CT UK High Income (CHI), the £132m UK equity income trust run by David Moss at Columbia Threadneedle, delivered a total underlying investment return of 18.3% in the year to 31 March, behind the 21.5% of the FTSE All-Share index. Ordinary shareholders received 15.3% and B-share holders, who receive capital payments instead of dividends, got 12.4%. The company delivered on its high income objective with distribution yields of 5.5% and 5.8% on the ordinary and B shares. Outgoing chair Andrew Watkins said while the total increase in net asset value (NAV) was “a little behind the benchmark over the year under review, this is nonetheless a very good and acceptable performance during a volatile period for the UK equity market as it adjusted to a new Labour administration and its policies and, more recently, the market turbulence caused by the Iran war.” Moss said performance had been partly weighed down by falls in housebuilders Persimmon and Taylor Wimpey in March in response to the economic fallout from the Middle East conflict. His recent investments included London Stock Exchange Group (LSEG) which had fallen to an attractive valuation on fears of artificial intelligence competition that he believed were “overblown”. Moss is appearing on QuotedData’s “In The Hot Seat” show at 11am today for a panel discussion on “Investing In UK Equities”.
HarbourVest Global Private Equity (HVPE) has set 15 July as the date for its first continuation vote which will take place at the annual general meeting (AGM) in St Peter Port, Guernsey. Under pressure from activist investors, the £2.4bn investment company is making big efforts to address its wide share price discount. This has narrowed from 30% to around 24% since HVPE unveiled plans for a $400m (£296m) tender offer last month to pay out the proceeds of a $299m secondary fund sale announced last year. Confirmation of the AGM date came alongside annual results showing shareholders made a 13.6% return in the year to 31 January, ahead of the underlying return of 9.7% from its investments in private equity funds. During the year HVPE bought back $87m (£67m) of shares, adding 1.4% to net asset value (NAV) per share. Total realisations, or sales, of private equity positions jumped to $435m from $382m at an average uplift to book value of 22%, down from 37% in the previous year. Chair Ed Warner said: “The initiatives we have implemented during and since the year end represent the most comprehensive programme of capital returns in the listed private equity fund-of-funds sector. We expect to distribute at least $500m to shareholders during 2026, alongside a clear framework for ongoing returns of 5-10% of NAV annually. As we approach the continuation vote at the July AGM, the board is unanimous in its support for continuation and is confident that HVPE’s unique structure, scale, and long-term track record make it a compelling platform for accessing private markets.”
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