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14 Sep 2022

Monthly Investment Trusts Review: August 2022

Monthly Reports

Potential turnaround in fundraising fortunes

Sector outperformed in August:

The investment trust sector recorded a negative monthly return in August, with the FTSE All Share Closed End Investments Index falling 1.5%. However, this represented an outperformance of the UK market, with the FTSE All Share Index down 1.7% over the month. In the first eight months of 2022, the sector lagged the FTSE All Share Index, with a fall of 14.6% compared with a decline of 2.1% for the index.

Recent Issuance:

August was a very quiet month for fundraising, with only £180m raised across the sector. This was down 66% from July and was 25% lower than the equivalent month in 2021, which saw £241m raised. The largest fundraising last month came from BH Macro, which raised a total of £22m through the issue of Sterling and US Dollar shares. Pantheon Infrastructure raised £13m via the issue of shares relating to the exercise of subscription rights. We estimate that £144m was raised through smaller, secondary issuance in August, including by Capital Gearing Trust (£51m), Personal Assets Trust (£30m) and Ruffer Investment Company (£21m).