Take on Trusts – December 2023

This month, Edison’s investment companies team covered 12 trusts across several sectors. We explored why spacetech’s lift-off moment may be now and why we think Seraphim Space Investment Trust is a compelling pure play on the theme. Deutsche Beteiligungs posted a strong 18.1% NAV total return in FY23 and expanded into the private debt sector, while Henderson EuroTrust’s manager outperformed the European market this year thanks to successful stock selection, despite style headwinds. We highlighted how Invesco Asia Trust is exploiting the below-average valuations to tap into Asia’s secular growth opportunities and, despite the challenges for the Chinese economy and growth companies, how Baillie Gifford China Growth Trust’s managers believe it is only a matter of time until confidence returns and share prices reflect these robust fundamentals. In our Vantage series, we delved into AI with Polar Capital’s Alastair Unwin and explored Vietnamese equities with Vietnam Holding’s manager Craig Martin.

Until next time, the Edison investment companies team.