Compass: The AIC's monthly newsletter

This month in Compass, Ian Cowie explains what a new PM means to investors, managers reflect on the impact of the Brexit vote and we search for the next mega-IPOs.

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Thematic research

Third-party thematic research on investment companies can be found below.

The changing of the guard

14 July 2026

A World Cup style review

14 July 2026

Full moon rising

2 July 2026

Myths and legends in investment trust M&A.

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AIRE urges shareholders to reject Glenstone’s discounted cash offer

Alternative Income REIT (AIRE) has urged shareholders to reject Glenstone REIT’s cash offer, arguing that it materially undervalues the company and could leave minority investors trapped in an illiquid, unlisted vehicle. Glenstone has offered 71.4p per AIRE share, but AIRE’s board says the headline figure overstates the value being offered. Should AIRE declare a fourth […]
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Morning briefing: Brunner delivers positive return but trails AI-driven market, Saba targets Unite Group

Brunner Investment Trust (BUT) generated a net asset value (NAV) total return of 5.6% over the six months to 31 May 2026, compared with 12.0% from its 70% FTSE World ex UK/30% FTSE All-Share benchmark. A modest narrowing of the discount lifted the share price total return to 8.1%. The managers attributed the relative shortfall […]
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Baker Steel and Allianz Tech hit top ratings after strong run

Trevor Steel and Mark Burridge were awarded AAA rankings after a strong first half of the year, while AI drove high returns for Mike Seidenberg

Finsbury Growth & Income’s AI anxiety attack

In the second quarter, the investment trust posted a total return of 2.6 per cent, lagging the FTSE All-Share index’s 4.7 per cent gain. For June alone, its net asset value fell 0.9 per cent and the share price 1.1 per cent while the benchmark rose 0.7 per cent.
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Trust results round-up: TFIF, Polar Cap Financial, Schroder British Opps, BGUK, Taylor Maritime

We summarise results from five trusts, from bond to shipping fleets.

Baker Steel Resources Trust

21 July 2026

NAV TR of c 15% in H126 despite markdowns.

Monks

16 July 2026

Global growth wider a wider lens.

Real Estate Credit Investments

13 July 2026

FY’26 results: High yield, clear path to dividend cover.

BH Macro

9 July 2026

BHMG’s role as a portfolio diversifier looks increasingly relevant in today's markets.


 

Hansa Investment Company

9 July 2026

Hansa’s wide discount arguably doesn’t reflect the transformative year and positive outlook.

Transaction in Own Shares

20/07/2026 - 18:22

Foresight Solar Fund

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Holding(s) in Company

20/07/2026 - 18:18

Ashoka WhiteOak Emerging Markets

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Transaction in Own Shares

20/07/2026 - 18:00

BlackRock Smaller Companies

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FTSE Russell Index Changes

20/07/2026 - 18:00

Residential Secure Income REIT

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Transaction in Own Shares

20/07/2026 - 17:25

Finsbury Growth & Income Trust

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Glossary

What does that word mean? Find your way around investment trust jargon.

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