In QuotedData’s morning briefing 5 December 2023:

• Personal Assets Trust (PNL) announced its interm report for the six months to 31 October 2023. The company’s NAV fell by 2.7% while shares fell 4.5% with shares falling to a discount of around 1%. The company continues to be positioned defensively with almost 40% of the fund in US tips (inflation protected bonds). Commenting on the outlook, the investment manager Sebastian Lyon noted that; “The bear market, which began in stock markets at the beginning of 2022, has some way to go. We are positioned accordingly but are prepared to shift more positively as and when we see improved valuations. It is by buying good companies well that we will drive future returns for the company.”
• Impax Environmental Markets (IEM) announced the appointment of Elizabeth Surkovic as an independent non-executive director of the company with effect from 1 January 2024. Liz has worked for 30 years in environmental policy making and regulation in the private and public sectors and is now focussed on the interface of science and policy. She is currently head of policy at the Royal Society.
• The Lindsell Train Investment Trust (LTI) has announced its half year results for the period ended 30 September 2023. NAV was down 3.6%, while shares fell 11.3%, widening the discount to 8.5%, trailing the MSCI World Index total return of 4.5%. The bulk of the underperformance was due to an 11.9% fall in LTL, the company’s investment manager which accounted for 38.6% of LTI’s NAV.