Date: 24th January 2025
Time: 1:00 PM
Format: Online Webinar
Saba Capital, a US hedge fund, has recently called for general meetings at seven investment trusts:
Baillie Gifford US Growth Trust (USA), Edinburgh Worldwide (EWI), Keystone Positive Change (KPC), Henderson Opportunities Trust (HOT), European Smaller Companies Trust (ESCT), CQS Natural Resources Growth & Income (CYN), Herald Investment Trust (HRI).
Unless other shareholders vote at these general meetings, Saba’s resolutions will pass, enabling Saba to take control of these trusts.
In this webinar, an expert panel, including Ros Altmann, James Carthew, and Richard Stone, will explore the implications of these developments, focusing on the broader issues surrounding shareholder democracy. Additionally, there will be a concise presentation on how shareholders, particularly those holding shares via brokers or platforms, can ensure their voting rights are effectively exercised.
Learn more and register here: |
Topvest, totally agree with you on all points. I have sold in 2 tranches over the last few days. I wold have preferred to stick with an Inv Tr and reinvest dividends at a discount to NAV to compound faster. |
A very disappointing end solution here. I don't want to roll-over into an OIEC so I have sold this morning. I suppose a roll-over into another Henderson investment trust was not an option given the small size and SABA holding. Can get quite close to net asset value to convert to cash now. I suspect some of the holdings at the tail are quite illiquid and difficult to sell. As I say, a very disappointing outcome for a trust that has 3-4 folded your money in just over a decade and before dividends. I would have much prefered a scheme of arrangement with Lowland, but SABA have ruined that option. |
In case you missed ShareSoc's webinar with Henderson Opportunities Trust (HOT), the recording can be found on our YouTube channel: |
ShareSoc is hosting a webinar with Henderson Opportunities Trust plc (HOT) on 09/7/24, which may be of interest to current shareholders or potential investors.
James Henderson (Portfolio Manager) will be presenting. You can register here: |
In case you missed our webinar with Henderson Opportunities Trust (HOT), the recording can be found on our YouTube channel: |
not been back here since cashing out in 2021 at around £15 a share. I am circling and I like the fact it holds UK banks, who may well become the UK's largest landlords as the decade progresses, but the discount is still a bit too small. It certainly seems to be stablilising from the drop below £9 last year. |
Quite thread! |
ShareSoc is hosting a webinar with Henderson Opportunities Trust plc (HOT) on 07 February 2024, which may be of interest to current shareholders or potential investors. James Henderson (Portfolio Manager) will be presenting. You can register here: |
Discount not changed but opportunities are less. Smaller companies badly affected by rising interest rates. There will be buying opporunities but not now |
Discount to nav now around 14%.certainly discounting plenty of potential bad news.
It's small size doesn't help, or lack of information. The month end reports seem to be published 3 weeks later and are merely factual with no fund manager commentary that I can find.
Having more than doubled in 12 Month's to May 21, it is 10% down since then, underperforming benchmarks, and discount to nav widening.
The nature of the fund, with early stage start ups etc surely demand better, more frequent fund manager communication for the discount level to improve.
Absent that, hard to justify investing here unless they do something to turn it around and shrink the discount. No sign of that yet |
Can anyone provide any background on why this IT has a performance fee and when it has been applied as I am looking at this IT for some UK exposure |
The discount on this trust is now out at 12% again having reached 0% in April. It avergaes around 15% over 5 years. Given that it is volatile, but a top 3 performer in its sector over 1,5 and 10 years, I will top up again if it widens much more. |
Enjoyed listening to this podcast by James Henderson which talks about HOT (and other trusts he co-manages) including approach to valuation and how HOT is focused (different buckets). https://www.investorschronicle.co.uk/podcasts/2021/06/02/james-henderson-overseas-buyers-are-entering-the-uk/ |
Just noticed, seems Papillon has become my new stalker. Funny. A chart only shows where something has been, not where it's going. |
Perhaps. Discount figure will be interesting tomorrrow - did the assets fall or was it just the share price? |
Maybe a buying opportunity in this pull-back? |
HOT has done really well over the past year. The HOT Ichimoku chart is still strongly bullish and has been for almost a year. How long will it stay that way? I wish I knew!
free stock charts from uk.advfn.com
The long term chart is not so hot (excuse the pun!)
free stock charts from uk.advfn.com |
You can quite easily make a case (particularly at this stage of the cycle and prospects for uk growth) for HOT to trade at a modest premium. It has done so in the (distant) past. If so, that would lead to share issuance. An interesting period ahead - the easy gains with the reduction in the discount have passed but the managers have performed well and James Henderson has a significant personal stake in the trust, which aligns incentives. |
I sold over half my holding in the recent run-up, as the discount has narrowed considerably. Fantastic result for me and I am a fan of this trust over many years - even the new selections of Barclays and Rio Tinto are good ones in my opinion, but if this trust transitions from exciting AIM-listed tech companies to FTSE-100 value plays, will the market allow it to retain the premium rating? I don't think so. I could easily see the discount fall out to 16%+. Whether that's with a share price fall or asset rise, who knows? |
Still looks a good buy to me even at this level. Very future focussed and seems well managed? |
Sustained rerating happening here. Smart investments from the managers to reflect reflation trade (growth/best ideas but with a bias to value - hence Barclays at number 6). Nimble stock selection. Discount continues to narrow. Long term buy and hold for me (2% yield as well as phenomenal growth) |
I kept monitoring, but did not sell. As you say, discount even dropped out beyond 10% for a day or two, so if anything the bar continues to be raised. I'll stick by a low to non-existent discount being the trigger to sell but it doesn't look like happening yet, plus I am sure fresh ISA money from people influenced by the excellent performance figures is probably heading this way, this month. |
This one keeps on giving in line with the recovery in all smaller cos inv. trusts. But discount has crept up a bit to nearly 9%. It's comparators are mid-cap trusts, but this isn't really. Top 5 holdings are all AIM. But Barclays has now appeared as No 6. So it really is a best ideas fund from anywhere in the UK market. |
Discount has seriously narrowed from the 25%+ a year ago to only 7% today. Performance figures look great, up 67% on a year ago. However, to me now is a time for caution and to monitor if it narrows further with a view to cashing out at least some. With the share price increase I could see it being on the shopping list for ISA inflows in the next month or so. |
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