Contents

1. Overview for the week
2. Frostrow Retail investor events
3. Investment Themes
4. Sector data for the week

1. Overview for the week

We all enjoyed a bank holiday on Monday in UK (and it was Memorial Day in the US). Donald Trump, though, had time to announce a pause to the 50% tariffs for the EU to have started on 1 June to early July, which really helped to set the positive tone to markets for the week. The Supreme Court have done their best to stop him but as we all know, he only listens to the US bond market. Win or lose on 5 June (the next hearing date), he will plough on. Notwithstanding that toing and froing, the mood in the equity market is positive with the S&P 500 Index and FTSE 100 Index both up for the week (1.7% and 0.7%), and the S&P 500 Index heading for its best monthly gain since November 2023 (+5.9%).

In the UK, it looks like another trade deal is on the horizon, this time with the GCC. At the same time, the IMF said economic recovery was "under way" here with predicted growth of 1.2% this year, rising to 1.4% in 2026. Rachel Reeves has confirmed plans to set “binding” allocations to pension funds as the government prepares for the launch of “megafunds” to encourage fresh investment into UK infrastructure and businesses (mostly private). Groups including the Pension Security Alliance argue that they need to be consulted about this. Arguably starting with UK public equities would make a lot of sense but maybe she will get there at some point. At the same time, Denmark have just increased their retirement age to 70 from 2040 highlighting the direction of travel for us all.

In the investment trust sector there were lots of results out in the week including from Frostrow clients. Ecofin Global Utilities & Infrastructure, which had half year results out with management suggesting "The valuation of some parts of the stock market may be high but listed infrastructure is still undervalued by historical standards, relative to broad market averages and compared with valuations of private infrastructure assets. We saw a partial rerating in March as the market took a more defensive stance, but the sector continues to trade well below relative historical averages. We believe the valuation gap will narrow further as infrastructure company fundamentals remain positive against market uncertainty." In the half year results for Finsbury Growth & Income Trust, the Board suggest performance “in recent years has been disappointing [but] there are encouraging signs of recovery in a number of companies within the portfolio and in prospects for the UK market as a whole [and that it] firmly believes in the attractions of the Company and the opportunities that it offers investors.” Nick Train, lead manager, clearly believes it continuing to purchase shares and now holding 3.92% of issued share capital.

In addition, CQS Natural Resources Growth & Income published the result of their “comprehensive strategic review,” announcing a tender opportunity for up to 100% of share capital. This will allow the Company to remain a specialist investment trust, providing diversified access to under-researched mid and smaller-cap companies across the natural resources sector, globally, and with a strong record of outperformance over the medium and long term. Saba have irrevocably agreed to tender all their shares and has entered a standstill agreement until AGM 2028. Those that tender pay for the exit opportunity (with costs expected of 0.72%). Those that choose to remain invested will have a lower management fee (1% of NAV), an enhanced quarterly dividend of 2% per quarter (8% pa) and a bi-annual continuation vote offered from the AGM 2028 onwards. None of the Directors intend to participate in the tender. "The Board firmly believes in the attractions of the Company and the opportunities that it offers investors.”

2. Frostrow Retail investors events

Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £165.3m mkt capn, 39.9% discount to NAV): Please contact Frostrow for interest in seeing Tim Levene in London and the regions in 2025. The AUGM Capital Markets Day will take place on Wednesday 2 July 2025 at Searcy’s at The Gherkin, between approx. 8:30am and 1:30pm (timings and line up still to be finalised). The latest Frostrow webinar from our London seminar in May 2025 is available to see on You Tube here.

https://www.youtube.com/watch?v=HsulTfN_o1A

Aurora UK Alpha (ARR LN, UK All Companies, £289.9m mkt capn, 11.4% discount to NAV): the Phoenix investment team are available for meetings with investors in 2025. The last webinar was recorded on 20 January 2025 and is available on the following link:

https://www.youtube.com/watch?v=0hl0yNZgRlM

Kartik Kumar gives his updated thoughts at the time of our London investor seminar in May 2025 here:

https://www.youtube.com/watch?v=ZZGGM5Aw5sw

And via UK Investor Magazine also (May 2025):

Aurora UK Alpha Investment Presentation May 2025 - UK Investor Magazine

Biotech Growth Trust (BIOG LN, Biotechnology & Healthcare, £189.9m mkt cap, 7.7% discount to NAV): the latest webinar took place at 3pm UK on Tuesday 25 February 2025. You can hear the recording on the following link:

https://www.youtube.com/watch?v=wxOUIC0oT5s

Geoff Hsu gives further thoughts at the time of the Frostrow London investor event here:

https://www.youtube.com/watch?v=VjloEBj9O1I

CC Japan Income & Growth Trust (CCJI LN, Japan, £252.6m mkt capn, 11.5% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2025. In addition, the last webinar was recorded on 22 January 2025 and is available on the following link:

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

In addition, we highlight the most up-to-date thoughts from management at the time of our London investor seminar in May 2025 here:

https://www.youtube.com/watch?v=VcVErs9OUN8

To sign up to view the next CCJI webinar via Frostrow and Investor Meet Company, please click the link (2pm, 17 June 2025):

https://www.investormeetcompany.com/cc-japan-income-growth-trust-plc/register-investor

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £128.0m mkt capn, 5.8% discount to NAV): please contact Frostrow to arrange a one-on-one meeting with management in 2025. Please see the link to the last webinar on 4 November 2024:

https://www.youtube.com/watch?v=dhSC3wNKLxM

Custodian Property Income REIT (CREI LN, Property UK Commercial, £360.2m mkt capn, 16.4% discount to NAV): Richard Shepherd-Cross, lead manager, available for meetings in 2025 (physical throughout UK, or zoom, as per preference). In addition, the last webinar was recorded in January 2025 and is available on the following link:

https://www.youtube.com/watch?v=Qd1-ciXoC2o

Richard also gives his most updated thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=XOQA7R2yBKk

Ecofin Global Utilities (EGL LN, Infrastructure Securities, £224.7m mkt capn, 7.4% discount to NAV) : Jean-Hugues de laMaze, lead manager of the Trust presented at a webinar with Frostrow on Wednesday 23 April 2025. The link to the recording is available on the link below:

https://www.youtube.com/watch?v=lVkYbR67ecE

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,308.0m mkt capn, 7.4% discount to NAV): Nick Train’s AGM presentation (January 2025) was recorded and is available to view on the Frostrow You Tube page. Click the link here to see it, it is worth a view:

https://www.youtube.com/watch?v=yE9HV__Iwlc

We also highlight our most recent recording of Nick’s presentation following our London investor event:

https://www.youtube.com/watch?v=HeiFCPd5zS8

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £64.9m mkt capn, 7.0% discount to NAV): Following on from the HY results release, Nick Greenwood and Charlotte Cuthbertson presented on a webinar at 11am on 24 January 2025. This one stop shop is a great way to play the discounts on offer generally in the listed fund sector. The recording can be accessed on Frostrow’s You Tube page here:

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

Mobius Investment Trust (MMIT LN, Global Emerging Markets, £148.3m mkt capn, 7.1% discount to NAV): Carlos Hardenberg, lead manager, presented at a webinar this week from his trip to Taiwan in April 2025. Please see below the link to the recording:

https://www.youtube.com/watch?v=sMBNxj6ZD-o

In addition, Carlos gives his thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=E4GIjtAelhc

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £880.8m mkt capn, 2.9% discount to NAV): Ian Lance and Nick Purves presented on the trust at a webinar on 18 March 2025. Please do click on the link below to see the recording as well as the link to ‘reflections on current market volatility’ or to hear the Chairman, Richard Wyatt, or to see the recent AGM update

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

https://www.templebarinvestments.co.uk/media/insights/reflections-current-market-volatility/

https://www.investormeetcompany.com/updates/an-update-from-the-chairman/show

https://www.youtube.com/watch?v=AcVspDPT3-c

To sign up to view the next TMPL webinar via Frostrow and Investor Meet Company, please click the link (11am, 12 June 2025):

https://www.investormeetcompany.com/temple-bar-investment-trust-plc/register-investor

Worldwide Healthcare Trust (WWH LN, Biotechnology & Healthcare, £1,441.5m mkt capn, 7.5% discount to NAV): Sven Borho and Trevor Polischuk recently completed the latest webinar overview (November 2024). See the Frostrow You tube page for the recording. Further updates available on request.

https://www.youtube.com/watch?v=tppMeH6W9Zo

Geoff Hsu gives updated thoughts at the time of the Frostrow London investor event in May 2025 here:

https://www.youtube.com/watch?v=VjloEBj9O1I

In addition, if you did not make the 30-year anniversary event this week and you would like a copy of the presentation, please contact Frostrow

Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Matt Norfolk-Clarke & Nicholas Todd

Please contact us on ir@frostrow.com

Supreme Court or not, China / US talks stalling or not, Trump is doing his best to re-set the world trade order and in so doing will potentially re-set the investment landscape. Trade deals are happening now. There will be others clearly. What has worked for the last few years (ie US Equity trackers, passive investments and short dated bonds) will not necessarily be the best idea in the coming periods. The investment trust sector in the UK represents one third of the FTSE 250 Index and half of the FTSE Small Cap Index. There are highly valuable listed fund vehicles using the structure appropriately available to use for savings and investment today, as there have been for the last 150 + years. For DB and DC pension schemes, it may be an idea to look at these before some form of mandation comes in (if that is a word). Do not be short of investment trusts – they represent the greatest financial secret on these fine shores.

Find us on the web:  https://www.frostrow.com/

Find us on You Tube:  https://www.youtube.com/channel/UCAptpfmx0HITqvlI68psd7Q

Check out our April 2025 summary podcast also: FROSTROW CAPITAL - Frostrow Talks Trusts - AI Podcast - InvestorMeetCompany

Frostrow Capital, bringing you high quality, differentiated product in a UK listed closed-ended form

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

Discount Control

Bellevue Healthcare Trust (BBH LN, Biotechnology & Healthcare, £237.6m mkt capn, 1.5% discount to NAV): produces a circular in regard to "the introduction of a zero-discount policy with the aim of the policy being for the Company's share price to trade at or around the net asset value per share in normal market conditions." "...the Board is seeking Shareholders' approval to authorise the Company to make purchases of its own shares in order to support the continued operation of the Zero Discount Policy."

BlackRock Frontiers Investment Trust HY results to 31 March 2025 (BRFI LN, Global Emerging Markets, £295.3m mkt capn, 4.2% discount to NAV): NAV TR +0.3% vs MSCI Emerging Markets Index ex Selected Countries + MSCI Frontier Markets Index -2.5% ($ TR returns); share price TR (£) +4.4%; "...our portfolio managers describe an improving macroeconomic backdrop for many countries across Frontier Markets." A tiered management fee was introduced from 1 October 2024. 100% tender offer every five years. "The next event will take place around the time of the Company’s AGM in February 2026. Detailed proposals will be issued to shareholders by way of a shareholder Circular in early 2026."

The European Smaller Companies Trust (ESCT LN, European Smaller Companies, £548.5m mkt capn, 8.1% discount to NAV) repurchased 115,386,122 shares pursuant to the In Specie consideration option in connection with its tender offer. The Tender Price per In Specie Exit Share was 210.40 pence.

M&A news

Henderson International Income Trust (HINT LN, Global Equity Income): liquidators appointed following the second General Meeting, and the shares were suspended.

Harmony Energy Income Trust (HEIT LN, Renewable Energy Infrastructure, £209.0m mkt capn, 0.4% discount to NAV): Drax Bidco confirms that its cash offer for the entire issued share capital of HEIT lapsed.

Urban Logistics (SHED LN, Property – UK Logistics, £736.7m mkt capn, 1.2% discount to NAV): confirm that the Court Hearing to sanction the Scheme has now been moved forward from 23 June 2025 to 20 June 2025.

Continuation vote

CT UK High Income FY results to 31 March 2025 (CTUK LN, UK Equity Income, £323.7m mkt capn, 4.3% discount to NAV): NAV TR +13.5% vs FTSE All Share Index +10.5%; share price TR +25.0%; yield 5.8%; FY dividend 5.79p (+3% 2024); The manager "has produced an NAV total return over the three-year period ended 31 March 2025 of +26.6% against +23.3% from the benchmark index, an outperformance of +3.3 percentage points. The Board is delighted with this outperformance and, particularly so for the positive outcome it has generated for shareholders. As a result, there will be no requirement to offer a continuation vote at the 2025 AGM."

Saba Capital update

Saba Capital: announced that it has entered into a standstill agreement with CQS Natural Resources Growth & Income PLC following constructive negotiations with the Board aimed at achieving an outcome that benefits all shareholders. "In accordance with the terms of the Agreement, Saba has committed to vote in favour of the requisite resolutions and to tender all of the shares it owns."

Gearing news

Foresight Solar Fund (FSFL LN, Renewable Energy Infrastructure, £420.3m mkt capn, 31.5% discount to NAV) has extended (by two years to 2028) and reduced its RCF from £150m to £100m. “The lower commitment will result in fee savings of approximately £1m over the course of the facility.” The terms remain the same (190bps over SONIA / EURIBOR). This is all part of the fund's "active balance sheet management"

Bluefield Solar Income Fund (BSIF LN, Renewable Energy Infrastructure, £545.9m mkt capn, 24.5% discount to NAV) has extended its RCF from May 2025 to May 2027 and reduced its size from £210m to £150m. “The combination of the decision to reduce the facility commitment at this time, and the improved margin, means that the total savings amount to £1m over the course of the two-year extension.” "The Company remains focused on reducing its short-term debt, whilst managing its development pipeline, with the reduced size of the committed extended Facility reflecting this"

Board review update

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £128.0m mkt capn, 5.8% discount to NAV) has, following a “comprehensive strategic review,” announced a tender opportunity for up to 100% of share capital. This will allow the Company to remain a specialist investment trust, providing diversified access to under-researched mid and smaller-cap companies across the natural resources sector, globally, and with a strong record of outperformance over the medium and long term. Saba have irrevocably agreed to tender all their shares and has entered a standstill agreement until AGM 2028. Those that tender pay for the exit opportunity (with costs expected of 0.72%). Those that choose to remain invested will have a lower management fee (1% of NAV), an enhanced quarterly dividend of 2% per quarer (8% pa) and a bi-annual continuation vote offered from the AGM 2028 onwards. None of the Directors intend to participate in the tender. "The Board firmly believes in the attractions of the Company and the opportunities that it offers investors. The investment strategy followed by the Manager has delivered strong performance and the ability to actively allocate to different commodity sectors as market conditions and trade patterns change is a key differentiator."

Capital allocation update

Pantheon International (PIN LN, Private Equity, £1,329.9m mkt capn, 40.7% discount to NAV) NAV as at 30 April 2025: -1.7% over the month to 492.9pps, driven by FX. Given the wide discount, “the Board has opted to allocate a further £10m to share buybacks from 1 June 2025 which will be deployed by the publication of the company's full year NAV in early July 2025.” “6% of reported valuations are dated 30 April 2025 or later, 5% are dated 31 March 2025, 83% are dated 31 December 2024 and 6% are dated 30 September 2024.” During the month, PIN received £22.6m of distributions vs £13.7m of calls during the month, thus generating net cash of £8.9m.

Results / updates

Ecofin Global Utilities & Infrastructure HY results to 31 March 2025 (EGL LN, Infrastructure Securities, £224.7m mkt capn, 7.4% discount to NAV): NAV TR +0.1% vs the S&P Global Infrastructure Index +5.7%, MSCI Global Utilities Index +2.4% (total returns in £).; share price TR +0.9%; "With effect from the dividend paid in February 2025, the quarterly dividend was increased to 2.125p per share (8.50p per share per annum);" "The Company has continued to buy back shares when the share price has been at a significant discount to the NAV...Your board takes the view that, having issued new shares when they were trading at a premium to NAV, it is our duty to buy shares back when they trade at a material discount.... this is accretive to NAV total return;" "As of 1 October 2024, RWC Asset Management LLP ("Redwheel") acquired the Company's fund manager, Ecofin, and its investment team. Redwheel is a UK-based specialist investment manager with some £17bn in assets under management, including Temple Bar Investment Trust Plc. The transition has gone smoothly and Ecofin's strategy and investment process remain unchanged, with enhanced support from the wider Redwheel team. From the same date, a lower management fee came into effect, delivering savings to shareholders." "Our investment trust structure enables the use of gearing, which has enhanced shareholder returns by some 1.7% per year since inception." "The valuation of some parts of the stock market may be high but listed infrastructure is still undervalued by historical standards, relative to broad market averages and compared with valuations of private infrastructure assets. We saw a partial rerating in March as the market took a more defensive stance, but the sector continues to trade well below relative historical averages. We believe the valuation gap will narrow further as infrastructure company fundamentals remain positive against market uncertainty."

Schroder AsiaPacific Fund (SDP LN, Asia Pacific, £733.7m mkt capn, 12.7% discount to NAV) H1 results to 31 March 2025: NAV TR -3.3% vs MSCI All Country Asia ex Japan Index -2.2%. Gearing of 3.2%; " A total of 7,556,000 shares were purchased for cancellation during the period at a cost of £40,877,000, adding 0.6% to the NAV, whilst the Company's shares traded at an average discount of 11.9%. Since the end of the period, the Company has bought back an additional 1,050,000 shares as the Board remains active in implementing its buyback policy." “With effect from 1 April 2025, the Board has agreed with the Manager to reduce its management fee to 0.65% pa on the first £600m of net assets." (down from 0.75%; remains at 0.6% for net assets above £600m)

HarbourVest Global Private Equity FY results to 31 January 2025 (HVPE LN, Private Equity, £1,787.5m mkt capn, 41.4% discount to NAV): NAV TR +7.3%; "during the course of the year met with a large number of investors and key stakeholders, and commissioned a follow-up perception study undertaken by an independent agency...the Board is encouraged by HVPE's long-term achievements and has implemented three ambitious measures to address the discount to NAV: increasing the allocation to HVPE's share buybacks [$106m bought back in the FY], simplifying HVPE's investment structure, and introducing a Continuation Vote at the 2026 AGM."

Capital Gearing Trust FY results to 31 March 2025 (CGT LN, Flexible Investment, £845.3m mkt capn, 2.1% discount to NAV): NAV TR +4.1% vs CPI +2.6%; Share price TR +3.1%; “CGT remains defensively positioned, with material allocations to dry powder and index-linked bonds, while maintaining a cautious stance towards risk assets.” "The discount / premium control policy (‘DCP’), which aims to ensure that, in normal market conditions, the Company’s ordinary shares trade at close to underlying asset value, has worked well over the year under review. As discounts within the investment trust sector have continued to be stubbornly wide, the Company’s discount control policy shelters investors from share price volatility providing opportunities to buy in, and exit, at close to NAV." Jean Matterson standing down as Chair at the AGM to be replaced by Karl Sternberg

Finsbury Growth & Income Trust HY results to 31 March 2025 (FGT LN, UK Equity Income, £1,308.0m mkt capn, 7.4% discount to NAV): NAV TR +2.1% vs FTSE All-Share +4.1%. Share price TR +4.2%; “Whilst the Board acknowledges that the performance of the Company in recent years has been disappointing there are encouraging signs of recovery in a number of companies within the portfolio and in prospects for the UK market as a whole. The high-quality companies and appealing valuations available in the UK market are reflected in the portfolio, which ended the period 100% invested in UK listed or UK focused companies...We are grateful for Shareholders continued support but do not take it for granted. As stated in the Annual Report, and as part of broader shareholder engagement, your Board will hold a continuation vote at the Company’s Annual General Meeting in January 2026. This will offer all Shareholders, in particular our retail shareholders who represent a significant proportion of our register, an opportunity to express their support, or otherwise, for the continuation of the Company with its current investment strategy. The Board looks forward to engaging with major shareholders in the months ahead...The Board continues to keep the Company’s discount under close review and is committed to buying back its own shares when the discount approaches or exceeds the 5% level.”

CT UK Capital & Income HY results to 31 March 2025 (CTUK LN, UK Equity Income, £323.7m mkt capn, 4.3% discount to NAV): NAV TR -1.6% vs FTSE All Share Index +4.1%; share price -2.7%; "The headline strength of the UK market was heavily concentrated in a relatively small number of very large companies and this provided a challenging background for our performance. Your investment manager firmly believes that there are more attractive investment opportunities outside of the very largest companies as many of these smaller companies are both better positioned for long-term growth while also being more attractively valued." "In the first six months of this financial year, we bought back a total of just under 1.6 million of our own shares across 16 separate occasions at an average discount to NAV of 4.1%." "...your Board believes that it is important at times like this to have a steady pair of hands in charge and this is what we have in Julian Cane who has now been your investment manager for 28 years."

Odyssean Investment Trust FY results to 31 March 2025 (OIT LN, UK Smaller Companies, £198.7m mkt capn, 0.3% premium to NAV): NAV TR -10.7%; share price -13.5%; "Notwithstanding these dynamics, sentiment towards UK equities appears to be improving. The performance of the FTSE 100 has been strong despite outflows from UK-focused open-ended funds, implying buying has been driven by international investors and global funds." "Despite a recent dip in NAV below £200m due to market turmoil, the Board and Portfolio Manager remain confident in the portfolio's underlying value and are focused on driving long-term NAV per share growth, anticipating a comfortable recovery and potential medium-term gains without additional share issuance"

Shires Income FY results to 31 March 2025 (SHRS LN, UK Equity Income, £104.6m mkt capn, 5.8% discount to NAV): NAV TR +9.4% vs FTSE All Share Index +10.5%; share price TR +22.4%; DPS 14.8p (2024: +2.8%); revenue reserves of 70% of the current FY dividend cost; "The Board was uncomfortable with the Company's rating, which had typically been close to NAV and, having initiated a buyback programme for the first time in the Company's history in 2023, continued modest buybacks in 2024. In accordance with the share buy-back authority provided by shareholders at the Annual General Meeting, the Company bought back 1.2 million Ordinary shares during the year (2.8% of the issued share capital) at a cost of £2.8 million." Net gearing 16.5% (2024: 16.4%)

JPMorgan Asian Growth & Income HY results to 31 May 2025 (JAGI LN, Asia Pacific Equity Income, £260.6m mkt capn, 9.5% discount to NAV): NAV TR -1.1% vs MSCI AC Asia ex Japan Index -2.2%; share price TR +1.4%; Enhanced quarterly dividend moved higher from 1% to 1.5% earlier this year. "The Board believes that this dividend increase is preferable to returning funds to shareholders through share buybacks..." "The Company utilised its buy back powers over the period, buying in a total of 7.5 million shares (representing 10.5% of issued share capital) and holding them in Treasury." 4% geared

Wind up news

abrdn European Logistics (ASLI LN, Property – Europe, £240.7m mkt capn, 16.2% discount to NAV) NAV as at 31 March 2025: +1.2% over calendar Q1 2025 to €0.87, driven by +0.8% LFL valuation increase. “Sale of two assets located in Spain completed in January 2025 for an aggregate consideration of €29.7m with associated repayment of €17.7m of the outstanding €51m debt facility. Bid process ongoing for sale of Getafe assets.” ASLI “is currently under offer for the sale of five assets totalling approximately 120,000 square metres and the Board is hopeful that contracts will be exchanged in the coming weeks. Subject to successful completion of these transactions and repayment of the associated debt, the Board anticipates that this will enable a further distribution of capital to shareholders by mid-Q3.”

RM Infrastructure Income (RMII LN, Debt – Direct Lending, £71.9m mkt capn, 11.3% discount to NAV) has published a circular in relation to a tender offer of a minimum of £15m but up to £20m, at NAV (as at 31 May 2025). "It remains the Board's intention to make further distributions to Shareholders during the Company's ongoing managed wind-down process". In addition, the Board has " resolved to amend its dividend payment frequency from a quarterly to a semi-annual basis."

Home REIT (HOME LN, Property – UK Residential, £300.8m mkt capn, 38.7% premium to NAV) had £10.5m of cash as at 30 April 2205 and has received an average gross rent of £1m per month since the start of 2025. HOME’s portfolio now consists of 857 properties and “the Managed Wind Down strategy continues to progress.” “There have been no material changes to the potential shareholder group litigation or the FCA investigation in recent months.” "As the Managed Wind Down progresses, AEW continues to actively manage the portfolio."

Menhaden Resource Efficiency (MHN LN, Environmental): the Joint Liquidators of the Company are in a position to make the second cash distribution to Shareholders of the Company of 51 pence per share on 4 June 2025. This second distribution equates to a distribution of approximately £40 million.

Digital 9 Infrastructure (DGI9 LN, Infrastructure, £72.7m mkt capn, 75.6% discount to NAV) completed its previously announced sale of EMIC-1 for a final consideration of $43m, net of $2.6m of transaction costs. This is approx. $1m more net consideration than previously communicated “due to the closing adjustment mechanism,” and the proceeds will be used to repay £40m of RCF drawings, leaving the RCF £13m drawn.

Article 9

SDCL Energy Efficiency Income Trust (SEIT LN, Renewable Energy Infrastructure, £474.3m mkt capn, 52.3% discount to NAV): changes name to "SDCL Efficiency Income Trust plc". Ticker, ISIN etc remain the same. Chair, Tony Roper says "SEIT is proud to be both an Article 9 Fund and a recipient of the London Stock Exchange's Green Economy Mark. To continue to be able to market into the EU, SEIT needs to comply with ESMA, and this name change achieves that..."

Management arrangements

Baillie Gifford Shin Nippon (BGS LN, Japanese Smaller Companies, £310.5m mkt capn, 13.1% discount to NAV) has announced “Brian Lum, deputy portfolio manager, has been appointed as the company's lead portfolio manager and takes over from Praveen Kumar with immediate effect. Jared Anderson has been appointed as deputy portfolio manager" following an internal review at Baillie Gifford

Baillie Gifford Japan Trust (BGFD LN, Japan, £602.3m mkt capn, 12.9% discount to NAV): The Baillie Gifford Japan Trust PLC announces that Praveen Kumar has stepped down as the Company's deputy portfolio manager. The Board is working with Baillie Gifford on the appointment of a deputy manager and will update shareholders on this process as soon as possible, with the intention that it is no later than the announcement of the Company's annual results in October 2025. In the interim period, Brian Lum, manager of Baillie Gifford Shin Nippon PLC, will assist Matthew Brett with the management of the small-cap stocks within the portfolio.

JPMorgan Japanese Investment Trust (JFJ LN, Japan, £1,000.3m mkt capn, 11.3% discount to NAV) H1 results to 31 March 2025: NAV TR +2.4% vs TOPIX Index £ +1%; share price TR +2.3%; "The Board also announces the appointment of Xuming Tao as a Portfolio Manager for the Company, supplementing the Portfolio Management team of Nicholas Weindling and Miyako Urabe, with immediate effect. Xuming has been a member of the Japanese equity team at JPMAM in Tokyo for five years." “The Board monitors carefully the discount to NAV at which the company's shares trade. The Directors believe that for the company's shares to trade close to NAV over the long term, the focus must remain on consistent, strong investment performance… The effective marketing and promotion of the company also has a key role to play in keeping its shares trading close to par.” Gearing 13.8% of net assets

Abrdn Asia Focus (AAS LN, Asia Pacific Smaller Companies, £426.5m mkt capn, 11.9% discount to NAV): the Company note Flavia Cheong intends to retire from her position as Head of Equities, Asia Pacific, at Aberdeen Investments after 30 years in the industry. Gabriel Sacks continues as lead manager on the Company's investment portfolio, ably supported by Xin-Yao Ng. Both are backed by the wider Aberdeen Asia Pacific equity team of analysts and investment managers based in the region.

Alignment

AVI Japan Opportunity Trust (AJOT LN, Japanese Smaller Companies, £222.8m mkt capn, 2.8% discount to NAV) managed AVI acquired a further 60k shares in connection with its investment management fee and now owns 2.06m shares.

Finsbury Growth & Income Trust HY results to 31 March 2025 (FGT LN, UK Equity Income, £1,308.0m mkt capn, 7.4% discount to NAV): Nick Train, lead manager, purchased 25,000 Ordinary shares and subsequently now holds 3.92% of the Company’s issued share capital.

Valuation news

NB Private Equity Partners (NBPE LN, Private Equity, £645.9m mkt capn, 30.8% discount to NAV) NAV as at 30 April 2025: +0.4% over the month to $27.29 (2043pps), with approx. “62% of fair value based on private company valuation information as of Q1 2025 or based on 30 April 2025 quoted prices.”

Closed-ended categorization

Supermarket Income REIT (SUPR LN, Property – UK Commercial, £1,016.9m mkt capn, 7.8% discount to NAV) has published a circular in relation to a proposed transfer of its listing category from “the closed-ended investment funds category to the equity shares (commercial companies) category of the Official List.”

Portfolio news

Sirius Real Estate (SRE LN, £1,440m mkt capn) has agreed the acquisition of multi-let business park in Lubeck, north Germany for €12.67m (7.9% EPRA NIY) and also the sale of a business park in Pfungstadt on the outskirts of Frankfurt for €30m, representing an approx. 9% premium to book value and an EPRA NIY of 6.8%.

RTW Biotech Opportunities (RTW LN, Biotechnology & Healthcare, £380.2m mkt capn, 34.6% discount to NAV) noted holding Taysha Gene Therapies released positive clinical data and closed up +12.7% (0.4% of NAV). Rocket Pharmaceuticals closed down -62.8% earlier in the week following the death of a patient in its trial (3.2% of NAV). Finally, Merus closed up +32.5% late last week following publication of “compelling interim phase 2 data from its trial. (1% of NAV)”

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



Equity Capital Markets

n/a

Ex Dividend

AEI 5.70p, ALW 7.08p, ASLI 0.89p, BRWM 5.50p, DORE 1.4875p, FAIR/FA17 $0.02, GPE 5p, HET 1.40p, LMP 3.30p, PMGR 2p, SOHO 1.4055p, TMPL 3.75p