Investment Companies Daily HGT senior Hg partner discloses 3% shareholding, TRY final results, BHMG June to date NAV, DGI9 FRC investigating PwC 2023 DGI9 audit

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Investment Companies Daily HGT senior Hg partner discloses 3% shareholding, TRY final results, BHMG June to date NAV, DGI9 FRC investigating PwC 2023 DGI9 audit

in the year to March 2026. The manager says

that if excluding price movements in the month of March 2026, the prior 11 months would

have shown much stronger returns of 26.5% and outperformance of nearly 2% pts vs the

index showing a sudden and sharp negative impact that the war has had on listed property.

TRY is a combination of property securities and direct property but the listed securities

part of the portfolio is the vast majority of the exposure and so it is stock selection within

listed property securities that will be the main driver of relative performance. Within the

UK closed-ended fund market, TRY is unique and has its own AIC sector with no peers.

Looking more broadly, the most obvious point of comparison is other companies invested

in real estate, albeit directly, in the AIC Property-UK Commercial sector. TRY trades at

a narrower discount to NAV than many UK REITs. The NAV TR of TRY is better than

the average of the directly invested peers, but this is not an apples-to-apples comparison

as TRY’s NAV reflects discount movements for the listed REITs it invests in. The

comparison also makes TRY look more volatile, but only because directly invested

portfolios are quarterly data points while TRY has daily NAVs. We think TRY is an

attractive proposition for gaining exposure to property equity in general and also relative

to the AIC Property-UK Commercial sector peers. TRY is large in market cap terms,

better diversified within its portfolio, and the manager has a good long-term track record

of stock selection. One of the key reasons many investors allocate to property is as a