Your vote counts: the investment trust AGMs in November 2022

Kepler Trust Intelligence picks out the noteworthy investment trust AGMs for next month. 

As we head into a gloomy autumn for markets, November looks set to be another busy month for annual general meetings (AGMs) in the investment trust space. More than 20 investment companies will hold their AGMs next month, including REITs, global equity funds and country specialists.

In addition to the AGMs stated below, Fundsmith Emerging Equities Trust (LSE:FEET) is proposing to liquidate due to performance not meeting expectations. The vote, which takes place on 11 November, requires 75% shareholder approval from votes cast.

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Here are three trusts holding their AGMs next month that investors may want to keep their eyes on.

European Opportunities Trust (EOT)

As I write this, the spot price of LNG in Europe has fallen into negative territory. That’s likely to cause its own form of uncertainty in markets but it’s hardly what most were predicting several months ago. Negative sentiment hasn’t helped European Opportunities Trust (LSE:EOT) over the past year but a turn in that could switch things around again.

The trust is unique in the European space, both in terms of running a highly concentrated portfolio (the top 10 holdings currently make up close to 80% of the portfolio), and having exposure to the UK. The trust managers have also deployed gearing, showing the confidence they have in the quality companies in the portfolio.

JPMorgan Emerging Markets (JMG)

This trust’s growth style has served it well over the past decade, as it outperformed its benchmark and many peers.

But the stock market rotation since the beginning of 2022, which has benefited value shares at the expense of growth shares, has changed that. JPMorgan Emerging Markets (LSE:JMG), which long traded at a premium, is now trading at a discount to its net asset value (NAV).

The managers do their best to ignore macroeconomic noise and instead believe that high-quality businesses that can deliver superior earnings growth are likely to generate the best returns over the long term.

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CT Property (CTPT)

This trust invests in commercial property in the UK, with a heavy focus on industrial and retail warehouses. The trust’s portfolio has increased in value since the start of 2020 – impressive given the macroeconomic turmoil we’ve seen in that time.

It’s plausible that there is a lag in the market and we could see property valuations come down as well. However, CT Property Trust Ord (LSE:CTPT) is trading at a nearly 50% discount to NAV, which may act as a cushion to falls in the share price if valuations in the portfolio do indeed drop.