Trust Intelligence from Kepler Partner

CT Global Managed Portfolio (CMPG)14 October 2025

Disclaimer

This is a non-independent marketing communication commissioned by Columbia Threadneedle Investments. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

Portfolio Overview Analyst’s

Portfolio

CT Global Managed Portfolio Trust aims to provide exposure to best-in-class portfolio managers in the investment company universe. The trust comprises two share classes: CMPI, which seeks to deliver an attractive level of income with the potential for income and capital growth, and CMPG, which focuses on maximising capital growth. Once a year, shareholders are given the opportunity to convert shares between the growth and income portfolios at net asset value without incurring UK capital gains tax. This allows shareholders who aren’t investing via a tax-exempt account to adjust their investments in line with their evolving circumstances without incurring a tax bill.

Since 01/06/2025, the two portfolios have been managed by Adam Norris and Paul Green, who have a combined 35 years of investment experience, and succeeded long-standing manager Peter Hewitt (see Management section). A succession plan had been prepared in advance and Peter will support Adam and Paul until his retirement at the end of October. In addition, we note that the new managers have experience managing multi-manager strategies and also benefit from the support of the broader EMEA Multi-Asset Solutions team. The investment objectives of the two share classes remain unchanged, but Adam and Paul bring different views to the table which has already been felt in the portfolios. They aim to build two higher-conviction portfolios over time, holding a smaller number of investment companies in larger position sizes, with the top ten holdings expected to account for a greater proportion of the overall portfolios. They also intend to reduce overlapping exposure across different investment company holdings, with the underlying managers’ skill driving CMPG and CMPI’s NAV performance.

The new managers also want to increase the allocation to global equities while reducing the portfolios’ weighting in UK equities. This does not reflect a view on the valuation of UK equities, but rather a wish to achieve broader global diversification. To that end, they have sold CMPG’s holdings in Lowland Investment Company (LWI). In fact, the growth share class already holds Law Debenture (LWDB), which, like LWI, is managed by Laura Foll and James Henderson, meaning the portfolio is already exposed to their investment process. Moreover, CMPG still has exposure to UK small caps through Aberforth Smaller Companies (ASL), and Adam and Paul assessed that LWI’s small-cap-heavy strategy with an income mandate was not necessary in the portfolio of the growth share class. Adam and Paul have also sold CMPG’s holdings in Finsbury Growth & Income (FGT), as they believe a similar quality defensive exposure can be obtained through global mandates. In contrast, they have added to JPMorgan Global Growth & Income (JGGI) in both CMPG and CMPI portfolios. This trust pays a dividend of at least 4% of NAV as at the end of its previous financial year but differs from traditional equity income strategies, as it focuses on companies with faster earnings growth and superior earnings quality while trading at valuations in line with the broader market, making it suitable for both income and capital growth mandates.

GEOGRAPHICAL BREAKDOWN

Source: Columbia Threadneedle Investments

Like Peter before them, Adam and Paul leverage Columbia Threadneedle’s extensive in-house resources, notably insights from the multi-asset team, to identify areas with strong earnings growth and/or dividend potential over a three-year horizon, as well as tactical opportunities. In a recent meeting, they highlighted four key themes: US equities, emerging market equities, private equity exits, and total return opportunities in infrastructure.

US equities have been volatile since the beginning of the year, notably due to rising trade tensions between the US and the rest of the world. They experienced a sell-off in April following ‘Liberation Day’ (02/04/2025) but have rebounded strongly since, after tariffs were paused and reduced and US corporates reported robust second-quarter earnings. In fact, Adam and Paul expect strong earnings growth to continue, with technology stocks as the main driver. Accordingly, they have been adding to Polar Capital Technology (PCT) in CMPG’s portfolio, which is also invested in Allianz Technology Trust (ATT).

Adam and Paul also see strong prospects for emerging market equities, as they could benefit from a weaker US dollar and robust earnings growth while offering reasonable valuations. They consider Chinese technology a particularly compelling area, with companies trading on attractive multiples, providing growth potential, and undertaking share repurchases. As a result, they have introduced Fidelity Emerging Markets (FEML) and added to Mobius Investment Trust (MMIT) in CMPG’s portfolio, as well as JPMorgan Global Emerging Markets Income (JEMI) in CMPI’s.

Private equity is another area where the new managers see opportunities, as they believe that the dearth of IPOs and weak M&A activity over the past three years has resulted in greater unrealised value across portfolios of private equity trusts. However, Adam and Paul are selective, focusing on those with sensible valuations and clear routes to realisations. For example, they have introduced NB Private Equity Partners (NBPE) into CMPG’s portfolio, noting that NBPE’s holdings are largely mature deals that could benefit from a reopening of IPOs and increased M&A activity. Adam and Paul have also added to Oakley Capital Investments (OCI), which has become CMPG’s largest holding, as the table below shows. They view OCI’s portfolio as high quality and reasonably valued, with realisations already occurring, notably the sale of the legal technology platform vLex in July, at more than a 300% uplift on its December 2024 valuation. Moreover, OCI is trading on a wide discount, c. 25% at the time of writing, which also prompted Adam and Paul to increase their holding.

CMPG/CMPI: TOP TEN HOLDINGS

CMPG			CMPI
Name	AIC sector	Weight (%)	Name	AIC sector	Weight (%)
Oakley Capital Investments	Private equity	5.8	Law Debenture	UK Equity Income	5.2
Fidelity Special Values	UK All Companies	5.3	JPMorgan Global Growth & Income	Global equity income	5
Polar Capital Technology	Technology & Technology Innovation	5.1	NB Private Equity Partners	Private equity	3.9
HgCapital Trust	Private equity	5	Murray International	Global equity income	3.8
Law Debenture	UK Equity Income	4	Temple Bar	UK Equity Income	3.6
Allianz Technology Trust	Technology & Technology Innovation	3.6	JPMorgan European Growth & Income	Europe	3.3
Pershing Square Holdings	North America	3.6	JPMorgan Global Emerging Markets Income	Global emerging markets	3.2
JPMorgan Global Growth & Income	Global equity income	3.5	3i Infrastructure	Infrastructure	3.2
Scottish Mortgage	Global	3.5	Lowland Investment Company	UK equity income	3
AVI Global Trust	Global	3.1	Cordiant Digital Infrastructure	Infrastructure	3
Total		42.5	Total		37.2

Source: Columbia Threadneedle Investments, as at 31/08/2025

The new managers also see strong total return opportunities in the infrastructure space and have introduced Pantheon Infrastructure (PINT) into both CMPG and CMPI portfolios. PINT provides exposure to infrastructure assets across North America, Europe, and the UK through co-investments. With its focus on areas such as data centres and other digital infrastructure, Adam and Paul see significant growth potential in PINT’s portfolio and believe that future realisations could be supported by private equity capital. Adam and Paul have also introduced Cordiant Digital Infrastructure (CORD) into CMPI’s portfolio. As of 16/09/2025, CORD holds six companies that own infrastructure assets embedded in the digital economy, including communication towers, fibre-optic networks, and data centres, primarily in Europe. The investment company follows a ‘buy, build and grow’ approach, aiming to acquire companies, develop them to increase revenues, and expand their asset base. Adam and Paul note that CORD is highly cash-generative, which has enabled the company to increase its dividend each year since its launch in 2021 (offering a yield of c. 4.5% at the time of writing), while also reinvesting to grow its capital base, providing attractive NAV growth prospects. Given its strong total return potential, Adam and Paul do not rule out introducing CORD into CMPG’s portfolio in the future.

Finally, the new managers have increased CMPI’s holding in BioPharma Credit (BPCR), which specialises in providing loans to companies in the life sciences industry. These companies have struggled to raise capital through equity, as investor appetite for higher-risk, speculative ventures has waned amid a higher interest rate environment. They have also faced regulatory and political risks, including the Trump administration’s plans to introduce drug price controls and the vaccine scepticism of Robert Kennedy Jr., the new Secretary of Health and Human Services. As a result, companies in the life sciences sector have become more reliant on debt. Adam and Paul also note that BPCR charges high interest on its loans, incentivising companies to repay early and incur substantial prepayment fees, which have historically been used to pay special dividends. At the time of writing, BPCR offered a prospective yield of c. 7%.

CMPI Current top ten holdings

Remember a fcast is just a fcast and more likely to be wrong than right but

There is a lot of news in the Investable sector, as soon as the prices start to rise, more negative news is released.

Some of the news that will affect the current yields is years away and there is still to be seen news released by the companies on how the current oil price will boost their income. With the fcast higher electricity prices someone, somewhere must be benefitting.

Because of the high yields the SNOWBALL is overweight in renewables, starting with the current cash of £944 and future dividends will be re-invested in a different sector of the Investment Trust World.

Property would be of interest but that again depends on the oil price and the future direction of interest rates.

CMPI would be of interest if the price fell and therefore the yield rose above the current 6%, one of the safer dividends in the Investment Trust Universe.

The next fcast dividend for NESF

NextEnergy Solar Fund – Update from QuotedData
12 March 2026

New focus on total returns

Following its strategic review, NextEnergy Solar Fund ‘s (NESF’s) board plans to
refocus on delivering both income and capital growth, aiming for long-term total
returns of 9%-11%. This year’s dividend target of 8.43p will be met, but future
dividends will be set at 75% of operating free cashflows after debt and expenses.

For the year ending 31 March 2027 (FY27), the estimated dividend range is 4.0p-4.6p.
Lowering the dividend should release around £40m over five years, which will be used to strengthen the balance sheet, with a loan-to-value (LTV) target of 40%-45%, and fund new investments to grow NAV. Plans include upgrading existing solar assets and adding energy storage, with a goal for storage to make up 30% of the portfolio.

The next dividend is fcast at 2.11p.

The fcast future yield would still be above 8.5%.

It’s an intriguing situation as will the current oil price, mean more profits in the short term and will the negative news deter new developments making the current assets worth more. There is only one way to find out.

Henderson Far East Income says oil shock won’t challenge Asia’s structural growth story

• 15 April 2026
• QuotedData
• Henderson Far East Income : HFEL
• Gavin Lumsden

Henderson Far East Income (HFEL), the highest-yielding trust in the Asia Pacific Equity Income sector, has reported a strong first half to its financial year with a 23.3% underlying return in the six months to 28 February driven by technology, materials and energy stocks. However, it lagged the 26.2% gain in the MSCI AC Asia Pacific ex Japan while shareholders saw a 22.9% total return.

Sat Duhra, manager of the 9.6%-yielder, was confident the region would not suffer long-term damage from the economic shock of the conflict in the Middle East, saying its markets had demonstrated resilience in the past and possessed broad growth trends in technology, financials, infrastructure, consumer spending and corporate reform.

“Asia has a unique position as a hub for technology supply chains; banks are bringing millions of consumers into the banking system accelerated by a digital rollout and infrastructure is benefitting from significant power demand boosted by AI,” he said.

“These trends, in combination with faster than expected dividend growth offer a compelling and unique exposure for investors,” he added.

Our view

Matthew Read, senior analyst at QuotedData, said: “Henderson Far East Income has delivered decent absolute returns and, while it lagged its benchmark over the period, this is largely a function of its style rather than stock-picking missteps. The MSCI AC Asia Pacific ex Japan index was driven heavily by a narrow group of large technology names – notably TSMC, Samsung Electronics and SK Hynix – that moved higher driven by enthusiasm around AI and semiconductor demand. With a portfolio focused more around income generation and value, HFEL was unlikely to fully keep pace with this rally.”

Greencoat UK Wind says government scrapping carbon tax on electricity generators will knock up to 3.8% off asset value

• 17 April 2026
• QuotedData

The government has announced plans to remove the carbon price support (CPS) tax on fossil fuels used in electricity generation, putting more pressure on the valuations of renewable funds.

Greencoat UK Wind (UKW), one of the loudest critics of the government’s change to the inflation link in renewable subsidies late last year, says its initial assessment is that the move could reduce the company’s net asset value (NAV) after debts by 3-5p per share.

The 10%-yielding alternative income fund ended last year with NAV per share of 133.5p, down from 151.2p at 31 December 2024. A 5p reduction would lower that NAV by 3.8%. Its shares slipped 1.9p to 101.6p in response.

UKW explained that CPS tops up the UK emissions trading scheme (ETS) price by £18 per tonne of carbon dioxide. It feeds into electricity prices where a carbon emitting generator, such as a gas plant, is the marginal price setter, it said.

Forecasts by the fund manager Schroders Greencoat had already assumed that CPS rates would fall significantly as renewable energy expands in the UK.

Announcing the move, Treasury secretary Dan Tomlinson said CPS, introduced by the Conservative-Lib Dem coalition government in 2013 had “done its job and is no longer fit for purpose”.

“With our Clean Power 2030 mission, we are already reducing our electricity system’s reliance on volatile fossil fuels and we no longer need this additional tax to provide incentives in the system to decarbonise our grid,” he said.

A future Finance Bill would legislate for the removal of CPS, Tomlinson said.

Our view

Matthew Read, senior analyst at QuotedData, said: “Power price forecasting is a complicated business, with multiple moving parts feeding through to long-term assumptions. Carbon price support is clearly a factor, but its removal was anticipated over the longer term anyway and, while it will have an impact, the effect of this on power price forecasts will not be unique to Greencoat UK Wind and will be an issue for the wider renewable generation sector.

“However, perhaps the greater concern is that this phasing out of CPS seems to have been brought forward due to political pressure. Reform have made no secret of their desire to scrap the CPS and it’s an easy win for the government at a time when power prices have spiked again due to the conflict in the Middle East. The government is clearly alive to this and it appears that further change is coming. Yesterday, while speaking at meetings at the IMF and World Bank, chancellor Rachel Reeves said that that she wants to cut the link between electricity and gas prices in the UK and that her and Ed Miliband, the energy secretary, will set out more details in the coming days on their plans to ensure the wholesale price of electricity is set more often by renewables.

“Coming back to the CPS, on UKW’s numbers, an impact of between 3p and 5p translates into a fall on the current NAV of between 2.3% and 3.8%, which is significant. However, it is worth remembering that there is potential upside to power price forecasts as well. For example, the impacts of unexpected shocks – such as the outbreak of war in the Middle East – are not factored into long term assumptions. Furthermore, these also assume that new generation capacity – for example, new nuclear and renewable generation – is completed on time and on budget. In the case of nuclear, the UK’s record of delivering these to plan is patchy and, in the case of new renewable capacity, lower electricity prices will reduce the incentive to build new capacity at the margin as well.”

NextEnergy Solar Fund Limited

Carbon Price Support Removal

NextEnergy Solar Fund, a leading specialist investor in solar energy and energy storage, notes yesterday’s statement from the UK Government that it will legislate to remove Carbon Price Support (“CPS”) with effect from April 2028.

What is CPS?

CPS is a tax on fossil fuels used in electricity generation, introduced in 2013. It acts as a top-up to the UK Emissions Trading Scheme (“ETS”) ensuring that power generators pay a minimum carbon price per tonne of CO₂ emitted.

What is ETS?

The UK ETS is a market-based policy tool designed to reduce greenhouse gas emissions. It works by setting a cap on the total level of emissions allowed and distributing permits or allowances for emissions up to that cap. Companies can buy and sell these allowances, providing an economic incentive to reduce emissions. Similar schemes exist in other markets, and they play a central role in the decarbonisation of the UK market.

Why is the UK Government removing CPS?

The UK Government has stated that it considers the CPS to have met its original objectives and no longer to be required. Coal generation has largely exited the UK power mix, and the UK ETS is now established, with a tighter cap intended to strengthen decarbonisation incentives for electricity generators. In this context, the Government has set out an intention to simplify the existing tax and carbon pricing framework. The removal of CPS has also been presented as a measure that would partially offset the costs to billpayers associated with the British Industrial Competitiveness Scheme, which is designed to reduce electricity costs for manufacturing sectors.

When will this happen?

The Government has indicated it will legislate for the removal of CPS in a future Finance Bill, ahead of April 2028.

How does CPS affect power prices?

The Company uses multiple third-party providers for its UK power price forecasts, which form a key input into the NAV model. The Company’s valuation assumptions already reflected an expectation that CPS rates would be phased out in the 2030s. In addition, CPS was expected to have a diminishing influence on electricity prices in the longer term as UK renewable generation capacity increases and fossil fuel generators set the marginal price less frequently. The announcement made yesterday accelerates this anticipated trajectory.

Potential impact on NESF

Initial analysis indicates that the removal of CPS in 2028 would have an impact on the electricity price assumptions used in the NAV model, with wholesale power prices estimated to be approximately £4-5/MWh lower from April 2028 to the early 2030s, and around £2-3/MWh lower thereafter.  The impact on solar capture prices will be lower, reflecting the fact that gas does not set prices in all hours when renewables are generating.

The preliminary assessment is that the removal of CPS will potentially reduce the Company’s NAV by 0.8p-1.9p per Ordinary Share.

When will NESF provide more information on this?

The Company’s Investment Adviser is engaging with its power price forecasters to assess their revised assumptions. Further detail will be provided in the Company’s forthcoming Q4 NAV & Operating Update RNS, scheduled for release in mid‑May 2026.

The Renewables Infrastructure Group Limited

The Renewables Infrastructure Group (“TRIG” or “the Company”) is a London-listed renewable energy investment company. TRIG creates shareholder value through a resilient dividend and long-term capital growth, actively managed across both investment and operational disciplines by specialist managers.

Removal of Carbon Price Support

Initial assessment of impact on NAV

The UK Government stated yesterday that it intends to remove the Carbon Price Support (“CPS”) from April 2028. This decision is expected to reduce wholesale electricity prices in Great Britain. The Investment Manager’s initial estimate of the impact on TRIG’s NAV is a reduction of approximately 0.5 pence per share.

The impact for TRIG is expected to be limited as a result of the diversification of TRIG’s portfolio across power markets and revenue sources, the Company’s high percentage of fixed price revenues, and the Investment Manager’s approach of taking an average of three power price forecasters in the portfolio valuation (each of which have assumed a reduction or complete phase out of the CPS). As a result, the majority of the impact of the removal of CPS is already incorporated into TRIG’s NAV as at 31 December 2025. 41% of TRIG’s portfolio is not in the UK. Only 14% of renewable generation revenues over the next 10 years are exposed to GB power prices.

The Investment Manager currently expects the impact on the Company’s NAV to be modest. The estimate remains subject to refinement as updated forecasts are received from the independent power price forecasters.

Greencoat UK Wind

Warns of NAV Impact as Carbon Price Support Set for Removal

Fiona Craig

Greencoat UK Wind (LSE:UKW) has outlined the potential impact of the UK Government’s plan to abolish Carbon Price Support (CPS) from April 2028, a mechanism that currently helps sustain electricity prices when fossil fuel generation sets the market rate.

While the company’s investment manager had already factored in a gradual decline in CPS influence as renewable capacity increases, the confirmed policy change brings forward this transition in the pricing environment.

Preliminary estimates indicate that the removal of CPS could reduce assumed power prices in Greencoat’s valuation models by around £4–5/MWh between 2028 and the early 2030s, and by £2–3/MWh thereafter. This adjustment is expected to lower net asset value by approximately 3–5 pence per share. The company said further detail will be provided in its upcoming first-quarter factsheet.

The outlook remains pressured by recent earnings volatility, including reported losses and zero free cash flow in 2025. Market indicators also suggest a weak trend, with the share price trading below longer-term averages and momentum signals negative. However, these factors are partly offset by a high dividend yield, moderate leverage, and continued positive operating cash flow.

Properties were the place to be, as the assumption is that interest rates may not have to rise if the oil price continues to fall.

GREENCOAT UK WIND PLC

Removal of Carbon Price Support

Yesterday the Government stated that it will legislate to remove Carbon Price Support (“CPS”) with effect from April 2028.

CPS is a tax on fossil fuels used in electricity generation and was designed to ensure a minimum carbon price for electricity generation. It sits alongside the UK Emissions Trading Scheme (“UK ETS”) and serves to top up the UK ETS price by £18/tonne of CO₂.  CPS feeds into electricity prices where a carbon emitting generator, such as a gas plant, is the marginal price setter.

The forecasts in the Investment Manager’s valuation assumptions had anticipated that CPS rates would reduce significantly. Further, CPS was expected to become less meaningful to electricity prices in the longer run as UK renewable generating capacity expands and carbon emitting generators set the marginal price less frequently.  Yesterday’s announcement brings this forward.

Initial analysis by the Investment Manager indicates that electricity prices used in the Company’s NAV could fall by approximately £4 – 5/MWh from April 2028 to the early 2030s, and by £2 – 3/MWh thereafter. The Investment Manager’s preliminary assessment is that this could reduce the Company’s NAV by 3 – 5 pence per share.

(Alliance News) – UK Chancellor Rachel Reeves has said she and Energy Secretary Ed Miliband are looking at ways to break the link between the cost of electricity and gas prices.

Gas almost always sets the price of electricity under the marginal cost pricing model the UK uses.

Speaking in Washington, the chancellor said: “So, this is something that I’ve been attracted to for quite some time, delinking electricity and gas prices.

“At the moment, when gas prices are high, we end up paying more for our electricity, even though the cost of producing it doesn’t change.

“And so myself and Ed Miliband are now working to come up with a practical way that we can delink those prices.

“It is quite a big change but is absolutely the right thing to do, especially as electricity makes up an increasing part of our energy mix, and we hope, within the next sort of few days, weeks, to be able to give more details on what that looks like.”

Miliband has long touted Labour’s energy policies and shift to renewables as a bid to get the UK off the “fossil fuel rollercoaster”.

Renewables have cut the amount of time gas sets the wholesale price of electricity in Britain by about a third since the early 2020s, according to the Department for Energy Security and Net Zero.

The head of Energy UK said earlier this week that decoupling electricity prices from gas was something that would come gradually with the transition to clean power.

“Over time, that will decrease as we get more renewables on to the system,” Dhara Vyas, chief executive of the industry body, said.

Reeves also spoke on Thursday about the North Sea oil and gas tiebacks – satellite wells to exploit existing fields – that the government is encouraging investment in.

The chancellor said: “I announced in the budget last year that we were going to allow tiebacks.

“We’re now working through pretty intensely the technical details with the energy companies.

“What tiebacks are is where you use existing infrastructure to exploit a larger geography of oil and gas.

“It is the quickest way to bring on stream more oil and gas, and it’s important that we get the detail right, so that companies have the confidence to exploit those resources.”

Greenpeace has proposed decoupling by moving gas plants into a so-called regulated asset base to make gas a strategic reserve and reduce its impact on market prices.

Its UK head of politics Ami McCarthy said: “It’s absurd to let volatile gas dictate the cost of electricity in this country, and the price shock caused by Trump’s reckless war on Iran is just the latest reminder of that.

“As our proposal shows, we could be saving billions every year by taking control of our electricity prices away from the gas industry, and letting bill payers benefit from cheaper, homegrown renewables.

“It’s basic common sense, and it’s encouraging that the Government is considering it.”

By Helen Corbett and Nicholas Lester, Press Association Political Correspondent

source: PA