BlackRock World Mining Trust (BRWM) aims to maximise total returns from investing in a globally diversified portfolio of mining and metal assets. Its report for the year to 31 December 2018 shows shareholders’ assets of £685 million.
Annual report summaries
BlackRock Throgmorton Trust (THRG) invests in UK mid- and small-cap companies for long-term growth and attractive total returns. Its annual report for the year to 30 November 2018 shows shareholders’ assets of £380 million.
BlackRock Smaller Companies Trust (BRSC) targets long-term capital growth through investment in smaller UK-quoted companies, with up to 50% in Aim-quoted holdings.
BlackRock Latin American Trust (BRLA) targets long-term growth and total returns primarily through investing in quoted securities in Latin America. Its report for the year to 31 December 2018 shows shareholders’ funds of $255 million (£204 milllion).
Will Landers, who had managed BRLA since March 2006, left BlackRock in December 2018. Sam Vecht and Ed Kuczma succeeded him as co-managers.
The Scottish Investment Trust (SCIN) invests in international equities for above-average long-term returns and dividend growth ahead of UK inflation. SCIN’s report and accounts for the year to 31 October 2018 shows shareholders’ assets of £715 million, after deducting long-term borrowings of £83.8 million.
Alasdair McKinnon has been the trust’s lead manager since July 2014 and has introduced a high-conviction, global contrarian approach. The portfolio has been concentrated down to 50 holdings, focused on unfashionable and unpopular companies ripe for improvement.
Temple Bar Investment Trust (TMPL) targets long-term total returns in excess of the FTSE All-Share index. It invests mostly in constituents of the FTSE 350 index. TMPL’s annual report for the year to 31 December 2018 shows shareholders’ assets of £802 million. Its dividend has been raised every year since 1983.
Alastair Mundy, who heads Investec Asset Management’s UK Value team, has been manager since 2002. Peter Lowery, who has worked closely with him since 2003, is deputy manager.
British Empire Trust (BTEM) targets capital growth through a portfolio of mainly listed investments, particularly in firms whose shares stand at a discount to estimated net asset value (NAV). Its annual report for the year to 30 September 2018 shows assets of £942 million.
The Merchants Trust (MRCH) is managed by Allianz Global Investors. It invests mainly in large UK-quoted companies for an above-average and consistently rising dividend and long-term capital growth. Its annual report for the year to 31 January 2018 shows shareholders’ assets of £593 million.
Manager Simon Gergel has a long-term value focus and invests in ‑ firms with strong franchises and sound finances he expects to deliver high income and good returns.
Jupiter US Smaller Companies (JUS) aims for long-term capital growth from a diversified portfolio of US smaller and medium-sized firms. Its report and accounts for the year to 30 June 2018 shows shareholders’ assets of £163 million.
Jupiter UK Growth Trust (JUKG) invests in a concentrated portfolio of mainly UK equities for capital appreciation. Its report and accounts for the year to 30 June 2018 show shareholders’ assets of £65 million.