Invesco Perpetual Uk Sma... Share Discussion Threads

[giltedge1] 22/3/2025 07:23

Yes agree Artemis one of top uk managers, UK select best UK fund 1 year. Trust size small £100m, so not sure how to grow, maybe merging, but have to show good performance first. Be interesting how they change portfolio first few months in charge.

[andycranleigh] 20/3/2025 22:46

I’ve just bought a decent holding. Artemis are an excellent smaller companies manager.

[brwo349] 10/3/2025 15:40

In anticipation of the epic change to AFL I've started a new thread.

[citytilidie] 10/3/2025 07:55

I would have preferred the company to continue to wind down, but Artemis are generally classed as better fund managers these day. One can only hope for a far better performance in time

[brwo349] 10/3/2025 07:45

Here we go.

10 March 2025

Invesco Perpetual UK Smaller Companies Investment Trust plc (to be renamed Artemis UK Future Leaders plc)
(the “Company”;)

Update on Investment Management Arrangements and Change of Name

Further to the announcement on 19 December 2024, the Board is pleased to announce that Artemis Fund Managers Limited (“Artemis̶1;) has now been formally appointed as the Company's investment manager.

With immediate effect:

An application will be made to Companies House to change the Company’s name to Artemis UK Future Leaders plc;
The Company’s stock market ticker will change to AFL once the Company’s name change becomes effective;
The Company’s registered office will change to 50 Bank Street, Canary Wharf, London E14 5NT;
The Company’s fund administration service provider will change to The Northern Trust Company (acting through its London branch);
The Company’s custody and depositary service provider will change to Northern Trust Investor Services Limited;
The Company’s corporate secretary will change to Northern Trust Secretarial Services (UK) Limited; and
The Company’s website will change to hxxp://www.artemisfunds.com/futureleaders.
The Company's ISIN, SEDOL, and CUSIPs will remain unchanged and its Legal Entity Identifier (LEI) remains 549300K1D1P23R8U4U50.

Shareholders should note that their shareholdings will be unaffected by the change of name. Existing share certificates should be retained as they will remain valid for all purposes and no new share certificates will be issued.

For further information please contact:

Artemis UK Future Leaders plc Contact via J.P. Morgan Cazenove
Bridget Guerin
Northern Trust Secretarial Services (UK) Limited [phone]
Tracey Spevack
J.P. Morgan Cazenove [phone]
William Simmonds
Rupert Budge
Artemis
Lawrence Gosling [phone]
Legal Entity Identifier: 549300K1D1P23R8U4U50

[2wild] 09/3/2025 10:53

Suppose it depends if you think underlying portfolio has already been sufficiently discounted. NAV was 481.86p on 7 November, a weekafter the budget. At 355p discount is 26% to an NAV after market had a week to fully digest budget implications.

[bitgold] 08/3/2025 18:11

Discount needs to be higher to reflect the level of risk with bad government, bad tax policies and huge misallocation of resources to Ukraine. 18% at least. This is the last UK smaller trust I have a holding left in and I wish I'd sold at 420p after the tender, that seems like a dream price now.

[brwo349] 07/3/2025 23:09

I added today at under 355p! The other smaller companies trusts are also getting hit but not as much as this one.

[2wild] 28/2/2025 18:37

Got back in today at just below 368.5p. My broker had discount at 13.9%.

Last time I looked Artimmus unit trust was worth over £300 million. Could see some ut selling and reinvestment into Ipu, a no brainer. If discount persistent may get Rollover into ut with perhaps a 25% cash exit option near NAV. Can live in hope. Wonder if Saba Capital holds any.?

[brwo349] 18/2/2025 16:03

We should be an Artemis investment trust within the next 6 weeks and hopefully sooner. I think there will be a re-rating here with people with a proven track record in this sector in charge.
Look at that chart. It's poised to change direction. Just needs a catalyst.


Expected timing

The Company has provided notice to terminate the appointment of Invesco Fund Managers Limited as the Company's AIFM, company secretary and administrator. Subject to regulatory approval and finalising transitional arrangements, Artemis’s appointment as investment manager and AIFM is expected to become effective in Q1 2025. A further announcement will be made in due course.



Bridget Guerin, Chairman, commented:

““Having reviewed a variety of options, Artemis stood out as not only top performers but also very enthusiastic about taking over the management of IPU. To reinforce their commitment to managing the Company, both fund managers and other staff members within Artemis have agreed to invest meaningful amounts of money into the fund. The Board and Managers are excited about the prospects for UK small companies which are now trading at historically cheap levels.””;

Mark Murray, Senior Partner, Artemis, commented:

“We are delighted that the Board has appointed Artemis to manage the Company. Mark and Will have an outstanding investment proposition. Combined with Artemis’ strong brand and marketing expertise, we believe we have a compelling proposition to deliver success for the Company and its shareholders.”

[bitgold] 13/2/2025 14:49

I might be wrong, but if there really is going to be peace in Ukraine, the time to invest is almost here. Who knows, the UK may even be forced to turn back to focussing on itself instead of fixating on overseas wars they have no right to participate in?

[brwo349] 12/2/2025 10:27

Shareholding announcement. 1607 Capital Partners have increased their holding from 10.92% to 11.27%

[brwo349] 05/2/2025 11:19

Maintained quarterly 3.85p dividend announced. Goes ex on 13th February.

[sigmund freud] 30/1/2025 12:53

i had svm. traded at a huge discount for ages. never went anywhere. then announced a vote on an mvl and price popped up 20%. that is the one benefit from a high discount, a closure forces the discount to level out. i cannot imagine any holder not wanting the mvl to proceed.
greater demand by investors to close discounts by threats of voting to close will always focus the manager's mind. otherwise nothing will change.
learning from svm, which small trusts which are poorly traded have the biggest discounts just now? and which might have votes on winding up coming up soon? suspect the smaller company space is where they will be.

[essentialinvestor] 30/1/2025 12:46

Ok, fair enough.

[bitgold] 30/1/2025 12:41

@EssentialInvestor, yes I understood his point, but why would you buy in to ITs with no discount - eg. buying HRI when Saba reduced the discount to zero or sell when a trust is at a 20% discount? He seemed to be knocking the IT sector to me.

[essentialinvestor] 30/1/2025 12:19

* point made was IF you sell later down the line and the discount is unchanged.

[essentialinvestor] 29/1/2025 17:02

FT - Opinion Financial Thinking
Do investment trust discounts even matter?

Article in today's FT.

[brwo349] 29/1/2025 16:10

I've added at 373p.
Discount 16.6%
Id guess an interim dividend announcement next week. Its been 2nd Feb for the last 2 years.

[bitgold] 28/1/2025 10:39

I do. To me, the whole UK Smaller space is not good value right now, but IPU comes closest and the other one on your list I am a fan of at the right price is AUSC. Pushing people with skills and savings out, replacing them with net detractors is not good economic sense.

[brwo349] 28/1/2025 09:37

I think you have to look at the peer group of smaller companies trusts. IPU is definitely out on its own on cheapness.
Based on yesterdays NAVs and the current buy price then discounts look like -

IPU 15.5%
SST 13%
HSL 13%
ASL 12.5%
BRSC 11.5%
AUSC 11%
BGUK 10.5%
MTU 9%

[brwo349] 21/1/2025 15:47

NAV 447p. Discount 15%

The sooner we get renamed Artemis Smaller Companies the better.

[brwo349] 08/1/2025 09:34

The FTSE 100 is up 1% so far this year but the FTSE250 is down 1.9%. That's one heck of a disparity. The FTSE250 is mostly made up of domestic companies so it's clear as day Rachel from Accounts is causing no end of problems for the UK economy.