Your vote counts: the investment trust AGMs in May 2022

A number of popular trusts have AGMs coming up including F&C Investment Trust, Smithson and BlackRock World Mining.

Almost 50 investment companies will be holding their annual general meetings (AGMs) in May, reflecting the broad set of opportunities closed-ended funds offer to individual investors.

UK smaller companies, private equity, and digital infrastructure are just a few of the sectors that trusts holding AGMs next month invest in.

Those meetings also come at an interesting time for markets. The ongoing war in Ukraine, fears of high inflation, and extreme lockdowns across China are combining to make life very hard for lots of fund managers. Others have fared better by limiting their losses or even seeing gains, particularly if they invest in commodities.

This year also marks a return to in-person meetings for some investment trusts. Most were forced to hold virtual AGMs for the first time during the pandemic. Some returned to ‘normal’ in-person events in 2021, a trend that has continued this year. In fact, only a small number of trusts will be offering online access in May – including Witan (LSE:WTAN), Fidelity European Trust (LSE:FEV), JPMorgan American (LSE:JAM) and US Solar Fund (LSE:USF).

AGMs aren’t always the most exciting of affairs but several trusts holding them next month are likely to be of interest to investors.

One is BlackRock Latin American (LSE:BRLA). The trust has had a wild couple of years, having performed poorly during the pandemic, only to see an impressive bounce back in the first quarter of 2022. Indeed, it was the best-performing investment trust in the market during that period. BRLA will be voting on a tender offer to buy back 24.99% of its free float, after its discount control policy was triggered in 2021.

Another BlackRock managed trust, BlackRock World Mining Trust (LSE:BRWM), will also be holding its AGM in May. Like BlackRock Latin American, the trust has benefited from a surge in commodities prices, driven by a mix of supply chain problems, the war in Ukraine, and inflation. BlackRock World Mining Trust will be voting to approve a final dividend of 27.00p per share for 2021. If approved this will be the largest dividend payout the trust has ever made.

Also of note is AVI Japan Opportunity (LSE:AJOT). This is a unique trust in that it runs a highly concentrated portfolio and also invests heavily in companies that it then tries to increase the value of via shareholder activism. The trust will be voting on approving a discount control policy next month, something shareholders will be grateful it hasn’t had to use excessively since launching in 2018.

And finally, Schroder UK Public Private Trust (LSE:SUPP) is asking shareholders to approve a change to its investment policy to invest in global businesses. The trust, formerly known as Woodford Patient Capital, invests in early-stage UK businesses. 

• Ex-Woodford trust seeks to change investment policy 
• Shareholder voting & information. Have your say on the companies you invest in
• Your AGM guide: what you can do and how to do it

Source: AIC - Association of Investment Companies. 

David Kimberley is an investment writer for Kepler Trust Intelligence.