by Nick Britton
What’s new? That’s the question we’re asking in this month’s Spotlight, as we focus on innovation.
Investment trusts were there first, launched 150 years ago in London when solicitor Philip Rose had the radical idea of offering diversified portfolios to the ‘investor of moderate means’. But the industry hasn’t stopped changing. The last 20 years in particular have seen particularly rapid development, with investment companies embracing an ever-wider range of alternative assets.
Our four autumn seminars – in Edinburgh, Guildford, Knutsford and Birmingham – take innovation as their theme. The investment company managers presenting at the seminars may be investing in something innovative, or using the investment company structure in a novel way – for example, to pay dividends from capital profits, or deliver a ‘zero discount’ policy.
We will also be welcoming managers of some of the oldest investment companies, who have overhauled portfolios and strategies in order to remain relevant.
As well as providing the opportunity to get to know some very interesting investment companies, these seminars will bring your knowledge of the sector bang up to date, and offer insight into how it is adapting to broader trends in the investment world, such as the rise of passive investing. You can see full details of venues and times here.
In Spotlight this month, we look at how investment companies are supporting innovation in healthcare. Scottish Mortgage manager James Anderson is one of a number of managers offering comment. ‘All too often,’ he says, ‘we see established healthcare companies failing to address unmet clinical needs and instead avoiding the greatest challenges. So we’ve searched for innovative and ambitious companies that rarely feature in more conventional and less long-term portfolios.’
Another feature of investment trusts throughout their 150-year history has been a willingness to look far beyond these shores in search of investment opportunities. We ask managers including Terry Smith which of today’s ‘emerging’ markets will become a must-own market of the future, and catch up with Alliance Trust’s new(ish) manager Willis Towers Watson about their global asset allocation strategy and why it’s a bit like playing fantasy football.
Last but not least, can you learn to love financial stocks again? Nick Brind of Polar Capital Global Financials Trust thinks it’s time to stop saying ‘no thanks’ to the banks.
Nick Britton, Head of Training, AIC
P.S. Because life is about more than just CPD, we’re having a big party for financial advisers and wealth managers in London on 27 September. It’s at Somerset House and should be a great opportunity for networking with the great and good of the industry, as well as AIC colleagues of course. If you’re a financial adviser or wealth manager and you’d like to come along, just drop Debbie a line. We’d love to see you.
13 September AIC Seminar (Edinburgh)
9:30 – 12:30. Speakers: Hamish Baillie (Ruffer Investment Company), Matt Brett (BG Japan Trust), Paul Niven (F&C Investment Trust), Nick Britton (AIC).
11 October AIC Seminar (Guildford)
9:30 – 12:30. Speakers: James Hart (Witan Investment Trust), Sebastian Lyon (Personal Assets Trust), Nick Britton (AIC).
7 November AIC Seminar (Cheshire)
11:30 – 2:30. Speakers: Alex Crooke (Bankers Investment Trust), Judith McKenzie (Downing Strategic Micro-Cap Trust), Ross Teverson (Jupiter Emerging & Frontier Income), Nick Britton (AIC).
8 November AIC Seminar (Birmingham)
9:30 – 12:30. Speakers: Sam Cosh (European Assets Trust), Ben Rogoff (Polar Capital Technology Trust), Steve Tatters (Aurora Investment Trust), Nick Britton (AIC).