Your vote counts: investment trust AGMs in August 2025

The summer holidays may (finally) be upon us but it’s not all sangria and sun-loungers for the investment trust world. With discounts remaining at historically high levels and increasingly vocal shareholders, many boards are facing anything but a quiet August.

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Activism remains firmly on the menu, with Saba Capital shining a spotlight on the need for boards to take more decisive action to close persistent discounts, despite record levels of share buybacks. And that’s before we get on to fee structures, capital allocation and indeed the small matter of US activist investor Saba’s £1.3 billion holding across 30-odd investment trusts.

The recent continuation vote at Biotech Growth Ord (LSE:BIOG), which saw 23.3% of votes opposed to the continuation vote, highlights the growing pressure on underperforming mandates to justify their structure, or step aside.

So, who’s in the hot seat for this month’s AGM rota?

Syncona

Once the poster child for investing in early stage life-science businesses, Syncona Ord (LSE:SYNC) has faced mounting pressure in recent months. Amid sustained discount widening and a sector-wide downturn, the trust has confirmed plans to adopt an orderly realisation of its assets, putting it on a slow path to wind down assets while aiming to preserve value for shareholders.

It is an ignominious end for the Wellcome Trust-backed vehicle that promised high-octane growth on its launch in 2012. However, it’s no great surprise that Syncona has fallen out of favour with investors, with a 40%-plus discount compounding the pain of a 60% negative share price return over the past five years.

Investors will be watching closely to see how the board navigates this transition, with 14 resolutions on the AGM ballot, including director re-elections and share repurchase authorities.

TwentyFour Select Monthly Income

TwentyFour Select Monthly Income Ord (LSE:SMIF) heads into its August AGM as one of the more consistent income-focused trusts in the debt space.

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The trust invests across a diversified mix of high-yield bonds and secured loans, aiming to deliver an annual income stream of around 8%-10%.

Shareholders will vote on 15 resolutions at the AGM, including the re-election of directors, approval of the dividend policy and authority for share buybacks. Given the trust’s reliable income record and proactive portfolio construction, the board will be hoping for strong shareholder support.

The Global Smaller Companies Trust

Next up is The Global Smaller Companies Trust Ord (LSE:GSCT), which has just marked its 55th consecutive annual dividend increase, no small feat for a trust that’s weathered Black Monday, the dotcom bubble and the financial crisis (to name but a few).

GSCT offers a one-stop shop for a diversified global portfolio of smaller companies. Manager Nish Patel has delivered on his promise to increase concentration, backing the team’s best ideas in the hunt for alpha. The trust has served up a 50% share price return over the last five years, although recent performance has been more muted and the shares continue to trade on a discount of around 10%.

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Shareholders heading into the AGM will be voting on the usual roster of resolutions, but the spotlight is likely to fall on performance recovery plans and discount control, two areas where the trust will be hoping for a stronger showing in the year ahead.

Enjoy the calm while it lasts…AGM season will be back in full swing come September.

All numbers as at 24/07/2025 unless stated otherwise.

Jo Groves is an investment specialist for Kepler Trust Intelligence.