Gavin Lumsden

Majedie Investments (MAJE), the £172m “liquid endowment” fund run by Dan Higgins at Marylebone Partners, returned 10.7% in the second quarter with the biggest contributions to performance coming from specialist funds investing in Korea, China and biotech as well as a private equity bid approach for UK-listed DCC Energy. The gain in net asset value […]

Mobius (MMIT), the £113m emerging markets smaller companies trust, has bounced back from a difficult 2025 with a first half leap of 23% helped by gains on suppliers to the artificial intelligence (A) revolution while cutting losses from AI losers. The underlying return in net asset value (NAV) underpinned a 22.2% advance for shareholders in […]

MIGO Opportunities Trust (MIGO) fund managers Tom Treanor and Charlotte Cuthbertson have backed the call from a fellow activist investor for Gresham House Energy Storage to put itself up for sale. In their second quarter report, Treanor and Cuthbertson said the £533m battery fund was their biggest contributor to MIGO’s 5.9% investment return in the […]

Half-year results from SEGRO (SGRO) underline why US industrial real estate investment trust Prologis is keen to buy the European warehouse and data centre developer. SEGRO, which last week said it was minded to accept an improved £14bn shares and cash offer from Prologis, lifted its interim dividend by 4.5% to 10.14p per share after […]

Henderson Smaller Companies (HSL) has narrowly outperformed its stock market benchmark for the first time in five years under new lead manager Indri van Hien. Hien took charge of the £517m investment trust last September following the retirement of Neil Hermon, who had run the listed fund for over 22 years. Assisted by deputy manager […]

Scottish American (SAIN), the £814m Baillie Gifford managed global equity income trust known as “SAINTS”, underperformed in the first half of the year with a 5.6% total investment return trailing the 12.9% return from the FTSE All-World index, although £78.7m of share buybacks lifted the shareholder return to 6.3%. The investment trust’s board was confident […]

LondonMetric (LMP) and Schroder Real Estate (SREI) have finalised their recommended all-share bid for Picton Property Income (PCTN). As announced in the revised offer this month, PCTN shareholders will receive 0.190 LMP and 0.894 SREI shares per PCTN share, currently worth 78.7p, an 8.2% discount to the net asset value at 30 June. More to […]

Gore Street Energy Storage (GSF), the £235m battery fund that reported a 27% fall in net asset value this month, has received a requisition notice from activist hedge fund Saba Capital. In a short statement yesterday evening the GSF said Saba, which this week lifted its stake to 17%, had requested “that certain resolutions concerning […]

JPMorgan Global Core Real Assets (JARA) is bringing its 18-month wind-down to a close with plans to liquidate the now £23m investment company.

The market’s concentration around artificial intelligence (AI) stocks continues to challenge Alliance Witan (ALW). Extending a trend from the previous two years, the £4.9bn FTSE 100 constituent said its diversified multi-manager portfolio underperformed in the first half of the year, returning 7% against the 12.7% total return from the MSCI All Country World index. Alliance […]