Your vote counts: investment trust AGMs in November 2025

Things are hotting up again on the activist front, with Saba Capital continuing to position itself to capitalise on the wide discounts across the investment trust universe.

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The activist hedge fund recently unveiled plans for an exchange-traded fund (ETF) designed to target trusts trading on steep discounts, providing fresh ammunition for its ongoing campaign.

Having been narrowly defeated in its attempt to remove the board of Baillie Gifford US Growth Ord (LSE:USA) at a recent Emergency General Meeting (EGM), Saba has now turned its sights on Smithson Investment Trust Ord (LSE:SSON) (among others) in another push for change.

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On the AGM front, it’s a relatively small roster of nine meetings but what it lacks in quantity, it makes up for in quality with several heavyweights in the spotlight.

AGMs offer shareholders the opportunity to challenge managers on performance, hear their outlook and vote on decisions from director appointments to buybacks.

Here’s a snapshot of three investment trusts in the spotlight at this month’s AGMs:

Brown Advisory US Smaller Companies

Brown Advisory US Smaller Companies Ord (LSE:BASC) holds a relatively concentrated portfolio of around 80 US small and mid-cap companies with a high active share. Manager Christopher Berrier takes a bottom-up approach, aiming to deliver superior risk-adjusted returns through a portfolio of quality growth businesses.

With the Magnificent Seven continuing to dominate the headlines, US smaller caps have flown somewhat under the radar, although the Russell 2000 has risen more than 30% over the past six months (since the Liberation Day drop).

While tariff concerns linger, BASC’s largely domestically oriented holdings are well-placed to benefit if moderating inflation and lower interest rates continue to provide a tailwind.

Resolutions at the forthcoming AGM include votes on the re-election of four directors and the authorisation to buy back 10% of the trust’s shares.

JPMorgan Global Growth & Income

The heavyweight of the AIC Global Equity Income sector, JPMorgan Global Growth & Income Ord (LSE:JGGI) remains a firm favourite among UK retail investors. The trust has also been a successful consolidator, having absorbed four other trusts in recent years, as well as offering the lowest fees in the sector.

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The managers adopt a benchmark-agnostic, bottom-up global equity approach, targeting companies capable of delivering durable long-term growth. The Magnificent Seven currently accounts for almost 30% of its portfolio, with NVIDIA Corp (NASDAQ:NVDA), Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) as the top three holdings. The trust has outperformed its benchmark in every calendar year since 2019, although returns have faced some headwinds over the past year.

Turning to the AGM, the board is putting 16 resolutions to shareholders, including the appointment of two new directors, authorisation to buy back 15% of the trust’s shares and the continuation of quarterly dividend payments.

Murray Income Trust

Murray Income Trust Ord (LSE:MUT) aims to deliver long-term capital growth and a sustainable income stream by investing primarily in UK mid- and large-cap companies. A stalwart of the Association of Investment Companies (AIC) Dividend Hero list, MUT has increased its dividend for 52 consecutive years and currently offers a yield of over 4%.

The board announced a strategic review in July 2025, acknowledging that performance has been “below expectations” for some time. This underperformance has contributed to the trust’s persistent discount, although the discount has narrowed since the announcement. The review is expected to conclude by the end of 2025.

At the upcoming AGM, shareholders will vote on 13 ordinary and special resolutions, including the re-election of four directors and authority to repurchase up to 15% of the trust’s shares.

Jo Groves is an investment specialist for Kepler Trust Intelligence.