Weekly Gainers
Hipgnoisis Songs continues to play a merry tune and Gresham House Energy Storage keep the party going. Both find themselves occupying the top spots on Winterflood’s list of monthly movers in the investment company space. Which other funds are performing well and what’s the update on Scottish Mortgage?

ByFrank Buhagiar•07 May

The Top Five
Hipgnosis Songs (SONG) still holding onto top spot on Winterflood’s list of monthly movers in the investment company space. The shares’ +54.3% gain on the month, a little below the previous week’s +67.1%_ but still comfortably ahead of the rest of the pack. Week ended Friday 26 April 2024, Concord Chorus’ announcement that it had upped its cash offer to US$1.25 a share stole the headlines. Just days later on 29 April and Blackstone Europe trumped Chorus with a US$1.3 (104p) bid of its own. What will Concord do next?
Gresham House Energy Storage (GRID) held onto second place as the shares extended their monthly gain to +34.7% compared to +22.5% previously. Shares still benefiting from a flurry of positive updates, including one on 24 April which highlighted a meaningful improvement in revenues. GRID clearly on a run in terms of press releases – the full-year results were subsequently put out on 29 April. Be interesting to see if the company has another update up its sleeve for the week ahead.
Seraphim Space (SSIT) jumps one place to third and at the same time increases its monthly gain to +24.2% from +16.3%. The space investor followed up its well-received sale of early-stage portfolio companies announcement on 22 April 2024 with its regular monthly newsletter. Enough in there to keep the momentum going it seems.
Regional REIT (RGL) still in the top five but drops from third to fourth and that’s despite increasing its gain on the month to +24.2% from +20.5%. Last week, Weekly Gainers highlighted how RGL was in need of a positive trading update of its own to stay in Winterflood’s top five. Lo and behold, the office landlord announced a positive letting update on 1 May.
Schiehallion (MNTN) completes the top five with a +19.1% monthly gain. The growth capital investor has been something of a regular on the Winterflood list this year. That’s largely down to its ongoing share buyback programme. Right on cue, the fund announced another share repurchase on 30 April.
Scottish Mortgage
Scottish Mortgage’s (SMT) share price made up lost ground over the course of the week ended Friday 03 May 2024 – shares finished the week up +0.5% on the month, having been down -5.7% previously. NAV followed suit – up +0.3% compared to -3.8%. As did the wider global investment trust sector which ended the week up +1.1%, seven days earlier it had been off -1.4%. The combination of the Nasdaq rising during the week and SMT’s ongoing share buyback programme, enough to push the shares into positive territory for the month.
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