Your vote counts: the investment trust AGMs in September 2023

August tends to be a quieter month for annual general meetings (AGMs). But as the summer months (and holidays) come to a close and we head into September, these start to pick up again.

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As such, next month will see lots of investment trusts holding their AGMs. These are often ignored by private investors but offer the best opportunity you have to engage with the people managing your money and to make your voice heard.

With that in mind, here are three trusts holding their AGMs next month that are worth paying attention to.

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Rockwood Strategic

This has been a standout performer in the UK small-cap sector over the past 12 months. Delivering double-digit returns in a period where its benchmark fell in similar terms, the trust traded at a premium for much of 2022 and 2023 – a rarity in the trust sector where discounts have widened considerably since the fourth quarter of 2021.

The key vote for shareholders at Rockwood Strategic (LSE:RKW)’s AGM next month will be on a proposed stock split. RKW’s share price has risen considerably in the past 12 months and the board is proposing a 10 for 1 split, meaning shareholders will receive 10x as many shares and the price of each share will be 10% of what it was previously. This is to improve the liquidity and marketability of RKW shares.

Jupiter Green

One of the only specialist trusts that invests in environmental solutions. Jupiter Green (LSE:JGC)’s exposure to more growth-oriented companies has led to a widening of the trust’s discount, which has averaged close to -16% over the 12 months to 29 August 2023.

The key votes at the trust’s AGM next month will be on the continuation of the trust – a vote that is held every three years. Another key vote will be on the structure of the trust’s discount management mechanism.

Invesco Asia Trust

As the name suggests, Invesco Asia (LSE:IAT) invests in companies across Asia. Its more value-conscious approach stands out at the moment, with the managers underweight India at a time when most managers are overweight the country. IAT’s main votes will be on managing its discount, as well as the ability to issue new shares if the trust trades at a premium.

However, the AGM is also structured partly as a presentation with a Q&A, meaning investors that attend have more opportunity to understand what the managers are doing and question their decisions.