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Good morning investment trust investors,
Contents
- Overview for the week
- Frostrow Investor Events
- Investment Themes
- Sector data for the week
- Overview for the week
Trump raised tariffs on imported goods from Canada after the province of Ontario aired an anti-tariff advert featuring Ronald Reagan. He then racked up the airmiles, flying to Tokyo and signing a rare earths deal, then on to South Korea before meeting with Xi Jinping for the first time in six years. Ahead of that meeting equity markets rallied in anticipation of a trade deal, in particular Nvidia, hitting a market cap of $5 trillion. Trump ended up declaring that the rare earths dispute with China had been settled leading to a 10% reduction in tariffs, and he would visit China in April next year. The US Federal Reserve cut interest rates by 25bps as expected, the second time this year. The ECB subsequently held interest rates. A number of the Mag 7 were reporting numbers this week with some signs of a growing disconnect appearing between spending on AI and revenues expected. Meta in particular got clobbered for that in share price terms (down 11.2% in the week as at time of writing). Leading on from that, there has also been a focus on unemployment also in markets. Amazon announced that they are laying off circa 14k workers, with nervousness that there will be others following suit. At the same time, it is interesting to see OpenAI looking to perhaps raise up to $60bn in an IPO in 2H 2026. Any bankers available for that one perhaps?!
Rachel Reeves was in Saudi Arabia earlier in the week (as was Tim Levene, CEO of Augmentum Fintech, the UK’s leading fintech fund – shameless plug for a Frostrow client) suggesting she was looking at ways to provide resilience against financial shocks, whilst also looking at taxes and spending. Just three and a half weeks until the UK Budget Day now, which we all know she absolutely must get right, at least right in a rather better way than she has with her own administration tasks. Equities are still finishing the week in positive territory, particularly for the Nikkei 225, but also for most UK and US, markets, albeit as stated above, a little more recent nervousness.
In the investment trust sector this week, discounts contracted by c20bps, so very marginal. It was another good week for the biotech sector. Bellevue Healthcare Trust announced the results of their strategic review appointing Columbia Threadneedle as managers, whilst Murray Income are still ongoing with theirs. LondonMetric have ominously announced a 9.5% holding of Schroder Real Estate IT. CQS Natural Resources Growth & Income (Frostrow client) announced their FY results to 30 June 2025 this week. It is not just about gold either – we note the US just confirmed their intention to invest $80bn in AP1000 reactors (in the nuclear-related sector), so the broad energy theme is at play also in this fund, both generating significant returns. The newly enhanced interim dividend is also coming for shareholders (6.02pps) on 28 November. It is Halloween today, but there is nothing that is going to be frightening in the Temple Bar Investment Trust 5-year track record that will be achieved tonight (Frostrow client). Nothing at all. Do not be short of investment trusts. It would be folly.
- Frostrow Investor Events
Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £153.6m mkt capn, 43.2% 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:
Aurora UK Alpha (ARR LN, UK All Companies, £287.7m mkt capn, 10.5% 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, £265.5m mkt cap, 7.8% 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 with Frostrow on 7 October 2025 is available here:
https://www.youtube.com/watch?v=5L0wbJrxbwk
CC Japan Income & Growth Trust (CCJI LN, Japan, £296.4m mkt capn, 7.3% 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
CQS Natural Resources Growth & Income (CYN LN, Commodities & Natural Resources, £99.3m mkt capn, 5.8% 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, £372.1m mkt capn, 20.1% 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:
Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £220.8m mkt capn, 9.9% 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
Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,100.0m mkt capn, 8.0% 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 (May 2025):
https://www.youtube.com/watch?v=HeiFCPd5zS8
MIGO Opportunities Trust (MIGO LN, Flexible Investment, £68.5m mkt capn, 4.2% 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, £172.0m mkt capn, 4.4% 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
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 is available on the following link:
https://www.youtube.com/embed/Fd7sgkz2T-w?rel=0
Temple Bar Investment Trust (TMPL LN, UK Equity Income, £1,066.8m 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, £1,443.0m mkt capn, 6.0% 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 was held on Tuesday 21 October, which if you missed is available here to view here:
https://www.youtube.com/watch?v=tcdiOnFPHjI
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, Nicholas Todd & Max Smith
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
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- Further investment themes evident in the investment trust sector this week include:
Discount control
As an example, Tuesday saw a total of 480 LSE market announcements across the board, with 183 in reference to a buyback or tender, 38.1% of total. 8 referred to equity issuance / placings (albeit no deals in the IT sector)
Fidelity Emerging Markets Limited (FEML LN, Global Emerging Markets, £607.1m mkt capn, 8.7% discount to NAV): the Company announced the final timetable in regard to the repurchase of shares from Strathclyde Pension Fund, with it due to complete by 13 November
CQS Natural Resources Growth and Income (CYN LN, Commodities & Natural Resources, £99.3m mkt capn, 5.8% discount to NAV): announced an update to its share buyback policy. The Board has resolved to use share buybacks with the aim of maintaining a single digit discount to the Company's NAV per share in normal market conditions, taking into account the inherent volatility of the markets in which the Company invests.
Montanaro European Smaller Companies Trust HY results to 30 September 2025 (MTE LN, European Smaller Companies, £257.0m mkt capn, 9.3% discount to NAV): NAV TR +13.7% vs MSCI Europe SmallCap (ex UK) Index +15.4%; share price TR +14.1%; "During the period, the Company bought back 30,819,178 Ordinary shares. As a result the Company held 40,322,099 Ordinary shares in Treasury as at 30 September 2025. The buyback activity has helped the Trust to maintain a single-figure discount throughout the last six months"; net gearing of 6.1% (31/3/25 2.1%); as previously announced, introduced twice-yearly tenders of up to 5% of share capital at a 5% discount to NAV (plus the buyback programme). First tender taking place with form to fill by 19 November
Strategic review update
Murray Income Trust (MUT LN, UK Equity Income, £915.3m mkt capn, 6.1% discount to NAV): "The Board received a substantial number of high-quality proposals regarding the Company's future and its management arrangements from a range of candidates, including third party investment managers, other investment companies, and the incumbent investment manager. Each proposal was carefully assessed against a broad range of criteria, and, following meetings with a shortlist of candidates, the Board has further narrowed the selection and is now in the final stages of evaluating the options for the Company. The Board does not expect that the strategic review will complete prior to the upcoming Annual General Meeting on 4 November 2025, where no further updates will be provided. A final decision is, however, expected to be announced before the end of the year." Kate Bolsover to step down due to conflict (Chair of another CT managed vehicle), Sarah MacAulay taking over
Saba Capital update
Brown Advisory US Smaller Companies (BASC LN, North American Smaller Companies, £154.4m mkt capn, 9.7% discount to NAV): Saba position increased from 12.2% to 13.1%
Montanaro UK Smaller Companies IT (MTU LN, UK Smaller Companies, £126.7m mkt capn, 8.6% discount to NAV): Saba Capital re-enter the Company with a 5% position
M&A news
Primary Health Properties (PHP LN, £2,420m mkt capn): the UK's Competition and Markets Authority have concluded that the transaction gives rise to no competition concerns. Therefore, the requirement for the businesses to be held financially and operationally separate is expected to conclude shortly. " PHP will now turn its full attention to the integration of the two businesses and realising the full benefits of the combination, including delivery of the expected run-rate cost synergies of at least £9 million."
Hansa Investment Company (HANA LN, Flexible Investment, £200.8m, 39.5% discount to NAV): The Court Sanction commenced as scheduled but due to adverse weather conditions resulting from the proximity of Hurricane Melissa to Bermuda, the Court time available has been reduced and, as such, the Court Sanction Hearing will continue through to 3 November 2025.
Gearing news
Alternative Income REIT (AIRE LN, Property – UK Commercial, £58.0m mkt capn, 14.4% discount to NAV): confirmed that it has completed the sale of the Applegreen Petrol Filling Station for £4.5m (3.7% of portfolio), representing a £0.5m premium to the 30 June 2025 value. The transaction reduces the Group's LTV from 41.5% to 38.5%. "The Group intends to redeploy the proceeds of the sale on purchasing an attractive alternative investment asset in short order."
The Conygar Investment Company (CIC LN, £20.1m mkt capn): has unconditionally exchanged contracts to sell its 203 acre brownfield land holding at Rhosgoch in Anglesey to Rhosgoch Property Ltd, a wholly owned subsidiary of Stena Line (UK) Ltd. "The sale price is £18.5m in cash and the net proceeds of £18.3m will be used to fully repay the £5.6m ASK Partners loan secured against the 36 acre Island Quarter site in Nottingham City Centre. The remaining cash will be used for the Group's ongoing operations and working capital, primarily at The Island Quarter. The Group will record a profit of £15.8m from the transaction based on the March 2025 accounts valuation of £2.5m. The asset did not generate a profit or loss for Conygar in the last financial year."
Pantheon International (PIN LN, Private Equity, £1,571.4m mkt capn, 29.5% discount to NAV): has agreed to extend its multi-currency RCF for an extra year to October 2029. The credit facility continues to be sized at a £400m equivalent commitment and retains the flexibility to be increased to £700m under the existing structure, subject to the consent of the participating lenders. This ensures extended liquidity coverage whilst appropriately managing costs associated with the credit facility. "PIN had £34m in cash, US$164m (£123m) of drawings under the Credit Facility and US$150m (£113m) Private Placement debt, resulting in a net debt to NAV ratio of 9.0%."
Pershing Square Holdings (PSH LN, North America, £8,511.1m mkt capn, 26.6% discount to NAV): announced the closing of a $500m aggregate Senior Notes 2032 deal, coupon at 5.5% pa; the net proceeds are to be used for general corporate purposes, including to make investments or hold assets in accordance with PSH's investment policy
Tritax Big Box REIT (BBOX LN, Property – UK Logistics, £3,760.7m mkt capn, 21.2% discount to NAV): Moody's has upgraded the Company's credit rating to A3 (stable) from Baa1 (positive), reflecting the greater scale and diversification. The Company announces Aberdeen's intention to increase it stake to 100% ownership of the Manager in 2029. "...Colin Godfrey (CEO) and Frankie Whitehead (CFO)...remain fully committed until at least 2029 to delivering for our investors, clients and partners."
Greencoat Renewables Qtr end September 2025 NAV (GRP LN, Renewable Energy Infrastructure, £782.7m mkt capn, 30.9% discount to NAV): 101.5cps, Q3 dividend 1.7025cps; Eur23.2m cash generated (1.2x gross dividend cover); 6.81cps target dividend 2025 (1.6x anticipated gross dividend cover); completed disposal of 6 Irish assets for Eur156m (at 4% to NAV); proceeds used for debt reduction to Eur1,209m (51.7% gearing, down from 54.6%); the JSE listing represents 14% of total volumes in Q3
Octopus Renewables Infrastructure Trust (ORIT LN, Renewable Energy Infrastructure, £319.7m mkt capn, 39.6% discount to NAV): announced that holding Simply Blue Holdings "has signed a Share Subscription Agreement with Kansai Electric Power Company, Incorporated, to acquire an 80% stake in Simply Blue Energy OSW Ltd, Simply Blue Group's offshore wind development arm". "The transaction consideration is in line with ORIT's latest holding value of Simply Blue. Proceeds from the transaction will be used in part to repay the shareholder loan facility held by ORIT, with the residual value retained through ORIT's ongoing minority interest in Simply Blue."
Results / updates
abrdn European Logistics Income (ASLI LN, Property – Europe, £145.3m mkt capn, 19.0% discount to NAV) NAV as at 30 September 2025: -39% over calendar Q3 2025 to €0.482 (42.1pps), due to capital returns, dividend and a -5.2% valuation decline for the remaining 10 assets in the portfolio. “The updated valuations reflect the sale prices expected to be achieved on three properties which are currently subject to conditional sale and purchase agreements.”
CQS Natural Resources Growth & Income FY results to 30 June 2025 (CYN LN, Commodities & Natural Resources, £99.3m mkt capn, 5.8% discount to NAV): NAV TR +4.6% vs MSCI World Metals and Mining Index (£) -4.5%; share price TR +9.3%; Company served with two requisition notices by Saba Capital, which led to them being at first defeated and then a tender offered; 45.72% of shares were validly tendered and Saba exited; Board put in place a 20bps reduction in management fee to 1% of NAV, an enhanced annual dividend of c8% of NAV (payable quarterly), with the next continuation vote at AGM 2028 and thereafter every two years; gearing reduced from 10.1% to 4.8%; "The Board is conscious that, having issued shares at a premium to net asset value, the Company's shares should not trade at too wide of a discount to their NAV. Bearing in mind the underlying volatility of the markets in which the Company invests, the Board has determined to use share buybacks with the aim of maintaining a single digit discount to the Company's NAV per share in normal market conditions."
Yellow Cake operating update for calendar Q3 2025 (YCA LN, £1,430m mkt capn): estimated NAV +5% over Q3 to 606pps. YCA completed an oversubscribed share placing of approx. 23m shares, raising gross proceeds of £129.6m ($175m) and elected to purchase 1,331,912 lb of U3O8 at a price of US$75.08/lb, or $100m in aggregate.” “The value of YCA’s uranium holdings increased by 4.5% over the quarter from $1.7bn as to $1.778bn, as a result of the corresponding increase in the uranium spot price from $78.50/lb on 30 June 2025 to $82.00/lb on 30 September 202.”
Schroder BSC Social Impact Trust FY results to 30 June 2025 (SBSI LN, Flexible Investment, £55.7m mkt capn, 32.5% discount to NAV): NAV TR +1.6%; 3.76p dividend declared (2.94p 2024), dividend yield of 5.45% on price; "This is above our guided dividend range of 2-3% yield on NAV per annum, due to a one-off income distribution from Bridges Inclusive Growth Fund." "...the Board is currently evaluating potential fund structures and alternatives that would seek to optimise outcomes for shareholders and continues to consult with them". " Given the average discount of 22.8% from 1 January 2024 to the date of this report, a [continuation] vote will likely be triggered. The Board intends to convene a general meeting prior to the AGM in 2026 to table recommended proposals on the future of the Company." "There were three capital realisations at NAV completed in the year" demonstrating "the ongoing attractiveness and value of the assets within our portfolio."
Wind down / asset realization news
Starwood European Real Estate Finance (SWEF LN, Property – Debt, £47.7m mkt capn, 7.7% discount to NAV): compulsorily redeemed 25.9m shares at 96.38pps, the ninth such distribution; 54.2m shares remain in issue
Abrdn Diversified Income & Growth (ADIG LN, Flexible Investment, £140.1m mkt capn, 20.7% discount to NAV): will return approximately £57.2m (representing 19.0pps) in aggregate to shareholders by way of a bonus issue of B shares. "...the Company's remaining Fund Interests are valued at approximately £94.5 million, £27.8 million of which are subject to conditional sale and purchase agreements (and have been revalued accordingly) and £66.7 million of which are not subject to binding sale agreements but are under offer (save for the Company's interest in PIMCO Private Income Fund, which is expected to be exited through the redemption mechanics within the underlying fund documentation).(2) In addition, the Company holds approximately £79.6 million of cash and cash equivalents (net of its interim dividend that will be paid on 30 October 2025), of which £57.2 million is earmarked for the November Return of Capital and £19.1 million is being retained in respect of the Company's remaining undrawn commitments"
Home REIT HY trading and valuation update to 31 August 2025 (HOME LN, Property – UK REIT): 853 properties (down from 860), £155.7m value (down from £169.0m); "The reduction in the property valuation is principally a result of adjustments to the basis of valuation for properties held at investment value. This has resulted in a reduction to the cap of vacant possession value at which these properties with leases are held (126% of MV-VP versus 154% of MV-VP previously). Further, JLL applied a discount to vacant possession value for supported living properties which are not on a direct lease. The overall valuation has also decreased due to specific factors for individual properties." "The Board and AEW remain committed to the restoration of trading in the Company's ordinary shares as soon as practicable." £9.6m of cash (sufficient for operational expenses in managed wind down). Portfolio sale process will conclude in Q4 2025 (with no assurances about any such sale)
Acquisition / Disposal news
Octopus Renewables Infrastructure Trust (ORIT LN, Renewable Energy Infrastructure, £319.7m mkt capn, 39.6% discount to NAV): announced it has completed the sale of its entire interest in HYRO Energy Limited for £4.6m, in line with the latest holding value. "The HYRO exit allows ORIT to reallocate its development capital towards sectors with project scale and realisation timelines which are closer aligned to the Company's current size and near-term objectives."
UIL Limited (UTLH LN, £135.9m mkt capn): announced that the Company is proposing to enter into agreements to sell all of its shares in Somers Limited. The sale would be expected to be based on Somers' net asset value on 31 October 2025 (a related party transaction). "Since the transactions are proposed to take place based on book and market values as at 31 October 2025, there will be no effect on UIL's pro forma net asset value per share as at that date. "
Literacy Capital end September 2025 NAV and update (BOOK LN, Private Equity, £227.4m mkt capn, 26.8% discount to NAV): NAV TR -0.3%; "BOOK completed the sale and reinvestment into its second largest holding, Velociti, at a 52% premium to carrying value as at 31 March 2025 (already reflected in the Q2 NAV)." A total of £28.7m was received (strongest inflow since inception; No new investments made and £0.2m invested in an existing holding
Schroders Capital Global Innovation (INOV LN, Growth Capital, £94.4m mkt capn, 30.7% discount to NAV): portfolio company Securiti AI has been sold, valuing INOV’s stake at £7.7m (vs £3.6m at end-June).
Oakley Capital Investments NAV as at 30 September 2025 (OCI LN, Private Equity, £947.0m mkt capn, 23.9% discount to NAV): TR -1.5% over calendar Q3 2025 to 730pps, with “broadly flat” portfolio company valuations offset by fees and expenses. Investments of £56m during the quarter, with post-period realisations of K12 and atHome generating £43m of proceeds. Christopher Samuel and Kiernan Bell appointed as NEDs with effect from 17 November 2025, with Christopher Samuel to become Chairman in March 2026.
Portfolio news
Picton Property Income Limited (PCTN LN, £411.0m mkt capn): updated investors on its Rushden asset, with the occupier exercising a break option effective October 2025. "In accordance with the lease terms, the occupier has paid £2.5 million, comprising a £0.8 million break penalty (equivalent to six months' rent) and £1.7 million in dilapidations. The break penalty will mitigate any short-term loss of income, while the dilapidations receipt will enable the Company to upgrade the building ahead of re-letting. The property generated an annual rent of £1.6 million, equivalent to 3.4% of the portfolio's contracted rent as at 31 March 2025. At 30 September 2025 this represented the largest single reversionary opportunity within the portfolio, with an estimated rental value more than 50% above the passing rent. The independent valuation had anticipated the lease break and, therefore, no adverse valuation impact was recorded at 30 September 2025 relative to 31 March 2025."
Listing news
KR1 (KR1 LN, £49.6m mkt capn): announce intention to migrate its listing to trade on the Main Market of the LSE, subject to approval by the FCA;"It is the Board of Directors' belief that the Intended Migration will provide greater visibility, increase access to institutional investors to broaden its investor base, and support the Company's long-term strategy to deliver sustainable shareholder value while aligning the Company with the highest standards of corporate governance and transparency, ultimately resulting in a natural progression of the Company's development and its business model, financial strength, and its available growth opportunities." The Company has subsequently published a prospectus (which also proposes a placing programme for up to 125m new ordinary shares) and also updated on its income as at 30 September 2025 of £397,227; NAV of £90.1m
- Sector data this week (AIC data, as at Thursday’s close)
Equity Capital Markets / Investor demand
Golden Prospect Precious Metals Limited (GPM LN): reminder to shareholders of their right to subscribe for one new Ordinary share for every five held on 10 November 2025, exercisable on 1 December 2025, at 48pps (NAV on 2 December 2024, which is also materially below the current share price)
Ex Dividend
AUSC 9.5pps, FSFL 2.025pps, BUR 6.25cps, BUT 6.25pps, JCH 8.4pps, CYN 6.02pps, BSIF 2.3pps, HFEL 6.25pps, IGET 3.375pps, MGCI 1.89pps, EDIN 7.6pps, SWEF 1.375pps, EJFI 2.675pps, AEW 2pps, GMP 10cps, VOF 7.25cps, EGL 2.125pps
Frostrow Investor Relations team – Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd, Max Smith
Frostrow Capital LLP
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