Majedie Investments records strong year following shakeup

investmentweek.co.uk:

Since the beginning of 2023, the trust has transitioned to a new investment manager, Marylebone Partners, adopted a new benchmark over 4% above UK inflation and adopted a new dividend policy to pay 3% of its NAV out annually.

In the investment trust's annual results to 30 September, released today (18 December), it revealed a total shareholder return (including dividends) of 26.2% over the year.

Majedie Investments scraps CEO role

Since the beginning of 2023, the trust has transitioned to a new investment manager, Marylebone Partners, adopted a new benchmark over 4% above UK inflation and introduced a new dividend policy to pay 3% of its NAV out annually.

The trust also scrapped its CEO position last month, Investment Week revealed.

This has led to the trust's discount to NAV narrowing over the year, from 25.8% to 18.7%. Since then, its NAV has contracted further to just 8.4%, according to data from the Association of Investment Companies.

This is largely due to the continuing climb of its share price, which has risen 17.6% since 30 September.

The trust's new ‘liquid endowment' strategy sees 20% of its portfolio in special investments, such as thematic funds and special purpose vehicles, 60% in specialist funds from external managers and the remainder in direct investments in listed equities.

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Christopher Getley, chair of the trust, said the Majedie's new strategy had been «well received by existing shareholders and brought new holders onto the register».

Getley added this was an «excellent juncture at which to be deploying capital», as rising interest rates and higher volatility left the trust in a position to benefit from its «highly selective,