https://www.investormeetcompany.com/frostrow-capital/register-investor

 

Good morning investment trust professionals,

 

Contents

 

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

 

1. Overview for the week

 The “cockroaches” are not just active on London buses seemingly.  Equity markets generally were weaker earlier in the week as China / US relations soured again with more tariff news.  The mood of China is “if forced to fight, China will fight to the end, and for talks, the door is open". The gold price continued to hit new highs as the US government shut down continues and the debasement trade remains in vogue.  Sovereign bond yields fell c.20bps across the curve as concerns about economic conditions increased and also came to the fore regarding the presence of “cockroaches” in the private credit market.  We do believe that investors are considering how to re-adjust their client portfolios in reaction to the triumvirate of concerns that exist – tariffs, AI and private credit.  Equities were heading for their weakest day since Trump’s tariff day in April, but things have improved as we send the note.

 The UK economy grew by 0.1% in August as per ONS figures this week (broadly in line with forecasts).  Sterling has been falling again also as UK unemployment rose to 4.8% in the June-August quarter also.  The UK Budget remains a key focus and tax rises, sadly look likely, given the £22bn gap to fill.  Rachel Reeves has also though re-opened the door to potentially cutting the cash ISA amount, seeking a way to inject an equity risk culture into UK savings and investment. Perhaps it is possible to believe that the Budget will be beneficial for UK equities.

 In the investment trust sector this week, discounts contracted on average by circa 20bps.  Sky News reported over last weekend that Blackstone, a US private equity investor, was nearing an agreement to sell circa US$1bn of logistics assets to Tritax Big Box REIT.  The deal was subsequently announced confirming an exchange of contracts to acquire a portfolio of logistics assets valued at £1,035m from Blackstone.  Blackstone will own circa 8.6% of the Company's enlarged issued share capital. So good news with money going into a listed fund as opposed to out.  Makes a change.  Blackstone have obviously been busy as we note that they are looking at Big Yellow Group also. Evidence, if required, of the ongoing disconnect between private and public markets.

 There was also a Citywire article stating that listed fund, Manchester & London (MNL LN), is "believed to be holding merger negotiations with several investment trusts targeted by Saba Capital. A source familiar with the situation said MNL was in ‘tentative discussions’ with multiple boards at a ‘very early’ stage."  In addition, with regard to the investment management landscape, we note Lane Clark trying to take market share for their investment platform, having written a book on "Why your wealth manager is robbing you blind".  "We're at a tipping point. Technology, transparency and data have changed what's possible. Investors are waking up to the fact they've been overpaying for underperformance, and once they know, they don't go back."  Frostrow were in Dublin this week showcasing six of our leading, differentiated investment trust clients as a way to add alpha to client portfolios.  We very much enjoyed the interaction with our friends there.  The main question from investors in the room is, given the run in markets, where do we go from here?  Answers on a postcard please, but one would suggest you don’t want to be short of highly differentiated investment trusts.  Next week we host a webinar with Worldwide Healthcare Trust (WWH LN), and via our friends at Investor Meet Company, we host a webinar for Temple Bar Investment Trust (TMPL LN), whilst Peel Hunt, brokers to CC Japan Income & Growth Trust also conduct a webinar.  See below for details on connection and join us.

 

2. Frostrow Investor Events

 Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £142.5m mkt capn, 47.2% discount to NAV): Please contact Frostrow for interest in seeing Tim Levene in London and the regions in 2025.  The AUGM Capital Markets Day took place on Wednesday 2 July 2025 at Searcy’s at The Gherkin, between approx. 8:30am and 1:30pm.  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, £277.7m mkt capn, 10.9% discount to NAV):  the Phoenix investment team are available for meetings with investors in 2025. The last webinar was recorded on 14 July 2025 and is available to watch here:

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, £249.2m mkt cap, 6.5% discount to NAV): Geoff Hsu, lead manager, gives further thoughts at the time of the Frostrow London investor event in May 2025 here:

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

 

The AGM recording, including presentation from portfolio manager Geoff Hsu, from 17 July 2025 is available on the following link:

https://www.youtube.com/watch?v=qHK5hrdFehI&t=16s

 

The update webinar which took place on 7 October 2025 is available here:

https://www.youtube.com/watch?v=5L0wbJrxbwk

 

CC Japan Income & Growth Trust (CCJI LN, Japan, £288.3m mkt capn, 11.6% discount to NAV): please contact Frostrow Capital in order to arrange a meeting with management in 2025.  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

 

House broker, Peel Hunt, are hosting a webinar for CCJI on Thursday, 23 October at 11am.  Do contact Frostrow or Peel Hunt directly to ensure that you have access to the link.

 

CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £108.4m mkt capn, 4.0% discount to NAV): please contact Frostrow to arrange a one-on-one meeting with management in 2025.  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, £358.3m mkt capn, 22.9% discount to NAV):  Richard Shepherd-Cross, lead manager, available for meetings in 2025 (physical throughout UK, or zoom, as per preference).  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

 

The Company is providing a further investment update via Investor Meet Company on 30 October 2025 at 11am. View and attend webinar at:

https://presentations.investormeetcompany.com/investor-meet-company/custodian-property-income-reit-plc-investor-presentation-aa0cea0317c2?bmid=4867e0359a37

 

Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £246.9m mkt capn, 8.5% 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

 

Jean-Hugues also presented via IMC on 10 July 2025, with the presentation link below:

https://www.investormeetcompany.com/companies/ecofin-global-utilities-and-infrastructure-trust-plc

 

Frostrow will be conducting an investor webinar at 11:15am on 5 November 2025, see link below to participate:

 

 

Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,112.7m mkt capn, 6.8% 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 (May 2025):

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

 

MIGO Opportunities Trust (MIGO LN, Flexible Investment, £68.6m mkt capn, 4.6% discount to NAV): To watch the most recent update which took place on Monday 23 June 2025 with Tom Treanor and Charlotte Cuthbertson, please see below for the link:

https://www.youtube.com/watch?v=1BT7aH0da04

 

Please also see the link below for the latest webinar held with Investor Meet Company:

MIGO OPPORTUNITIES TRUST PLC - Investor Update Webinar - YouTube

 

Mobius Investment Trust (MMIT LN, Global Emerging Markets, £166.2m mkt capn, 3.7% 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

 

Carlos also presented via Investor Meet Company on 24 June 2025, see below for the link to the recording:

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

 

The Investor Meet Company webinar recorded on 17 October 2025 will be available in the coming days

 

Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,034.5m mkt capn, 1.5% premium 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 here 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 if your Bar is set high and your portfolio is your Temple: Lessons learnt from the first five years - Temple Bar

 

The webinar held on 24 September 2025 can be found here, with Ian Lance presenting:  https://www.youtube.com/watch?v=04U0gX4KpOU

 

Worldwide Healthcare Trust (WWH LN, Biotechnology & Healthcare, £1,400.1m mkt capn, 6.3% discount to NAV): Sven Borho presented at this year’s AGM in July 2025, see below for the link to watch: 

https://www.youtube.com/watch?v=x0K6RxlI40c

 

An investor webinar for Worldwide Healthcare Trust is being held on Tuesday 21 October at 3pm.  Please join us via the enclosed link:

  

In addition, if you did not make the 30-year anniversary event 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]”. Rachel Reeves is promoting LTAFs whilst multiple asset classes via top class managers are already available at discounts to NAV in the investment trust sector.  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 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 actively managed listed fund vehicles using the structure appropriately available for savings and investment today, as there have been for the last 150 + years. They act as a strong complement to passive ETF holdings also.

 

DO NOT BE SHORT OF INVESTMENT TRUSTS

 

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

 

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

 

Check out our August 2025 summary podcast here: Frostrow Talks Trusts August 2025 Summary | Updates | Investor Meet Company

 

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

As an example, Monday saw a total of 517 LSE market announcements across the board, with 197 in reference to a buyback or tender, 38.1% of total.  4 referred to equity issuance of some point

 

Vietnam Holding Limited (VNH LN, Country Specialist, £96.7m mkt capn, 10.3% discount to NAV):  the final number for validly tendered Ordinary shares is 4.2m shares, representing 17.9% of issued share capital.  Those who tendered receive a price of 431.3pps, less any redemption fee applicable and direct expenses related to the redemption. Payments coming around 31 October

 

Strategic Equity Capital (SEC LN, UK Smaller Companies, £163.1m mkt capn, 11.0% discount to NAV): has received valid acceptances for its tender offer (of up to 100% of ISC) for 9.5m shares (22% of ISC) and the resulting post-tender continuing pool will be >£100m. “Now that the tender offer has closed, SEC will be implementing its share buyback policy with immediate effect.”  Subsequently, the Company announced FY results to 30 June 2025: NAV TR -0.1% vs FTSE Small Cap +13.1%; share price TR +0.4%; 4.25pps final dividend proposed. 22% of shares tendered at the recent full realisation opportunity.  Discount control: “From October 2025, [the Board] intends to alter its approach by making available 50% of the net gains from realised profitable transactions in each financial year to fund buybacks, at a discount of 5% or more. In addition, SEC intends to offer a further 100% realisation opportunity for shareholders in 2030.”

 

EPE Special Opportunities Limited (EPE LN, £38.1m mkt capn):  announced its intention to commence a share buyback programme for both Ordinary and Zero dividend preference shares up to £3m in aggregate, funded by cash reserves

 

Amendment to liquidity provisions

Fair Oaks Income Limited (FAIR LN, Debt – Structured Finance, £220.2m mkt capn, 0.9% premium to NAV):  the Company published a circular setting out recommended proposals to amend liquidity provisions. In summary, the proposals provide that 2021 Shareholders will be offered the opportunity, every four years (or more frequently), to realise up to an aggregate of 20% of their 2021 Shares at the then prevailing NAV, less associated costs.  The Board proposes to remove the continuation provisions in the Existing Articles, where a continuation resolution is scheduled to take place in 2028 and instead provide Shareholders with the opportunity to vote on the continuation of the Company during the EGM

 

M&A news

European Assets Trust (EAT LN, European Smaller Companies, £328.4m mkt capn, 7.3% discount to NAV):  in connection with the combination with The European Smaller Companies Trust (ESCT LN, European Smaller Companies, £751.4m mkt capn, 8.6% discount to NAV) and voluntary winding up of the Company, the Board announced that 30.3% of shareholders elected to take cash (capped at 15%, so over-subscribed). Thus 85% of funds roll will roll into The European Smaller Companies Trust.  The European Smaller Companies Trust (ESCT LN) subsequently announced that it completed its merger with European Assets Trust (EAT LN – delisted), issuing 131,128,841 new ESCT shares and appointed Stuart Paterson and Kate Cornish-Bowden as NEDs with effect from 16 October 2025.

 

Fidelity Japan Trust (FJV LN, Japan, £246.7m mkt capn, 2.6% discount to NAV):  published a circular in regard to the proposed combination with AVI Japan Opportunities Trust (AJOT LN).  The cash option is limited to 50% of shareholders at NAV less 1%. The Directors consider the proposals to be beneficial for shareholders, including the opportunity to remain invested in a Japanese strategy via AJOT as well as access to liquidity with an exit opportunity, for up to 100% of AJOT's share capital to be offered to AJOT Shareholders every year. Effective dates is 27 November

 

Primary Health Properties (PHP LN, £2,370m mkt capn):  PHP acquiring the issued share capital of Assura.  "Further to the announcement by PHP on 27 August 2025, PHP has exercised the procedure under sections 974-991 of the Companies Act 2006 to acquire, on a compulsory basis, the balance of the Assura Shares for which acceptances had not been received pursuant to the Revised Offer by the final closing date of 13 October 2025. PHP announces that it has completed the Compulsory Acquisition Process and that application has been made today by PHP for 24,950,071 New PHP Shares to be (a) admitted to the Equity Shares category of the Official List of the FCA and to trading on the London Stock Exchange's Main".  The Company subsequently confirmed that admission of the 24,950,071 New PHP Shares to (a) the Equity Shares (Commercial Companies) category of the Official List of the FCA and to trading on the London Stock Exchange's Main Market for listed securities, respectively and (b) to listing and trading on the Main Board of the JSE is now expected to occur, and commencement of dealings to become effective, by no later than 8.00 a.m. (London time) on 20 October 2025.

 

Gearing news

Sirius Real Estate (SRE LN, £1,460m mkt capn): has been reaffirmed investment grade BBB with a stable outlook by ratings agency Fitch.

 

Results / updates

Target Healthcare REIT (THRL LN, Property – UK Healthcare, £587.4m mkt capn, 21.4% discount to NAV): FY results to 30 June 2025: NTA TR +9.3% to 114.8pps; adjusted EPRA EPS 6.08p (vs 6.13p in 2024) vs DPS 5.884p (+3% YOY); LTV 21.8% (2024:  22.5%). FY2026 dividend target +2.5% to 6.032pps. 93 properties, 34 tenants. “Portfolio value increased by £21.4m, or 2.4%, to £929.9m, including a LFL increase of 2.6%. Contractual rent increased by 4.0% to £61.2m pa, including a LFL increase of 3.3% predominantly driven by rent reviews.” Post year-end, nine care homes sold for £85.9m (an 11.6% premium to carrying value). THRL is “ready to act nimbly to take advantage of any opportunities that the uncertain market conditions may present.” "The intention is to re-invest the proceeds from the disposal into earnings-enhancing acquisitions to further improve the quality of our portfolio and maintain its best-in-class credentials."

 

Tufton Assets (SHIP LN, Leasing, £302.2m mkt capn, 17.1% discount to NAV): NAV as at 30 September 2025: TR +5% over calendar Q3 2025 to $1.358 (100.9pps). Dividend of $0.025 declared in respect of the period

 

Sequoia Economic Infrastructure Income Fund end September NAV (SEQI LN, Infrastructure, £1,215.5m mkt capn, 15.8% discount to NAV):  NAV 93.67pps (+1.19pps); £33.2m drawn on RCF and cash held of £84.1m. "The revolving credit facility is utilised for liquidity management and bridging purposes. In anticipation of the two prepayments, the Company increased leverage in the months leading up to September 2025. Whilst it has since de-levered, the Company also maintains a strong near-term pipeline for capital redeployment, with further updates to follow as new transactions close." YTM of 9.69% and cash yield of 7.19%; weighted average loan life of 3.2 years; private debt represents 94.6% of portfolio

 

British Land (BLND LN, £3,690m mkt capn): trading update for six-months to 30 September 2025: EPS 15.4p; values +1.2%; EPRA NTA 579pps; £59m of assets sold at an average 5% >book vs £52m of retail acquired. “Reiterate guidance for future ERV growth of 3-5% pa across portfolio. Expect FY26 underlying EPS of at least 28.5p.”

 

RIT Capital Partners (RCP LN, Flexible Investment, £2,846.2m mkt capn, 28.1% discount to NAV): NAV as at 30 September 2025: +2.4% over the month to 2852pps.

 

Workspace Group (WKP LN, £755.6m mkt capn): trading update for calendar Q3 2025: LFL occupancy declined to 80% following the expected “the impact of two large customers vacating their units at The Centro Buildings in Camden”; 326 new lettings completed with a total rental value of £7.3m; LFL rent per sq. ft. up 0.1% in the quarter to £47.55; LFL rent roll down 3.2% in the quarter to £107.1m. CEO: “To support the move towards operational excellence, we have streamlined our support functions, creating a leaner, faster organisation and delivering £2m in annualised efficiencies.”

 

abrdn Property Income Trust (API LN, Property – UK Commercial, £21.0m mkt capn, 41.1% discount to NAV):  announce further returns to shareholders of an aggregate 3.92127467pps, through a return of capital of 3pps and payment of a final property income distribution of 0.92127467pps. As such "the Company announce their intention to make a further return of proceeds"

 

Fidelity Asian Values FY results to 31 July 2025 (FAS LN, Asia Pacific Smaller Companies, £380.0m mkt capn, 6.7% discount to NAV):  NAV TR +12.4% vs MSCI All Countries Asia ex Japan Small Cap Index +7.1%; share price TR +17.0%; "Many of its portfolio holdings are focused on serving their domestic markets and are therefore not very exposed to global trade." "Market consolidation continues to be a theme at the forefront of many investors’ minds, with size increasingly being seen as a key factor in attracting the interest of professional investors, such as wealth managers, as well as being beneficial in terms of economies of scale. We are encouraged by the Company’s position of strength in the market, and while your Board notes the Company’s net assets have passed the £400m level, we continue to scan the horizon for opportunities to optimise the position of your Company." The Company repurchased 6.3% of issued share capital at a cost of £22.5m in order to limit discount volatility. Final dividend of 20.5pps (+41.4% 2024). Changed cost allocation from 100% against revenue account to 75% against capital and 25% against revenue accounts. "The removal of 75% of the management fees and finance costs from the revenue account has resulted in a step-change in the level of dividends proposed for the year ended 31 July 2025." Net gearing 3.4% (6.2% 2024)

 

Wind down / asset realization news

Crystal Amber Fund FY results to 30 June 2025 (CRS LN, UK Smaller Companies, £94.4m mkt capn, 20.3% discount to NAV):  NAV TR +2.6%; £9.1m of share buybacks (10.58% of issued share capital at an average discount to NAV of 34.2%). "Consultation has begun with larger shareholders on the future strategy of the Company, including steps that might be necessary to maximise the opportunity to realise value from the remaining assets of the Company, including the best structure and management. The Board also needs to weigh carefully the essential funding needs of MMI against the desire to make further distributions to shareholders."

 

Riverstone Credit Opportunities Income quarterly update (RCOI LN, Debt – Direct Lending, £35.6m mkt capn, 19.7% discount to NAV):  NAV of 90cps ("steady over the quarter").  "...the Company successfully realised its first lien green term loan with Streamline Innovations at a 20 percent gross IRR, 15 percent net IRR, 1.33x gross MOIC and 1.25x net MOIC."

 

Acquisition / Disposal news

Tritax Big Box REIT (BBOX LN, Property – UK Logistics, £3,619.3m mkt capn, 24.1% discount to NAV):  announces that it has exchanged contracts to acquire a high-quality portfolio of logistics assets valued at £1,035m from Blackstone.  The acquisition is expected to complete around 22 October.  The consideration is a mix of cash and newly issued BBOX shares:  £632m in cash to be funded via new £650m debt facility and circa £375m of new ordinary shares to be issued at 161pps, a discount to NAV but a 13.5% premium to the prior close.  Blackstone will own circa 8.6% of the Company's enlarged issued share capital. BBOX's gross asset value will increase to £7.86bn and LTV to circa 35%.  "Over the next 12-18 months, the Company intends to undertake select targeted disposals amounting to approximately £300 million (in addition to its previous disposal guidance), in order to reduce LTV to the lower end of the 30-35 per cent range." "Blackstone has agreed to enter into a lock-up arrangement in respect of the Consideration Shares until 31 December 2026 and a standstill arrangement until 31 December 2027"

 

Oakley Capital Investments (OCI LN, Private Equity, £944.4m mkt capn, 25.5% discount to NAV): has, via Fund V, invested £10m in ONHC, an Italian healthcare insurance service provider.  The Company subsequently announced that it has invested, via Origin Fund II, £9m in NOX, a paddle equipment brand.  The Company subsequently announced Fund III has agreed to sell its stake in atHome to Apax Partners, with OCI expected to receive proceeds of approx. £16m – “a material uplift to the 30 June 2025 valuation” – adding 2pps to NAV.

 

Petershill Partners (PHLL LN, Growth Capital, £3,403.5m mkt capn, 12.5% discount to NAV): has sold “the majority of its non-controlling equity stake in Industry Ventures” to Goldman Sachs (GS US) for “up to approx. $236.6m, consisting of approximately $163.9m settled in cash at closing and additional contingent consideration of up to $72.7m based on performance to 2030.”  “The estimated present value of the total consideration represents a 5% premium to the $186.4m carrying value of the interests being sold as at 30 June 2025" and the holding equates to circa 4% of market cap

 

HgCapital Trust (HGT LN, Private Equity, £2,256.6m mkt capn, 8.6% discount to NAV): announces the full exit of Gtreasury, valued at approximately £30m.  "This would represent an uplift of £15 million (97% or 3.2 pps) over the carrying value of £15 million in the pro-forma Net Asset Value of HgT at 31 August 2025."

 

Portfolio news

The Renewables Infrastructure Group (TRIG LN, Renewable Energy Infrastructure, £1,844.4m mkt capn, 29.3% discount to NAV): has signed a 10-year PPA with Virgin Media O2 in respect of its Garreg Lwyd and Earlseat onshore wind farms.

 

Shareholder alignment

Cordiant Digital Infrastructure (CORD LN, Infrastructure, £750.4m mkt capn, 24.4% discount to NAV): the Company confirms that Steven Marshall, Executive Chairman and Co-Founder, purchased a total of 551,900 ordinary shares at 97p.  Mr Marshall owns a total of 13,817,478 shares and total team and Directors hold 16.6m shares representing 2.17% of issued share capital

 

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

 

 

Equity Capital Markets / Investor demand

CVC Income & Growth Limited (CVCE/G LN, Debt – Loans & Bonds, £90.1m / £195.6m mkt capn, 0.4% / 1.4% premium to NAV):  Further to the announcement by the Company on 29 September 2025, the Board of the Company confirms that the issue prices of the Sterling and the Euro denominated redeemable ordinary shares of no-par value in the capital of the Company to be issued pursuant to the Placing and the WRAP Retail Offer are £1.1768 per Sterling denominated Share and €1.0747 per Euro denominated Share, representing a premium of 0.65% to the respective cum-income NAV per Share of each Share denomination as at 10 October 2025. The Placing and the WRAP Retail Offer will close at 2:00pm on 21 October 2025 and the results of the Fundraising are expected to be announced on 22 October 2025, with trades expected to settle on 24 October 2025.

 

Ex Dividend

BIPS 3.0625p, TFIF 2p, JCGI LN 3.39p, MTU LN 1.67p, SMIF LN 1.302076p, TFIF LN 2p