Investment Trust Update | 7th July 2023

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  • 03 mins 28 secs

Learning: Unstructured

In this investment trust update, Ken McCullagh steps down as the chair of abrdn’s UK Commercial Property REIT, Civitas Social Housing announces a 16.5% share price decline in its annual results and CEO of the AIC has said ending stamp duty on investment trusts would encourage investment in the UK.
Channel: Investment Trust Hub
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Hello and welcome to this investment trust Update on Asset TV I'm Rory Palmer making the headlines this week. Ken McCullough steps down as the chair of Aberdeen's UK commercial property rate and Civitas Social Housing announces a 16.5% share price decline in its annual results.

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First Up. The chief executive of the Association of Investment Companies, Richard Stone, has said ending stamp duty on investment trusts would encourage investment across the UK. Currently savers using unit trusts, which mutual funds, also known as open ended investment companies, do not pay any stamp duty Now. HMRC is currently consulting on whether to modernise the stamp taxes on shares, which includes stamp duty and stamp duty. Reverse tax

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Stone said it's particularly frustrating that investment trust investors are compelled to pay stamp duty, but buyers of open ended funds do not pay this tax.

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He added that the abolition of stamp duty for investment trust purchases would help meet the government's objective of encouraging investment in the UK markets and the real economy rather than in respective areas of the markets like Cryptocurrency

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elsewhere. Ken McCullough, the chair of Aberdeen UK S commercial property, is retired and will be replaced by Peter Pere Grey from the 31st of July. McCullough has served as a chair since January 2020. Sitting on the board since 2013. He's also chief executive of the LNC Property group. Pere himself was appointed to the trust board in April 2023. Now, currently, the trust sits at the 39.7% discount

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and has lost 25.1% over the last year, compared to a UK commercial property sector average of 26.7% loss.

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Next up independent distribution and investor relations firm Kaon Capital has officially launched with three investment trusts as its initial partners, led by David Harris Capital, will assist the funds in diversifying their investor bases, utilising effective marketing, clear messaging and distribution,

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Pershing Square Holdings, RTW Biotech Opportunities and CBC incoming growth have partnered with the firm representing a combined Aum of £10.4 billion

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and finally the net asset value of the £486 million Civitas social housing rate decreased 1% in the year to March 2023 while negative investor sentiment towards the social housing sector contributed to a 16.5% share price decline.

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Civitas Chair Michael Robel said the trust's share price had been disappointing, reflecting in part the broad de rating of real estate investments, higher interest rates and investor concern about the sector. Now, despite the NAV dip, the trust's annualised contracted rent roll increased by 6% to £56.3 million while the value of its portfolio of 697 properties rose 1% to 978.1 million from 968.

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No, that's all. We've got time for this update, but I'll see you here on asset TV next time.

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