Take on Trusts – November 2025

In November, Edison’s investment companies team covered Baker Steel Resources Trust (BSRT), which delivered a strong c 26% NAV total return (TR) in the first 10 months of 2025, bolstered by operational progress and a more benign capital-raising environment for junior mining projects. Canadian General Investments (CGI) maintains its strong long-term track record, with manager Greg Eckel carefully steering the portfolio through volatile markets. Following shareholder-approved strategic changes, on 17 April 2025, BlackRock American Income Trust (BRAI) shifted management to BlackRock’s Systematic Active Equity team aiming to improve performance and reduce costs. Deutsche Beteiligungs (DBAN) has seen a good flow of transactional opportunities, both in terms of new investments and exits, as illustrated by the successful realisation of duagon. After a strategic review, Franklin Global Trust (FRGT) agreed to combine with Invesco Global Equity Income Trust (IGET) following weaker performance and a shrinking market capitalisation. HgT (HGT) saw positive Q2 and Q3 NAV returns after early-2025 market volatility and a temporary pause in global IT spending. Partners Group Private Equity (PEY) announced several major transactions including exits from PCI Pharma Services and Techem, both coupled with a minority reinvestment.