Compass: The AIC's monthly newsletter

This month in Compass, Ian Cowie blasts into space and explains how he will vote on Edinburgh Worldwide. We dive into discounts and reveal the 2025 fantasy fund manager winner.

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Thematic research

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

All the things that outperformed Nvidia in 2025

8 January 2026

Kepler Trust Intelligence looks for lessons in a list of the most successful investment trusts of the last year.

Next slide, please

17 December 2025

New rules on costs could provide a boost to the sector next year, what else do we want to see?

Edison explains: Critical social infrastructure – how to invest in the UK’s social impact REITs

16 December 2025

How to invest in the UK’s social impact REITs.

Saba vs EWIT: War of words heats up ahead of crucial vote

13 January 2026

The trust’s smaller investors will need to cast their votes this week with investment platform voting deadlines on the 14th and 15th of January. Saba currently owns 30% of the shares in EWIT, so both sides recognise the importance of convincing smaller investors to participate in the future of the trust.

Picton hoists 'for sale' sign as small size and big discount take their toll

13 January 2026

Picton Property Income, which had set out to become a consolidator just a few years ago, is now looking for a buyer or merger partner.

Edinburgh Worldwide’s investment in SpaceX doubled last month and even before that it had made a stonking 947% return. That’s why shareholders should vote against Saba

13 January 2026

Edinburgh Worldwide (EWI) has published its annual report, confirming the dramatic doubling last month in the valuation of SpaceX, its biggest holding. In so doing, the results for the year to 31 October underline the strength of the investment trust’s argument against Saba Capital, the 30.7% shareholder that is attempting to seize control of its […]

Picton Property puts itself up for sale saying international investors want bigger REITs

13 January 2026

Picton Property Income (PCTN), a £400m real estate investment trust that has previously spoken of its ambition to be an acquirer in a consolidating sector, has put itself up for sale. Launching a strategic review in response to the persistent undervaluation of its shares, which yesterday closed at a 24% discount, chair Francis Solway said […]

Morning briefing: Saba lifts SDCL stake to 11%; LondonMetric buys nine Premier Inns for £89m; Primary Health Properties progresses Assura integration; & ASLI, MMIT, AERI, LMS

13 January 2026

Saba Capital has lifted its stake in SDCL Energy Efficiency Income (SEIT) from 10% to 11%. Most of the position is in total return swaps. Shares in the £564m renewable energy infrastructure fund stand on a 41% discount. Last month its board warned it may not recommend shareholders vote for the company’s continuation this year after debt […]

Phoenix Spree Deutschland

12 January 2026

FY25 condominium sales beat expectations.

Polar Capital Global Financials

9 January 2026

After several years of the global financials sector outperforming global equities, the managers of PolarCapitalGlobal Financials Trust (PCFT) remain positive about the sector's prospects, as they were last May.

International Public Partnerships

9 January 2026

Operational and strategic progress.

BlackRock Frontiers

8 January 2026

Historic valuation dislocation presents opportunity.

JPMorgan European Discovery

8 January 2026

Opportune time for European small-cap stocks.

Transaction in Own Shares

12/01/2026 - 17:59

BlackRock Greater Europe

Cancellation of treasury shares

12/01/2026 - 17:46

Crystal Amber Fund

Transaction in Own Shares

12/01/2026 - 17:40

Polar Capital Technology

Transaction in Own Shares

12/01/2026 - 17:25

Mercantile Investment Trust

Transaction in Own Shares

12/01/2026 - 17:23

Aberforth Smaller Companies

Compass: The AIC's monthly newsletter