“Exciting” April sees tech trusts rally but, asks Andrew McHattie, has “fantastic” AI optimism gone too far?
- 05 May 2026
- QuotedData
- Gavin Lumsden
Technology and emerging markets trusts bounced back strongly in April after the previous month’s setback caused by the conflict in the Middle East, but private equity and infrastructure funds dominate our list of fallers.
Our two tables show the total returns, or losses, shareholders made from the 15 biggest risers and fallers in April. They also display the underlying movement in net asset value (NAV) during the month, if there was one, and to what extent that left the shares trading at a premium above the value of their investments, or at a discount below.
April’s top risers
| Investment company | Total shareholder return % | Net asset value (NAV) total return | Premium (- discount) % |
| Seraphim Space | 34.3 | 0.0 | 41.6 |
| Manchester & London | 26.3 | 23.2 | -24 |
| Polar Capital Technology | 25.6 | 25.1 | -8.6 |
| Molten Ventures | 22.3 | 0.0 | -26.3 |
| EPE Special Opportunities | 21.2 | 0.0 | -47.2 |
| Allianz Technology Trust | 20.9 | 20.1 | -8.4 |
| Golden Prospect Precious Metals | 20.4 | 1.6 | -9.5 |
| Pacific Horizon | 18.9 | 17.8 | -9 |
| Fidelity Emerging Markets | 18.8 | 17.9 | -8.2 |
| Scottish Mortgage | 18.4 | 4.7 | 2.4 |
| Aberdeen Asia Focus | 18.1 | 14.9 | 7.3 |
| JPMorgan Global Core Real Assets | 17.8 | 0.0 | -8.7 |
| Herald | 16.6 | 17.3 | -11 |
| Templeton Emerging Markets | 15.5 | 15.3 | -8 |
| Parvus Energy Efficiency Trust | 14.8 | 0.0 | -40.1 |
Source: QuotedData 3/4/26
Watch McHattie
For expert commentary, catch up with our “In The Hot Seat” show last Friday when Andrew McHattie gave his monthly analysis on the main movers in the previous four weeks.
While Seraphim Space (SSIT) rebounded 34% ahead of its announcement of a £350m C-share issue, McHattie focused his attention on the 20.9% to 26.3% advance in the three generalist technology trusts from Allianz (ATT), Polar Capital (PCT) and Manchester & London (MNL)
Noting how “special situation” MNL stood on a wider share price discount than the 8% of the other two, McHattie said all three had proven to be “great long-term buy and hold investments”, but added that investors needed to assess “whether the excitement about AI [artificial intelligence] might be overblown in the near term. I do think that’s a distinct possibility,” he said.
The publisher of the McHattie investment trust newsletter highlighted the strong 18%-19% returns of Pacific Horizon (PHI) and Aberdeen Asia Focus (AAS) which hold big positions in semi-conductor stocks and other companies in the AI supply chain.
He said this was a “handy reminder there are different ways to stay engaged with the AI rally if valuations start to shift”, saying, “you don’t necessarily have to buy those technology trusts investing directly in the US, you can play it through Asia as well”.
April’s biggest fallers
| Investment company | Total shareholder return % | Net asset value (NAV) total return | Premium (- discount) % |
| Home REIT | -74.0 | – | -55.5 |
| Aquila European Renewables | -25.6 | -1.2 | -59.8 |
| Riverstone Energy | -23.7 | 0.0 | -53.6 |
| Abrdn European Logistics Income | -15.9 | 0.0 | -20.7 |
| Digital 9 Infrastructure | -13.4 | 0.0 | -52.7 |
| Symphony International Holdings | -8.6 | -3.0 | -50.5 |
| Tetragon Financial Group $ | -7.5 | -2.9 | – |
| DP Aircraft I | -6.0 | -3.0 | -20.2 |
| Partners Group Private Equity | -5.5 | -1.2 | -33.5 |
| Ecofin US Renewables Infrastructure | -4.5 | -3.0 | -53.9 |
| HgCapital Trust | -4.4 | 0.0 | -33.8 |
| Riverstone Credit Opportunities Income | -4.1 | -3.0 | -16.9 |
| US Solar Fund | -3.6 | -3.0 | -53.7 |
| CT UK High Income Trust | -3.6 | -3.0 | -9.8 |
| JZ Capital Partners | -2.9 | 0.0 | -45.6 |
Source: QuotedData 30/4/26
Last month also saw the return of Home REIT (HOME), losing three quarters of its value after an “extraordinary period of more than three years of suspension”, which McHattie said was “extremely frustrating” for shareholders but at least now they could sell out of the scandal-hit fund.
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