Staying informed
How to find out about investment trust meetings
If you’re a shareholder in an investment trust, staying abreast of key meetings and votes is crucial.
In January, Saba Capital Management – an American activist hedge fund – tried to take control of seven investment trusts. Shareholders voted resoundingly to reject these proposals. In the case of Herald Investment Trust, 99.78% of non-Saba shareholders voted against their resolutions.
Shortly after, Saba announced it intends to requisition meetings on four further trusts in the coming weeks. Even though three out of those four requisitions have been withdrawn, and the fourth declared invalid, that just goes to show that there is a lot to keep up with!
Set up alerts so you never miss an announcement
The easiest way to keep tabs on your investments is by setting up automated email alerts via our email alert function. This way you can be notified of new company reports and announcements, including any shareholder meetings, with an email straight to your inbox.
This feature also lets you set up customised email alerts based on share prices and discounts.
Check company profile pages
Don’t like emails? Never fear. Investment trusts listed on the AIC website have a company profile page which features key details such as investment objective, performance graph, NAV, discounts and gearing. Crucially, this will also include any upcoming meetings and presentations where they have been announced.
For example, Phoenix Spree Deutschland has recently announced it intends to hold a general meeting on 12 March in which shareholders will have the opportunity to vote on the fund’s adoption of a new strategy to realise its assets. As a result, we have added an ‘Engage’ tab to the company’s profile page, where you’ll find information on the scheduled meeting, as well as any material resolutions.
Look out for the ‘Important document’ flag
You don’t have to click on the ‘Engage’ tab to see vital information. When a trust issues a circular (an official document explaining key proposals or votes about about its future) we highlight it on the trust’s main profile page, directing people towards the circular and meeting details. These documents often provide useful context, particularly if there’s a contentious issue on the table. Reading them ahead of a vote can help you make an informed decision.
Track upcoming AGMs and investor presentations
We also maintain an ‘upcoming meetings’ page, listing all scheduled AGMs, EGMs and shareholder presentations. This table includes dates, times and venues, making it easy to plan whether you want to attend or vote by proxy. If the trust enables investors to attend an event online, this will be flagged here too.
Whilst a lot of the business of meetings is part of the normal running of the trust, there may be times where a big decision needs to be made. Whether it’s a proposed acquisition or merger, a change in strategy or a boardroom shake-up, investment trust meetings can involve pivotal decisions. Staying informed means you can actively participate, protect your interests and ensure your voice is heard.
Staying informed means you can actively participate, protect your interests and ensure your voice is heard.
Let us know what you think
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