Take on Trusts – January 2024

This month, Edison’s investment companies team covered a range of trusts across several sectors. Heliad started a new chapter with the completed merger of FinLab with Heliad Equity Partner creating a German-listed venture capital and growth investor with a portfolio of 28 holdings worth over €150m. Baker Steel Resources Trust reported a 16.3% NAV increase in its end-December 2023 update. The key driver was a 47% revaluation of Futura Resources, the owner of two coking coal mines in Australia. Henderson International Income Trust’s manager is using what he believes to be unjustifiably low valuations to add quality companies with dividend growth potential to the portfolio. As Murray International Trust’s income has improved post-COVID-19, it is likely that FY23 will mark 19 years of consecutive annual dividend increases, bringing the trust within touching distance of the 20-year record required to become an AIC dividend hero.

Until next month, the Edison investment companies team.