Frostrow Capital are intending on putting out on the newswires a weekly recap of the investment trust news and themes seen. If it looks interesting for you, please subscribe to receive it:
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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
The US shut down is now the longest in US history and US trade tariffs were being tested in the Supreme Court this week. Trump deems any loss in the Court as a way for the lawyers to tie his hands and endanger national security. Many businesses see it differently. There has been a noticeable shift in sentiment in recent days, building over some weeks though, with a growing consensus that technology stocks may have entered over-valued territory. To remind us all, 40% of the S&P 500 are represented by the top 10 stocks now. (Quick history lesson also here – in the 1970s and late 1990s the top 10 previously accounted for 28% and 23% respectively before the significant rotations that corrected those previous levels of concentration).
E&Y predicted that the UK unemployment rate will hit 5% in 2026 before falling back down again (currently 4.8%). In addition, they believe the UK growth rate will be less than 1% in 2026 (a downgrade from prior estimates). The growth rate concerns and shortfall in tax were significant enough as issues to cause Rachel Reeves to come out of hiding to give an unprecedented speech to try to set our expectations ahead of the UK Budget, essentially “breaking the emergency glass” of the Labour Party manifesto with “each of us [to] do out bit.” . Anyone not thinking about the UK Budget before, will be thinking about it now. One of the questions at that session intimated that income taxes will need to rise and she did not disagree. UK interest rates were held at 4% in the week (albeit a close 5 vs 4 decision) stating that inflation has peaked but more evidence is required before a cut can come, albeit at the long end bond yields rose c5bps.
In the investment trust sector, the average discount of the sector has widened about 60bps, so its wasn’t a great week. It has been a decent week generally though for more predictable sectors such as infrastructure and real estate and less good for other sectors, in particular renewables. As well as ongoing evidence seen in the market that share buybacks are the main buyer of investment trusts, Saba Capital have announced positions in RTW Biotech as well as growing positions in Life Science REIT and Smithson IT. In addition, we note a significant number of results and a new strategic review from Bluefield Solar. Finally, Fidelity Special Values full year results this week reminded us all of the rather embarrassing and illogical UK equity fund flows, seemingly holding onto investor funds about as well as HMP holds onto their prisoners - "UK equities remain deeply unloved on the domestic stage, with more than £12bn pulled out of open-ended funds across the UK All Companies, UK Equity Income and UK Smaller Companies sectors between July 2024 and July 2025. The last month to see aggregate inflows rather than outflows was July 2021, since which time more than £48bn has been withdrawn."
- Frostrow Investor Events
Augmentum Fintech (AUGM LN, Financials & Financial Innovation, £149.9m 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, £282.5m mkt capn, 10.7% 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, £241.5m mkt cap, 7.8% discount to NAV): Geoff Hsu, lead manager, gives his thoughts at the AGM on 17 July 2025:
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
The Edison webinar from early November 2025 is also available here: https://lnkd.in/gea-wUbH
CC Japan Income & Growth Trust (CCJI LN, Japan, £295.1m mkt capn, 10.1% 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, £100.3m mkt capn, 0.3% 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, £367.7m mkt capn, 19.9% 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 provided a further investment update via Investor Meet Company on 30 October 2025, which you can access here:
https://www.youtube.com/watch?v=zUOgnWAEsEA
Ecofin Global Utilities & Infrastructure (EGL LN, Infrastructure Securities, £219.8m mkt capn, 10.0% 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 conducted an investor webinar with Jean-Hugues on 5 November 2025, with link below for those who missed it:
https://www.youtube.com/watch?v=nZDYoUZjy18
Finsbury Growth & Income Trust (FGT LN, UK Equity Income, £1,063.8m mkt capn, 8.6% 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, £67.8m mkt capn, 3.0% 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, £179.1m mkt capn, 11.1% 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, £1,045.3m mkt capn, 0.8% 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, £1,418.1m mkt capn, 6.6% 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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Check out our October 2025 summary podcast here: Frostrow Talks Trusts October 2025 Podcast | Updates | Investor Meet Company
And now also in written format - Frostrow Talks Trusts October 2025 Summary | Updates | Investor Meet Company
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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 525 LSE market announcements across the board, with 182 in reference to a buyback or tender, 34.7% of total. 1 referred to equity issuance
Vietnam Enterprise Investments (VEIL LN, Country Specialist, £1,226.5m mkt capn, 14.8% discount to NAV): provides an update on discount management in October. Bought back 2.5m shares representing 1.4% of share capital. YTD bought back 11.7% of share capital
Redemption opportunity
India Capital Growth (IGC LN, India / Indian Subcontinent, £150.1m mkt capn, 10.5% discount to NAV): third redemption point is on 28 November 2025; "Over the past 12 months to 30 September 2025, the NAV of India Capital Growth Fund has outperformed its notional benchmark, the BSE Midcap Total Return Index, by 1.1% despite falling by 12.0% in absolute terms." "Looking ahead, India is poised to be the fastest growing large economy globally. India Capital Growth Fund is well-positioned to benefit from this momentum through its focused portfolio of 35 to 40 high-quality stocks, strategically aligned with multiple emerging themes across Indian markets."
Mobius Investment Trust (MMIT LN, Global Emerging Markets, £159.3m mkt capn, 11.1% discount to NAV): 49,729,629 shares representing 43.1% of share capital elected to redeem. A further announcement will be made shortly after 1 December 2025 (the redemption point) to set out redemption details
Strategic review update
Chrysalis Investments (CHRY LN, Growth Capital, £592.1m mkt capn, 31.5% discount to NAV): post shareholder consultation it is clear that a proportion of shareholders are seeking an orderly exit from their investment in a shorter timeframe. "The Board, together with its advisers has now, therefore, commenced a detailed consideration of how best to evolve Chrysalis in response to the divergent shareholder views. It is the Board's intention to analyse in detail the key options for the future of the Company, while maintaining its dialogue with shareholders, including the Investment Adviser (which did not form part of Rothschild & Co's consultation process) with a view to publishing the Board's favoured proposal with the annual results due to be published in December 2025." No new investments will be made prior to the AGM in 2026 and the current programme of share buybacks will continue to complete the return of up to £100m, likely to conclude this month. The Board will then continue the buyback programme to return at least 25% of profits from realised investments
Bluefield Solar Income Fund (BSIF LN, Renewable Energy Infrastructure, £445.3m mkt capn, 34.8% discount to NAV): "As discussed in the Annual Report, the Board has considered transitioning to a more integrated and growth-oriented business model to unlock long-term value, which could have included an internalisation of the Investment Adviser and a change to the dividend policy to unlock long-term value inherent in its pipeline. Following extensive engagement with its shareholders, it has become clear that such a transition is unlikely to be the preferred strategic direction of shareholders as a whole. The Board received a variety of views from its shareholders including some support for the existing business model and strategy. However, a majority of shareholders expressed a clear preference for alternative value-maximising options, such as the potential sale of the Company or its assets. This feedback has directly informed the Board's decision to initiate a coordinated Strategic Review and Formal Sale Process."
Saba Capital update
Smithson Investment Trust (SSON LN, Global Smaller Companies, £1,646.5m mkt capn, 8.3% discount to NAV): Saba Capital holding increased from 15% to 16%. The Company subsequently announced that it has published a circular seeking to renew the Company's share buyback authority. "Since April 2022, the Company has undertaken regular share buy-backs while the Company's shares have been trading at a discount to the Company's net asset value per share. In the light of the Company's recent buy-back activity, the Board anticipates that the existing authority to repurchase shares (granted at the Company's last annual general meeting held on 23 April 2025) may be fully utilised before it can be refreshed at the Company's next annual general meeting, which is expected to be held in April 2026."
Life Science REIT (LABS, Property – UK Commercial, £133.0m mkt capn, 43.6% discount to NAV): Saba Capital holding increased from 5.9% to 10%
M&A news
Empiric Student Property trading update (ESP LN, £522.0m mkt capn): occupancy of 89% academic year 2025/26(2024: 95%), pending January sales; rental growth 4.5%; dividend target reconfirmed at 3.7pps; "We continue to anticipate that the Scheme [acquisition by The Unite Group] will become effective in the first half of 2026, subject to the terms and conditions set out in the Scheme Document." Reduction in number of Chinese students; "UK students currently represent 43 per cent of our reservations, with the balance comprising 30 per cent Chinese and 27 per cent other international students." LTV 27.3%, weighted average cost of debt of 4.4%; weighted average maturity of 3.9 years; cash of £101.8m
The Unite Group (UTG LN, £2,750m mkt capn): "We are actively preparing for integration following completion of the acquisition and continue to see a meaningful opportunity to improve occupancy across the Empiric portfolio over the next three years through our operational platform, strong university relationships and enhanced customer retention."
Hansa Investment Company (HAN/HANA LN, Flexible Investment, £107.2m / £199.2m mkt capn, 35.4% / 40.0% discount to NAV): the Court Sanction Hearing concluded and the court confirmed its intention to hand down judgment as to the sanctioning of the Scheme shortly. Further announcement to follow
Fidelity Japan Trust (FJT LN, Japan, £261.5m mkt capn, 4.1% discount to NAV): first general meeting held with resolutions passed in regard to giving effect to the transfer agreement with AVI Japan Opportunities Trust. Second EGM being held on 27 November
Capital Allocation update
NB Private Equity Partners (NBPE LN, Private Equity, £679.0m mkt capn, 25.1% discount to NAV): c$165m of realisations announced YTD at an aggregate uplift of 17% to carrying value, with further exits anticipated in the coming months. Board and Manager believe the current investment environment is attractive and so targeting an investment level of 105% to 110% of NAV in the next three to six months. NBPE is now also accelerating the deployment of its $120m three-year share buyback programme ($37.9m used so far). The intention is also to maintain the existing dividend policy targeting an annualised yield on NAV of 3% or greater
Gearing news
Tritax Big Box REIT (BBOX LN, Property – UK Logistics, £3,797.9m mkt capn, 19.6% discount to NAV): priced £300m of unsecured bonds maturing on 12 November 2032 at 4.75% (85bps over the 7 year Gilt). "The Company's pro-forma weighted average cost of debt will be 3.7% and the pro-forma weighted average debt maturity will increase to 4.3 years". Notes to be rated A3 by Moody's. Also tender offer to repurchase any / all of the outstanding £250m 2.625% unsecured bonds due 14 December 2026
Results / updates
Target Healthcare REIT NAV update to quarter end September 2025 (THRL LN, Property – UK Healthcare, £588.0m mkt capn, 22.9% discount to NAV): portfolio value +2.0% over the quarter; sold nine care homes for £85.9m (previously announced) at a premium to 30 June NAV of 11.6%. Adjusted EPRA EPS of 1.71pp (30 June 2025 quarter: 1.48pps); dividend per share of 1.508p (+2.5%); net LTV 21.4% (30 June 2025: 21.8%); weighted average debt term of 5.9 years (30 June 2025: 4.2 years); total available capital of up to £138m
Partners Group Private Equity Limited NAV to end September 2025 (PEY LN, Private Equity, £728.0m mkt capn, 25.1% discount to NAV): NAV TR +2.1% primarily due to value creation across portfolio companies. "The month also marked an important milestone for PGPE Ltd with its inclusion in the FTSE 250 index..." Invested Eur19.8m during the month. "As of 30 September 2025, PGPE Ltd had cash and cash equivalents of EUR 2.1 million and EUR 111 million undrawn credit facility"
Patria Private Equity Trust NAV as at 30 September 2025 (PPET LN, Private Equity, £899.0m mkt capn, 26.5% discount to NAV): +1% over the month to 821.7pps, driven by FX. PPET paid £26.8 million of drawdowns during September. £761m of outstanding commitments, with £93m of those unlikely to be drawn. Company drew £31.2m down from the RCF increasing the total drawn to £226.5m (£173.5m undrawn). Total cash in addition of £121.5m
The Renewables Infrastructure Group Q3 update to 30 September 2025 (TRIG LN, Renewable Energy Infrastructure, £1,748.6m mkt capn, 34.0% discount to NAV): NAV 109.7pps (+1.5pps); re-affirmed dividend target of 7.55pps for FY 2025 (albeit poor wind speeds means net coverage of the FY dividend may be "tight"). As of 31 October, £76m of the current £150m share buyback programme had been deployed in the repurchase of shares
BlackRock Greater Europe IT FY results to 31 August 2025 (BRGE LN, Europe, £548.9m mkt capn, 4.6% discount to NAV): NAV TR -6.1% vs FTSE World Europe ex UK +10.9%; share price TR -3.9%; quality growth has remained out of favour and behind benchmark for 3 and 5 years. "The Board notes that the underperformance of growth-oriented funds is a factor of the challenging market backdrop that we are currently facing. With this in mind, our Manager has proposed adopting a more balanced approach by giving greater consideration to investing selectively in quality value ideas, which should help to dampen fund volatility, ultimately resulting in enhanced return outcomes over time." Brian Hall to be appointed as a co-portfolio manager (runs the European Core strategy). "With effect from 1 September 2025, the Company’s annual management fee, which is payable quarterly in arrears, reduced from 0.85% per annum of net asset value on net assets up to £350 million and 0.75% per annum of net asset value above £350 million to 0.65% of net assets up to and including £400 million, 0.60% of net assets in excess of £400 million up to and including £1 billion and 0.525% of net assets in excess of £1 billion, representing a significant decrease." Illustrative OCR to fall from 0.95% to c0.775% accordingly. "...the Board concluded that it was not in the interests of shareholders as a whole to implement the November 2025 semi-annual tender offer."
Alternative Income REIT quarterly update to end September 2025 (AIRE LN, Property – UK Commercial, £59.1m mkt capn, 13.3% discount to NAV): NAV TR +2.2%; share price TR -2.0%; "The Group's portfolio is riding the storm of recent market fluctuations well, benefiting from being 100% let, with 100% collection of rent due and its 92.4% index-linked rent review profile...As announced on 27 October 2025, the Group completed the sale of the Applegreen Petrol Filling Station, Crawley Avenue, Crawley, for a total consideration of £4.5 million, at a premium to book value at 30 June 2025 of £0.5 million." HSBC Bank facility consisting of £31m fixed term loan and a £10m RCF, both on floating rates for a fixed term of five years with an option to extend by two years, costing 1.7% plus SONIA
Fidelity Special Values FY results to 31 August 2025 (FSV LN, UK All Companies, £1,290.6m mkt capn, 2.1% discount to NAV): NAV TR +14.3% vs FTSE All Share Index +12.6%; share price TR +21.8%; "UK equities remain deeply unloved on the domestic stage, with more than £12bn pulled out of open-ended funds across the UK All Companies, UK Equity Income and UK Smaller Companies sectors between July 2024 and July 2025. The last month to see aggregate inflows rather than outflows was July 2021, since which time more than £48bn has been withdrawn." FY dividend of 10.2pps (+6.9% 2024); net gearing 5.4% (7.9% 2024); The discount management policy is to maintain the discount in single digits in normal market conditions. Repurchased 1.05m shares into treasury (average discount 6.3% for the full year).
HgCapital Trust Q3 update (HGT LN, Private Equity, £2,176.5m mkt capn, 11.9% discount to NAV): NAV +2.4%; share price -2.7%; "Trading performance across the portfolio continues to be strong and in-line with that seen in recent quarters, contributing 4% to portfolio growth in the quarter, however this was partially offset by lower valuation multiples and an increase in net debt." Liquid resources of £379m of which £46m drawn on bank facility; £1.7m of commitments (69% of NAV) to be invested over the next four to five years
Augmentum Fintech Q2 2025 factsheet (AUGM LN, Financials & Financial Innovation, £149.9m mkt capn, 44.5% discount to NAV): With eight exits completed since IPO, all at or above the last published valuation, and over £100 million in realisations, the Company has a growing track record of value creation through multiple market cycles. The portfolio has evolved into a mature and diversified set of high-potential businesses operating across Europe. The top 9 portfolio companies account for 79% of the invested NAV and delivered 33% revenue growth on average over the last 12 months, with four now profitable and others progressing steadily toward this milestone. A full update, including NAV as of 30 September 2025, will be provided in the Company’s Interim Results".
JPMorgan Global Emerging Markets Income Trust FY results to 31 July 2025 (JEMI LN, Global Emerging Markets, £438.7m mkt capn, 10.6% discount to NAV): NAV TR +14.1% vs MSCI Emerging Markets Index (£) +13.7%; share price TR +16.8%; dividend per share 5.6p (+3.7% 2024);"...it is the Board's intention to increase the absolute level of dividend that it will pay in the current financial year, as compared with FY2025, and thereafter to target a growing dividend, paid primarily out of revenue earned in each financial year but topped-up using revenue reserves or capital profits if required. The Board will continue to pay four interim dividends per year, but it expects that these dividends will be more evenly distributed than has been the case in the past, thus ensuring a more even spread of dividends to shareholders throughout the year. The Board intends to provide a further update when it declares the first interim dividend for the current year, which is expected to be announced in late November 2025."; bought back 20m shares at 11.9% average discount, generating 1.28pps NAV uplift. Gearing 5% (6.1% 2024). Conditional tender for five years to 31 July 2030 for 25% of share capital if trust underperforms benchmark
Scottish Mortgage IT HY results to 30 September 2025 (SMT LN, Global, £12,064.6m mkt capn, 12.5% discount to NAV): NAV TR +22.9% vs FTSE All-World Index +15.4%; share price TR +20.9%; Company repurchased 75.2m shares for a total cost of £765.4m; discount widened slightly from 9% to 10.5%; proposing unchanged dividend of 1.6pps; "It has become increasingly clear that the forces reshaping the global economy, from artificial intelligence to digital commerce and electrification, are not confined to any one country or industry.”
Schroder Oriental Income Fund Limited FY results to 31 August 2025 (SOI LN, Asia Pacific Equity Income, £757.1m mkt capn, 6.3% discount to NAV): NAV TR +14.9% vs MSCI AC Pacific Index +21.1%; share price TR +17.9%; "Our underperformance compared to the Reference Index was largely due to not investing in a few very large Chinese internet and e-commerce companies, which performed exceptionally well and make up a large part of the index". The Company is on track to achieve AIC dividend hero status on the completion of twenty years of consecutive dividend growth next year. "The Board has negotiated a simplified investment management fee structure with Schroders, including removal of the performance fee, which should provide significant cost savings for shareholders, based on historical performance, and greater transparency for investors." Net gearing 3.9% (4.4% 2024). 5.2% of share capital repurchased..."Our policy on share buy backs takes account of the level of discount at which the Company's peer group trades, prevailing market conditions and activity within our sector."
Wind down / asset realization news
abrdn European Logistics Income (ASLI LN, Property – Europe, £146.7m mkt capn, 18.4% discount to NAV): completed the sale of three further assets in Poland, as part of its managed wind down. Three assets sold for an aggregate of approx Eur84m, representing a c5% discount to the Q2 2025 valuation. These three assets were marked at their sales values in the recently announced Q3 2025 estimated NAV. "Following these sales, 20 of the original 27 assets have been sold, generating aggregate gross sales proceeds of €400 million before repayment of associated debt. Four further assets, representing 55,000 square metres of leasable area, are currently under offer and subject to detailed due diligence and the anticipated signing of sales agreements. The final three assets remain at various stages of the sales process. Completions are targeted for Q1 2026." Future dividend payments are expected to be limited to those required to maintain the Company's investment trust status
Life Science REIT (LABS LN, Property – UK Commercial, £133.0m mkt capn, 43.6% discount to NAV): published a circular in relation to the recommended proposals for the Managed Wind Down of the Company and associated adoption of the new investment objective and policy. It is intended that the Company will be managed with the intention of realising all the assets in its portfolio in an orderly manner to initially repay debt and then make timely returns of capital to shareholders, aiming for the best achievable value. It is anticipated that the realisation will be concluded over a 12-to-18-month period depending on the market environment. The General Meeting is at 2pm on 24 November
Riverstone Energy Limited quarter end September NAV (RSE LN, Commodities & Natural Resources, £53.4m mkt capn, 33.9% discount to NAV): NAV TR -2.0% (US$) / unchanged (£); " During the Period, the Company had $226.4 million of realisations from Permian Resources ($135.3 million), Whitecap Resources ($65.2 million) and Solid Power ($25.9 million) and subsequent to the Period end, the Company announced its first compulsory share redemption of £190 million under its shareholder approved managed wind down process." Cash balance of $276m. "On 21 October 2025, the Company announced the proposed sale of 100 per cent. of its interest in Onyx. Net proceeds to the Company are expected to be approximately $48 million, net of estimated transaction costs, payable in cash at completion which is anticipated to occur in Q1 2026."
abrdn Property Income Trust (API LN, Property – UK Commercial, £7.2m mkt capn, 51.9% discount to NAV): a further return of capital of 3.0pps and a final property income distribution of 0.921274 pps to be paid to shareholders.
Aquila European Renewables (AERI LN, Renewable Energy Infrastructure, £122.9m mkt capn, 56.7% discount to NAV): NAV as at 30 September 2025: -20.7% over calendar Q3 2025 to €0.5859, driven by an increase in the portfolio discount rate of 120bps to 10% [from 8.8%], as well as “the sale values of the Holmen, Svindbaek & Desfina investments, which were 17% below the aggregate values as at 30 June 2025, and estimated sale costs.” There was, of course, also a downward revision across most European markets’ power price curve forecasts, contributing -6.8% to the NAV decline. "Total portfolio production was 19.8% below budget. Solar PV production was 24.6% below budget, attributable in particular to curtailment of the Iberian solar PV assets"
Premier Miton Global Renewables Trust (PMGR LN, Infrastructure Securities, £21.5m mkt capn, 4.1% discount to NAV): Company produced a circular to convene a general meeting seeking shareholder permission to place the Company into members' voluntary winding up and appoint liquidators, as well as provide final capital entitlement for the zeros holders. Options for Ordinary shareholders are to roll into the Premier Miton Global Infrastructure Income Fund (an Oeic with £77m net assets) or receive cash at NAV less costs of the proposals. Rolling into the oeic is the default option.
JZ Capital Partners HY results to 31 August 2025 (JZCP LN, Private Equity, £115.2m mkt capn, 36.5% discount to NAV): NAV $4.04 ($4.06 28/02/25); The US and European micro-cap portfolios were down a combined 6 cents per share for the six-month period. The Company continues to work towards further realisations in both portfolios. The Company has two remaining properties with equity value: Esperante, an office building in West Palm Beach, Florida, and 247 Bedford Avenue, a retail building with Apple as the primary tenant, in Williamsburg, Brooklyn. The Company is debt free and has c$77m of cash and treasuries and an investment portfolio of $166m. “The Company remains in a strong financial position, having returned approximately $70 million to shareholders to date. The Board and Investment Adviser remain focused on executing the Company’s investment policy, maximising the value of remaining investments, ensuring their orderly realisation, and returning capital to shareholders.”
NB Distressed Debt (NBDD/X/G, Debt – Loans & Bonds, £7.2m/£18.0m/£8.3m, 1.1% premium to NAV /22.2% discount to NAV /20.1% discount to NAV): published a circular in connection with a proposed members' voluntary liquidation and return of capital
Acquisition / Disposal news
Partners Group Private Equity Limited (PEY LN, Private Equity, £728.0m mkt capn, 25.0% discount to NAV): sold Clario to Thermo Fisher Scientific (8th largest holding) at a level in line with end August 2025 valuation (Eur27.5m); expected to close by end of Q2 2026
International Public Partnerships (INPP LN, Infrastructure, £2,252.8m, 17.4% discount to NAV): announced financial close on its investment in Sizewell C (nuclear power station). INPP has committed £254.3m of equity to Sizewell C's regulated company to be invested at c£50m pa over the next five years. "This investment secures a c.3% shareholding in the Project alongside the UK Government, EDF, Centrica, La Caisse (formerly CDPQ) and the Nuclear Liabilities Fund. INPP's Investment Adviser, Amber Infrastructure Limited ('Amber'), will manage INPP's interest as well as the Nuclear Liabilities Fund's, which together represent a 7.6% shareholding."
Molten Ventures (GROW LN, £808.4m mkt capn): announced a further partial realisation of c£23m in Revolut to now hold c£130m on the anticipated 30 September 2025 valuation. Cash realisation proceeds for the current financial year to date are now c.£85 million, representing more than 6% of the opening Gross Portfolio Value for FY26, progressing in line with the internal annual target of 10% through the cycle. "The Company continues to follow its capital allocation policy, balancing the pipeline of compelling investment opportunities with the ability to drive returns to shareholders through its ongoing share buyback programme, while maintaining sufficient reserves. Since July 2024, £50 million has been committed to buybacks, with £38.6 million returned to shareholders to 31 October 2025, significantly exceeding the guidance of 10% of the £220 million of realisations since the policy’s introduction, and representing c.6% of issued share capital to date".
Portfolio news
VH Global Energy Infrastructure (ENRG LN, Renewable Energy Infrastructure, £243.0m mkt capn, 39.6% discount to NAV): has fully energized and commissioned an “additional solar and energy storage hybrid system in Australia. The asset comprises a solar PV site with DC-coupled two-hour 4.95MW battery energy storage system situated in New South Wales.”
Workspace Group (WKP LN, £789.2m mkt capn): has signed an agreement with Qube, “a fast-growing members' club and work space for music and content creators,” for a 20-year 32k sq ft lease at The Old Dairy in Shoreditch. “As part of the agreement, Qube will build a new flagship creator hub and community at The Old Dairy in Shoreditch” and WKP will acquire a minority stake in Qube for £3m, “which will largely be reinvested into The Old Dairy fit-out.” WKP will also make “a £3.45m landlord contribution to deliver studios built to Qube's premium specification.”
Bluefield Solar Income Fund Limited (BSIF LN, Renewable Energy Infrastructure, £445.2m mkt capn, 34.8% discount to NAV): "On 31 October 2025, the UK's Department for Energy Security and Net Zero published a consultation regarding potential changes to the indexation of Renewable Obligation Certificates ('ROCs') and Feed-in Tariffs ('FiTs'). The consultation outlines two proposals....The Investment Adviser estimates that, if applied to Bluefield Solar's portfolio, the negative impact on NAV per ordinary share is estimated to be c.2% (c.2p) under Proposal 1 and c.10% (c.11p) under Proposal 2. These figures remain subject to further modelling and will be updated as more clarity emerges."
- Sector data this week (AIC data, as at Thursday’s close)
NB – Renewables sector average data slightly skewed as Downing Renewables has now left the sector (having been still in last week)
Equity Capital Markets / Investor demand
n/a
Ex Dividend
OSEC 1.8pps, DIG 4.25pps, JIGI 11.08pps, BBOX 1.915pps, AFL 3.85pps, CRWN 0.76pps, CRWC 1pps, API 3pps, TMIP 2cps, BRSC 16pps, CREI 1.5pps, PCTN 0.95pps, TORO Eur0.63, CVCG 2.3125pps, CVCE 1.8125cps, MVI 2.265pps
Just a couple of weeks now until the UK Budget.
Frostrow Investor Relations team – Messrs Grant Challis, Neil Winward, Matt Burrows, Nicholas Todd & Max Smith
Frostrow Capital LLP,
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