Interactive Investor

Your vote counts: the investment trust AGMs in June 2023

Kepler Trust Intelligence highlights three investment trust AGMs of note.

Although they are frequently the largest combined shareholders in closed-ended funds, private investors rarely attend or vote at annual general meetings (AGMs).  

This means missing out on getting first-hand knowledge of what the people managing your money are doing and the ability to ask them questions. Moreover, on occasions where resolutions are put forward that you may not agree with, you won’t make your voice heard by voting against them.

And as we approach the end of May, another month of AGMs looms ahead in the investment trust sector. For investors who are thinking of attending one, here are three investment trusts worth keeping an eye on.

Middlefield Canadian Income

This is one of the only closed-ended funds providing investors with country-specific access to the Canadian stock market, with the goal of providing dividends to shareholders.

Managers Dean Orrico and Rob Lauzon have positioned Middlefield Canadian Income (LSE:MCT) to take advantage of Canada’s massive population growth, with overweight positions in residential and commercial property, as well as the country’s nascent LNG industry.

At the trust’s AGM next month, the main resolution to keep an eye on is approval of the dividend policy. MCT has maintained an annual dividend of 5.1p per share since 2017, which it pays over the four quarters in equal amounts.

Vietnam Enterprise Investments

This is another country-specific fund that is managed by Dragon Capital, the first asset management group to be set up in the country.

Perhaps the most noteworthy resolution at Vietnam Enterprise (LSE:VEIL)’s AGM next month will be on share buybacks to manage the discount.

Although VEIL still has a strong long-term track record, the past 18 months have been tough for emerging markets such as Vietnam, in part because of a strengthening dollar and fears as to how they will fare if there is a global economic downturn.

BlackRock Smaller Companies

It is a similar story with BlackRock Smaller Companies (LSE:BRSC), which invests in UK small-caps. The trust was trading close to its net asset value (NAV) at the start of 2022, but its shares are now trading at around the widest levels we’ve seen over the past decade, despite positive signs in earnings and from the level of M&A we’re seeing in the wider UK small and mid-cap space.

Two resolutions stick out when looking at the announcement for the trust’s AGM next month. One is on an increase to maximum fees payable to the trust’s board of directors, from £200,000 to £250,000. The other is on approving the trust’s buyback mechanism, which it uses to manage its discount.

Investment trust

AIC sector

AGM date

Ecofin US Renewables Infrastructure (LSE:RNEW)

Renewable Energy Infrastructure

01/06/2023

Martin Currie Global Portfolio (LSE:MNP)

Global

01/06/2023

Middlefield Canadian Income (LSE:MCT)

North America

01/06/2023

NB Global Monthly Income Fund

Debt - Loans & Bonds

06/06/2023

Third Point Investors (LSE:TPOU)

Hedge Funds

07/06/2023

Downing Renewables & Infrastructure (LSE:DORE)

Renewable Energy Infrastructure

08/06/2023

Fair Oaks Income 2021 (LSE:FAIR)

Debt - Structured Finance

08/06/2023

Invesco Perpetual UK Smaller Comps (LSE:IPU)

UK Smaller Companies

08/06/2023

Nippon Active Value (LSE:NAVF)

Japanese Smaller Companies

08/06/2023

North American Income Trust (LSE:NAIT)

North America

08/06/2023

Round Hill Music Royalty (LSE:RHM)

Royalties

12/06/2023

abrdn European Logistics Income PLC (LSE:ASLI)

Property - Europe

12/06/2023

abrdn Latin American Income (LSE:ALAI)

Latin America

12/06/2023

EJF Investments (LSE:EJFI)

Debt - Structured Finance

13/06/2023

Aquila Energy Efficiency Trust (LSE:AEET)

Renewable Energy Infrastructure

14/06/2023

Aquila European Renewables (LSE:AERI)

Renewable Energy Infrastructure

14/06/2023

Foresight Solar (LSE:FSFL)

Renewable Energy Infrastructure

14/06/2023

abrdn Property Income Trust (LSE:API)

Property - UK Commercial

14/06/2023

abrdn Smaller Companies Income (LSE:ASCI)

UK Smaller Companies

14/06/2023

Amati AIM VCT (LSE:AMAT)

VCT AIM Quoted

15/06/2023

Baillie Gifford China Growth (LSE:BGCG)

China / Greater China

15/06/2023

Foresight VCT (LSE:FTV)

VCT Generalist

15/06/2023

M&G Credit Income (LSE:MGCI)

Debt - Loans & Bonds

15/06/2023

NB Private Equity Partners (LSE:NBPE)

Private Equity

15/06/2023

Pollen Street (LSE:POLN)

Debt - Direct Lending

15/06/2023

Octopus Renewables Infrastructure (LSE:ORIT)

Renewable Energy Infrastructure

16/06/2023

BlackRock Smaller Companies (LSE:BRSC)

UK Smaller Companies

20/06/2023

Menhaden Resource Efficiency (LSE:MHN)

Environmental

21/06/2023

RTW Venture (LSE:RTW)

Biotechnology & Healthcare

21/06/2023

Schroders Capital Global Innov Trust (LSE:INOV)

Growth Capital

21/06/2023

UK Commercial Property REIT (LSE:UKCM)

Property - UK Commercial

21/06/2023

Princess Private Equity (LSE:PEY)

Private Equity

23/06/2023

Vietnam Enterprise Ord (LSE:VEIL)

Country Specialist

23/06/2023

Aurora Ord (LSE:ARR)

UK All Companies

27/06/2023

Golden Prospect Precious Metal Ord (LSE:GPM)

Commodities & Natural Resources

27/06/2023

ICG Enterprise Trust Ord (LSE:ICGT)

Private Equity

27/06/2023

Invesco Bond Income Plus (LSE:BIPS)

Debt - Loans & Bonds

27/06/2023

Scottish Mortgage Ord (LSE:SMT)

Global

27/06/2023

Ceiba Investments

Property - Rest of World

28/06/2023

NB Distressed Debt Ord (LSE:NBDD)

Debt - Loans & Bonds

28/06/2023

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.

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