Is there such a thing as a ‘good’ performance fee?
‘It should not be like winning the lottery – you want managers to outperform the following year, not think about early retirement’
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Investment Trusts
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Smithson delivers ‘very small degree of outperformance’
As it divests two holdings for straying into non-core business areas
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Lindsell Train opens up £27m North America equity fund to investors
Estee Lauder, American Express and Alphabet make up the biggest holdings
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Nick Train touts share buybacks as Finsbury Growth & Income slumps
‘Steady dependability is often undervalued’ by investors too busy trying to find the next Tesla
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F&C trust hikes dividend for 51st year in a row
But manager Paul Niven tempers expectations for 2022 amid falling prospects for global growth
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Jupiter emerging and frontier trust faces liquidation amid Ukraine market turmoil
£67m trust is at ‘risk of further shrinkage’ against ‘deteriorating international’ backdrop
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Janus Henderson head of investment trusts to retire
His successor joined from JP Morgan Asset Management in October 2021
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Smithson appoints new chair
Mark Pacitti to retire at the end of February
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Nick Train: I never knew I owned so many growth stocks
Finsbury Growth & Income swept up in the January tech sell-off with Fevertree and Remy Cointreau nursing double digit falls
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Did investment trusts deliver enough consolidation in 2021?
Over £700m in deals produced a record year, but some say more mergers need to take place
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£340m Honeycomb trust merges away after failing to shake off Woodford discount
Direct lending trust will merge with investment manager Pollen Street Capital
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Lindsell Train and Jupiter dropped from Bestinvest buy list
Global equity and income trust funds were among 17 casualties