Interactive Investor

Your vote counts: Scottish Mortgage among investment trust AGMs in June 2022

There’s a rapid return to physical meetings, with only a few trusts allowing shareholders to access their AGMs online.

It was a busy month for investment trust shareholders in May and that will continue into June, with almost 40 closed-ended funds holding their annual general meetings (AGMs) next month. These trusts reflect the broad set of opportunities closed-ended funds provide to investors, with renewables, private equity, UK smaller companies, and housing REITs just some of the sectors that these trusts invest in.

As with last month’s meetings, we are seeing a rapid return to physical meetings. In fact, only a few trusts will allow shareholders to access their AGMs online this year, including Invesco Perpetual UK Smaller Companies, RTW Venture and ICG Enterprise.

Beyond any voting issues, most investors are likely to be even more concerned than usual with the current state of the world. Rising inflation and instability from the war in Ukraine have compressed share prices dramatically so far this year and shareholders will want to be sure the trusts they invest in can withstand the problems ahead.

With that rather gloomy thought at the back of your mind, there are several trusts worth keeping an eye on that are hosting AGMs next month.

The first is Scottish Mortgage Investment Trust (SMT). Long seen as the standout performer in the closed-ended fund sector, SMT has had a very tough 2022. Its share price has almost halved since November as the tech stocks it invests in have seen their valuations plummet on the back of fears about inflation. Shareholders may take some solace in the fact that it is still trading above the level it was at prior to the pandemic and will hope that what they are seeing is just a temporary dip in the market.

Invesco Bond Income Plus (BIPS) will also be reporting next month. The trust invests in high-yield bonds and currently has a hefty 6.5% dividend yield. Shareholders won’t be voting on anything too dramatic, with the most significant resolutions relating to the issuing of new shares if the trust trades at a premium and buying back shares at a discount to NAV. Investors will also get to hear from trust manager Rhys Davies and get an idea of how well the trust is set up to perform in the current macroeconomic environment.

M&G Credit Income (MGCI) is another income-focused trust that will be holding its AGM in June. As the trust’s name suggests, it invests in public and private debt, with the goal of deriving income for shareholders. Interestingly, the trust invests primarily in floating-rate notes, meaning the coupons paid fluctuate depending on interest rates. This could provide some cushion against inflation, which is something many investors are on the hunt for at the moment.

Upcoming AGMs

CompanyAIC sectorFinancial year endNext AGMLocation
abrdn European Logistics IncomeProperty - EuropeDecember06/06/2022London
M&G Credit IncomeDebt - Loans & BondsDecember08/06/2022London
North American IncomeNorth AmericaJanuary08/06/2022Edinburgh
Third Point InvestorsHedge FundsDecember08/06/2022Guernsey
Aquila European Renewables IncomeRenewable Energy InfrastructureDecember09/06/2022London
BioPharma CreditDebt - Direct LendingDecember09/06/2022London
Invesco Perpetual UK Smaller CompaniesUK Smaller CompaniesJanuary09/06/2022London
Round Hill Music RoyaltyRoyaltiesDecember09/06/2022London
Fair Oaks Income 2021Debt - Structured FinanceDecember14/06/2022Guernsey
Foresight Solar FundRenewable Energy InfrastructureDecember15/06/2022Jersey
NB Global Monthly IncomeDebt - Loans & BondsDecember15/06/2022Guernsey
Phoenix Spree DeutschlandProperty - EuropeDecember15/06/2022Jersey
Standard Life Investments Property IncomeProperty - UK CommercialDecember15/06/2022London
VPC Specialty Lending InvestmentsDebt - Direct LendingDecember15/06/2022 
Baillie Gifford China GrowthChina / Greater ChinaJanuary16/06/2022London
Martin Currie Global PortfolioGlobalJanuary16/06/2022Edinburgh
Middlefield Canadian Income TrustNorth AmericaDecember16/06/2022London
UK Commercial Property REITProperty - UK CommercialDecember16/06/2022London
Octopus Renewables InfrastructureRenewable Energy InfrastructureDecember17/06/2022London
RTW VentureBiotechnology & HealthcareDecember21/06/2022Guernsey
EJF InvestmentsDebt - Structured FinanceDecember22/06/2022Jersey
Ecofin US Renewables InfrastructureRenewable Energy InfrastructureDecember22/06/2022London
HoneycombDebt - Direct LendingDecember22/06/2022London
ICG-Longbow Senior Secured UK Property Debt InvestProperty - DebtJanuary22/06/2022Guernsey
Menhaden Resource EfficiencyEnvironmentalDecember22/06/2022London
Cordiant Digital InfrastructureInfrastructureMarch23/06/2022London
Invesco Bond Income PlusDebt - Loans & BondsDecember24/06/2022London
Princess Private Equity HoldingPrivate EquityDecember24/06/2022Guernsey
British & AmericanUK Equity IncomeDecember28/06/2022London
ICG EnterprisePrivate EquityJanuary28/06/2022London
Pacific AssetsAsia PacificJanuary28/06/2022London
NB Distressed DebtDebt - Loans & BondsDecember29/06/2022Guernsey
NB Distressed Debt Extended Life sharesDebt - Loans & BondsDecember29/06/2022Guernsey
NB Distressed Debt New Global sharesDebt - Loans & BondsDecember29/06/2022Guernsey
Scottish MortgageGlobalMarch30/06/2022Edinburgh

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