Frostrow Capital are intending on putting out on the newswires a weekly recap of the investment trust news and themes seen.  If it looks interesting for you, please subscribe to receive it:

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Good afternoon investment trust investors,

 

Contents

 

1. Overview for the week
2. Recorded Frostrow Investor Events
3. Investment Themes
4. Sector data for the week

 

1. Overview for the week

Greed and fear were both on full display in markets this week. The oil price fell sharply to around $103 a barrel at the start as President Trump favoured diplomacy with Iran ahead of the US midterm elections and slid further when he said military funding for Israel would stop at the end of the year. Equities rose on the news, though sentiment was dented by reports of US strikes on targets in the SoH. After the midterms returned control of Congress to the Democrats the oil price fell further to c.$93, US Treasuries rallied modestly and non-tech equities initially rose. Investors anticipated greater scrutiny and oversight of AI stocks with the unease not helped by Geoffrey Hinton, the “godfather of AI”, saying we might have been better off never developing it in the first place. The NASDAQ Index is, at the time of writing, in correction territory (ie down over 10% from the peak) albeit due a better start today, having said that, I would not dare to guess where it will end the week. Elsewhere, the Reserve Bank of Australia raised rates by 25bps to 4.85%.

 

In the UK, the FTSE 100 Index rose initially in the week to briefly touch a three-month high, before being dragged lower in the AI sell off.  As expected, the Bank of England increased interest rates 25bps to 4%, the first rise in over three years. One committee member actually voted for a 50bps increase with no dissenters. The Bank warned that inflation could hit 5% by summer 2027, so there is a potential further rate increase to come.

 

In the investment trust sector, average discounts to NAV (ex 3i Group) were stable, closing the week at 11.7%.  We note that the Chair of Baillie Gifford US Growth is due to meet with the City minister, according to news reports, to discuss safeguards required to protect investment trusts (and the growth and economic benefit generated from them) from a certain flavour of investor activism. BlackRock Greater Europe IT, following shareholder feedback, announced some strategic initiatives including the introduction of a dividend policy equivalent to 4.5% of NAV (plus commitment to grow the dividend each year), change of name to BlackRock European Growth & Dividend Trust, a reduction in management fees, more strategic use of gearing and a new five-year performance-linked tender offer. Gresham House Energy Storage Fund announced a formal sale process. Frostrow client, CC Japan Income & Growth Trust has announced a new name - Chikara Japan Income & Growth Trust - as the ‘Chikara’ name better aligns the Company's identity with that of its investment manager and acknowledges Chikara Investments' established reputation as a specialist Japan-focused investment manager.

 

We note passive fund outflows, yes outflows, in October in a changing market. At the risk of being consistent, this is not a time to be short of investment trusts and actively managed funds.

  

2. Frostrow Recorded Investor Events

 

Aurora UK Alpha (ARR LN, UK All Companies, £276.9m mkt capn, 11.8% 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, £246.7m mkt cap, 5.9% discount to NAV): Co-portfolio manager, Josh Golomb, provided an update for investors via Investor Meet Company on 10 March 2026: https://www.investormeetcompany.com/meetings/investor-presentation-1001

 

A link to the presentation by Geoff Hsu at the AGM on 16 July 2026 can be found here:  https://www.youtube.com/watch?v=izwHIML8spU

 

Kepler video: The Biotech Growth Trust: why now for global biotech innovation?

 

Chikara Japan Income & Growth Trust (CCJI LN, Japan, £340.9m mkt capn, 11.6% 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 CCJI 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, £143.1m mkt capn, 3.6% 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, £380.0m mkt capn, 19.2% 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, £250.5m mkt capn, 1.0% 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, £848.4m mkt capn, 7.0% 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, £69.0m mkt capn, 0.0% 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 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, £1,356.7m mkt capn, 0.7% 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, £1,337.5m mkt capn, 4.5% 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£205m asset value): 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 383 corporate announcements from Tuesday this week on the LSE, of which 77 were in reference to share buybacks (20.1% of total). 12 referred to equity issuance.

 

Tender / redemption news

Tetragon Financial (TFG LN, Flexible Investment, £1,181.5m mkt capn, 62.4% discount to NAV):  confirmed a $50m tender, being conducted as a 'modified Dutch auction' (ie with shareholders able to tender their Tetragon non-voting shares at prices ranging from and including $15.00 up to and including $16.75 per share). J.P. Morgan, as dealer manager, will determine the lowest price per share within the range that will enable Tetragon to purchase $50m in value of shares, or a lower amount if the tender offer is not fully subscribed

 

Ashoka Whiteoak Emerging Markets Trust (AWEM LN, Global Emerging Markets, £67.4m mkt capn, 2.9% discount to NAV):  shareholders have their annual opportunity to fully or partially redeem their holding for cash

   

Saba news

NB Private Equity Partners Limited (NBPE LN, Private Equity, £544.7m mkt capn, 27.7% discount to NAV):  Saba Capital's holding has decreased from 5.1% to 4.7%

 

Gore Street Energy Storage Fund (GSF LN, Renewable Energy Infrastructure, £251.5m mkt capn, 32.3% discount to NAV):  Saba Capital's holding increased from 21.6% to 21.7%

  

Gearing news

Pantheon International (PIN LN, Infrastructure, £548.3m mkt capn, 5.1% discount to NAV):  the Company agreed to extend its multi-currency revolving credit facility, which was due to expire in October 2029, to October 2030. The Credit Facility continues to be sized at approximately £400m equivalent commitment and retains the flexibility to be increased up to £700m under the existing structure, subject to the consent of the participating lenders.  PIN takes a prudent approach to gearing and when the Credit Facility was extended in October 2025, the Company announced at that time that it had been able to take advantage of an improving interest rate environment to lower borrowing costs by 30bps and loan commitment fees by 15bps. This has resulted in savings of c.£1m per over the last 12 months based on PIN's loan facility utilisation. There have been no changes to the margin or commitment fees since that announcement.

 

Strategic initiatives

BlackRock Greater Europe Investment Trust FY results to 31 August 2026 (BRGE LN, Europe, £493.9m mkt capn, 7.3% discount to NAV):  NAV TR +8.8% vs FTSE World Europe ex UK Index £ +20.9%; share price TR +8.4%; stock selection a negative factor. "Following his appointment on 31 March 2026, Benjamin Moore has also broadened the range of companies considered for investment, including businesses and industries where returns are improving, and has made changes to the portfolio to reflect this. Relative performance in the second half of the year has improved, and the portfolio has outperformed since Benjamin’s appointment." Following shareholder feedback, the Board announced some strategic initiatives including the introduction of a dividend policy equivalent to 4.5% of NAV (plus commitment to grow the dividend each year), change of name to BlackRock European Growth & Dividend Trust, a reduction in management fees, more strategic use of gearing and a new five-year performance-linked tender offer

 

M&A update

Gresham House Energy Storage Fund (GRID LN, Renewable Energy Infrastructure, £600.4m mkt capn, 19.7% discount to NAV):  the Board has launched a formal sale process following shareholder feedback.  Whilst this happens, the Company will continue to execute at pace on the Growth Plan and is targeting reaching Final Investment Decision on Ocker Hill (240MW), Lister Drive (57MW) and Rayleigh (480MW) during 2027.  These three projects will represent close to double the MW capacity of the projects that entered construction in 2026 which in aggregate unlocked a 14p uplift in NAV per share. In addition, these three projects are expected to be built to a longer duration which should increase prospective NAV uplifts further. As part of the formal sale process the Board will invite expressions of interest from bona fide parties regarding a potential transaction for the entire issued ordinary share capital of the Company.

 

JPMorgan US Smaller Companies Investment Trust (JUS LN, North American Smaller Companies, £195.1m mkt capn, 7.6% discount to NAV):  published a circular in regard to the agreed heads of terms in respect of a combination with Brown Advisory US Smaller Companies, highlighting a larger vehicle, with lower fees, using robust discount management policies, including a five year conditional tender for 30% of share capital at NAV less 2% and a cost contribution from JPMorgan

 

Brown Advisory US Smaller Companies (BASC LN, North American Smaller Companies, £182.6m mkt capn, 2.4% discount to NAV):  published a circular in regard to the agreed heads of terms in respect of a combination with Brown Advisory US Smaller Companies, highlighting a larger vehicle, with lower fees, using robust discount management policies, including a five year conditional tender for 30% of share capital at NAV less 2% and a cost contribution from JPMorgan. Shareholders can elect to receive new JUSC shares and / or cash

    

Results / updates

International Biotechnology Trust FY results to 31 August 2026 (IBT LN, Healthcare & Biotechnology, £333.9m mkt capn, 2.0% premium to NAV):  NAV TR +64.7% vs NASDAQ Biotechnology Index +52.3%; share price TR +73.6%; Takeover activity was a key driver of returns. Thirteen portfolio companies, equivalent to approximately 27% of the Company’s NAV, were acquired during the year, up from five the previous year. OCR 1.0% (1.3% 2025, with the managed fee on the quoted portfolio cut to 0.65% from 0.7% from 1 September 2025). Total dividends of 31.31pps (4% of prior year NAV). 6.9% in unquoted stocks. The Company’s partnership with Schroders Capital, SC IBT SLP, which is in the early stages of deployment, represented 1.6% of total investments. 2.1m shares bought back in the year

 

Target Healthcare quarter end 30 September 2026 update (THRL LN, Property – UK Healthcare, £749.2m mkt capn, 5.6% discount to NAV):   EPRA Net Tangible Assets per share + 0.9% to 123.2p (30 June 2026: 122.1p), reflecting mainly a like-for-like valuation uplift of 0.6% driven primarily by inflation-linked rent reviews.  Total accounting return of 2.1%.  EPRA "topped-up" net initial yield of 6.20% (30 June 2026: 6.21%).    Adjusted EPRA EPS for the quarter of 1.69pps (30 June 2026: 1.55pps).  Fully covered quarterly dividend of 1.553pps (+3.0%).  Net LTV of 16.2% (16.1% 30 June 2026).  Total debt facilities weighted average term of 5.3 years (30 June 2026: 5.1 years) with interest costs on drawn debt fixed at a weighted average cost of 3.88%

 

Pershing Square Holdings Q3 update to 30 September 2026 (PSH LN, North America, £6,636.8m mkt capn, 36.9% discount to NAV):  NAV TR +3.5% vs S&P 500 Index +2.3%; "the median stock in the S&P 500 was down 4%. In addition, more than 60% of the constituent stocks in the S&P 500 experienced negative share price performance. This market backdrop is consistent with the overall trend this year, in which the average stock in the S&P 500 has meaningfully underperformed the overall index. Year-to-date, the S&P 500 is up 13% through September 30, while the average stock in the index is up only 1% while just under half of all stocks in the S&P 500 are down...We believe that investor enthusiasm for the relatively small number of companies supplying ‘picks and shovels’ for the massive AI infrastructure buildout has caused investors to overlook the relatively large number of businesses that are also generating strong performance, including the high-quality, durable growth companies in which we seek to invest."

 

M&G Credit Income Investment Trust quarter end 30 September 2026 update (MGCI LN, Debt – Loans & Bonds, £191.5m mkt capn, 0.4% premium to NAV):  NAV TR +0.8% vs benchmark + 1.9%; "The portfolio’s low-duration positioning helped offset the sharp rise in government bond yields, although relative performance was constrained by our continued defensive positioning, which involves forgoing some incremental yield in the near term in pursuit of stronger risk-adjusted returns over the longer term." The Company continued to recycle capital from public holdings that had tightened materially into private opportunities offering more compelling prospective returns with activity remaining focused on maintaining credit discipline and identifying attractive relative value opportunities.

 

Foresight Solar Fund Limited quarter end 30 September 2026 update (FSFL LN, Renewable Energy Infrastructure, £367.7m mkt capn, 27.1% discount to NAV):  NAV 93.8p (94.9p 30 June 2026); the discount rate increased by 25bp to 8.5% reflecting higher bond yields. "Global portfolio generation for the third quarter was 9.8% above budget, supported by solar resource 10.7% ahead of expectations." Gearing 42.8% of GAV (43% 30 June 2026). "The Investment Manager is progressing with targeted sales. One of the negotiations it has been working on has moved into exclusivity. The Company will update the market in due course."

 

Greencoat Renewables quarter end 30 September 2026 update (GRP LN, Renewable Energy Infrastructure, £878.4m mkt capn, 16.4% discount to NAV):  NAV +0.2cps to 97.4cps; Q3 net cash generation above budget at €9.8m with elevated prices offsetting production shortfall of 8% versus budget. 2026 target dividend of 6.81c per share maintained, with full year net dividend cover reiterated at 1.5x.  Initial €25m buyback programme completed in Q3 with a total of 33.1m shares repurchased at an average discount of 24%.  Second €25m tranche ongoing with 5.1m shares repurchased in Q3 at an average discount of 19%.  €128m of on balance sheet cash and €240m undrawn RCF capacity.  Gearing of 53%.  Advancing a range of portfolio optimisation initiatives, spanning asset disposals, hybridisation and development opportunities, including Drogheda Energy Park.

 

Scottish Mortgage Investment Trust HY results to 30 September 2026 (SMT LN, Global, 314,787.0m mkt capn, 8.7% discount to NAV):  NAV TR +31.5% vs FTSE All-World Index +16.0%; share price TR +33.8%; As at 4 November 2026, SpaceX represented 11.1% of the Company’s total assets, compared with 15.0% at 30 September 2026, Moderna’s progress demonstrated how patience can be rewarded, and Anthropic highlights the ability to gain exposure to exceptional businesses before they reach public markets. The Company issued shares at a premium (40.9m shares) and bought back at a discount (72.9m shares). Net gearing of 4.3% (11.0% 2025). Interim dividend of 1.8pps (1.6pps 2025), with the Board's intention for modest dividend increases

 

Baker Steel Resources Trust Limited October 2026 update (BSRT LN, Commodities & Natural Resources, £123.6m mkt capn, 31.5% discount to NAV):  NAV -13.5%, mainly due to falls in listed investments, with mining shares highly volatile. Maiden interim dividend declared of 2pps. Circa 453k shares were repurchased

 

Wind down / asset realization news

RM Infrastructure quarter end 30 September 2026 update (RMII LN, Debt – Direct Lending, £27.8m mkt capn, 33.9% discount to NAV):  NAV TR -1.9%. The negative net interest income for the period of -0.02pps primarily reflects the fact that the Company continues to apply a revenue recognition policy whereby several of the payment-in-kind loans, against which the portfolio is now biased towards, the income is provisioned due to the uncertainty around quantum and timing of payment.

 

Home REIT (HOME LN, UK Residential, £64.8m mkt capn):  The Directors continue to focus on reducing the ongoing expenses of the Company and have begun a further process of re-aligning service providers, from those with expertise serving an active real estate investment vehicle, to those that are more appropriate for a company in an advanced stage of a managed wind-down. The Directors are targeting to further reduce expenses (excluding legal fees) to between £2.0m and £2.5m pa, once the service provider realignment has been completed. The first step in this process was to exercise the six-month notice under the investment management agreement on 21 October 2026 and begin the process of appointing a new AIFM.  AEW have agreed to be retained on a consultancy basis after the expiration of the investment management agreement to deal with any remaining property and tenant matters that go beyond the term.  All other major contracts are being reviewed as part of this process.

 

Chrysalis Investment quarter end 30 September 2026 update (CHRY LN, Growth Capital, £305.4m mkt capn, 50.4% discount to NAV):  NAV TR +1.9%; During the period, the Company disposed of its remaining holding in Klarna Group plc. The remaining position was exited at an average price of approximately $14.25 per share, generating net proceeds of approximately £39.9m. Of these proceeds, £25.0m was allocated to the Company’s first Capital Redemption, which became effective on 29 September 2026 and was settled shortly after the period end. The Company also received £4.9m of deferred consideration relating to the sale of Featurespace Limited, with substantially all the proceeds due under that transaction now received. The Board expects the Company’s ongoing annual operating expenses to be below £4.0m now, compared with approximately £7.5m in the year to 30 September 2026, conducted largely under the previous external management arrangements. This includes board and management costs, in addition to external administration, consultancy, valuation, audit and listing costs.

 

Riverstone Credit Opportunities Trust (RCOI LN, Debt – Direct Lending, £28.7m mkt capn, 15.0% discount to NAV):  announced the realisation of its term loan to Hoover Circular Solutions at a 10% net IRR. In November 2022, RCOI committed $13.7m in a first lien loan to Hoover. As at 30 September 2026, the loan to Hoover reflected 37% of RCOI’s overall commitments. The Company remains focused on the realisation of RCOI's remaining assets and returning capital to shareholders. Since the adoption of the Wind-down Investment Policy, the Company has redeemed approximately 59% of shares. Following this realisation, the Company's portfolio is comprised of two remaining positions.

   

Asset purchase / disposal / portfolio news

HgCapital Trust (HGT LN, Private Equity, £1,784.8m mkt capn, 27.0% discount to NAV):  announced an agreement to invest, with participation from Anthropic and angel investors, in a new AI transformation company to help European companies advance responsible AI adoption and product innovation. The new company, which will formally launch later this year, will be an independent entity that works with organizations to advance AI adoption and AI-native product build, moving beyond pilots to measurable operational impact. The company will build on Claude, with forward deployed engineers, helping businesses move beyond simply adopting AI to building real, defensible advantage from it. Built for Europe, the company will shape the organizations that will define Europe's AI era - supporting businesses with distinctive IP, deep domain expertise and long-standing customer relationships that operate across a uniquely complex landscape of languages and regulatory regimes. The Company subsequently announced an update to 30 September 2026 (HGT LN):  NAV TR +2.0%; share price TR +2.5%; LTM sales and EBITDA growth of 15% and 19% (organic growth of 11% and 17%) respectively for the portfolio, with EBITDA margins of 35%.    Weighted portfolio average valuation multiple (EV/EBITDA) 22.6x (25.2x 31 December 2025).   Reduction in net debt to EBITDA ratio to 6.7x (31 December 2025: 7.4x).  HgT invested £28m with post-period investments of approximately £33m in ES1.  Realisations of £13m, largely from the full exit of Quantios, which was signed at an uplift of 31% to carrying value and post-period realisation of approximately £71m from the full exit of Gen II at an uplift to carrying value of 34%, expected to complete in 2027.   Upsized the company’s RCF to £450m from £375m with expiration date extended from March 2027 to September 2029. The margin on the RCF has been reduced to 3.00% over SONIA with a commitment fee of 1.15%, both more favourable than the previous terms of 3.40% and 1.30% respectively.  Available liquid resources of £286m (including the £450m credit facility, of which £168m is drawn).  Outstanding commitments to Hg funds of £2.0bn, of which £1.8bn is expected to be called over the next four to five years.  Hg announced its intention to increase its aggregate strategic ownership of HgT from c.6% to more than 15% over the medium term, with on-market purchases ongoing

 

Syncona Limited (SYNC LN, Healthcare & Biotechnology, £731.1m mkt capn, 29.5% discount to NAV):  noted that portfolio company, Resolution Therapeutics Limited, has announced interim data from its Phase I/II EMERALD trial in patients with end-stage liver disease which have demonstrated encouraging preliminary clinical findings. Resolution plans to advance RTX001, into a pivotal study, with a key regulatory meeting with the US Food and Drug Administration scheduled for December 2026

 

Management news

JPMorgan American Investment Trust (JAM LN, North America, £1,913.9m mkt capn, 1.1% discount to NAV):  The Board has been informed that Graham Spence, a co-portfolio manager since 2025, of the Company’s value stocks in the large cap portfolio has informed J. P. Morgan of his decision to pursue an opportunity outside the firm. He is expected to depart in the first quarter of 2027. The portfolio’s large cap value stocks will continue to be managed by Jack Caffrey, who has 24 years’ experience with the Manager and is supported by a well-resourced team of experienced analysts in the Value team, while the large cap growth stocks are the responsibility of Felise Agranoff, who has 22 years’ experience with the Manager. There will be no changes to the investment strategy or process as a result of Graham’s departure.

 

LondonMetric Property (LMP LN, £4,390m mkt capn):  announced that Martin McGann, Chief Financial Officer, has notified the Company of his decision to retire. He will leave LondonMetric in summer 2027, after its full year results. Martin has been with LondonMetric since its formation in January 2013 and has been instrumental in its growth and success. Prior to that, he was Chief Financial Officer at London & Stamford Property Plc and Pillar Property Plc, where he worked with Andrew Jones and many of LondonMetric's existing management team. Plans for a suitable replacement are well underway, and an announcement on this will be made in due course.

 

Name change

CC Japan Income & Growth Trust (CCJI LN, Japan, £340.9m mkt capn, 11.6% discount to NAV):  announced a change in name to Chikara Japan Income & Growth Trust plc, reflecting the rebranding of the investment manager from Coupland Cardiff Asset Management to Chikara Investments in 2023. "Chikara" means "strength" in Japanese, reflecting the investment manager's longstanding expertise and commitment to investing in Japan. The Board believes that adopting the Chikara name better aligns the Company's identity with that of its investment manager and acknowledges Chikara Investments' established reputation as a specialist Japan-focused investment manager. The Company confirms that the name change is administrative in nature and that there are no changes to investment policy, management team, ticker etc. (Frostrow client)

 

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

 

 

Equity Capital Markets / Investor demand

Supermarket Income REIT (SUPR LN, £1,140m mkt capn):  announced its intention to raise approximately £50m of gross proceeds (it may consider raising the size of the issue) through the issue of new ordinary shares in order to acquire twelve assets (convenience stores, supermarkets and a distribution centre), with LTV to be maintained at approximately 45%. The Company subsequently announced a raise of £60m

 

Ex Dividend

DIG 4.25pps, BUT 6.75pps, AUSC  9.5pps, BRSC 2.225pps, EDIN 8.4pps, VOF 7.25cps, GCP 1.75pps, PEY 32.5cps, CVCG 2.3125pps / CVCE 1.8125cps, MWI 2.265pps, EJFI 2.8625pps, OSEC 1.1pps