Your vote counts: investment trust AGMs in July 2025

We’ve reached the halfway point for 2025 and it’s certainly been an eventful six months in the hallowed universe of investment trusts. US activist Saba Capital has stirred things up with a high-profile campaign for change and, while it may not have clinched the big votes, it has certainly succeeded in spurring trusts into action.

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Notable developments include Middlefield Canadian Income (LSE:MCT) rolling into an ETF, Schroder Income Growth (LSE:SCF) trimming its fees and The European Smaller Companies Trust (LSE:ESCT) launching a substantial tender offer.

As a result, boards will undoubtedly be keen to articulate their strategies and secure investor support at their upcoming AGMs, while Biotech Growth (LSE:BIOG) is holding a continuation vote.

Only 14 trusts may be holding AGMs in July but there’s certainly some big hitters amongst the ranks. 

• Saba saga: a blessing in disguise?
• Activist pressure prompts investment trust to turn into an ETF

Pacific Assets 

First on the slate is Pacific Assets (LSE:PAC) which takes a differentiated, highly active approach to the Asia Pacific sector. Its primary focus is family-owned businesses which have the ability to generate long-term value without the constraints of hitting quarterly earnings targets.

The managers view risk as permanent loss of capital, rather than deviation from the index, and this absolute return mindset can offer protection in falling markets. To that end, the trust has delivered positive net asset returns in eight of its last nine financial years.

Shareholders will cast their votes on 15 ordinary and special resolutions at the AGM, including the re-election of four directors and the election of a new director. There’s also a resolution to authorise the repurchase up to 15% of the trust’s shares, which have traded at an average discount of just over 10% over the last financial year.

Scottish Mortgage 

Hot on its heels is behemoth Scottish Mortgage (LSE:SMT) which is by far the largest trust in the AIC Global sector. It may top the table for 10-year returns but has slipped down the rankings in recent years with the trust acknowledging the “rollercoaster ride” for investors.

It was a tale of two halves in its latest annual results. SMT nailed an 11% rise in NAV but a rather less impressive 6% rise in share price: despite a mammoth share buyback programme, its discount has remained stubbornly around the 10% mark over the last year.

The managers will be hoping that the trust’s underweight to North America will be rewarded, given the fears around recession on the other side of the pond.  

The AGM will feature 15 resolutions, including a bumper six director elections and authorisation for share buybacks.

Cordiant Digital Infrastructure

Towards the end of the month is Cordiant Digital Infrastructure (LSE:CORD), which offers exposure to a pure digital infrastructure play. Cordiant has a ‘buy, build and grow’ strategy to create value from a quality portfolio of mid-market digital infrastructure assets such as communication towers and data centres.

The infrastructure sector offers the opportunity to combine diversification with attractive risk-adjusted returns, with long-term revenue streams and unique growth drivers to mainstream equity markets. Cordiant has delivered on its 9% annualised total return target and is currently trading on a dividend yield of more than 4%.

Investors have the opportunity to vote on a number of resolutions at the AGM, including the authority to buy back shares.

Jo Groves is an investment specialist for Kepler Trust Intelligence.