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.
Annual report summaries
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.
Jupiter European Opportunities Trust (JEO) invests in European equities for long-term capital growth. Although its benchmark is the FTSE World Europe ex UK Total Return index, it generally has a significant UK exposure. Its report for the year to 31 May 2018 shows shareholders’ assets of £873 million.
The Brunner Investment Trust (BUT) is managed by Allianz Global Investors. It offers a one-stop shop for investors looking for a global portfolio of equities and a quarterly dividend. Its annual report for the year to 30 November 2017 shows shareholders’ assets of £318 million.
BlackRock Smaller Companies Trust (BRSC) targets long-term capital growth through investment in smaller UK-quoted firms, with up to 50 per cent in Aim-quoted holdings. Its report and accounts for the year to 28 February 2018 show shareholders’ funds of £721 million.
Allianz Technology Trust (ATT) targets long-term capital growth through investments in global technology companies. Its report and accounts for the year to 30 November 2017 show shareholders’ assets of £313 million.
BlackRock Emerging Europe (BEEP) seeks long-term capital growth by investing in companies doing business primarily in eastern Europe, Russia, central Asia and Turkey. Its shares are quoted in sterling, but its accounts are presented in US dollars. Its report for the year to 31 January 2018 shows shareholders’ assets of £145 million*. Sam Vecht has managed BEEP since May 2009, with Chris Colunga as co-manager since March 2016. The portfolio holds 20 to 30 high conviction holdings and derivatives are used for hedging and investment purposes.
BlackRock Latin American Investment Trust (BRLA) targets long-term capital growth by investing primarily in quoted securities in Latin America. In the year to 31 December 2017 it reports shareholders’ funds of US$280 million (£197 million). Will Landers has managed BRLA since March 2006. He favours mispriced/undervalued companies with proven management, good governance, good medium-term earnings prospects, plus strong balance sheets and cash flows. Investment decisions also incorporate a macroeconomic overview.