Contents

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

1. Overview for the week (well actually two weeks this time)

Equity markets have generally been gently rising and crypto currency has been increasing significantly. In short, it has been much calmer since the missiles were flying across the Middle East. The S&P 500 has been rallying to all-time highs signalling investor confidence that tariff tensions will ease at some point, albeit Trump is challenging that thinking on Friday. Markets are also rallying on renewed faith in Trump’s tax-cutting agenda and the lack of bond market backlash from that, despite Jamie Dimon’s warning about complacency there. Even the Trump / Musk bickering seems to be a side show despite the latter setting up a new political party. One of the best performing stocks (again), of course, is Nvidia, which this week hit a $4 trillion valuation despite a tough start to the year, now comprising 7.5% of the S&P 500 Index. 

The FTSE 100 Index has also been quite strong despite the UK economy contracting by 0.1% in May with mining stocks leading the way. Despite this, Astrazeneca are suggesting that they may want to consider moving from London to the US for their listing. As the Economist suggests this week, UK equities have moved from a 10-15% discount to US equities to a 25% discount since the AI boom started, and perhaps buying the dip may make sense now. Arguably it makes even more sense if you believe that the composition of the FTSE 100 Index has changed quite a bit this century from a host of slow plodders to hosting some very interesting global leading high growth companies, as suggested by Nick Train of Lindsell Train a number of times. Either way “British stocks and bonds look like a bargain.” We just need others like Andrew Bailey to believe it.

And as we know, its not just UK equities that are cheap. Investment trusts remain good value also. Yes, sure, the average sector discount has narrowed by around 90bps in the last couple of weeks from 14.3% to 13.4%, but the sector remains out of favour with a whole range of asset classes available to investors. Nick Greenwood of MIGO Opportunities Trust corroborates this in his farewell note in the full year results statement issued in the week: “Headwinds have included chronic over supply, consolidation of the wealth management industry and poorly drafted cost disclosure rules. This toxic mix has led to widespread discounts creating a wide array of profitable opportunities for those employing an activist approach. Asset Value Investors has a long track record in this arena and is particularly well equipped to generate strong returns in the current environment." Arguably MIGO’s new higher conviction approach will allow private investors the ability to take advantage of the opportunity created by these factors.

Also in the last couple of weeks we saw Henderson European Trust announce a planned merger with Fidelity European Values, a strategic review from Murray Income Trust, Schroder BSC Social Impact Trust stating that it is considering its options and the final stages of the battle for Warehouse REIT played out with the winning hand from a significant purchase of shares by Blackstone.

Beyond MIGO’s FY results, at Frostrow we have seen CQS Natural Resources announce the result of its tender offer, with investors recognizing the attractions of the vehicle remaining on the LSE and being rewarded with some improved terms including a lower management fee and enhanced dividend yield. Augmentum Fintech issued full year results also in recent days. Tim Levene, CEO at Augmentum states “We have realised over £100 million from eight exits since our IPO, achieving a 38% combined IRR and an average 33% premium to last reported valuations. This discipline is also reflected in our current portfolio, where our top nine investments are delivering significant revenue growth and a clear path to profitability…Looking ahead, we believe the next five years will be defining for European fintech. As capital increasingly flows into the region, our strong track record and robust portfolio position us perfectly to continue backing the category leaders of tomorrow and delivering exceptional value to shareholders.”

Finally, CC Japan Income & Growth Trust announced half year results, with investors rewarding the impressive performance of the Trust since inception with 99.9% of investors voting for the vehicle to continue the good work. The Chair states “Japan's stock market continues to present opportunities for active investors. Challenges remain for Japan including Yen volatility, inflation/deflation concerns, interest rate outlook and external trade pressures. For investors willing to accept some level of volatility, the Investment Manager's approach emphasises both capital and income growth. This strategy has consistently provided shareholders with steadily growing dividends, funded by income from portfolio holdings and revenue reserves, alongside strong overall performance, since the Company's inception. Such an approach makes the Company potentially less susceptible to sharp style shifts and more likely to deliver consistent performance even in uncertain markets.”

Ignore UK equities and investment trusts at your peril.

2. Frostrow Events

Frostrow Edinburgh investor event, Hanover room, The George Hotel, George Street, 19-21 George Street, Edinburgh EH2 2PB 2 September 2025, 9am to 2pm.

To Register please click here

Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £160.9m mkt capn, 40.4% 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. Contact Frostrow to attend. 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

The IMC webinar from 1 July 2025 is available here:

AUGMENTUM FINTECH PLC - Annual results for the year ended 31 March 2025 on 1 July 2025 | Investor Meet Company

Aurora UK Alpha (ARR LN, UK All Companies, £291.1m mkt capn, 8.6% 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, £198.5m mkt cap, 7.5% 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, £257.3m mkt capn, 8.5% 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

CCJI management conducted a webinar on 17 June 2025 via Investor Meet Company, recording available here:

https://www.youtube.com/watch?v=7X_p5A3SXT8

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £131.2m mkt capn, 3.5% 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

The managers presented on the investment opportunity on 10 June 2025, so please have a look if you were not able to make it:

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

Custodian Property Income REIT (CREI LN, Property UK Commercial, £377.5m mkt capn, 18.7% 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 & Infrastructure (EGL LN, Infrastructure Securities, £226.5m mkt capn, 10.3% 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, £1,292.0m mkt capn, 9.0% 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, £70.1m mkt capn, 3.6% 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

To sign up to the update webinar (post the recent corporate announcement) taking place at 11am Monday 23 June 2025, please see below for the link:

https://us02web.zoom.us/j/88492789088

Mobius Investment Trust (MMIT LN, Global Emerging Markets, £159.6m mkt capn, 6.4% discount to NAV): Carlos Hardenberg, lead manager, presented at a webinar 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

Carlos is also presenting via Investor Meet Company at 11am on 24 June 2025. Please use this link to sign up:

https://www.investormeetcompany.com/meetings/investor-presentation-845

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £930.7m mkt capn, 1.8% 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

The Managers presented an update on 12 June 2025, click on the link below to watch if you were not able to make it:

https://www.youtube.com/embed/M37EYIh-VCM?rel=o

Read the quarterly Temple Bar IT newsletter here:

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

Worldwide Healthcare Trust (WWH LN, Biotechnology & Healthcare, £1,423.8m mkt capn, 6.2% 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.

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

Trump is doing his best to re-set the world 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]”. 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. Whether there is a “crack” in the bond market or not, the investment trust sector is here offering best in class active management from the world’s top fund managers in a variety of liquid and less liquid asset classes. It continues to represent one third of the FTSE 250 Index and half of the FTSE Small Cap Index. There are highly valuable listed fund vehicles using the structure appropriately available to use for savings and investment today, as there have been for the last 150 + years. 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 June 2025 summary podcast also: https://www.investormeetcompany.com/company/updates/frostrow-talks-trusts-june-2025-summary

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

Crystal Amber Fund (CRS LN, UK Smaller Companies, £99.6m mkt capn, 17.5% discount to NAV) intends to continue its buyback programme for up to a further £2.5m-worth of shares.

International Public Partnerships (INPP LN, Infrastructure, £2,219.3m mkt capn, 17.0% discount to NAV) has “completed the recently announced debt financing to release £49m of capital from its Priority Schools Programme investments and 13 BSF portfolio interests, consisting mostly of minority stakes.” “The value of the retained equity interests and funds released from the Transaction is at a premium to the 31 December 2024 valuation. The retained equity interests equate to 1% of the published NAV as at 31 December 2024.” "The Company reaffirms its disciplined approach to capital allocation, guided by three key principles: prudent use of its Corporate Debt Facility, a targeted realisation programme to demonstrate value and recycle capital, and the strategic deployment of proceeds towards either expanding the share buyback programme or, reinvesting where we see strong strategic alignment and where the long-term characteristics of a new investment are expected to outperform the benefits available through share buybacks. To date, c.£80 million has been used to buy the Company's shares under the buyback programme, which has recently been extended to up to £200 million in size and is currently expected to run until 31 March 2026. Shares will continue to be bought under the programme whilst they trade at a significant discount to their NAV."

Redemption / tender opportunity

CQS Natural Resources tender offer announced result (CYN LN, Commodities & Natural Resources, £131.2m mkt capn, 3.5% discount to NAV). The Company has received valid tenders in respect of 29,334,059 shares (45.72% of ISC) and CYN has “entered into a Standstill Agreement with Saba Capital Management until the 2028 AGM.” The Company and shareholders will benefit now from a reduced management fee of 1% of NAV (from 1 May 2025), an enhanced annual dividend of 8% of NAV (quarterly 2% dividends) and a continuation vote in 2028 and biennially thereafter. "It is currently expected that the assets in the Tender Pool will be realised by 30 September 2025." (although will depend on the market environment).

Riverstone Credit Opportunities Income (RCOI LN, Debt – Direct Lending, £36.9m mkt capn, 15.7% discount to NAV) redeemed 19m shares at $0.88 on Friday 27 June 2025 in connection with its compulsory partial redemption.

India Capital Growth (IGC LN, India / Indian Subcontinent, £155.0m mkt capn, 5.7% discount to NAV): announced details of their redemption opportunity. Under the redemption terms set out in article 132 of the Company's articles of incorporation, Shareholders may request redemptions at the 28 November 2025 Redemption Point for all or any of their holding of Ordinary Shares held at 6.00 p.m. on 29 August 2023 and held continuously at all times since the Record Date. The Board has determined that the Exit Discount will be 3 per cent.

JPMorgan Indian Investment Trust (JII LN, India / Indian Subcontinent, £709.7m mkt capn, 8.6% discount to NAV) has received valid tenders in respect of 25,358,729 shares (38.7% of ISC), of which 19,678,346 will be repurchased under the tender offer and cancelled. Shareholders will be entitled to their basic entitlement and approx. 63.8% of any excess tendered such that 30% of share capital is tendered in total.

Weiss Korea Opportunity Fund (WKOF LN, Country Specialist, £39.2m mkt capn, 9.4% discount to NAV): Further to the announcement on 25 June 2025, the Company confirms that it has compulsorily redeemed 42,931,567 ordinary shares at a price of 163.05 pence per Share, being equal to the prevailing Net Asset Value per Share as at the Redemption Date, for cancellation. On this basis a holder of 100,000 Shares had 61,981 Shares redeemed, and received GBP101,060 in cash.

Schroders Capital Global Innovation (INOV LN, Growth Capital, £126.1m mkt capn, 28.6% discount to NAV) has reminded shareholders of the proposed tender offer for up to £37m (the deadline for which is 1300 on 23 July 2025) at the indicative tender price of 21.119983pps (subject to change due to events in the days ahead).

M&A news

Henderson European Trust (HET LN, Europe, £635.2m mkt capn, 3.9% discount to NAV) H1 results to 31 March 2025: NAV TR -0.2% vs BM +3.5%; 1.4pps interim dividend declared. Chair: “I am frustrated to write that this year has seen further change for shareholders… prompted by the unexpected resignation of our Co-Fund Managers… on 19 June 2025 that the Board had concluded its review for the strategic direction of the company and would be recommending a proposed combination with Fidelity European Trust (FEV LN).”

Primary Health Properties (PHP LN, £1,280m mkt capn) trading update for six months to 30 June 2025: IFRS NTA +1% to 104pps; adjusted EPS 3.54p vs DPS 3.55p; NIY +0.03% to 5.25%; WAULT 9.1 years; LTV +0.5% to 48.6%. "We continue to believe in the compelling strategic and financial rationale for the recommended combination with Assura plc. The transaction is expected to be earnings accretive for both sets of shareholders and we were pleased to have secured strong support for the transaction from PHP shareholders at our general meeting last week with over 99% of voting shareholders approving the proposed combination"

LondonMetric Property (LMP LN, £4,520m mkt capn) trading update: completed both the Highcroft and the Urban Logistics REIT acquisitions, bringing LMP’s portfolio value to £7.3bn as at 30 June 2025 and net contracted rent to £410m pa. LMP has also acquired the investment adviser business of Urban Logistics for £7m, with a further £1m conditional. Since FY results announcement in May 2025, LMP has sold a further six assets for £42.6m, bringing YTD total to £106m – in-line with 31 March 2025 book values. “Operationally, the portfolio continues to perform well and occupier demand remains strong… [and] 59 rent reviews have been settled adding £2.4m pa, at an average uplift of 16% above previous passing rent on a five yearly equivalent basis.”

Unite Group (UTG LN, £3,930m mkt capn) was granted an extension to its PUSU deadline in respect of a possible offer for Empiric Student Property (ESP LN) in order for it to conclude its DD, “which has been progressing well.” The PUSU deadline has been extended from 1700 BST on 3 July 2025 to 1700 on 31 July 2025.

Warehouse REIT (WHR LN, Property – UK Logistics, £490.3m mkt capn, 9.9% discount to NAV) has announced its Board has “withdrawn their recommendation that Warehouse shareholders vote in favour of the Tritax Big Box REIT (BBOXLN) Offer and instead recommend unanimously that Warehouse shareholders accept the Increased Blackstone Offer.”

Strategic review update

The PRS REIT (PRSR LN, Property – UK Residential, £586.6m mkt capn, 23.5% discount to NAV) has updated the market on its Strategic Review and Formal Sales Process: “PRSR has not received any other written proposals for the acquisition of the company on superior terms to the [115pps cash] Long Harbour proposal.” PRSR “remains in discussions with Long Harbour, whose proposal is subject to completion of due diligence and financing… All other non-binding proposals have now been withdrawn.” “The Board continues to explore all the options available to the company under the Strategic Review… [and] expects to provide a further update, following its consultation process, by the end of July 2025.”

Schroder BSC Social Impact Trust (SBSI LN, Flexible Investment, £63.6m mkt capn, 23.6% discount to NAV) is “considering carefully, with its advisers, the options for the future of the company. All strategic options to enhance value are being considered, which could include an orderly realisation of the portfolio assets via a managed wind down process.”

Murray Income Trust (MUT LN, UK Equity Income, £864.4m mkt capn, 8.4% discount to NAV): Board announces a strategic review. "The Board welcomes proposals for the future of the Company from its current investment manager, alongside proposals from third party investment managers and other investment companies."

Results / updates

Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £160.9m mkt capn, 40.4% discount to NAV) FY results to 31 March 2025: NAV -3.5% to 161.5pps; Onfido and FullCircl were exited, bringing the total exits since inception to eight; £18.9m invested in two new companies and follow-on investments into existing portfolio companies. “As a Board we are very mindful of the discount to NAV and we are working hard to find ways to narrow the discount.” The company has also announced a proposed amendment to its investment advisory structure.

Schroder UK Mid Cap HY results to 31 March 2025 (SCP LN, UK All Companies, £234.4m mkt capn, 7.6% discount to NAV): NAV TR -9.3% vs Benchmark -7.9%; "As previously announced on 26 March 2025, the Board set out a series of strategic initiatives designed to further strengthen the investment proposition of the Company, for the benefit of current and prospective shareholders. This comprised of a reduction in management fees to 0.60% of market capitalisation, the introduction of a three-yearly continuation vote, and a commitment to a more active buy-back policy." Net gearing 9.5%

The Monks Investment Trust (MNKS LN, Global, £2,426.9m mkt capn, 9.4% discount to NAV) FY results to 30 April 2025: NAV TR +0.1% vs BM +5.3%... “This is clearly a disappointing result.” “Having issued shares when Monks' shares traded at a premium to net asset value, we believe that it is our obligation to be ready buyers at a discount… The Board will continue its buyback policy as a key part of its overall capital allocation; we have discussed increasing the intensity of the buyback so that the shares trade at a much narrower discount. Recent events have revealed a clearer investor preference for lower and less volatile discounts. That is what you should expect to see in future at Monks. We are reluctant to have a zero-discount policy.”

CC Japan Income & Growth HY results to 30 April 2025 (CCJI LN, Japan, £257.3m mkt capn, 8.4% discount to NAV): NAV TR +2.9% vs TOPIX Index +3.0%; share price TR +4.3%; March 2025 AGM 99.9% of shareholders voted in favour of the Company's continuation; "The use of structural gearing equivalent to approximately 20% of shareholders' funds, is an integral part of the investment process." "For investors willing to accept some level of volatility, the Investment Manager's approach emphasises both capital and income growth. This strategy has consistently provided shareholders with steadily growing dividends, funded by income from portfolio holdings and revenue reserves, alongside strong overall performance, since the Company's inception. Such an approach makes the Company potentially less susceptible to sharp style shifts and more likely to deliver consistent performance even in uncertain markets."

Polar Capital Technology Trust (PCT LN, Technology & Technology Innovation, £4,311.0m mkt capn, 8.7% discount to NAV) FY results to 30 April 2025: NAV TR +3.1% to 325.2pps vs BM +5.1%. “It would be remiss not to reflect that the Board is conscious of the interest in the investment trust industry of activist shareholders. The Board has reflected on and continually monitor the shareholder register and position of the company. While the Board does not feel there are any current concerns, the Board is mindful of acting in the best interests of shareholders and stakeholders at all times.” “Whilst the Board does not have a formal discount policy, it will continue to exercise its discretion to buy back shares at a discount in normal market conditions.” Revised fee arrangements came into effect on 1 May 2025, including complete removal of the performance fee; regular continuation vote to be put forward at the AGM on 10 September 2025 (next in 2030)… “the Directors are confident that the continuation vote will be passed.” 2.6% of issued share capital repurchased at an average discount to NAV of 10.4% in the financial year

MIGO Opportunities Trust FY results to 30 April 2025 (MIGO LN, Flexible Investment, £70.1m mkt capn, 3.6% discount to NAV): NAV TR -5.4% vs SONIA +2% +7.1%; share price TR -5.3%; Comment from Nick Greenwood: "The Company was launched at a time when the fund management industry believed that tracking error was the key metric. Perfectly sensible managers would happily tell you that they were bearish about the prospects for Vodafone despite it being their largest holding. This was because the stock dominated the UK indices, and an underweight position still required a material investment. MIGO took the then radical stance that we would only take positions in trusts where we believed that we would achieve positive absolute returns...Without wishing to duplicate too much of what has been said elsewhere in this report, recent years have been hostile for investors in investment trusts. Headwinds have included chronic over supply, consolidation of the wealth management industry and poorly drafted cost disclosure rules. This toxic mix has led to widespread discounts creating a wide array of profitable opportunities for those employing an activist approach. Asset Value Investors has a long track record in this arena and is particularly well equipped to generate strong returns in the current environment." As previously announced, the Company is implementing a higher conviction approach to align with the opportunities in the investment trust sector

Saba news

BlackRock Throgmorton Trust (THRG LN, UK Smaller Companies, £458.4m mkt capn, 10.4% discount to NAV): Saba report a holding of just over 10%

Debt reduction

Supermarket Income REIT (SUPR LN, Property – UK Commercial, £1,014.4m mkt capn, 8.7% discount to NAV) has completed a new £215m secured term loan for its JV with Blue Owl Capital (OWL US). “The interest-only facility has a maturity of three years, with two further one-year extension options at the lenders' discretion… [and] is priced at a margin of 1.5% above SONIA.” SUPR will “receive 50% of the proceeds from the facility, which will initially be used to repay drawings under the company's existing debt facilities, prior to redeployment. SUPR’s current LTV, inclusive of JV debt on a look through basis, is 31%.”

SDCL Efficiency Income Trust (SEIT LN, Renewable Energy Infrastructure, £621.9m mkt capn, 36.9% discount to NAV): announces a new financing facility to achieve liquidity that will be used to reduce SEIT's drawings on its RCF by approximately £17 million. "The Investment Manager is targeting disposals and refinancings in the coming months with the objective to continue to reduce the RCF and, ultimately, to return capital to shareholders."

Managed wind down update

abrdn European Logistics Income (ASLI LN, Property – Europe, £255.5m mkt capn, 13.2% discount to NAV): announced the sale of two further assets as part of its managed wind down. The two German assets were sold for Eur66.5m, representing a c10% premium to the Q1 valuation. "As a result, the Company's outstanding fixed rate debt has reduced to €176.8 million with an all-in-interest rate of 2.05%." "The Company is currently engaged in advanced discussions regarding the sale of fifteen further assets, through a combination of individual asset disposals and portfolio transactions. The Board expects exchange of contracts for a number of these anticipated disposals in the coming weeks. Subject to the successful completion of these transactions and repayment of associated debt, the Board anticipates making a second capital distribution to Shareholders by mid August 2025. The final seven assets are at various stages of the sales process, with completions targeted from Q4 2025 onwards."

Acquisition

Schroder British Opportunities Trust (SBO LN, Growth Capital, £53.6m mkt capn, 35.5% discount to NAV): made its twelfth private equity investment, investing in JMG Group, one of the UK's fastest-growing insurance brokers.

HgCapital Trust (HGT LN, Private Equity, £2,334.4m mkt capn, 3.6% discount to NAV) invested £48m in A-LIGN, a provider of technology-enabled cybersecurity compliance services, via Hg Genesis Fund. “HGT’s liquid resources available for future deployment (including all announced transactions, the undrawn bank facility, and following the dividend paid 19 May 2025) are estimated to be £412m (17% of the pro-forma 31 March 2025 NAV).”

Disposal

Custodian Property Income REIT (CREI LN, Property UK Commercial, £377.5m mkt capn, 18.7% discount to NAV) has sold “a vacant retail property in Guildford for £1.625m, representing an 8% premium to the 31 March 2025 valuation.”

Management news

European Opportunities Trust (EOT LN, Europe, £441.9m mkt capn, 8.5% discount to NAV): the Board "notes the announcement...by River Global PLC that it has agreed heads of terms to acquire Devon Equity Management Limited, the Company's investment manager, subject to contract and regulatory approval from the Financial Conduct Authority"

Alignment of interest

Cordiant Digital Infrastructure (CORD LN, Infrastructure, £712.1m mkt capn, 27.7% discount to NAV) Cordiant Digital Infrastructure Management Executive Chairman & Co-Founder Steven Marshall has acquired a further 177,400 shares, bringing his total shareholding to 13,265,578 shares. “As a result of Mr Marshall's purchase and recent purchases by the Directors as well as other members of the Investment Manager's team, the number of ordinary shares held by insiders is 15,801,013 (2.06% of ISC).”

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,292.0m mkt capn, 9.0% discount to NAV) manager Nick Train bought a further 50k shares, bringing his total holding to 5,697,780 shares (3.99% of ISC).

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



Equity Capital Markets

n/a

Ex Dividend

CORD 2.25p; IAD 3.95p; SCP 6.3p; GSCT 2.3p; VTA 15.5c; BRLA 6.74c; JAGI 6.3p; MRCH 7.3p; AA4 2p; MCT 1.375p; LMS 2p; BIPS 3.0625p; GSF 1p; SERE 1.48c; JCGI 2.73p; NBPE 47c; MTU 1.74p; SOI 2p; TFIF 2p

A lot of earnings starting to come through in the US next week and in the UK we have the Mansion House speech likely to include some news on ISAs and pensions.


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