As one of the co-managers, Spencer Adair, approaches his retirement next March, Monks Investment Trust’s (MNKS) interims to end October 2025 show it outperforming the World Index in NAV terms and benefitting from a narrowing of its discount. The NAV return for the period was +29.2% and for the share price +35.2%, which both compare favourably to the 24.2% return on the FTSE World Index. Monks has some exposure to the AI theme – Taiwan Semiconductor was one of the larest contributors to its performance. However, the trust’s portfolio and the drivers of its recent returns are much broader than that, with defence stock AeroVironment (up almost 150% over the period) topping the list of contributors to its returns.

Both RTW Biotech Opportunities (RTW) and Utilico Emerging Markets (UEM) have been promoted to the FTSE 250 Index with effect from today. Good performance has been a factor in that, with RTW pointing to a 43% uplift in its share price so far this year and UEM noting its average 9.4% per annum NAV returns over the past 20 years.

Lindsell Train’s (LTI) half year figures reflect how out of favour its quality focus has been in recent years – as reflected in the recent results fom Finsbury Growth and Income (FGT). The NAV and share price returns for the six months to the end of September were -3.7% and -11.2%, respectively. That compares to 14.6% for the MSCI World Index and UK inflation of 2.7% (based on RPI). Part of the hit to the NAV came from falling prices of RELX and London Stock Exchange Group (LSEG) on fears that these businesses will be impacted by AI. A fall in the value of the trust’s stake in its asset manager was also a factor.

LondonMetric Property (LMP) has raised £500m with the issue of sterling-denominated senior unsecured green bonds. £250m of this will mature in four years and comes with a coupon of 4.5% and £250m will mature in seven years and comes with a coupon of 4.875%. The bond issue was 3.2x oversubscribed.

The court hearing that had been holding up the merger of Ocean Wilsons and Hansa (HAN / HANA) has now sanctioned the scheme. There is some more paperwork to do before the deal is finalised but it should now proceed.

Golden Prospect Precious Metals (GPM) says that the exercise price for next year’s subscription rights has been set at 104.6p. That compares to a current share price of 87p. Can the company expand three years in a row by getting the share price up above the exercise price by next November? We’ll see.

As the buzz has worn off cannabis stocks, tiny Seed Innovations (SEED) is morphing into an AI and humanoid robotics fund. At the end of September 2025, the company had £3m of cash to follow its dreams and other assets of about £8m. Jim Mellon – who some of you may know as the man behind Master Investor – has taken on the chairmanship.

NB Distressed Debt (NBDX) has asked the stock exchange to suspend dealing in its shares ahead of an announcement. This is prepping for its liquidation. The meetings to approve this are being held today.