Author: James Crux
James Crux
James Crux writes extensively about funds and investment trusts and also specialises in retail, food and beverage sector stocks. He has spent 25 years working in the industry and was named Best Financial Consumer Journalist at the AIC Media Awards 2024 and 2025 for his work at Shares magazine (owned by AJ Bell). Before that, he was the editor of Growth Company Investor and a writer for investment and business titles What Investment and Business XL. James is a long-suffering West Ham supporter and a big fan of The Sopranos.
Small and mid caps-focused trust Smithson (SSON) continued to underperform its benchmark in 2025 after experiencing a ‘year of two halves’. While the strategy of buying high quality small and mid-caps struggled last year, manager Simon Barnard believes being ‘so different’ from the market ‘could prove to be useful diversification for shareholders when this particular environment changes’. Share price: £15.02NAV/share: £15.40Market cap: £1.6bnDiscount to NAV: 2.5% The closed-ended fund will shortly roll into an open-ended structure to permanently close an ‘entrenched’ discount. The audacious move will allow shareholders to participate in the same investment strategy with the same management team.…
In this article, we highlight some of the most bought and sold equity income funds of 2025. In the process we reveal which strategies and managers proved popular with investors and which may be falling out of favour. Hopefully, this exercise throws up some ideas for readers. Credit goes to Trustnet for running the market movements data for OEICs and unit trusts from FE Analytics. Artemis in demand Falling interest rates, driven by central bank cuts, reduce returns on cash savings. During such periods, equity income funds come into favour they bring exposure to portfolios of cash-generative, dividend-paying stocks. Among…
Shares in Pinewood Technologies (PINE) motored higher 23.5% to 475.8p on confirmation the automotive software provider is in talks with private equity group Apax Partners over a possible cash offer pitched at 500p. Share price: 475.8pPE: 40.8Market cap: £444mYield: n/a A £575.5 million takeover would see Pinewood disappear from the London stock exchange less than two years after it a spin-out from automotive retailer Pendragon. This separation followed the sale of Pendragon’s UK Motor and Leasing divisions to Lithia Motors (LAD:NYSE), a North American dealerships giant. Apax on the prowl In a response to press speculation, Pinewood’s board said it…
Shares in 3i (III) rallied 11.5% to £35.10 after the private equity giant said that sales at discount non-food retailer Action, by far its biggest investment, have recovered from an Autumn slowdown that had investors worried. Share price: £35.10PE: 5.2Market cap: £31.05bnYield: 2.7% Consumer caution in France impacted the Dutch discounter’s performance in 2025, dragging like-for-like growth down from 10.3% in 2024 to 4.9% in 2025. The encouraging news is 2026 has ‘stated well’ with same-store sales turning positive in France. Back in Action In today’s (29 Jan) third quarter update, 3i reported a robust start to the new year…
Investors toasted Fevertree Drinks (FEVR:AIM) after the carbonated mixers company boosted FY25 guidance, sending shares up 5% to 939p. There was also relief as Fevertree maintained its FY26 outlook and confirmed that a previously announced, additional £30 million share buyback will begin in February, building on last year’s £100 million return of capital. Share price: 939p (+5%)PE: 34xMarket cap: £1bnYield: 1.9% The guidance upgrade follows a strong performance from the brand in the second half of last year, with Fevertree generating further market share gains, notably in the US, its largest market. The posh tonic water-to-cocktail mixers supplier now expects…
Shares in coffeehouse colossus Starbucks (SBUX:NASDAQ) frothed up 5.5% to $101 despite Q1 earnings missing estimates. The firm extended its tasty year-to-date run even after turnaround-related costs and a margin hit. Instead, investors focused on the fact revenue beat forecasts and US sales rose for the first time in two years. This shows CEO Brian Niccol’s turnaround plan, including a return to the Seatle-based firm’s coffeehouse roots, is taking hold. Share price: $101 (+5.5%)PE: 40.6xMarket cap: $109bnYield: 2.6% Just the beginning Comparable sales growth at company-operated stores in the US returned to a transaction-driven increase for the first time in…
Shares in Pets at Home (PETS) rallied 5.3% to 211p after the UK pet care leader reiterated its FY26 outlook and avoided another damaging profit warning. To recap, former CEO Lyssa McGowan stepped down in September last year, carrying the can for a share price-crunching earnings alert from the Cheshire-headquartered company. Share price: 211p (+5.3%)PE: 14.1Market cap: £891mYield: 6.6% Investors were relieved as the pet accessories-to-veterinary services provider insisted third quarter trading ‘fell within the range of our expectations’. Pets at Home also flagged sequential growth improvement in the retail consumer business. For the third quarter to 1 January 2026,…
Shares in Debenhams (DEBS) gained 5% to 25p after the online fashion and beauty platform upgraded its FY26 profit guidance. The firm also said it would retain PLT (Pretty Little Thing) following an improvement in the brand’s performance. Share price: 25p (+5%)PE: n/aMarket cap: £330mYield: n/a Having rebranded from Boohoo last year, Debenhams is undergoing an eye-catching turnaround under CEO Dan Finley. This is helping fight off unwelcome attention from retail billionaire Mike Ashley, whose Frasers (FRAS) empire is a major shareholder. Ahead of expectations With trading ahead of expectations, suggesting a decent festive showing, Debenhams now expects adjusted EBITDA…
Shares in Dr Martens (DOCS) dropped 12.1% to a six-month low of 66.5p after the iconic British footwear brand reported subdued trading for the Christmas quarter against a ‘challenging’ consumer backdrop. Share price: 66.5p (-12.1%)PE: 18.8xMarket cap: £732mYield: 3.3% GROWTH FORECAST DISAPPOINTS The FTSE 250 footwear firm also provided a flat revenue forecast for FY26, warning that its ‘disciplined approach to promotions’ represents a headwind to its e-commerce revenues in particular. Nevertheless, Dr Martens said it remained ‘comfortable’ with the market’s FY26 pre-tax profit forecasts pointing to ‘significant’ year-on-year growth as the company improves earnings quality by stepping away from…
In this article we explain why the 3 investment trusts we discuss are trading at premiums. At a time when many trusts are being targeted by activists for trading at a discount, they represent true outliers. WHY TRUSTS TRADE AT A PREMIUM Investment trusts have various quirks and whether their shares trade at a discount or a premium to NAV (net asset value) is one. Here we explain how trusts can trade at a premium to NAV and highlight three trusts which tick the box. Simply put, if the share price is higher than the NAV per share, an investment…