JP Morgan Global Growth & Income makes offer for Janus Henderson competitor Investing JP Morgan’s Global Growth & Income trust, one of the most popular investment trusts on the market, is set to take over a smaller competitor run by Janus Henderson. The £3.1bn JP Morgan trust has launched a takeover of the £329m Henderson International Income trust, the two funds announced in a stock exchange notice today. [...]
Saba Capital loses double vote on Baillie Gifford trust takeovers Investing Saba Capital has lost two more votes in the US hedge fund’s campaign to take over a variety of UK investment trusts, leaving its campaign looking increasingly unlikely to succeed. Two trusts run by Baillie Gifford, Keystone Positive Change and Baillie Gifford US Growth, voted today to reject Saba’s proposal to unseat their boards and [...]
Saba Capital falls at first hurdle in activist trust campaign Investing Saba Capital’s first battle over the board of a UK investment trust has failed, with investors widely rejecting its attempt to unseat the board of a targeted trust. In a shareholder vote today, 65 per cent of Herald trust shareholders voted to kill the activist hedge fund’s proposals, which aimed to depose and replace the [...]
Blackrock trusts agree peace deal with Saba Capital January 22, 2025 A host of Blackrock-run investment trusts have made a peace deal with US hedge fund Saba Capital, amid its activist campaign to take over the boards of several UK trusts. In a series of stock exchange announcements, the Blackrock trusts said that they had made an agreement with Saba to be left alone by the [...]
US hedge fund launches activist offensive against UK investment trusts December 18, 2024 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 November 5, 2024 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 October 26, 2024 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 [...]