It’s been a difficult year for London-listed investment companies, but the challenging macro-economic environment doesn’t prevent us from celebrating good performance where we see it in Citywire’s annual awards.

A total of 68 closed-end funds are in the running for one of our 18 Performance Awards and Best Board Award this year. The winners will be revealed at an awards ceremony on 1 November.

The performance awards are given to investment companies judged to have delivered the best underlying return in terms of growth in net asset value (NAV) in the three years to 31 August. As in previous years, funds investing in publicly-listed equities are ranked on risk-adjusted performance against their benchmark indices, while funds investing in other asset classes are either assessed for risk-adjusted returns against cash or by simple growth in NAV.

The data underpinning the awards is produced by Frank Talbot, Citywire’s head of investment research, and verified by our panel of independent judges. They are:

• Genevra Banszky von Ambroz, fund manager at Evelyn Partners;
• Mick Gilligan, head of managed portfolio services at Killik & Co;
• Ewan Lovett-Turner, head of investment companies research at Numis Securities;
• and John Newlands of Newlands Fund Research.

Best Board Award

Given our focus on the underlying returns generated by investment company fund managers, the Best Board Award plays a crucial role in highlighting boards judged to have been most effective in protecting shareholder value and ensuring that the growth in assets achieved by their funds is reflected in their share prices, as well as having a diverse and experienced set of non-executive directors.

We have shortlisted six investment trusts for this award. They are:

• Edinburgh (EDIN )
• JPMorgan Global Growth & Income (JGGI )
• Law Debenture (LWDB )
• Pantheon International (PIN )
• Personal Assets (PNL )
• Temple Bar (TMPL )

Performance Awards – what to look out for

The growth selloff of the past two years has been challenging for many Baillie Gifford managed trusts, but less so for Pacific Horizon, its Asia Pacific closed-end fund which last year won its third award but this time faces stiff competition from three contenders, including JPMorgan Global Growth & Income.

In our Emerging Markets Single Country category, two Vietnam funds and Fidelity China Special Situations are looking to prevent last year’s winner Ashoka India Equity picking up a second award.

In European Equities, Henderson European Focus Trust would love to romp off with a gong in its last year under management by John Bennett before he retires. To do so it will have to beat stablemate, European Smaller Companies Trust, the former TR European Growth, that won last year.

Nippon Active Value Fund has made headlines as a consolidator in its sector this year, but will the strong performance that has attracted the activist investor to the boards of Abrdn Japan and Atlantis Japan Growth be sufficient to win the day in Japanese Equities?

Closer to home, in UK All Companies, last year’s winner Aurora goes head to head with rival Fidelity Special Values, while in UK Smaller Companies, Edinburgh-based Aberforth is mounting a strong challenge to last year’s winner Odyssean with two contenders in our shortlist of three.

It’s been a tough year for defensive, wealth preservation focused funds, so it will be fascinating to see who comes trumps in our Global Multi-Asset category where last year’s winner Capital Gearing takes on Personal Assets, Ruffer Investment Company and Caledonia.

The shortlists for our performance awards, with the exception of Infrastructure, where we are still checking the data, are: 

Asia Pacific Equities

• Invesco Asia (IAT )
• JPMorgan Asia Growth & Income (JAGI )
• Pacific Assets (PAC )
• Pacific Horizon (PHI )

Emerging Market Single Country

• Ashoka India Equity (AIE )
• Fidelity China Special Situations (FCSS )
• Vietnam Enterprise (VEIL )
• VietNam Holding (VNH )

European Equities

• The European Smaller Companies Trust (ESCT )
• Fidelity European Trust (FEV )
• Henderson European Focus Trust (HEFT )
• JPMorgan European Growth & Income (JEGI )

Global Emerging Market Equities

• BlackRock Frontiers (BRFI )
• JPMorgan Global Emerging Markets Income (JEMI )
• Mobius (MMIT )

Global Equities

• Alliance Trust (ATST )
• AVI Global Trust (AGT )

International Income

• Abrdn Asian Income Fund (AAIF )
• Invesco Select Global Equity Income (IVPG )
• JPMorgan Global Growth & Income (JGGI )

Japanese Equities

• CC Japan Income & Growth (CCJI )
• Nippon Active Value Fund (NAVF )
• Schroder Japan Trust (SJG )

North American Equities

• JPMorgan American (JAM )
• Middlefield Canadian Income (MCT )

Specialist Equities

• BlackRock Energy and Resources Income (BERI )
• CQS Natural Resources Growth & Income (CYN )
• TR Property (TRY )
• Utilico Emerging Markets (UEM )

UK All Companies

• Aurora (ARR )
• Fidelity Special Values (FSV )

UK Equity Income

• Edinburgh (EDIN )
• Law Debenture Corporation (LWDB )
• Merchants (MRCH )
• Temple Bar (TMPL )

UK Smaller Companies

• Aberforth Smaller Companies (ASL )
• Aberforth Split Level Income (ASIT )
• Odyssean (OIT )

Global Multi-Asset

• Caledonia Investments (CLDN )
• Capital Gearing (CGT )
• Personal Assets (PNL )
• Ruffer Investment Company (RICA )

Private Equity

• 3i Group (III )
• CT Private Equity (CTPE )
• Oakley Capital Investments (OCI )

Property Specialist

• Impact Healthcare Reit (IHR )
• PRS Reit (PRSR )
• Tritax Big Box (BBOX )
• Urban Logistics Reit (SHED )
• Warehouse Reit (WHR )

UK Property

• Abrdn Property Income (API )
• AEW UK Reit (AEWU )
• Custodian Property Income Reit (CREI )
• Schroder Real Estate (SREI )

Specialist Debt

• BioPharma Credit (BPCR )
• CQS New City High Yield (NCYF )
• GCP Infrastructure (GCP )
• Marble Point Loan Financing (MPLF )
• Real Estate Credit Investments (RECI )