TTE Instructions.
Listing news
Vietnam Holding Limited (VNH LN, Country Specialist, £60.6m mkt capn, 11.9% discount to NAV): announced that it has applied to The International Stock Exchange plc in the Channel Islands to effect a cancellation of listing of its shares on TISE. The Company's ordinary shares remain listed on the FCA's Official List and admitted to trading on the Main Market of the London Stock Exchange.
Litigation news
HOME REIT (HOME LN, UK Residential, £75.1m mkt capn): notes the announcement from Harcus Parker which states that they have issued High Court proceedings.
4. Sector data this week (AIC data, as at Thursday’s close)
Equity Capital Markets / Investor demand
M&G Credit Income Investment Trust (MGCI LN, Debt – Loans & Bonds, £188.3m mkt capn, 1.4% discount to NAV) placing closes on 20 October 2026
Ex Dividend
HSL 21.5pps, RCP 22.5pps, MYI 2.8pps, VIP 3.7pps, PCFT 2.57pps, FCIT 0.99pps, IAD 4.8pps, VTA 13.5cps, PINT 2.249pps, NAIT 3pps, RMII 1.2pps, SJG 4.07pps, AATG 1.7pps, CREI 1.5pps, SCF 5.55pps, IGC 1.9pps, MNL 20pps, CHI 1.4pps, CHIB 1.4pps
Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith
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