Your vote counts: investment trust AGMs in May 2025

April may have been a quieter month on the Saba Capital (the US activist investor) front, but it’s been anything but calm across global stock markets. While Trump’s pause on tariffs sparked a brief market bounce, fund managers are still grappling with the broader implications of a new order in global trade.

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As a result, investors will no doubt be eager to hear their take at the upcoming investment trust AGMs, with a bumper calendar of nearly 40 meetings scheduled for May. These offer shareholders the opportunity to quiz boards on performance and strategy, vote on resolutions ranging from executive remuneration to share buybacks and, in some cases, to weigh in on the future of the trust itself.

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Top of the agenda this month are continuation votes where shareholders decide whether a trust should continue or be wound up. Among those holding continuation votes in May are Fidelity European Trust Ord (LSE:FEV), Henderson High Income Ord (LSE:HHI), HgCapital Trust Ord (LSE:HGT) and BlackRock World Mining Trust Ord (LSE:BRWM).

We take a closer look at three key AGMs on the horizon.

Alliance Witan

One of the oldest and largest trusts in the AIC Global sector, Alliance Witan Ord (LSE:ALW) kicks off AGM proceedings for May. The trust offers a one-stop shop for global equities, blending the stock-picking skills of a select group of fund managers.

Craig Baker, chair of the investment committee, emphasised the trust’s differentiated strategy in a recent webinar and the potential for over-diversification to be a significant drag on returns. While many funds dilute returns with ‘filler’ holdings, ALW focuses only on managers’ highest-conviction ideas and blends allocations at the top-level, ensuring that every stock is a ‘best idea’ rather than being held to manage risk.

Shareholders will cast their votes on 19 ordinary and special resolutions at the AGM, including the re-election of five directors and the election of four new directors. There is also a resolution to authorise the repurchase up to 15% of the trust’s shares, although it has traded at an average discount of under -5% over the last year, considerably below most of its peers.

Fidelity European

Hot on Alliance Witan’s heels is fellow heavyweight Fidelity European, which boasts a long track record of outperformance and a sector-topping 10-year total share price return of more than 150%. 

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European equities had been enjoying a strong run before the recent tariff news, offering global leaders at valuations well below their US counterparts. FEV provides exposure through a diversified portfolio that includes blue-chip names such as Novo Nordisk AS ADR (NYSE:NVO), ASML Holding NV (EURONEXT:ASML) and Lvmh Moet Hennessy Louis Vuitton SE (EURONEXT:MC).

The AGM includes 15 resolutions, covering the re-election of four directors and the trust’s triennial continuation vote.

BlackRock World Mining

As the largest trust in the Commodities & Natural Resources sector, BlackRock World Mining Trust offers diversified exposure to global mining and metals companies, as well as physical metals and unquoted investments.

Despite recent headwinds, managers Olivia Markham and Evy Hambro remain optimistic. The transition to net zero is expected to drive a surge in commodity demand, while constrained supply, including a lack of shovel-ready projects, should support long-term prices. Gold comprises around a quarter of the portfolio.

The AGM will feature 13 resolutions, including four director elections, the (annual) continuation vote and authorisation for share buybacks.

And that wraps up a busy month of AGMs, with plenty for investors to digest before we move on to the June calendar.

Jo Groves is an investment specialist for Kepler Trust Intelligence.