Interactive Investor

Your vote counts: the investment trust AGMs in December 2022

30th November 2022 09:28

Pascal Dowling from Kepler Trust Intelligence

Kepler Trust Intelligence details the investment trust AGMs coming up in December.

December looks set to be a busy month for the City’s company secretaries, with more investment trust AGMs lined up than there are days in the month.

Among them, the Ruffer Investment Company (LSE:RICA) AGM on 2 December should be of interest to those who have been following the fortunes of this trust. Ruffer is one of a handful of investment trusts that managed to get through Covid-19 and the subsequent war in Ukraine without significant volatility, staying true to its core objective of limiting downside and delivering positive returns in excess of inflation. 

The team at Ruffer have long held that efforts to stoke the world’s economy and avert recession – particularly in the form of QE – would result in excessive inflation, and their view of late appears to be increasingly vindicated.

Whether the trust is able to continue beating inflation is the challenge it now faces, and we will be watching with interest as the team rises to meet it. In light of recent personnel changes on the trust – which saw long-time manager Hamish Baillie step down earlier this year – the AGM also represents a chance to hear more about new talent Jasmine Yeo, who was announced as co-manager alongside Duncan MacInnes last month.

Among the voting items for shareholders to give their blessing on is whether Ruffer’s dividend policy will continue to pay two interim dividends.

Schroder Income Growth (LSE:SCF) meets mid-month. Our analysts highlight that the trust, managed by Sue Noffke, has a consistent track record of income growth, easily beating inflation over the longer term, which makes it an interesting option in the current climate. They also point to the trust’s gearing as a source of beta, meaning that, in theory, it should do well in a risking market (albeit while also being sensitive to downside).

This theory is supported by performance during the recent brief rally that we saw for equities – the trust is up by 9.1% in the month to 25 November, and is one of the top three performers in the AIC UK Equity Income sector over the year to the same date, delivering positive returns of 3.3% against a peer group average of 0.4%.

Among the voting items for Schroder Income Growth is approval to buy back its ordinary shares in the market, up to 14.99%. Investment trust boards like to have this option, as buying back shares can help bring down a discount.

Time moves slowly in the investment trust business, reflected by only two trusts so far announcing options for investors to attend their AGMs in December remotely, although there may be plans for others to introduce an online option. Top marks on that front for Henderson International Income (LSE:HINT) and Fidelity Special Values (LSE:FSV), which are both offering online options for their AGMs on 7 and 14 December respectively.

FundSectorNext meeting
CQS New City High Yield (LSE:NCYF)Debt - Loans & Bonds01/12/2022
Highbridge Tactical Credit Fund (LSE:HTCF)Hedge Funds02/12/2022
Ruffer Investment Company (LSE:RICA)Flexible Investment02/12/2022
Schroder BSC Social Impact Trust (LSE:SBSI)Flexible Investment02/12/2022
JPMorgan UK Smaller Companies (LSE:JMI)UK Smaller Companies05/12/2022
Schroder Japan Growth (LSE:SJG)Japan05/12/2022
Schroder Oriental Income (LSE:SOI)Asia Pacific Equity Income05/12/2022
Scottish Oriental Smaller Companies (LSE:SST)Asia Pacific Smaller Companies05/12/2022
VinaCapital Vietnam Opp Fund Ord (LSE:VOF)Country Specialist05/12/2022
International Biotechnology (LSE:IBT)Biotechnology & Healthcare06/12/2022
Schroder European Real Estate Inv Trust (LSE:SERE)Property - Europe06/12/2022
Target Healthcare REIT (LSE:THRL)Property - UK Healthcare06/12/2022
Tritax EuroBox Euro (LSE:BOXE)Property - Europe06/12/2022
Alternative Liquidity Fund (LSE:ALF)Hedge Funds07/12/2022
Henderson International Income (LSE:HINT)Global Equity Income07/12/2022
Ashoka India Equity (LSE:AIE)India08/12/2022
BlackRock Greater Europe (LSE:BRGE)Europe08/12/2022
Fidelity Emerging Markets (LSE:FEML)Global Emerging Markets08/12/2022
Asia Dragon (LSE:DGN)Asia Pacific09/12/2022
Doric Nimrod Air Three (LSE:DNA3)Leasing09/12/2022
JPMorgan Elect Managed Cash (LSE:JPEC)*Liquidity Funds09/12/2022
JPMorgan Elect Managed Growth (LSE:JPE)*Global09/12/2022
JPMorgan Elect Managed Income (LSE:JPEI)*UK Equity Income09/12/2022
Marwyn Value Investors (LSE:MVI)UK Smaller Companies12/12/2022
Utilico Emerging Markets (LSE:UEM)Global Emerging Markets12/12/2022
Macau Property Opportunities (LSE:MPO)Property - Rest of World13/12/2022
Fidelity Special Values (LSE:FSV)UK All Companies14/12/2022
abrdn Latin American Income (LSE:ALAI)Latin America14/12/2022
Baillie Gifford Japan (LSE:BGFD)Japan15/12/2022
CQS Natural Resources G&I (LSE:CYN)Commodities & Natural Resources15/12/2022
Rockwood Strategic (LSE:RKW)UK Smaller Companies15/12/2022
Schroder Income Growth (LSE:SCF)UK Equity Income15/12/2022
JPMorgan Global Growth & Income (LSE:JGGI)Global Equity Income16/12/2022
JPMorgan Elect Managed Cash Ord (LSE:JPEC)*Liquidity Funds19/12/2022
JPMorgan Elect Managed Growth Ord (LSE:JPE)*Global19/12/2022
JPMorgan Elect Managed Income (LSE:JPEI)*UK Equity Income19/12/2022
AVI Global Trust Ord (LSE:AGT)Global20/12/2022

*JP Morgan Elect, which comprises three share classes, is proposing to merge with JPMorgan Global Growth & Income. Shareholder approval will be sought at general meetings held on 9 December and 19 December.

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