The road ahead Chrysalis Investments (CHRY) is seven years old, and its portfolio is increasingly mature. Since we last published, good progress with Starling and signs of a recovery at wefox have translated into NAV gains. A run of realisations has freed up sufficient liquidity to fulfil CHRY’s commitments under its capital allocation policy, and […]
The road ahead Chrysalis Investments (CHRY) is now seven years old, with a more mature portfolio. Since our last update, strong performance from Starling and signs of recovery at wefox have boosted NAV. Recent asset sales have provided enough liquidity for CHRY to meet its capital allocation commitments, and Klarna’s IPO increases the chance of […]
The road ahead Chrysalis Investments (CHRY) is seven years old, and its portfolio appears to be increasingly mature. Since the last publication, progress with Starling and indications of a recovery at wefox have contributed to NAV gains. A series of realisations has provided sufficient liquidity to fulfil CHRY’s commitments under its capital allocation policy, and […]
Dual-use SpaceTech: a strategic shift, not a short-term trend A surge in global defence spending – with NATO countries not only meeting but, in some cases, exceeding previous commitments – has pushed SpaceTech up the priority list for governments and prime contractors alike. This policy shift is feeding directly into the commercial market. Capital markets […]
Dual-use SpaceTech: a strategic shift, not a short-term trend Rising global defence spending, with many NATO countries now meeting or exceeding previous commitments, has made SpaceTech a higher priority for governments and major contractors. This shift in priorities is feeding directly into the commercial market. Investment in SpaceTech is also rebounding, with $10.4bn raised in […]
Dual-use SpaceTech: a strategic shift, not a short-term trend An increase in global defence spending – with NATO countries meeting and, in some cases, exceeding previous commitments – appears to have raised the priority of SpaceTech for both governments and prime contractors. SSIT’s managers say this policy shift is feeding through to the commercial market […]
And now for something completely different On 28 February 2025, BlackRock American Income (BRAI) announced a radical shake up. It asked shareholders to approve a new investment objective and policy, announced a new enhanced dividend policy, cut management fees drastically, and offered shareholders a 20% tender at a 2% discount to NAV (after costs). The […]
And now for something completely different Earlier this year, BlackRock American Income (BRAI) announced a radical shake up. It asked shareholders to approve a new investment objective and policy, announced a new enhanced dividend policy, cut management fees drastically, and offered shareholders a 20% tender at a 2% discount to NAV (after costs). The proposals […]
And now for something completely different On 28 February 2025, BlackRock American Income (BRAI) announced a significant change. The company asked shareholders to approve a new investment objective and policy, announced a new enhanced dividend policy, reduced management fees, and offered shareholders a 20% tender at a 2% discount to NAV (after costs). The proposals […]
A growing and evolving market Active exchange-traded funds (ETFs) are a major recent innovation in the fund industry. They offer the flexibility and transparency of passive ETFs, combined with the benefits of active management, usually at a lower cost than traditional active funds, though still higher than passive ETFs. This note looks at the current range of […]
A growing and evolving market Active exchange-traded funds (ETFs) represent one of the most significant innovations in the fund industry in recent years. They aim to combine the flexibility and transparency of passive ETFs with the advantages of active management. This is generally done at a markedly lower cost to investors than other actively managed […]
Preview in new tab A growing and evolving market Active exchange-traded funds (ETFs) are a recent development in the fund industry. They are designed to combine the flexibility and transparency of passive ETFs with features of active management. This is generally done at a lower cost to investors than other actively managed structures, though costs […]
Top performer as Asia regains momentum Pacific Horizon (PHI) has bounced back strongly over the past year, outpacing both its benchmark and its peers as sentiment towards Asia has improved. The trust’s growth-focused approach, which had been out of favour during the period of rising global interest rates, is once again delivering results. Despite the […]
Top performer as Asia regains momentum Pacific Horizon (PHI) has rebounded strongly over the past year, outperforming its benchmark and peers as sentiment towards Asia has improved. The trust’s growth-focused approach, which had been out of favour during the period when global interest rates were rising, is once again delivering results. Despite the obvious challenges, […]
Top performer as Asia regains momentum Pacific Horizon (PHI) has rallied over the past year, outpacing both its benchmark and its peers as sentiment towards Asia has appeared to improve. The trust’s growth-focused approach, which struggled during the period of rising global interest rates, appears to be delivering results again. Asian markets appear to have […]
Firing up the cylinders RIT Capital Partners’ (RIT’s) performance has turned a corner following a reshuffle of its leadership team last year and the adoption of a more concentrated approach. All three investment pillars – quoted equities, private investments and uncorrelated strategies – have performed well. Having been a drag on RIT’s performance for an […]
Firing up the cylinders RIT Capital Partners’ (RIT’s) performance has improved after last year’s leadership changes and a shift to a more focused strategy. All three investment pillars – quoted equities, private investments, and uncorrelated strategies – have delivered strong results. The private portfolio, which had previously held back performance, has seen some profitable exits […]
Firing up the cylinders RIT Capital Partners’ (RIT’s) performance appears to have improved following a reshuffle of its leadership team last year and the adoption of a more concentrated approach. All three investment pillars – quoted equities, private investments and uncorrelated strategies – have delivered positive returns. RIT’s private portfolio, which had previously weighed on […]
Focused on the future In January, we explained why Saba Capital’s proposals were not in the best interest of Herald Investment Trust (HRI) shareholders and urged a vote against them. Most investors agreed, resulting in a clear rejection of Saba’s proposals. Although Saba remains a shareholder and brings some uncertainty, HRI continues to benefit from its closed-ended structure, allowing long-term […]
Focused on the future In our last note in January, we set out the reasons why we felt that Saba Capital’s proposals were not in Herald Investment Trust (HRI) shareholders’ interest and why shareholders should vote against them to protect their investment in the trust. Thankfully, the vast majority of HRI’s investors agreed, handing Saba […]
Focused on the future In January, the reasons were set out as to why Saba Capital’s proposals were considered by the management not to be in Herald Investment Trust (HRI) shareholders’ interest, and why management recommended that shareholders vote against them. The majority of HRI’s investors voted against Saba’s proposals. Whilst the continued presence of […]
Decision time Shareholders in Polar Capital Global Healthcare (PCGH) are being asked to approve a package of measures that repositions the trust for what is hopefully a profitable future. The package – which we describe in detail in this note – includes lower fees, improvements to the trust’s structure, and regular, five-yearly, 100% exit opportunities. […]
Decision time Shareholders in Polar Capital Global Healthcare (PCGH) are being asked to approve changes aimed at improving the trust’s future prospects. These include lower fees, a better structure, and regular five-yearly opportunities for all investors to exit. There is also an immediate exit option. Investors must decide whether to stay invested. However, with PCGH […]
Decision time Shareholders in Polar Capital Global Healthcare (PCGH) are being asked to approve a package of measures that aims to reposition the trust. The package, which is described in detail in this note, includes lower fees, changes to the trust’s structure, and regular, five-yearly, 100% exit opportunities. There is also an exit available at […]
Looking oversold Rights and Issues Investment Trust (RIII) is battling a number of headwinds. UK small caps face a lacklustre UK economy, a looming budget that is creating market uncertainty, and seemingly indifferent domestic and international investors. To this we can add a large shareholder who appears to be actively frustrating efforts by RIII’s board […]
Looking oversold Rights and Issues Investment Trust (RIII) is battling a number of headwinds. UK small caps face a lacklustre UK economy, a looming budget that is creating market uncertainty, and seemingly indifferent domestic and international investors. To this we can add a large shareholder who appears to be actively frustrating efforts by RIII’s board […]
Looking oversold Rights and Issues Investment Trust (RIII) is experiencing several challenges. UK small caps appear to be affected by a weak UK economy, an upcoming budget that may be contributing to market uncertainty, and what seems to be limited interest from both domestic and international investors. In addition, a large shareholder appears to be […]
A whole new ball game Nicholas Weindling, one of the co-managers of JPMorgan Japanese Investment Trust (JFJ), observes that the investment landscape in Japan has changed almost beyond recognition from the picture that has persisted for most of the last few decades. The country is now seeing inflation, rising interest rates and wage rises – […]
A whole new ball game Nicholas Weindling, one of the co-managers of JPMorgan Japanese Investment Trust (JFJ), observes that the investment landscape in Japan has changed almost beyond recognition from the picture that has persisted for most of the last few decades. Japan is contending with inflation, rising interest rates, wage rises, a possible political […]
A whole new ball game Nicholas Weindling, one of the co-managers of JPMorgan Japanese Investment Trust (JFJ), says that the investment landscape in Japan have changed significantly from the conditions that have persisted for most of the last few decades. According to Weindling, Japan is experiencing inflation, rising interest rates, wage increases, a possible political […]
