Take on Trusts – February 2024

In February, Edison’s investment companies team launched the Equity Proposition, our light-touch content format focused on outlining the long-term value proposition of a given investment company. The team also reported on several trusts across a variety of sectors. Georgia Capital posted an FY23 NAV total return of around 20% in sterling terms, driven by the increasing share price of Bank of Georgia, positive revaluations across its private portfolio and the NAV-accretive buyback. Although the UK has been out of favour, Finsbury Growth & Income Trust’s manager believes that there are sufficient opportunities in UK-listed companies to benefit from the global bull market in technology and luxury goods stocks. HgT reported an FY23 10.7% NAV total return, with solid revenue and EBITDA growth across its top 20 holdings. Gresham House Energy Storage Fund’s manager reiterated confidence in the fund’s long-term prospects, despite recent energy market developments and challenging market conditions.

Until next month, the Edison investment companies team.