End of week note for investment trust investors

Former UK PM Harold Wilson once said, “A week is a long time in politics.” You can say that again Harold. The oil price is closing this week at $95 per barrel following the Democrats' clean sweep in the US elections, with markets interpreting the result as reducing the likelihood of a more confrontational US approach towards Iran. Efforts to bring an end to the Russia-Ukraine conflict also continued, with a further round of peace talks taking place in Abu Dhabi and Moscow. The week began less positively for Nvidia, which found itself facing a lawsuit. Nevertheless, the technology sector enjoyed a strong rebound midweek, aided by encouraging results from CoreWeave that provided further reassurance regarding demand for AI infrastructure. Ultimately, however, the noise surrounding Nvidia proved too much for the Board, and Jensen Huang resigned from his position as CEO. The Microsoft outage won’t help though – re-boot please! Elsewhere in AI, Anthropic continues preparations for its anticipated IPO due to close later next week. The company is expected to seek a valuation of between $70bn and $78bn, with reports suggesting proceeds of up to $64bn.

In the US, inflation increased by 0.4% in October, down from 0.6% in September but still ahead of expectations. The data prompted renewed concerns that interest rates may need to remain higher for longer, leading to a selloff in bonds. In the UK, the National Institute of Economic and Social Research argued that the Bank of England has been too cautious in its efforts to contain inflation, warning that price pressures may prove more persistent unless monetary policy is tightened further. Against this backdrop, the UK economy grew by 0.7% in the three months to September, the strongest quarterly expansion in two years, driven largely by growth in the services sector.

In the investment trust sector, the average discount to NAV (ex 3i Group) narrowed by 70bps to 11%, with almost every sub sector seeing discount contraction. Saba Capital has increased their holdings in Unite Group and Pantheon International. At Frostrow, Custodian Property Income announced the purchase of a complementary property portfolio for £11.0m comprising eight retail and industrial properties with 100% occupancy once again demonstrating its ability to offer a compelling structural solution to syndicated property investors, enabling them to exchange an illiquid holding for a shareholding in a listed REIT without triggering a cash disposal.

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

2. Frostrow Recorded Investor Events

Aurora UK Alpha (ARR LN, UK All Companies, £277.7m mkt capn, 11.0% 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, £261.7m mkt cap, 6.1% 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?

BIOG Kepler podcast - Trust Issues: Investing in biotech with BIOG’s Josh Golomb - Nov 2026 | Kepler Trust Intelligence

Chikara Japan Income & Growth Trust (CCJI LN, Japan, £361.1m mkt capn, 7.7% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2026. In addition, we note CCJI QuotedData In the Hot Seat interview to view here:

https://www.youtube.com/live/eBmf8nisElM?si=O11Cr1IHSuQbv2A0

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, £142.1m mkt capn, 0.4% 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, £387.3m mkt capn, 17.8% 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, £256.8m mkt capn, 1.4% premium to NAV) : Jean-Hugues de laMaze, lead manager of the Trust conducted an Investor Meet Company webinar on 27 May 2026, and for those who missed it, you can access it here:

https://www.investormeetcompany.com/meetings/investor-presentation-1038

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, £847.4m mkt capn, 6.5% 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, £69.7m mkt capn, 0.2% 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, £1,375.8m mkt capn, 1.4% 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 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

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, £1,365.6m mkt capn, 5.8% 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£212.6m 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 382 corporate announcements from Monday this week on the LSE, of which 125 were in reference to share buybacks (32.7% of total). 9 referred to equity issuance.

Tender / redemption news

River UK Micro Cap Limited (RMMC LN, UK Smaller Companies, £85.4m mkt capn, 9.1% discount to NAV): following feedback from shareholder consultations there are indications that a proportion of them would prefer to realise their holdings for cash. Following its recent review of the Company’s management arrangements, the Board also wishes to give shareholders the option to remain invested in the Company with Liontrust as the Investment Manager. The Board is putting forward proposals including: a liquidity opportunity in respect of up to 50% of the Company’s issued share capital in aggregate, at a price based on the aggregate cash realised in respect of the Redemption Pool, less the costs of realising the relevant assets and other associated costs. The Realisation Opportunity will be effected through the redemption of the Company’s existing ordinary shares. Due to the inherent illiquidity of the Company’s investments, the Company expects redemption proceeds to be returned to participating shareholders periodically with a full realisation and all redemptions expected to occur within approximately 6 to 12 months. The Proposals will include the condition, whereby if all demand for the Realisation Opportunity was met (i.e. without the 50% aggregate cap) and the estimated NAV of the Continuing Pool immediately following the redemption of all elected shares is below £42.5m in NAV, the Realisation Opportunity will terminate and the Board will put forward proposals to shareholders to wind up the Company and for the Company’s entire portfolio to be realised in an orderly manner. In light of the proposed Realisation Opportunity, the Board will also propose to shareholders that, subject to the Realisation Opportunity being implemented, the Redemption Long-Stop Date will be amended to a rolling three-year cycle from the Effective Date, instead of 30 June 2028, with the £10m test applying to each three-year period. The Board will continue to engage with shareholders on the details of the Proposals. A circular will be made available in due course.

CT Healthcare Trust (CTHT LN, Healthcare & Biotechnology, £52.4m mkt capn, 3.8% discount to NAV): the Company announced its third quarterly tender offer for up to 15% of share capital at NAV less tender offer expenses. Columbia Threadneedle believes that the case for investing in healthcare remains positive, with the sector supported by long-term structural growth drivers, including ageing populations, rising prevalence of chronic disease and the essential nature of healthcare services.

Saba news

Utilico Emerging Markets Trust (UEM LN, Global Emerging Markets, £459.0m mkt capn, 9.9% discount to NAV): Saba Capital's holding has reduced from 5.7% to 4.9%

The Unite Group (UTG LN, £2,490m mkt capn): Saba Capital's holding has increased from 7% to 7.8%

Pantheon International (PIN LN, £1,441.5m mkt capn, 28.5% discount to NAV): Saba Capital's holding increased from 13.1% to 14.8%

Capital allocation update

RTW Biotech Opportunities (RTW LN, Healthcare & Biotechnology, £789.8m mkt capn, 8.1% discount to NAV): announced an expansion to its capital allocation plan. Should the Company receive a significant cash inflow (e.g. through a portfolio position being acquired), the Board may allocate up to 20% of the realised gain to a liquidity pool that can be used to return capital to shareholders. Furthermore, given that the Company has returned almost the entirety of the $45m initially targeted and in light of a number of recent successful M&A transactions by portfolio companies as set out above, the Board announces that it intends to allocate a further $42.8m (equivalent to 4.9% of NAV as at 30 September 2026) to a liquidity pool available for NAV-accretive share buybacks, to be implemented over time at its discretion. This $42.8m allocation represents 20% of the uplifts from M&A transactions since and including Prometheus (net of such uplifts returned via share buybacks to 5 November 2026) and is additional to the aggregate $45m previously announced, of which a residual $2.7m remains outstanding. Therefore, as at 5 November 2026, the liquidity pool comprises $45.5 million (5.3% of NAV as at 30 September 2026).

Strategic review update

The Scottish Oriental Smaller Companies Trust FY results to 31 August 2026 (SST LN, Asia Pacific Smaller Companies, £281.0m mkt capn, 8.8% discount to NAV): NAV TR -6.5% vs MSCI AC Asia ex Japan Small Cap Index £ +19.8% / MSCI AC Asia ex Japan Index +40.4%; share price TR -7.9%; In the five year period ending on 31 August 2026, the Company’s NAV total return was 28.0% compared with 48.5% for the MSCI AC Asia ex Japan Small Cap Index (on a total return basis) and, consequently, the conditional tender offer was triggered. With shareholder consultation, the Board announced in October that it would not proceed with the conditional tender offer and further announced a formal Strategic Review being conducted. 3.3% of share capital was repurchased in the period

Change in investment policy

Templeton Emerging Markets Investment Trust (TEM LN, Global Emerging Markets, £2,752.0m mkt capn, 5.6% discount to NAV): the Company published a circular setting out a proposal to amend the Company's existing investment policy, which currently limits exposure in any single company to 12% of the Company’s total assets, measured at the time of investment. At this level of weighting it is the Board’s view that the Investment Managers are constrained by the current Investment Policy. Currently the Investment Managers cannot sell part of the holding in TSMC and then, if they wish, increase the investment again if the holding remains above 12% of total assets. Therefore, the Board believes that it is appropriate to amend the maximum permitted exposure to each investee company to the higher of 12% of total assets or the investee company’s weighting in the Benchmark plus 4 percentage points, (subject to an absolute limit of 25%. of the Company's total assets), measured at the time of investment. For example, under the proposed Investment Policy, the maximum permitted exposure to TSMC assuming an investment date of 30 September 2026 would be 19.6% of total assets, based on TSMC’s Benchmark weighting of 15.6% on the same date. In proposing this change, the Board is not advocating the concentration of the portfolio in TSMC or any other company which might have a high Benchmark weighting. The proposed new Investment Policy would give the Investment Managers greater flexibility to adjust significant holdings as valuations and investment opportunities change.

M&A update

Alternative Income REIT (AIRE LN, Property – UK Commercial, £57.2m mkt capn, 15.5% discount to NAV): Glenstone REIT's holding increased from 87.1% to 90.3%

Results / updates

3i Infrastructure HY results to 30 September 2026 (3IN LN, Infrastructure, £3,772.4m mkt capn, 2.2% discount to NAV): NAV TR +4.5%; 7.15pps interim dividend (6.725pps 2025); Andrew Sykes to succeed Richard Laing as Chair of the Board with effect from 1 January 2027. Weighted average discount rate 11.3% (11.1% March 2026). Strong contributions from FLAG, Infinis and Joulz. OCR 1.3% (1.5% 2025). Cash of £269m (£4m 31 March 2026) plus a £900m RCF with none of it drawn

AVI Global Trust FY results to 30 September 2026 (AGT LN, Global, £957.9m mkt capn, 8.8% discount to NAV): NAV TR +1.7% vs MSCI AC World Index £ +18.3%; share price TR -0.5%; 4.6pps total dividend. The Company bought back 21.9m shares (5.3% of share capital), enhancing NAV by 0.5%. The Board continue to believe that the discount will naturally narrow in the long term as performance improves but remain pragmatic in their approach to the use of share buybacks. Asset Value Investors was acquired by Pacific Asset Management in August 2026

Caledonia Investments HY results to 30 September 2026 (CLDN LN, Flexible Investment, £2,050.1m mkt capn, 33.6% discount to NAV): NAV TR +5.4%; Completed the sale of Stonehage Fleming for £290m, the largest private asset at a 33% uplift versus the March 2025 carrying value. Invested approximately £110m across two new private investments: Blue Diamond garden centres and Conquip Engineering. £277m of cash held and £325m of undrawn credit facilities for new opportunities. 3.84pps interim dividend (3.68pps 2025, +4.3%) plus 20pps special dividend. £38m allocated to share buybacks at a weighted average discount of 37%, resulting in a 4.3p or 0.7% accretion to NAV per share.

Schroder Income Growth Fund FY results to 31 August 2026 (SCF LN, UK Equity Income, £238.4m mkt capn, 6.2% discount to NAV): NAV TR +19.0% vs FTSE All Share +21.3%; share price TR +23.0%; Returns were supported by investments across technology, banking, mining and infrastructure, although performance lagged the Index as weakness in consumer discretionary, healthcare, and financials weighed on returns. Total dividends per share of 15.3p (+4.1% 2025), this being the 31st year of dividend growth. EPS of 13.62pps, so revenue reserves were partially used to fund the dividend. Following payment of the fourth interim dividend on 30 October 2026, the revenue reserve stood at £3.3 million, equivalent to 5.07p per ordinary share, or more than three months of the annual dividend. 4.4% of share capital was repurchased enhancing NAV by 0.3%. Gearing of 9.8%

Ruffer Investment Company October 2026 update (RICA LN, Flexible Investment, £823.6m mkt capn, 5.2% discount to NAV): bond yields peaked in the month and the fund has been adding to bonds as yields have become more attractive. "Although yields could yet march higher again, we continue to see value in the fund’s bonds, which are paying income as well as offering potential for significant capital gains. Moreover, it was notable, during the recent AI scare, that the US stock-bond correlation briefly became negative (bonds rallied as equities dropped), suggesting that bonds should – at least tactically – work in an AI-led deflationary bust." RICA also added 3% to its collection of US stocks with a high free cash flow yield (c 8.5% versus the S&P 500 on c 3.5%) which would particularly profit in a broadening market rally.

Henderson Far East Income Limited FY results to 31 August 2026 (HFEL LN, Asia Pacific Equity Income, £604.1m mkt capn, 4.9% premium to NAV): NAV TR +26.1% vs MSCI AC Asia Pacific ex Japan Index +36.6%; share price TR +26.4%; the portfolio has an income bias meaning it holds more higher yielding stocks compared to the index. The Company has paid four interim dividends of 25.1pps, 19 years of progressive dividend, with a modest amount of revenue reserves added. 51.3m shares were issued into demand, with additional authority sought in the year. The Company is to introduce a provision requiring the vote of independent shareholders on the appointment of a conflicted investment manager and to strengthen provisions around directors’ independence, with the intention of reinforcing independent oversight of the Company’s business.

Schroder Oriental Income Fund Limited FY results to 31 August 2026 (SOI LN, Asia Pacific Equity Income, £947.5m mkt capn, 4.1% discount to NAV): NAV TR +51.7% vs MSCI AC Pacific ex Japan Index +43.9%; share price TR +56.9%; the manager's performance fee has been removed from 31 August 2026. Total dividends for the year of 12.8pps (+4.9% 2025), with 20 years of dividend increases now. Net gearing of 2.7% (3.9% 2025). Circa 7.6m shares were repurchased. Schroders was acquired by Nuveen in September 2026

3i Group HY results to 30 September 2026 (III LN, Private Equity, £26,130.0m mkt capn, 14.4% discount to NAV): NAV TR +4.1%; share price TR +5%, with good contributions from Royal Sanders and a number of our other portfolio companies. Action generated 6% over its opening value (acquired 2.1% of Action equity from a third-party investor, increasing our equity ownership to 67.5%). £750m share buyback programme ending with a second buyback programme of up to £750m to be completed by end May 2027. £1,095m of liquidity, net debt of £1,307m and gearing of 4%. The first dividend of 42.25pps for FY2027, set at 50% of the total dividend for FY2026, will be paid in January 2027

Syncona Limited HY results to 30 September 2026 (SYNC LN, Healthcare & Biotechnology, £771.2m mkt capn, 27.8% discount to NAV): NAV +3.0%; share price +39.9%. Three key value inflection points delivered in CY2026 with one expected by the end of CY2026, three before the end of CY2027 and one before the end of CY2028. 91.7% of the life science portfolio now in 10 clinical-stage and commercial companies. Pharma M&A activity continues as companies seek to replenish pipelines in light of upcoming patent expiries and public and private biotech markets are showing increased activity. Chris Hollowood has taken on the role of Chief Investment Officer alongside his role as Chief Executive of SIML, reflecting a greater focus on Syncona's investment strategy and activity, alongside actively managing the portfolio. The Board expect the "return of a minimum of £250 million proceeds to shareholders in a timely manner"

Regional REIT Q3 update to 30 September 2026 (RGL LN, Property – UK Commercial, £140.7m mkt capn, 54.3% discount to NAV): 101 properties, 963 units and 579 tenants, totalling c.£516.6m of gross property assets value (30 June 2026: £526.7m), with portfolio reduction due to disposals in the quarter. Rent roll of £47.2m (30 June 2026: £48.4m); ERV £69.9m (30 June 2026: £72.6m) and EPRA occupancy (by ERV) 74.1% (30 June 2026: 74.3%). Strategic disposals amounted to £8.9m (before costs), net initial yield of 8.3% (11.3% excluding vacant properties) and a further 2 disposals completed post quarter end totalling £1.7m. Targeted fully covered dividend of 8.0pps for the full year 2026, representing a dividend yield of c.9.1%. Cash of £34.2m and net LTV reduced from 40.4% to 38.5%

Montanaro UK Smaller Companies Investment Trust HY results to 30 September 2026 (MTU LN, UK Smaller Companies, £122.8m mkt capn, 5.4% discount to NAV): NAV TR +22.6% vs Dnumis Smaller Companies Index +19.3%; share price TR +23.9%. Performance was driven by stock selection rather than a friendly marke with roughly two-thirds of the Portfolio’s risk being stock-specific. "XP Power recovered on a sharp rise in order intake. The Beauty Tech Group has more than doubled from the IPO price at which we invested last October, as consumers spend more on professional-grade beauty devices at home. Kainos upgraded profit expectations on record backlog....Cerillion fell first on fears of AI disruption to software and later on a delay in booking orders, although we see this as a timing issue and its pipeline remains strong". The market is warming to SmallCap faster than it is warming to Quality.

Wind down / asset realization news

Partners Group Private Equity Limited September 2026 update (PEY LN, Private Equity, £439.3m mkt capn, 40.2% discount to NAV): NAV +0.1%, with negative revaluations (-0.9%) slightly offset by currency movements (+1.0%). The Company invested EUR 2.3m in a direct co-investment in a UK-headquartered provider of loan agency and bond trustee services. The investment had been signed prior to the shareholder vote on the managed wind-down. There were no notable distributions nor exits. This resulted in a liquidity position (cash and cash equivalents) of EUR 29.3m, representing approximately 3.8% of NAV.

Asset purchase / disposal / portfolio news

Custodian Property Income REIT (CREI LN, Property – UK Commercial, £387.3m mkt capn, 17.8% discount to NAV): the Company announced the purchase of an £11.0m portfolio from the underlying investors across eight separate syndicated property investment vehicles managed by Lincoln Property Syndicates. The Transaction provides the Company with a highly complementary portfolio which comprises eight retail and industrial properties with 100% occupancy and demonstrates CREI's ability to offer a compelling structural solution to syndicated property investors, enabling them to exchange an illiquid holding for a shareholding in a listed REIT without triggering a cash disposal. Primarily located in the East Midlands, the Investment Portfolio has an average lot-size of £1.4m and generates an annual aggregate passing rent of £0.8m, with a net initial yield of c.6.7% and a reversionary yield of 7.2%. The average occupier tenure across the portfolio is nine years with a weighted average unexpired lease term of six years. The Investment Manager has identified a number of opportunities to drive further value from the Investment Portfolio by utilising its asset and portfolio management expertise to increase rental income from upcoming lease events. (Frostrow client)

AEW UK REIT (AEW LN, Property – UK Commercial, £161.8m mkt capn, 3.1% discount to NAV): announced the sale of Barnstaple Retail Park for £8.1m, reflecting a net initial yield of 7.5%. The 51,000 sq. ft. retail warehouse park was acquired in October 2015 for £6.8m, reflecting a net initial yield of 8.5%. The sale price represents a premium of £1.4m, or 20% to the purchase price, with landlord capital expenditure of approximately £230,000 over the ownership period. Sale proceeds will be reinvested in the Company’s higher-yielding investment pipeline, in line with its active capital allocation strategy. This is expected to enhance earnings once the acquisitions complete.

Biopharma Credit (BPCR LN, Debt – Direct Lending, £1,111.0m mkt capn, 1.7% discount to NAV): the Company will invest up to $50m in CorMedix Inc. CorMedix announced a purchase of Heron Therapeutics Inc for $145m, with the deal closing in Q1 2027. Under the Loan Agreement, the Company will invest up to US$50m across two tranches. Tranche A of US$25m is available in connection with the closing of the Heron Acquisition; and Tranche B of up to US$25m is available to be requested until 30 June 2028, in connection with the in-licensing or acquisition of commercial-stage pharmaceutical products. The loan will mature five years after the first funding date and will bear interest at 3-month SOFR plus 5.75% pa subject to a 3.50% SOFR floor. A one-time additional consideration of 1.50% of each tranche is payable by CorMedix upon the funding of each respective tranche.

Name change

Corilis Digital Infrastructure Limited (CORD LN, Infrastructure, £945.7m mkt capn, 15.7% discount to NAV): confirmed the name changed from Cordiant Digital Infrastructure Limited to Corilis Digital Infrastructure Limited

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

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Equity Capital Markets / Investor demand

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Ex Dividend

BSV 2.0pps, ICGT 9.5pps, THRL 1.553pps, BRAI 4.22pps, SAIN 4.15pps, PSH 18.37cps, FEML 33cps, UKW 2.67pps, INPP 2.20pps, TRIG 1.8875pps, MAJE 2.50pps, NESF 1.39pps, ORIT 1.56pps

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

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