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This website is not directed at, or intended for distribution to or use by, any U.S. citizen, person, or entity that resides in or is located in the United States of America or any other jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation which would subject Winterflood to any registration or licensing requirements with such jurisdiction. Services are not available to U.S. persons except where such services are permitted under SEC rule 15a6 or other relevant exemptions from SEC Broker/Dealer registration requirements.

Please note that Winterflood Securities Limited is not registered as a broker-dealer with the Securities and Exchange Commission and is not a member of Financial Industry Regulatory Authority Inc. (“FINRA”). All research reports provided on this website are being distributed directly by Winterflood Securities Limited to persons in the U.S. that qualify as “major U.S. institutional investors” in compliance with Rule 15a-6(a)(2) of the Securities Exchange Act of 1934. Accordingly, these research reports have not been prepared in compliance with FINRA requirements. Please refer to our Full Disclaimer here.

Research on this Website

Research on this website has been issued for the information of Professional Clients and Eligible Counterparties (as defined in the FCA handbook) of Winterflood Securities Ltd (“Winterflood”). The terminology used within the research reports is intended for professional investors. Research reports are not intended to provide the sole basis for any evaluation of an investment decision.

Each research report on this website must be read in conjunction with any disclaimer which forms part of it. Your attention is drawn to the date of issue of the information provided and of the opinions expressed therein. Any opinions are those of the Winterflood Investment Trust research team and are subject to change without notice and Winterflood is not under any obligation to update or keep current the information contained herein. The material on this website is based on information obtained from sources believed to be reliable but which have not been independently verified and are not guaranteed as being accurate.

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About us

Winterflood Investment Trusts is a full-service listed-fund team, covering the UK listed closed-ended funds sector and with the strength and depth to provide trading, sales, research and corporate advice. The team is well-resourced and has many years of experience of the sector.

    The Research Team

    The Winterflood Investment Trusts research team provides comprehensive coverage of the UK Investment Trust sector. 

    The Corporate Finance Team

    Winterflood’s corporate finance team looks after around 50 corporate clients. The firm has experience of sponsoring all manner of corporate events from fund raisings to returns of capital; from mergers to demergers; from changes of policy to changes of structure; and, importantly, to advising retention of the status quo.

    Given this strength and depth, the corporate team is able to directly, with the assistance of sales and research colleagues, offer strategic advice, market intelligence and technical advice on operational issues affecting funds, as well as transaction advice and sponsorship of transactions, as required. The corporate team has legal, accounting and actuarial experience. A list of our corporate clients is available below.

    Our corporate clients

    We work with clients across a range of asset classes and investment groups

    Long-only equity


    abrdn UK Smaller Companies Growth Trust

    Baillie Gifford UK Growth

    BlackRock Throgmorton Trust

    Crystal Amber Fund

    Fidelity Special Values

    Finsbury Growth & Income Trust

    Odyssean Investment Trust

    The Mercantile Investment Trust


    The North American Income Trust


    JPM Global Growth & Income

    North Atlantic Smaller Companies Investment Trust

    Oryx International Growth Fund

    The Scottish American Investment Company


    Fidelity European Trust

    Henderson European Trust

    JPMorgan European Growth & Income

    The European Smaller Companies Trust

    Emerging markets

    BlackRock Frontiers Investment Trust

    JPMorgan Global Emerging Markets Income Trust

    Templeton Emerging Markets Investment Trust

    Asia Pacific

    abrdn New India Investment Trust

    Asia Dragon Trust

    Baillie Gifford Shin Nippon

    JPMorgan China Growth & Income

    Schroder Asian Total Return Investment Company


    Allianz Technology Trust

    BlackRock Energy and Resources Income Trust

    BlackRock World Mining Trust

    Impax Environmental Markets

    The Biotech Growth Trust

    Worldwide Healthcare Trust

    Flexible Investment

    CT Global Managed Portfolio Trust

    Caledonia Investments

    Hansa Investment Company

    Schroder BSC Social Impact Trust

    Specialist and alternative


    Blackstone Loan Financing

    CVC Income & Growth

    Invesco Bond Income Plus

    M&G Credit Income Investment Trust

    SLF Realisation Fund

    VPC Specialty Lending Investments


    abrdn Property Income Trust

    Balanced Commercial Property Trust

    Impact Healthcare REIT



    BBGI Global Infrastructure

    Downing Renewables & Infrastructure Trust

    JLEN Environmental Assets Group

    Growth Capital / Private Equity

    Schiehallion Fund

    Schroders Capital Global Innovation Trust

    The Market Making Team

    Winterflood Securities is the only full-service team in the investment trust sector, making markets in the vast majority of investment trust securities. The team benefits from a strong capital base and its strong links with both institutional clients and major private client brokers. We make markets in around 450 securities of closed-end funds.

    At the heart of our strength in this area is Winterflood’s automated trading service (RSP), known in the market-place as ‘Winner’ and used by over 150 financial institutions. Winner is ideally suited to retail orders, including savings schemes, and provides immediate execution with the guarantee of dealing at touch price or better.

    The Sales Team

    Our experienced and proven sales team has strong relationships with pension funds, local authorities and major institutional investors, as well as with the major private client brokers. The team is well resourced which allows coverage of both conventional and specialist funds, including infrastructure, private equity and property funds.