End of week note for investment trust investors

According to OpenAI CEO Sam Altman, the world must accept some “bad things” happening in exchange for the net benefits of AI, as it reveals $20bn less in projected revenue. Markets certainly had plenty to digest this week. It began positively as G7 leaders (including France, Germany, and the UK) agreed to release 100m barrels of fuel and oil to avert Donald Trump’s threatened ban on US diesel exports. Even so, global oil stockpiles remain “scarily thin,” and reports of renewed shipping attacks in the SoH pushed Brent crude up to $105 a barrel at one point. At the time of writing, Trump has said there will be no attacks on Iran until the mid-term elections on 3 November, which has helped.

In turn, bond yields have jumped again, with the yield on the 10-year UK Gilt briefly surpassing 5.5%. While higher yields have applied limited pressure to equities so far, stock markets remain near historic highs. This is likely because the sheer scale of global public debt is discouraging investors from rotating out of stocks and into bonds. Highlighting this tension, IMF Managing Director Kristalina Georgieva urged governments to rein in spending, noting that global debt-to-GDP ratios are at their highest levels since World War II.

In Europe, French 10-year bond yields had widened by an incredible 80bps since the start of September. Spain have their own problems also with Spanish Prime Minister Pedro Sánchez calling a snap general election for 29 November (pulled forward from summer 2027) in response to mounting unrest over the country's housing crisis. Closer to home, UK bank bosses met with the Chancellor on Tuesday—with supermarket and leisure bosses scheduled to meet next week—ahead of the UK Budget on 28 October. The stakes are high with BoE Governor Andrew Bailey publicly urging him to ensure the budget is strictly ‘credible’ in the eyes of financial markets.

In the investment trust sector, average discounts (ex 3i Group) widened by approximately 10bps to 12.1%. Activism remains a dominant theme, with that four-letter word “Saba” pushing out further into the sector like a plague out of Siberia. Elsewhere, the board of Brown Advisory US Smaller Companies completed its strategic review, concluding that a scheme of reconstruction to facilitate a tax-efficient rollover into JPMorgan US Smaller Companies Investment Trust and/or a cash election is the best outcome for shareholders. Within the Frostrow client roster, Emma Moriarty has been promoted to named fund manager across Capital Gearing’s range of multi-asset funds, including Capital Gearing Trust, whilst Custodian Property Income REIT announced the disposal of a petrol filling station at an 8% premium to its 30 June 2026 valuation in sharp distinction to the Company's 22% discount to NAV.

Do not be short of investment trusts and actively managed funds.

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

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, £257.6m mkt capn, 11.2% 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, £255.9m mkt cap, 9.0% 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, 9.1% 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

A webinar took place on 13 July 2026, do view it here:

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

A new podcast for CC Japan Income & Growth is now live on both sites. Link here: https://www.trustintelligence.co.uk/investor/articles/podcast-trust-issues-investing-in-japan-with-ccji-s-theo-wyld-retail-oct-2026

City Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £161.1m mkt capn, 4.3% premium to NAV): investor meetings available now. Please do speak to Frostrow Capital for interest in re-engaging with the management team

Custodian Property Income REIT (CREI LN, Property UK Commercial, £366.4m mkt capn, 21.8% 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, £228.7m mkt capn, 2.5% 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, £756.8m mkt capn, 7.3% 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, 0.6% premium 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, £1,259.9m mkt capn, 0.3% discount 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, £1,220.6m mkt capn, 8.6% 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 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 314 corporate announcements from Tuesday this week on the LSE, of which 96 were in reference to share buybacks (30.6% of total). 8 referred to equity issuance.

Vietnam Enterprise Investments Limited (VEIL LN, Country Specialist, £872.7m mkt capn, 13.0% discount to NAV): 0.6% of share capital was repurchased in September 2026 at an average discount to NAV of 12.6%

Saba news

Workspace Group (WKP LN, £688.9m mkt capn): Saba Capital holding at 29.7%

Baillie Gifford UK Growth Trust (BGUK LN, UK All Companies, £212.2m mkt capn, 9.6% discount to NAV): Saba Capital's holding reduced from 5% to 0%

SDCL Efficiency Income Trust (SEIT LN, Renewable Energy Infrastructure, £356.6m mkt capn, 56.9% discount to NAV): Saba Capital's holding increased from 27.8% to 28.0%

Pantheon International (PIN LN, Private Equity, £1,416.3m mkt capn, 29.0% discount to NAV): Saba Capital's holding has increased from 11.1% to 12.0%

Grainger (GRI LN, £1,210m mkt capn): Saba Capital holding has increased from 8.9% to 9.2%

RTW Biotech Opportunities (RTW LN, Healthcare & Biotechnology, £719.4m mkt capn, 23.3% discount to NAV): Saba Capital's holding has increased from 5% to 10%

Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £247.5m mkt capn, 32.9% discount to NAV): Saba Capital's holding has increased from 21.2% to 21.4%

NB Private Equity Partners Limited (NBPE LN, Private Equity, £779.2m mkt capn, 28.2% discount to NAV): Saba Capital hold 5.1%

Gearing news

Edinburgh Investment Trust (EDIN LN, UK Equity Income, £1,001.0m mkt capn, 8.1% discount to NAV): the Company announced that a new £25M multicurrency RCF has been agreed with the Industrial and Commercial Bank of China Limited. The Facility’s maturity date is 5 October 2027. The Facility provides an additional flexible source of gearing alongside the Company’s four existing unsecured senior loan notes, which have an aggregate par value of £120m and a blended average of 21 years to maturity. Net gearing (with debt at fair value) is 4.5%. The Facility, if fully drawn, would represent an additional 2.3% of gearing at fair value.

M&A update

Alternative Income REIT (AIRE LN, Property – UK Commercial, £55.1m mkt capn, 18.0% discount to NAV): Glenstone REIT now holds valid acceptances for 81.3% of AIRE's share capital. The offer is unconditional but "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."

JPMorgan US Smaller Companies Investment Trust (JUSC LN, North American Smaller Companies, £192.9m mkt capn, 10.4% discount to NAV): the Board, as well as the Board of Brown Advisory US Smaller Companies, have agreed for a combination of the trusts following a strategic review by BASC. BASC will be wound up and investors will be entitled to new shares in JUSC or will have the option to realise 100% of their holding (alongside Saba Capital, who are realising their entire 16% position in BASC) for cash at NAV less 0.75% (albeit the default option will be new JUSC shares). The Company and Saba have also signed a standstill agreement to ensure they do not put forward proposals to JUSC until at least 7 October 2027. "As part of the Proposals, JUSC and JPMorgan have agreed a further reduction in the annual management fee for the combined vehicle to 0.65% on the first £200m of net assets, and 0.60% on net assets thereafter." In addition, the Company will supplement its existing discount control by "introducing a 5-yearly conditional tender offer from 1 January 2027 for 30% of its own shares occurring at a 2% discount to NAV, triggered under two conditions: if JUSC underperforms the Russell 2000 Index total return with net dividends reinvested, expressed in sterling terms over the trailing five-year period; and if the average share price discount to NAV over the preceding twelve months is wider than 5%.

Fund Manager and manager fee news

Capital Gearing Trust (CGT LN, Flexible Investment, £795.3m mkt capn, 1.5% discount to NAV): announced that its Investment Manager, CG Asset Management, has promoted Emma Moriarty to named Fund Manager across its multi-asset funds, including the Company, with immediate effect. Emma's appointment formalises and builds upon the influential role she already plays within the investment team, acting as recognition of the important expertise and perspective she has brought since joining CGAM four years ago, following eight years as a senior economist at the Bank of England. Notably, Emma has been a named manager of the three CGAM bond funds for the past two years. In her expanded role, Emma will manage Capital Gearing Trust and CGAM's other multi-asset funds collectively with Chris Clothier and Peter Spiller, with all three having the same level of decision-making responsibility. The increased depth of the fund management team will also enable Alastair Laing to step back from his formal role as Co-Manager and focus further on his CEO duties. He will remain an active contributor to Capital Gearing Trust as a member of the Asset Allocation Committee where he will continue to contribute to discussions around asset allocation, investment strategy and the broader market environment. Peter Spiller and Chris Clothier will continue in their roles as Co-Chief Investment Officers. (Frostrow client)

Strategic review update

Brown Advisory US Smaller Companies (BASC LN, North American Smaller Companies, £181.8m mkt capn, 2.4% discount to NAV): the Board completed its strategic review and has concluded that a scheme of reconstruction of BASC to facilitate the option for tax efficient rollover into JPMorgan US Smaller Companies Investment Trust and / or elect for cash is the best outcome

Results / updates

Sirius Real Estate Limited HY update to 30 September 2026 (SRE LN, £1,420m mkt capn): The Group achieved 11.3% rent roll growth year on year, driven by a mix of acquisition and organic growth. Germany and the U.K. performed at broadly similar levels of organic growth, whilst the acquisitive growth was centred on Germany. During the period, the Group deployed approximately €150m into asset acquisitions at gross yields of more than 8%, with a particular focus on those anchored by defence-related occupiers. The Group also acquired a strategically located parcel of land adjacent to its existing Potsdam site near Berlin, providing potential for future self-storage development. The acquisition pipeline remains strong with a view to meet the double-digit return targets. We await further news from the new U.K. cabinet on its economic growth plans in the Autumn budget later this year. The Group successfully repaid its €400m corporate bond at maturity in June 2026. This followed the successful completion of in aggregate €185.1m of taps of its 2028 and 2032 corporate bonds, taking each series to €500m benchmark size and further strengthening the Group’s funding flexibility. The Group retains more than €250m of liquidity to support future growth opportunities.

Fidelity Emerging Markets Limited FY results to 30 June 2026 (FEML LN, Global Emerging Markets, £570.1m mkt capn, 9.4% discount to NAV): NAV TR +92.3% vs MSCI Emerging Markets TR Index +48.2%; share price TR +99.3%; "After 18 years in a consolidation pattern, emerging markets are only just stepping into the spotlight on the world stage, having played second fiddle ever since the global financial crisis." The portfolio continues to include Russian assets which are currently valued at zero given the inability to trade them. Portfolio manager, Nick Price, relocated from London to Hong Kong in September 2025. Final dividend of 33cps (26cp 2025). The Company bought back 8.5m shares (13.2% of share capital) plus Strathclyde Pension Fund's stake of 25% of share capital. Retail shareholders now represent 18.2% of the register (4.1% 2025)

Schroder Japan Trust FY results to 31 July 2026 (SJG LN, Japan, £435.7m mkt capn, 8.8% discount to NAV): NAV TR +41.2% vs TOPIX TR Index +29.3%; share price TR +49.0%; the portfolio's focus continues to be on undervalued, well-positioned businesses, particularly smaller and mid-sized companies. "Following the adoption of an enhanced dividend policy, the Company has over the last year paid out 4% of its average NAV." 1.75m shares were bought back into treasury at an average discount of 10.7%. "...If the Investment Manager fails to deliver at least Benchmark performance over the five years from 31 July 2024, a tender offer for 25% of issued share capital at NAV less costs will be proposed. The Investment Manager outperformed the Benchmark by 20.8% during the first two years of the assessment period". Gearing of 11.9% (13.4% 2025)

ICG Enterprise Trust HY results to 31 July 2026 (ICGT LN, Private Equity, £829.4m mkt capn, 33.9% discount to NAV): NAV TR +3.3%; portfolio return of 3.6%; Portfolio reporting LTM revenue growth of 11% and EBITDA growth of 16%. Total Proceeds of £84m, of which £32m came from exits of two of top 30 companies (Curium, Yudo). A further ~£70m of proceeds is expected to be received in coming quarters from two further large exits (Exail, Ambassador Theatre Group). 24 Full Exits at a weighted-average Multiple of Cost of 3.0x and Uplift to Carrying Value of 9.4% whilst continuing to invest selectively. Total new investments of £65m and New Fund Commitments of £104m. £20m buybacks executed, increasing NAV by 14.9pps. Q2 dividend of 9.5pps. Board intention remains to pay total FY27 dividends of at least 42pps (FY26: 39p)

Ashoka India Equity Investment Trust FY results to 30 June 2026 (AIE LN, India / Indian Subcontinent, £407.2m mkt capn, 4.2% discount to NAV): NAV TR -5.9% vs MSCI India Investable Market Index TR £ -8.5%; share price TR -10.7%; "The manager believes that India is on the cusp of realising its true economic potential while benefitting from several secular tailwinds. Rising household incomes, favourable demographics, increasing business-friendly regulation of the economy, rapid digital adoption, manufacturing expansion and improving infrastructure are creating opportunities across all sectors. The country’s expanding middle class, entrepreneurial culture and increasing integration into global supply chains provide a combination of growth characteristics that few large economies can match." 1.1m shares were issued into demand in the period. 5.5% of shares chose to redeem at the end September 2026 point

The Unite Group Q3 update to 30 September 2026 (UTG LN, £2,210m mkt capn): property portfolio value -4.0% reflecting income reduction of 1.5% and 10bps of yield expansion. 95.6% of beds sold for 2026/27 academic year (2025/26: 95.3%). Lettings delivered 0.6% like-for-like income growth for 2026/27. 92% of beds sold for 2026/27 academic year (2025/26: 87%). Reiterated guidance for FY2026 adjusted EPS of 41.5-43.0p. £200m of disposals completed in 2026 YTD with £300-400m of disposals expected in FY 2026. Q3 valuations reflect yield expansion and lower occupancy for planned disposals. LTV of 35% (36% 30 June 2026)

JPMorgan Global Growth & Income FY results to 30 June 2026 (JGGI LN, Global Equity Income, £3,325.6m mkt capn, 3.3% discount to NAV): NAV TR (debt at fair value) +16.7% vs MSCI AC World Index £ +27.7%; share price TR +15.1%; "stock selection within the Technology sector proved a drag on relative returns, as the Portfolio Managers underestimated the scale and market impact of the AI investment boom" albeit the Company has outperformed in 8 out of the last 10 years. Total dividends of 24.8pps (paid quarterly), consistent with the policy to pay at least 4.0% of NAV as at 30 June 2026 (+7.8% 2025). Dividends have increased by 20.5%pa since adopting the enhanced dividend in 2016. The Company aims to maintain an average discount of 5% or less in normal market conditions. 5.9% of share capital was repurchased. Net cash of 0.6%

Utilico Emerging Markets Trust September 2026 update (UEM LN, Global Emerging Markets, £506.2m mkt capn, 9.3% discount to NAV): NAV TR +1.9% vs MSCI Emerging Markets Net TR £ Index +1.5%; share price TR +1.1%; given tensions in the Middle East, "many markets, especially net energy importing countries, saw weakness in their stock markets" and "Technology weighted markets in Asia performed better." Portfolio purchases for the month totalled £12.5m and total realisations amounted to £1.8m. An additional £5m was drawn on the debt facility in September

Achilles Investment Company Limited FY results from IPO (20/01/25) to 30 June 2026 (AIC LN, Flexible Investment, £55.9m mkt capn, 6.9% discount to NAV): NAV TR +10.2%. "During the period, four campaigns concluded: Urban Logistics REIT plc, Empiric Student Property plc, HICL Infrastructure plc and Life Science REIT plc. Three generated a positive return; Empiric resulted in a loss of 8.5%." The Company re-invested proceeds of successful campaigns through the addition of positions in a number of real-asset-backed companies trading at discounts to NAV.

Wind down / asset realization news

Partners Group Private Equity Limited (PEY LN, Private Equity, £459.7m mkt capn, 39.7% discount to NAV): The Board of the Company announces that 48,829,366 Ordinary Shares / 74.1% of share capital elected for redesignation as Realisation Shares. As valid Elections for Realisation Shares have been received in respect of more than 40% of the shares in issue, the maximum realisation shares threshold has been exceeded. Therefore, the Reorganisation Resolution will be withdrawn at the EGM and the Managed Wind-Down Resolution will be the only Resolution submitted to Shareholders for approval. If this Resolution is passed by Shareholders, the Board will commence an orderly realisation of the Company's entire investment portfolio. The Company subsequently announced that the Board has approved an additional discretionary allocation of EUR 10m for buybacks. The Company will seek to deploy this additional discretionary allocation, together with the remaining approximately EUR 4.8m previously allocated to buybacks, over the period to 31 January 2027. The Company noted that since the announcement of the proposed dual structure in June 2026, together with continuing challenging performance, has led to selling pressure. Now that the Company has commenced an orderly realisation, and capital is available to provide additional liquidity for buybacks. In addition, the Company announced its August NAV which decreased to EUR11.53, mainly impacted by negative currency movement.

Taylor Maritime Limited (TMI LN, Leasing, £69.9m mkt capn): announced completion of the sale of three handysize vessels, generating gross proceeds of approximately $48.6m. The Company is in the process of disposing of the last vessel in the fleet. The Board now announce its intention to undertake a fourth return of capital of a further $45m in November 2026 by way of a partial compulsory redemption of ordinary shares with details to follow later this month.

Asset purchase / disposal / portfolio news

HgCapital Trust (HGT LN, Private Equity, £1,655.7m mkt capn, 31.1% discount to NAV): announced a full exit of Gen II Fund Services, a global leader in private capital fund administration, to KKR. The terms of the transaction have not been disclosed but this transaction values HgT's investment in Gen II at approximately £71m, an uplift of £18m (34% or 4.0pps) over the carrying value of £53m in the NAV at 31 August 2026. Based on the 31 August pro-forma NAV, the new pro-forma NAV of HgT is expected to be £2.4bn (or 529.5pps). HGT's liquid resources are estimated to be £347m (14% of NAV). HGT's outstanding commitments to invest in HG transactions are approximately £2.0bn (82% of NAV).

Custodian Property Income REIT (CREI LN, Property – UK Commercial, £366.4m mkt capn, 21.8% discount to NAV): announced the disposal of a petrol filling station for £3.75m, an 8% premium to 30 June 2026 valuation, after 12 years of ownership

Seraphim Space Investment Trust (SSIT LN, Growth Capital, £454m / £106.5m mkt capn, 7.9% premium / 20.4% discount to NAV): invested $15m in Xona for the C share portfolio, making it the Company's second largest portfolio holding. The financing round also increased the valuation by £52.2m or 22pps (gross of any performance fee accrual). The Company expects to substantially reflect this uplift in the portfolio valuation at 30 September 2026

Litigation news

HOME REIT (HOME LN, UK Property – Residential, £68.0m mkt capn): the Company noted the claim has been brought against the Company, certain of the Company’s former directors, its former investment adviser (Alvarium Home REIT Advisors Limited), former alternative investment fund manager (Alvarium Fund Managers (UK) Limited), and other third parties. The claim form states that the claimants bring various claims against the Company and other parties, including against the Company for compensation and for recission and/or damages valued by the claimants as "above £100,000" and "in excess of £10m", plus interest and costs, but no further information on the quantum of the claim has been provided with the claim form.

Change of investment policy

Ashoka Whiteoak Emerging Markets Trust (AWEM LN, Global Emerging Markets, £78.6m mkt capn, 0.4% discount to NAV): published a circular containing details of a recommended proposal to amend the Company's investment policy. The proposed amendment is intended to revise the existing restriction on investment in any single sector. Currently, the Company may invest no more than 40% of Gross Assets in any single sector at the time of investment. The proposed amendment would instead permit the Company to invest up to the higher of 40% or the relevant sector weight in the MSCI Emerging Markets Index +5%, of gross assets in any single sector.

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

XEAAADs=

Equity Capital Markets / Investor demand

M&G Credit Income Investment Trust (MGCI LN, Debt – Loans & Bonds, £186.6m mkt capn, 2.4% discount to NAV) placing closes on 20 October 2026

Ex Dividend

CTPE 7.1pps, MRCH 7.5pps, AJOT 1.6pps, SERE 1.48cps, MWY 4.75pps, FGT 12.2pps, LWDB 8.875pps, SEC 4.5pps, AEET 6.5pps, IEM 2pps, RICA 3.32pps, BPCR 1.75cps, JMGI 1.882pps, STS 2.1pps, JEGI 1.36pps, BRLA 7.6cpss, AIE 0.6pps, JAGI 9pps, JCGI 2.85pps

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

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