Investment Trust Update | 8th August 2023

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  • 03 mins 14 secs

Learning: Unstructured

In this update, Rory Palmer discusses RIT Capital Partners' records 'broadly flat' NAV total return in H1 2023; abrdn Smaller Companies Income Trust set to merge with Shires Income Trust, following a strategic review, and finally, ThomasLloyd Energy Impact trust manager calling the board to withdraw wind-up recommendation.
Channel: Investment Trust Hub
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Speaker 0:
Hello and welcome to this investment trust Update on Asset TV I'm Roy Palmer. And here are the headlines. RIT Capital Partners reveals a slight drop in its NAV for the first half of the year, and Aberdeen's smaller company's income trust and Shire's income have agreed to merge.

Speaker 0:
First up. The board of the suspended Thomas Lloyd Energy Impact Trust has urged shareholders to vote against this continuation as the trust struggled to carry out its objective of investing in sustainable energy infrastructure across Asia. Now the trust was suspended on the 25th of April after it failed to publish its annual accounts following difficulties in valuing some of the assets in the portfolio. One of those assets was solar Arise,

Speaker 0:
a solar farm business in India that the trust owns outright. But it was at the root cause of the valuation issues. The farm was valued at 11.1 million last September, but it's likely to face a valuation downgrade, which would then impact the net asset value of the trust. So the vote on the future of the trust is due on the 24th of August, and the board is urging investors to vote against this continuation because three months on from the suspension, there's still not a clear picture as to what happened with Solar Aris's RU MS project.

Speaker 0:
There's also been no information regarding who at the investment manager knew about the economic viability of the project and that no issues were raised with the board until April 2023.

Speaker 0:
Next up, Shire's income PLC have announced a tie up with Aberdeen Smaller Company's Income Trust, spelling an end to the latter Strategic review, which saw proposals from more than a dozen candidates.

Speaker 0:
Aberdeen's smaller company shareholders can choose to receive cash or shares in Shires that around 40% of Aberdeen's smaller company's assets will be transferred to Shire to ensure continued UK small cap exposure for all of Shire's shareholders, small cap exposure will amount to 20% of the Shire's portfolio going forward.

Speaker 0:
And finally, RIT Capital Partners posted a slight drop in its net asset value total return at just 0.2% over the first half of the year, when the company reported its H 1 2023 results. The trust closed its six month period with NAV per share at 2.3 pence, or share price was at 1.8 pence at 21%. Discount

Speaker 0:
now RIT cited difficult market conditions, persistent inflation and rising interest rates as some of the reasons for its results, however, did note that since inception, its return per annum has been nearly 11% compared with 7% of the M CIA CW I.

Speaker 0:
Over the first half of 2023 Trust quoted equities returned almost 7% contributing 2.6% to NAV total return with Japan and healthcare themes reporting good performance, while builders first source was marked as a standout performer.

Speaker 0:
Well, thank you very much for tuning in for this update. We'll see you next time.

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