End of week note for investment trust investors

Middle East diplomacy was in focus early in the week, with senior officials from Saudi Arabia, Turkey and Pakistan meeting Iranian leaders in Tehran on Monday. Hopes of progress were not enough to offset growing caution ahead of the UK Budget and the US Federal Reserve meeting, although strong earnings from SK Hynix revived the AI rally mid-week. In the second half of the week, Alphabet earnings kicked that positive sentiment back down along with some hawkish comments from the Bank of Japan. As expected, the Fed held rates at 3.75%–4%, despite US CPI rising to 3.7% in September from 3.4% in August, with the ECB holding at 2.5%. Elections were held in Serbia, Israel and Brazil, with the equity market in Brazil being particularly surprised by their result. Overnight, unhackable crypto-currency has been, err, hacked.

The UK Budget brought 98 active changes from the Chancellor, though with little monetary impact. That was good news for the bond markets with bond yields falling slightly this week despite the Debt Management Office selling £4.5bn of 5-year UK Gilts at an average yield of 5.036%, the highest since 2008. The Chancellor did thankfully scrap the implementation of a separate cash ISA limit. Fiscal headroom is targeted now at £15bn, slightly lower than before, with the aim of reducing the deficit over the coming years. Shop price inflation rose to 2.1% year on year in October, up sharply from 1.4% in September and its highest level in two and a half years, according to the British Retail Consortium. They further warned that “the dam is starting to break” as retailers find it harder to limit price rises coming through. To build on that, the Institute for Fiscal Studies has said that this could be the worst decade for household income growth on record.

In the investment trust sector, average discounts (ex 3i Group) narrowed circa 80bps to 11.7%. Saba Capital kept buying Gore Street Energy Storage, BlackRock Smaller Companies and Pantheon International. Tetragon Financial and EJF Investments announced tender offers and Schroder BSC Social Impact updated on its strategic review. At Frostrow, City Natural Resources Growth and Income’s incredible annual results were released with NAV TR +76.6% vs MSCI World Metals and Mining Index +63.5% and MSCI World Energy Index +34.1% and the City welcoming back at Tufton, Keith Watson and Robert Crayfourd, who have resumed responsibility for the Company’s portfolio.

If, as the IFS says, this is going to be a tough decade, not a time to shirk on investment, and not a time to be short of investment trusts and actively managed funds.

Forthcoming Frostrow and Industry events to note round the corner include:
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, £267.8m mkt capn, 11.1% 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

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, £256.8m mkt cap, 7.1% 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, £365.1m mkt capn, 9.5% 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

An October 2026 podcast for CC Japan Income & Growth is now live. 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, £155.4m mkt capn, 2.7% premium to NAV): investor meetings available now. Please do speak to Frostrow Capital for interest in re-engaging with the management team. The webinar recorded on 16 October 2026 is available here to view: https://www.investormeetcompany.com/meetings/investor-presentation-1130

Custodian Property Income REIT (CREI LN, Property UK Commercial, £377.8m mkt capn, 19.6% discount to NAV): Richard Shepherd-Cross, lead manager, is available for meetings in 2026 (physical throughout UK, or zoom, as per preference). Richard also gives his most updated thoughts in the Investor Meet Company webinar which took place on 13 February 2026. You can view it here:

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

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, £247.2m mkt capn, 2.0% 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

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, £808.1m mkt capn, 7.1% 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

Link for the webinar of 15 July 2026:

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

We further note the latest Edison Vantage Interview of Nick Train: https://vimeo.com/1235355781/8b0d412a49?share=copy&fl=sv&fe=ci

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £68.6m mkt capn, 0.3% discount to NAV): To watch the most recent update which took place on 24 March 2026 with Tom Treanor and Charlotte Cuthbertson, click here: https://www.investormeetcompany.com/meetings/investor-presentation-995

To watch the latest MIGO webinar post Q3 factsheet update, please view the event recorded on 21 October 2026 here - https://www.youtube.com/watch?v=ixtRhXYahog&feature=youtu.be

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,330.6m 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/

A retail investor webinar took place on 13 October 2026 and is available here to view: https://www.youtube.com/watch?v=3v---tWqUtw

Worldwide Healthcare Trust (WWH LN, Healthcare & Biotechnology, £1,327.8m mkt capn, 7.6% discount to NAV): See below the link to the latest WWH AGM presentation recording from 14 July 2026:

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

In addition, the webinar recorded on 30 September 2026 is available here: https://www.youtube.com/watch?v=ub-goKeURcE

VT Vanneck Global Equity Income Fund (open ended fund, Global Equity Income sector, c£200m asset value): Heneage and William Stevenson are available for manager meetings via Frostrow Fund Services. Please do contact Frostrow IR to arrange a meeting.

https://www.vanneck.co.uk/equities/global-equity-income

Link to webinar recording of 15 October 2026 available here: https://www.youtube.com/watch?v=EYsOYf_K0lQ

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 and actively managed fund sectors are here offering best in class active management from the world’s top fund managers in a variety of liquid and less liquid asset classes. They act as a strong complement to passive ETF holdings also.

DO NOT BE SHORT OF INVESTMENT TRUSTS AND ACTIVELY MANAGED FUNDS

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 and open-ended form

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

Discount / Premium control

A total of 371 corporate announcements from Monday this week on the LSE, of which 134 were in reference to share buybacks (36.1% of total). 7 referred to equity issuance.

Tender news

Aberdeen New India Investment Trust (ANI LN, India / Indian Subcontinent, £294.7m mkt capn, 10.1% discount to NAV): the Company announced an update on its 25% conditional tender running for the five years to 31 March 2027. As at 30 September 2026, the Company’s unaudited NAV per share was 771.11p and its unaudited adjusted NAV per share was 825.79p. The Company’s Adjusted NAV per share total return since the beginning of the Assessment Period to 30 September 2026 was 18.4%, compared with a total return of 13.2% from the Benchmark (all in £). The Company’s NAV total return was therefore ahead of the Benchmark by 5.2% at that date.

Tetragon Financial (TFG LN, Flexible Investment, £1,170.4m mkt capn, 63.8% discount to NAV): declared a dividend of 12cps in respect of Q3 2026 and announced that it intends to conduct a tender offer for up to $50m, with shares to be held in treasury

EJF Investments Limited (EJFI LN, Debt – Structured Finance, £80.2m mkt capn, 21.5% discount to NAV): the Company announced an investment in TFINS 2026-4 of approximately $12.2m (c.9% of the Company's latest reported NAV). This was funded using proceeds of $13.6m received from the Company's investment in the CDO Equity Tranche of TruPS Financials Note Securitization 2020-1, which was called at the same time, and $0.1m of proceeds from the redemption at par of its mezzanine debt investment in TFINS 2020-1, resulting in a net cash inflow to the Company of $1.4m. The Manager expects that the investment in TFINS 2026-4 will generate an approximate yield to maturity of approximately 14%. The Company subsequently announced the implementation of a second tender opportunity for up to 5% of Ordinary Shares in issue and has published the 2026 Liquidity Option Memorandum in connection with the 2026 Liquidity Option. "The 2026 Liquidity Option is to be completed by way of a reverse tender approach on a multiple price basis. This will be completed within a discount range, with a maximum discount level to NAV per share of 10% and a minimum of 5% which will be applied to the NAV per ordinary

Saba news

Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £250.3m mkt capn, 32.5% discount to NAV): Saba Capital's holding has increased from 21.4% to 21.6%

Pantheon International (PIN LN, Private Equity, £1,436.1m mkt capn, 29.1% discount to NAV): Saba Capital's holding has increased from 12% to 13.1%

BlackRock Smaller Companies Trust (BRSC LN, UK Smaller Companies, £650.5m mkt capn, 13.4% discount to NAV): Saba Capital's holding increased from 16.1% to 16.3%

Molten Ventures (GROW LN, Growth Capital, £1,171.5m mkt capn, 21.2% discount to NAV): Saba Capital's holding decreased from 16.7% to 14.6%

Board review update

Schroder BSC Social Impact Trust FY results to 30 June 2026 (SBSI LN, Flexible Investment, £61.4m mkt capn, 25.2% discount to NAV): NAV TR +5.0%; 2.6pps dividend declared, representing a 2.5% dividend yield, within the Company's target annual dividend range of 2-3% of NAV. In terms of the Strategic Review, the Board is encouraged that Better Society Capital has been working towards developing a new Private Fund Limited Partnership (PFLP), with the view to it making a proposal to acquire the Company’s High Impact Investment Portfolio, subject to, among other things, sufficient interest in the PFLP. If the PFLP is successful and terms for the acquisition of the Portfolio can be agreed, certain shareholders would be able to continue their investment in the Portfolio, while non-participating shareholders would be provided with a near-term cash exit. The Board therefore believes that allowing BSC some further time to develop their PFLP is in the best interests of shareholders and recommends that shareholders vote for continuation at the AGM on 17 December 2026 accordingly.

M&A update

JPMorgan UK Small Cap Growth & Income (JUGI LN, UK Smaller Companies, £426.5m mkt capn, 8.7% discount to NAV): published a circular providing details of the proposed combination with Aberdeen UK Smaller Companies Growth Trust, and outlining benefits of the deal including increased scale, a reduced management fee and an enhanced dividend policy targeting a 4% annual yield

Aberdeen UK Smaller Companies Growth Trust (AUSC LN, UK Smaller Companies, £231.9m mkt capn, 6.5% discount to NAV): published a circular in relation to the proposed scheme to combine with JPMorgan UK Small Cap Growth & Income

Alternative Income REIT FY results to 30 June 2026 (AIRE LN, Property – UK Commercial, £57.2m mkt capn, 15.3% discount to NAV): NAV -0.4%; total dividends of 5.6pps (-9.7% 2025, due to increase in financing costs). The Company has 19 properties with a strong tenant profile. Loan to GAV of 34.4% and interest cover ratio of 422.2% give significant headroom on the lender's loan covenants. Glenstone REIT announced a cash offer in June 2026 and currently holds 87.1% of the Company and should it reach the statutory compulsory acquisition threshold of 90% of the shares to which the offer relates, it intends to exercise its rights to acquire the remaining shares and subsequently re-register the Company as a private limited company.

Results / updates

Molten Ventures HY trading update to 30 September 2026 (GROW LN, Growth Capital, £1,171.5m mkt capn, 21.2% discount to NAV): NAV expected +14%. Gross portfolio value expected +11% to circa £1,695m. Fair value uplift of c£244m (16%), excluding foreign exchange. Growth generated by strong performance in the Core Portfolio, primarily driven by ICEYE, and Revolut, and the Fund of Funds programme. Fair value uplifts of £334m across the Portfolio were partly offset by fair value reductions of £90m. Realisations generating cash proceeds of c.£109m (HY26: £62m), representing 7% of opening gross portfolio value. £44m deployed into investments (HY26: £33m). Deals in the period included a direct investment in Isar Aerospace’s Series D in June 2026. In September 2026, Isar Aerospace became the first commercial space company from Europe to successfully deliver satellites into orbit. £175m first close of the Molten Ventures Growth Fund, including a £75m cornerstone commitment from the British Business Bank, with a target final fund size of £350m. £16m returned to shareholders via the share buyback programme in HY27. "The Programme has been extended by an additional £10 million. The existing £15 million tranche is approaching full utilisation, and purchases will continue under that tranche. The additional £10 million will be deployed only once the existing £15 million has been fully utilised." Total Group cash of £76m (31 March 2026: £52 million). Undrawn Revolving Credit Facility of £60m.

VinaCapital Vietnam Opportunity Fund FY results to 30 June 2026 (VOF LN, Country Specialist, £502.6m mkt capn, 19.5% discount to NAV): NAV TR $ +10.5% vs VN Index benchmark + 36.5%; share price TR $ +8.1%; "As an opportunity fund, the construction of the VOF portfolio is not driven by the constituents of any benchmark index." Two dividends of 7.25cps declared in the year. The Company bought back 10.1% of share capital at a discount to NAV resulting in a NAV uplift of 19.7cps. A new management fee arrangement was announced in late June, with the effective base fee rate will fall to approximately 1.0%, representing a total saving of approximately 0.3% compared with the previous management fee arrangement and the total fee cap was reduced to 2.5% of net assets

Literacy Capital Quarter 3 update to 30 September 2026 (BOOK LN, Private Equity, £174.6m mkt capn, 35.4% discount to NAV): NAV -4.7%, driven by the previously announced £22.4m mark down in Cubo Work when disposed. Valuation uplifts to Red Sky (£4.5m), TechPoint (£3.6m) and Grayce (£3.2m), with all three businesses showing encouraging signs. TechPoint completed a bolt-on acquisition during the period to add scale, whilst Red Sky completed one in October, following the quarter end. Revenue and EBITDA growth across BOOK's top ten holdings accelerated to 37% and 32% year on year respectively (Q2'26: 17% and 10%); the strongest revenue growth reported since Q3'23. Cash inflows totalled £0.2m consisting solely of fund interest distributions. Cash outflows totalled £6.6m, predominantly utilised for bolt-on investments within the portfolio. BOOK extended its RCF to September 2029, increasing the committed facility from £40m to £50m on improved terms. BOOK's shares were admitted to the Official List and to trading on the LSE's Main Market (moving from the Specialist Fund Segment). "If the fund is successful in selling further assets and moving its balance sheet into a net cash position, then further returns of capital beyond opportunistic share buybacks are considered likely in 2027".

JPMorgan Emerging Markets Dividend Income FY results to 31 July 2026 (JEMI LN, Global Emerging Markets, £509.2m mkt capn, 7.8% discount to NAV): NAV TR +38.0% vs MSCI Emerging Markets Index £ +34.2%; share price TR +36.7%; total dividend of 6pps (+7.1% 2025); "The Board plans to increase the dividend annually assuming market conditions permit". 1.4m shares repurchased, increasing NAV by 0.7pps. The management fee is reduced by 5bps at each tier in the FY 2027. Shuyu Gao was appointed a named Portfolio Manager of the Company in October 2026, working alongside Omar Negyal. Gearing of 5.4% (4.9% 2025). Five-year conditional tender if the Company's NAV total return does not exceed the benchmark's total return in the five years to 31 July 2030

AEW UK REIT quarter end 30 September 2026 update (AEW LN, Property – UK Commercial, £163.1m mkt capn, 3.9% discount to NAV): Like for like valuation decline of 0.09%; NAV TR +1.5%; share price TR +0.6%; EPRA EPS 1.78pps (+0.1% 30 June 2026); interim dividend of 2pps; loan to GAV of 25.4% (25.3% 30 June 2026). Cost of debt of 2.96% until July 2027 and has entered into an interest rate cap to protect against the risk of higher rates when it refinances. The Company subsequently announced that AIRE and HSBC have now entered into a waiver and amendment letter to the Facility Agreement pursuant to which HSBC has given its consent to the Change of Control and the subsequent de-listing of the Company from the London Stock Exchange. Under the terms of the Side Letter, HSBC has agreed, amongst other things, to fund future utilisations under the Facility Agreement, notwithstanding the Change of Control, and to waive any right it may have to request repayment of any amounts outstanding under the Facility Agreement as a result of, or in connection with, the Change in Control.

City Natural Resources Growth and Income FY results to 30 June 2026 (CYN LN, Commodities & Natural Resources, £155.4m mkt capn, 2.7% premium to NAV): NAV TR +76.6% vs MSCI World Metals and Mining Index +63.5% and MSCI World Energy Index +34.1%; share price TR +87.0%; paid four interim dividends totalling 28.3pps (8.03pps 2025); issued 2.1m shares into demand. Tufton became the Company’s Investment Manager, and Keith Watson and Robert Crayfourd resumed responsibility for the Company’s portfolio. The investment strategy remains unchanged. First interim dividend (2027) of 7.88p per share declared in October 2026. Strong performance driven principally by the Company’s exposure to the precious metals rally, with profits subsequently taken and reallocated towards energy as the geopolitical backdrop evolved. Increased exposure to oil and gas, shipping and related energy sectors, which benefited from disruption in the Middle East. Positive outlook for natural resources, supported by geopolitical uncertainty, energy security and increasing demand for energy and critical materials associated with AI and data-centre growth. Gearing of 10.9% (4.8% 2025). (Frostrow client)

The Baillie Gifford Japan Trust FY results to 31 August 2026 (BGFD LN, Japan, £660.9m mkt capn, 9.6% discount to NAV): NAV TR +17.7% vs TOPIX Index £ +26.7%; share price TR +20.9%; the Board agreed the introduction of a conditional tender offer up to 25% of shares if the NAV total return in the three years to 31 August 2029 does not exceed that of the TOPIX total return £. The Company repurchased 12.7m shares (16.3% of share capital), increasing NAV by 1.7%; "The Managers continue to see substantial opportunities for long-term growth investing in Japan. In particular, they believe the development and adoption of AI will create significant opportunities for growth companies, while the portfolio's holdings offer historic and expected sales growth ahead of the wider market and trade at attractive valuations. The Managers also believe the materially undervalued yen provides scope for additional returns for sterling-based investors should it appreciate."

New Star Investment Trust FY results to 30 June 2026 (NSI LN, Flexible Investment, £99.8m mkt capn, 30.7% discount to NAV): NAV TR +20.9% vs MSCI AC World Total Return Index +28.2%; total dividends of 3.55pps. No gearing, cash position of 12.2% of NAV. "Share purchases by two outside shareholders caused your Company to be in breach of the investment trust tax regulations. Accordingly, your Company lost its investment trust status for the 2024-2025 and 2025-2026 financial years. As a result, your Company has had to make a provision of £340,000 for tax on capital gains for the 2024-2025 year. From 1 July 2026, the start of the current financial year, your Company has regained its investment trust status."

PPHE Hotel Group Limited trading update to 30 September 2026 (PPHE LN, £648.8m mkt capn): Total revenue was £164.9m (+5.8% Q3 2025). RevPAR + 6.6% (Q3 2025), reflecting a 2.6% uplift in average room rate to £179.4 (Q3 2025: £174.9). Occupancy growth of 83.4% (Q3 2025: 80.2%). The Group saw strong guest demand across its UK hotel portfolio, which supported good growth in average room rate alongside higher occupancy. The Group’s hotels, self-catering apartments and campsites in Croatia delivered a strong summer season as expected. Trading in the Netherlands was more subdued due to the higher VAT rate for accommodation introduced this year. Germany reported improved RevPAR driven by higher occupancy. Completion of sale of the Group’s development site in New York for $33.5m. The sale proceeds repaid the associated debt of $6.75m and the balance will be deployed in accordance with the Group’s capital allocation strategy.

Wind down / asset realization news

Taylor Maritime Limited (TMI LN, Leasing, £61.3m mkt capn): in connection with the Company's fourth compulsory partial redemption, it has compulsorily redeemed 55.4m shares at 81.19cps for $45m. 35.5m shares remain

Ecofin US Renewables Infrastructure Trust (RNEW LN, Renewable Energy Infrastructure, £18.8m mkt capn, 36.1% discount to NAV): announced that it has agreed by way of mutual written agreement with Sustainability Partners Services, to terminate the Infrastructure Business Services Agreement entered into in May 2025, pursuant to which SP provides day-to-day operational support to the Company in relation to the management of the Company's business and assets, ending on 31 December 2026. In addition, the Company has entered into a consultancy agreement from 1 January 2027 with Bluewater Tax & Accounting, a company affiliated with Nancy Johnson , pursuant to which Bluewater will provide services in relation to the management of the business and assets of Holdco and its subsidiaries. Bluewater will be entitled to an annual services fee of $135,000 payable in four equal quarterly instalments. Bluewater shall also be entitled to an additional annual fee of $37,500 payable in a single instalment, by way of an incentivisation towards completing the Company's managed wind-down process.

Asset purchase / disposal / portfolio news

3i Infrastructure (3IN LN, Infrastructure, £3,624.8m mkt capn, 3.3% discount to NAV): announced that Future Biogas has acquired the remaining 49% stake in a portfolio of six gas-to-grid AD facilities from Foresight Environmental Infrastructure Limited (“FGEN”) for £104m. Future Biogas acquired its initial 51% stake in the portfolio in August 2024. Full ownership will enable Future Biogas to drive further earnings growth, accelerating a number of identified investment opportunities across the portfolio, including capacity expansions and operational enhancements. Since acquiring its majority stake in 2024, Future Biogas has delivered c.21% growth in EBITDA across these plants. The £104m consideration is consistent with 3IN's September 2026 valuation expectations for the plants as part of Future Biogas. The acquisition will initially be funded through an equity commitment by 3i Infrastructure and Future Biogas’s existing cash, ahead of a refinancing of Future Biogas’s capital structure.

RTW Biotech Opportunities Ltd (RTW LN, Healthcare & Biotechnology, £783.3m mkt capn, 9.3% discount to NAV): RTW noted the announcement by Lycia Therapeutics, Inc of the pricing of its upsized IPO selling 17.6m shares at $18 per share, for gross proceeds of approximately $318m. RTW first invested in Lycia’s Series B financing in September 2021, later participating in the Series C in April 2024 and the Series D in June 2026. Lycia began trading on the Nasdaq on 23 October 2026, where the shares traded up 67% to close at $30 on the day. Overall, this first day closing valuation represents a 229% step-up from RTW's prior holding value at 30 September 2026. Prior to the uplift in value, as at 30 September 2026, Lycia represented 0.8% of RTW's NAV. The Company subsequently announced that Corxel Pharmaceuticals, Inc that it has entered into a definitive business combination agreement with Amanat Acquisition Corp, a US SPAC. Corxel US is part of RTW Bio’s largest private holding, Corxel Pharmaceuticals. The transaction is expected to provide gross proceeds of approximately $377m, assuming no redemptions by Amanat shareholders, comprising an oversubscribed PIPE of approximately $300m and approximately $75m held in Amanat’s trust account. Proceeds are expected to fund the combined company through 2029. The combined company expects to list on NASDAQ with completion expected in the first half of 2027. Corxel represented 5.3% of RTW Bio’s NAV valued at c. $50m

Foresight Environmental Infrastructure Limited (FGEN LN, Renewable Energy Infrastructure, £561.6m mkt capn, 14.6% discount to NAV): the Company has sold its remaining 49% interest in six anaerobic digestion facilities to Future Biogas for a total consideration of £104.0m, a 7.5% premium to the valuation as at 30 June 2026, equivalent to a NAV uplift of 1.2pps. The proceeds will be used to substantially reduce drawings under the Company’s RCF, strengthening the balance sheet and creating significant capacity to fund existing commitments and recycle capital into new investments within the Company’s disciplined capital allocation framework. The Investment Manager is actively engaged in a number of acquisition opportunities offering attractive risk-adjusted returns and the potential for long-term income and growth. "FGEN reaffirms its FY27 dividend target of 8.04 pence per share, fully covered by portfolio cash flows, with dividend cover expected to remain within the 1.2x–1.3x range for the current financial year. The Company expects a similar level of dividend cover in FY28, before taking into account any potential reinvestment of the Disposal proceeds, supporting its overriding objective of delivering a sustainable, progressive dividend."

HgCapital Trust (HGT LN, Private Equity, £1,798.4m mkt capn, 25.2% discount to NAV): HgT will invest approximately £6.1m in 3E, with other institutional clients of Hg. HgT's liquid resources available for future deployment are estimated to be £341m (14% of the pro-forma 31 August 2026 NAV of £2.4bn). The investment will reduce HgT’s outstanding commitments to invest in Hg transactions to approximately £2.0bn (81% of the pro-forma 31 August 2026 NAV).

Oakley Capital Investments Limited (OCI LN, Private Equity, £893.0m mkt capn, 30.7% discount to NAV): announced that it has agreed to sell part of its interests in Oakley Capital Funds IV, V and VI, Oakley Capital Origin and Oakley Capital Origin II to third party buyers for a consideration of €295m (£257m), equivalent to approximately a 5.75% discount to the 31 March 2026 valuation. This will reduce OCI's outstanding fund commitments by approximately €281m (£244m), validates valuation and helps with balance sheet, liquidity and portfolio diversification

The Renewables Infrastructure Group Limited (TRIG LN, Renewable Energy Infrastructure, £1,838.7m mkt capn, 21.4% discount to NAV): the Company announced the completion of the sale of TRIG’s entire 17.5% equity stake in the Beatrice offshore wind farm for £157m. Proceeds have been used to reduce borrowings under the Company’s RCF to £184m. Further divestment processes remain underway

AVI Japan Opportunity Trust (AJOT LN, Japanese Smaller Companies, £386.3m mkt capn, 4.5% discount to NAV): noted that Nippon Sangyo Suishin Kiko Ltd, a Japanese private equity firm, has announced a tender offer for Broadmedia Corporation with the intention of taking the company private. As at 29 October 2026, Broadmedia was AJOT’s seventh-largest portfolio holding, representing 6.12% of AJOT’s NAV. The offer price represents a premium of 23.9% to the closing share price on 29 October 2026.

Name change

Cordiant Digital Infrastructure Limited (CORD LN, Infrastructure, £941.8m mkt capn, 15.9% discount to NAV): announced its intention to change its name to Corilis Digital Infrastructure Limited, subject to approval by its shareholders at an EGM on 11 November 2026.As announced on 28 September 2026, Steven Marshall, Co-founder, had entered into an agreement to acquire the membership interest in CDIM held by Cordiant Capital Inc, the Company’s Investment Manager. CDIM has provided certain advisory services to CCI. Under the Transaction, it was announced that CCI will step down as Investment Manager. A necessary initial step in the process of the transition to these new management arrangements is to change the name of the Company to Corilis Digital Infrastructure Limited.

Joint venture news

Primary Health Properties (PHP LN, £2,450m mkt capn): announced, along with USS, an increase in the target size of their existing joint venture to £400m (from £250m). Subject to additional approval, the investment has the potential to grow to £800m over time. The JV has also exchanged contracts on the transfer of c.£67m of assets into the vehicle, with a further identified pipeline of assets expected to follow. The 20:80 JV focuses exclusively on assets let directly to NHS or GP tenants with rents linked to inflation or with fixed uplifts.

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

PjRrPnhfJtuDJMnZ95bfN6dTM3f7M3hzM4j7M4lzM5n7M5pzM6r7M6tzM7v7M7xzM8z7M81zM937M95zM+77M+9zNnBQQAOw==

Equity Capital Markets / Investor demand

Golden Prospect Precious Metals Limited (GPM LN, Commodities & Natural Resources, £76.5m mkt capn, 5.9% discount to NAV): the Company has published a prospectus in regard to its proposed admission to the Main Market of the LSE and the listing of shares on the TISE to be cancelled. The Company subsequently noted that shareholders have the right to subscribe for ordinary shares in cash on the basis of one new share for every five existing shares held on 10 November 2026, exercisable on 30 November 2026, at a price of 101.35pps. The Subscription Price is, at present, materially above the current share price.

Ex Dividend

CYN 7.88pps, EGL 2.25pps, ESCT 3.16pps, FAV 22.0pps, HFEL 6.3pps, IGET 4.0pps, JCH 8.5pps, JIGI 9.13pps, MGCI 1.77pps, SEQI 1.71875pps, SUPR 1.575pps

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

B1PnQsu6P8DUkZJJIud3EIAAAAASUVORK5CYII=

Frostrow Capital LLP,
25 Southampton Buildings,
London WC2A 1AL
020 3008 4912

Disclaimers:

Although all emails sent and received by Frostrow Capital LLP are passed through virus scanning technologies, we cannot guarantee that emails (including attachments) are virus free. You should take whatever measures you deem appropriate within your organisation to ensure maximum protection from potential viruses. Frostrow Capital LLP accepts no liability for any loss or damage which may be caused by software viruses.

This message (including any attachments) is confidential and is for the intended recipient only. If you are not the intended recipient, please inform the sender and delete any copies from your system. Internet communications are not secure and therefore Frostrow Capital LLP does not accept legal responsibility for any of the contents of this message (including any attachments).

Information relating to any company or security is for information purposes only and should not be interpreted as a solicitation to offer to buy or sell any security or to make any investment