Take on Trusts – September 2025

This month, the Edison investment companies team initiated coverage on Schiehallion Fund (MNTN), which targets the next generation of private company superstars. IP Group (IPO) reaffirmed its target of over £250m in realisation proceeds between FY25 and FY27, while Partners Group Private Equity Limited (PEY) reported portfolio exits gathering pace. Hansa Investment Company’s (HAN’s) forthcoming combination with Ocean Wilsons Holdings (OCN) will simplify its structure and potentially narrow the discount. Premier Miton Global Renewables Trust’s (PMGR’s) board will propose a scheme of reconstruction offering rollover into Premier Miton Global Infrastructure Income Fund (GIIF) or an uncapped cash exit, while Gresham House Energy Storage Fund (GRID) has reinstated its dividend but is still prioritising investment. Invesco Asia Dragon Trust (IAD) delivered an 18.1% NAV total return over the 12 months to end-July 2025. The Biotech Growth Trust (BIOG) is benefiting from favourable industry fundamentals with performance improving after a prolonged and deep sector drawdown, and Utilico Emerging Markets Trust (UEM) has recently undertaken corporate initiatives, which are expected to add extra appeal to this specialist emerging market growth trust.

Until next month, the Edison investment companies team.