Your vote counts: investment trust AGMs in October 2025
Kepler Trust Intelligence highlights investment trust AGMs taking place this month.
2nd October 2025 08:50

Stock markets around the world enter October at or close to record highs yet many investment trusts remain on potentially attractive discounts, so no doubt there will be plenty of interest in the dozen AGMs throughout the month.
We have a wide range of trusts meeting this month, from UK equity income and UK smaller companies to more flexible mandates. We have highlighted some of the key votes going on during the month below.
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Baillie Gifford US Growth
We’ll travel up to Edinburgh to start our preview, with Baillie Gifford US Growth Ord (LSE:USA) hosting shareholders at the growth-focused boutique’s offices. Here, investors will be asked to re-elect the board’s independent directors, as well as renew the trust’s share buyback facility.
USA shareholders are now no strangers to voting their shares, having been asked to reject a motion set out by Saba Capital Management whereby the US hedge fund would seize control of the trust.
That proposal was overwhelmingly rejected and Tom Burnet, USA’s chair, said in the annual report that the board was “pleased to hear the overwhelming shareholder support for the company’s long-term objective of investing in the most exceptional growth companies America has to offer”.
Shareholders have been rewarded since, with shares in the trust rising around 22% in the six months to 29 September 2025, while the discount has narrowed from around -25% this time last year to around -10% today.
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Mid Wynd International
Staying in Edinburgh, Mid Wynd International Inv Tr Ord (LSE:MWY) welcomes shareholders to the city in the middle of the month. Again, share buybacks will be high on the agenda, as will the re-election of directors, alongside the election of Anulika Malomo, who became a director in October 2024.
Chair David Kidd noted that shareholders had suffered a disappointing period of underperformance since Lazard replaced Artemis as investment manager, largely due to managers Louis Florentin-Lee and Barnaby Wilson’s quality style of investing having fallen out of favour.
That said, quality companies have delivered stronger earnings growth than the broader market since 2022, despite their relative valuations declining to historically low levels during this time. This could boost returns if they revert to the mean.
For MWY shareholders, the trust upped its dividend for the 12th consecutive year in 2024, reiterating its place among the Association of Investment Companies’ (AIC) next generation of dividend heroes.
City Of London
The final investment trust AGM of October is the much-loved City of London Ord (LSE:CTY), which remains atop the AIC’s dividend hero list, having recently extended its dividend record to 59 consecutive years of increases.
The jamboree will be CTY’s 133rd AGM, hosted at Janus Henderson Investors’ London office. It will see shareholders vote to re-elect directors and renew the share buyback authority, but also, more pertinently to CTY, to allocate new shares to grow the trust.
Indeed, CTY is one of three UK equity income trusts, as of writing, that trade on a premium and CTY’s is the biggest by a fair margin, at around 1.8%, wider than its one-, three- and five-year averages. CTY also boasts a premium yield, at around 4.2%, to the FTSE 100, at around 3.2%.
Trust | Ticker | AIC sector | Date |
CT Global Managed Portfolio Growth Ord (LSE:CMPG) | CMPG | Flexible Investment | 1-Oct |
CT Global Managed Portfolio Income Ord (LSE:CMPI) | CMPI | Flexible Investment | 1-Oct |
Baillie Gifford US Growth Ord (LSE:USA) | USA | North America | 2-Oct |
Henderson Smaller Companies Ord (LSE:HSL) | HSL | UK Smaller Companies | 7-Oct |
European Opportunities Trust (LSE:EOT) | EOT | Europe | 8-Oct |
Diverse Income Trust Ord (LSE:DIVI) | DIVI | UK Equity Income | 8-Oct |
Investment Company Ord (LSE:INV) | INV | UK Smaller Companies | 14-Oct |
Mid Wynd International Inv Tr Ord (LSE:MWY) | MWY | Global | 16-Oct |
TwentyFour Income Ord (LSE:TFIF) | TFIF | Debt - Structured Finance | 17-Oct |
Invesco Global Equity Income Trust ord (LSE:IGET) | IGET | Global Equity Income | 21-Oct |
Aberforth Geared Value & Income Ord (LSE:AGVI) | AGVI | UK Smaller Companies | 28-Oct |
City of London Ord (LSE:CTY) | CTY | UK Equity Income | 30-Oct |
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.