US hedge fund launches activist offensive against UK investment trusts Investing US hedge fund manager Saba Capital has launched a campaign to oust the boards of seven top UK investment trusts today after amassing stakes in the firms over the past year. In an open letter to the companies today, the activist investor said it was triggering shareholder votes to “elect new directors with a concrete [...]
Supermarket Income REIT slashes fees for shareholders Investing Supermarket Income REIT has slashed its fees in a bid to align management’s interest with shareholders. The trust will now charge fees based on its stock price rather than on underlying assets. Since the trust trades 21 per cent below the value of its underlying assets, fees will drop by around 20 per cent, according [...]
The five REITs primed to be bought next Investing Real estate investment trusts (REITs) have been dropping like flies this year, as competitors increasingly pursue mergers to grow their size, and many have begun to speculate about which one might be next to go. The largest merger of the year was LXI REIT, which was bought out by Londonmetric Property at the start of [...]
GP landlord PHP brings in £2.7m of new rent October 16, 2024 Primary Health Properties (PHP) added £2.4m in rent over the last nine month, increasing its rental revenue by three per cent on an annualised basis. The GP landlord, which published its trading update ahead of a capital markets day today, had stronger growth in indexed leases in the UK and Ireland (4.5 per cent growth), [...]
Literacy Capital swaps charity donations for private equity fees October 8, 2024 Private equity investment trust Literacy Capital is cutting down on its mission of paying out charitable donations, while upping the fee paid out to management. The only investment trust set up with a charitable objective, it has given £10m to literacy charities in the UK since it was created in 2017. Now, the trust will [...]
PRS REIT reveals ‘excellent’ results as strategic review looms October 8, 2024 PRS REIT has revealed a set of strong results as the trust gears up for a strategic review following a shareholder row. The real estate investment trust reported an 11 per cent uplift in the value of its underlying assets, as rental income on its private housing portfolio surged 12 per cent on a like-for-like [...]
Are REITs on course for a recovery? October 1, 2024 Real estate investment trusts (REITs) have had a tough time over the past two years as central banks hiked interest rates and the property market was plunged into a downturn. Not a single one of the 33 REITs listed in London are currently trading at a premium, with the average share price is sitting on [...]
Meet the fund managers: Biotech investing under the microscope September 23, 2024 In this weekly series, investment reporter Elliot Gulliver-Needham sits down with a fund manager for a Q&A. This week, we’re hearing from Ailsa Craig, co-portfolio manager of International Biotechnology Trust. How does your fund stand out from others in the same market? While many companies in the biotechnology sector are proven, cash-generating businesses, those at [...]
Investment trusts celebrate move to reform cost disclosure rules September 19, 2024 The UK has finally exempted investment trusts from complying with cost disclosure requirements that industry experts say could unlock billions in investment. In a statement today, the government and Financial Conduct Authority said regulators would temporarily withdraw the requirements, which campaigners have argued force trusts to ‘double count’ their fees. While this is also the [...]
JTC: Profit soars after spate of acquisitions September 17, 2024 Financial services provider JTC has hailed a good start to the year after beating its upgraded guidance after a flurry of acquisitions. The acquisitive fund management firm, which is a FTSE 250 constituent, reported revenue of £147.1m in the six months to 30 June, a 21.1 per cent rise on the year prior. Earnings before [...]