Interactive Investor

Your vote counts: the investment trust AGMs in February 2023

31st January 2023 09:17

David Kimberley from Kepler Trust Intelligence

Kepler Trust Intelligence picks out three investment trust AGMs of note.

It’s going to be another busy month for annual general meetings (AGMs) in the investment trust sector next month. Close to 25 closed-ended funds will be holding the meetings, during which shareholders can vote to pass or oppose the resolutions proposed.

The trusts holding their AGMs next month illustrate the depth the sector has in terms of asset classes on offer. Forestry, global equities and infrastructure, among many other sectors, are all represented among the trusts holding their AGMs next month. Here are three that may be worth looking at.

BlackRock Frontiers

BlackRock Frontiers (LSE:BRFI) is one of only a small number of trusts that invests in companies based in countries outside the MSCI World Index and the eight largest constituents of the MSCI Emerging Markets index. That means getting exposure to places such as the UAE, Poland, Indonesia and Egypt.

Some of the key votes next month will be on maintaining a discount control policy and increasing a pay cap for directors. Another important vote will be on approving the trust’s proposed dividend.

JPMorgan Asia Growth & Income

This trust has not had the easiest of 12 months. Given that, with India being one notable exception, markets across Asia saw dramatic declines in 2022 that probably shouldn’t be a surprise. But the China reopening means sentiment is improving for the region and some of the rotations made by the managers may stand to benefit.

JPMorgan Asia Growth & Income (LSE:JAGI) is able to pay a dividend from capital, meaning they don’t have to pay their dividends from income derived from the underlying portfolio, and can theoretically focus more on the companies that will deliver the best total returns.

For investors, one of the key votes for next month will be on approving the dividend policy that means the trust pays out four quarterly dividends, equal to 1% of net asset value (NAV) at quarter end.

Shareholders will also be asked to approve policies designed to manage discounts and issue new shares if the trust trades at a premium.

Foresight Sustainable Forestry

Foresight Sustainable Forestry (LSE:FSF) is the only trust listed on the London Stock Exchange today that invests in the UK’s forestry sector. Returns are driven by timber sales but also from any increase in valuations that are driven by repurposing sites for forestry and, perhaps more interestingly, carbon credits.

The trust IPO’d in late 2021 and has delivered strong NAV and share price returns since then. Next month’s AGM will be the trust’s first and voters will be asked to approve directors as well as the ability for the trust to issue new shares.


AIC Sector

AGM/Presentation Date


Property - UK Commercial


Schroder AsiaPacific (LSE:SDP)

Asia Pacific


UK Commercial Property REIT (LSE:UKCM)

Property - UK Commercial


Baillie Gifford European Growth (LSE:BGEU)



JPMorgan Indian (LSE:JII)



Schroder European Real Estate Inv Trust (LSE:SERE)

Property - Europe


abrdn Equity Income Trust Ord (LSE:AEI)

UK Equity Income



Hedge Funds


JPMorgan China Growth & Income Ord (LSE:JCGI)

China / Greater China


Smithson Investment Trust (LSE:SSON)

Global Smaller Companies


BlackRock Frontiers (LSE:BRFI)

Global Emerging Markets


Keystone Positive Change Investment Ord (LSE:KPC)



Polar Capital Global Healthcare (LSE:PCGH)

Biotechnology & Healthcare


Tritax EuroBox (LSE:BOXE)

Property - Europe


Blackstone Loan Financing (LSE:BGLF)

Debt - Structured Finance


GCP Infrastructure Investment Ord (LSE:GCP)



JPMorgan Asia Growth & Income (LSE:JAGI)

Asia Pacific Equity Income


Schroder UK Mid Cap Ord (LSE:SCP)

UK All Companies


Bankers Ord (LSE:BNKR)



Foresight Sustainable Forestry (LSE:FSF) 

Farmland & Forestry


Ediston Property (LSE:EPIC)

Property - UK Commercial


Aberdeen Diversified Income & Growth (LSE:ADIG)

Flexible Investment


These articles are provided for information purposes only.  Occasionally, an opinion about whether to buy or sell a specific investment may be provided by third parties.  The content is not intended to be a personal recommendation to buy or sell any financial instrument or product, or to adopt any investment strategy as it is not provided based on an assessment of your investing knowledge and experience, your financial situation or your investment objectives. The value of your investments, and the income derived from them, may go down as well as up. You may not get back all the money that you invest. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.

Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.