Interactive Investor

Your vote counts: the investment trust AGMs in March 2023

28th February 2023 09:38

David Kimberley from Kepler Trust Intelligence

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

As we head into March, investment trust shareholders have another opportunity to make their voice heard again. More than 20 investment trusts are holding their annual general meetings (AGMs) next month, with the sectors they invest in ranging from Japanese equities to private equity.

AGMs are typically shunned by retail investors, but they are worth paying attention to. They provide an opportunity for you to be able to make your voice heard, whether it’s asking management questions or voting on the proposals they’ve made.

Here we’ll look at three trusts that are holding their AGMs next month and the proposals that investors will be voting on.

CC Japan Income and Growth

This trust managed to avoid the misery many investors saw last year and generate positive returns for shareholders. The trust is managed by Richard Aston and aims to invest in companies that generate consistent dividend growth. The compounding this growth creates should appeal to both more growth-oriented investors, as well as those looking for income.

Votes at next month’s AGM include re-elect company directors and approval for CC Japan Income & Growth (LSE:CCJI) to be able to pay dividends on a semi-annual basis. Another vote will be on the trust’s buyback mechanism, which is used to manage the discount.

Although the trust is trading on a discount today, it was at a premium for a prolonged period up until the final quarter of 2019.

BlackRock Throgmorton

This was a top-performing trust over the past decade, but had a tough 2022 largely due to its more growth-oriented approach to markets and its focus on UK small caps. BlackRock Throgmorton Trust (LSE:THRG) is unique in being able to take long and short positions, depending on the manager’s views, meaning shareholders have the potential to benefit from both rising and falling markets.

The trust’s AGM next month will be similar to CCJI’s, with re-elections of company directors and approval of a buyback policy on the cards.

The board are also looking for approvals around new share issuance, something that is typically done to manage a trust’s premium.

Brunner Investment Trust

This global equity trust aims to deliver a balanced portfolio that produces consistent returns across market cycles. Brunner (LSE:BUT) recently appointed Christian Schneider as lead manager, after the departure of prior manager Matthew Tillett in July 2022.

The trust will be voting next month to approve a process whereby it will not have to offer new shares to existing shareholders before offering them to other investors. This may sound malicious, but it is common practice in the investment trust sector and is a means by which trusts can attract new capital and/or manage a premium.

TrustAIC sectorAGM date
CC Japan Income & Growth (LSE:CCJI)Japan01/03/2023
River and Mercantile UK Micro Cap (LSE:RMMC)UK Smaller Companies01/03/2023
Chenavari Toro Income Fund (LSE:TORO)Debt - Structured Finance02/03/2023
BlackRock Income and Growth (LSE:BRIG)UK Equity Income07/03/2023
Edinburgh Worldwide (LSE:EWI)Global Smaller Companies07/03/2023
JPMorgan Emerging Europe, Middle East & Africa (LSE:JEMA)Global Emerging Markets07/03/2023
Henderson Opportunities (LSE:HOT)UK All Companies08/03/2023
CT UK Capital and Income (LSE:CTUK)UK Equity Income09/03/2023
Geiger Counter (LSE:GCL)Commodities & Natural Resources09/03/2023
Atrato Onsite Energy (LSE:ROOF)Renewable Energy Infrastructure10/03/2023
BlackRock Energy and Resources Income (LSE:BERI)Commodities & Natural Resources13/03/2023
Athelney Trust (LSE:ATY)UK Smaller Companies16/03/2023
Ecofin Global Utilities & Infrastructure (LSE:EGL)Infrastructure Securities17/03/2023
BlackRock Sustainable American Income (LSE:BRSA)North America21/03/2023
The Income & Growth VCT (LSE:IGV)VCT Generalist22/03/2023
abrdn Private Equity Opportunities (LSE:APEO)Private Equity22/03/2023
BlackRock Throgmorton Trust (LSE:THRG)UK Smaller Companies23/03/2023
Rights & Issues Investment Trust (LSE:RIII)UK Smaller Companies23/03/2023
Polar Capital Global Financials (LSE:PCFT)Financials30/03/2023
Brunner (LSE:BUT)Global31/03/2023

Source: AIC – Association of Investment Companies.

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.