Over half of Smithson’s (SSON) shareholders have opted to take cash rather than roll their investment into Smithson Equity Fund. In November, the company announced plans to convert from an investment trust to an open-ended fund. The board hoped this bold move would eliminate a stubborn discount to net asset value (NAV). Activist Saba Capital and Fundsmith founder Terry Smith both backed the plan. Share price: £14.38Discount to NAV: 7.3%Market cap: £1.5bnTotal assets: £1.7bn Smithson stock was unchanged at £14.38 today. The shares were suspended on 11 February after 99% of shareholder votes approved the liquidation, but the open-ending process…

Shares in JD Sports Fashion (JD.) rallied 5.5% to 82.5p after the struggling sportswear retailer launched a fresh £200 million buyback for FY27. This latest buyback from the FTSE 100 retailer demonstrates the board’s confidence in the company’s cash flows and scope for ongoing market share gains. It also suggests management believes JD Sports is undervalued on a single-digit multiple of forward earnings. The stock is down 50% on a five-year view amid trading and tariff-related headwinds. Share price: 82.5p (+5.5%)PE: 7.1Market cap: £3.9bnYield: 1.4% The sports, fashion and outdoor brands seller said the first tranche of the new £200…

Consolidation continues apace in the investment trusts sector with BlackRock Throgmorton (THRG) to combine with BlackRock Smaller Companies (BRSC). Shareholders will be offered cash exits of up to 38% and 28% in both UK smaller companies trusts respectively. Saba Capital holds 17.8% and 10.4% of the voting rights in BlackRock Throgmorton and BlackRock Smaller Companies respectively. The US activist has committed to vote in favour of the deal. Significant overlap The latest trusts merger brings together two stablemates with portfolio overlap of about 75%. Bulked-up BlackRock Smaller Companies will boast net assets of roughly £780 million. For shareholders, this will deliver…

Shares in Walmart (WMT) cheapened 3% to $123.1 in pre-market Wall Street trading after the world’s biggest retailer forecast weaker-than-expected FY27 earnings. The groceries-to-general merchandise seller’s conservative guidance overshadowed a Q4 earnings beat. Share price: $123.1 (-3%)PE: 44.3Market cap: $1.01trnYield: 0.7% Alongside other consumer staples, the Bentonville-based behemoth has offered a safe haven for investors during recent bouts of market volatility. The shares have tested fresh highs this year, taking Walmart’s market cap above $1trillion for the first time. In its first results presented by new CEO John Furner, Walmart reported Q4 FY26 adjusted earnings per share of $0.74. That…

Wholesaler Kitwave (KITW:AIM) warned operating profit for the quarter to January 2026 was ‘materially behind’ expectations. This reflected margin pressure and amid weaker-than-expected hospitality sector demand. Share price: 292p (-1.5%)PE: 14.6xMarket cap: £245.5mYield: 3.9% The company cautioned investors this margin squeeze will likely persist throughout the remainder of 2026. Despite the disappointing news, Kitwave shares didn’t get crushed, shedding a mere 1.5% to 292p. This is because the company has already recommended a takeover by private equity firm OEP Capital Advisers at 295p which put a floor under the share price. Unhelpful mix While quarterly revenue was flat year-on-year, lower-than-expected…

Shares in Nestle (NESN) rose 3.5% to 81 Swiss francs after the company delivered forecast-beating organic growth for Q4. The KitKat maker also said it is in advanced talks to sell its remaining ice cream business. Share price: 81 CHFPE: 19.2xMarket cap: 202bn CHFYield: 4% Under new CEO Philipp Navratil, the Swiss food and drink conglomerate is streamlining its sprawling business. This follows years of underwhelming operational performance and stock price performance. The shares have lagged rivals Unilever (ULVR) and Danone (BN) over one and five years. Nestle plans to sell its remaining ice cream business to Haagen-Dazs owner Froneri, a…

Investment giant Berkshire Hathaway (BRK.B) trimmed its stake in Apple (AAPL) and offloaded more than three quarters of its Amazon (AMZN) position in Q4 2025. The quarter was legendary investor Warren Buffett’s last as CEO of the Omaha-based conglomerate which he built it into an insurance and investing powerhouse. The moves were revealed in the final Berkshire portfolio update overlapping with Buffett’s tenure as CEO. The ‘Sage of Omaha’ officially handed the CEO baton to Greg Abel after retiring at the end of last year. It is unclear whether these moves were carried out by Buffett or Berkshire investment managers…

Having long-lagged developed markets, emerging markets staged a stunning turnaround in 2025. The asset class has also delivered a robust performance year-to-date too. In this article, we ask whether the set-up for emerging markets remains compelling for the balance of 2026. We also highlight six actively-managed funds and investment trusts giving investors access to the asset class. Why invest in EMs now? Global investors remain structurally underweight emerging markets. Combined with improving fundamentals and a softer dollar, this suggests now is a good time to buy into the asset class. Emerging markets are key to the artificial intelligence (AI) buildout…

Shares in BAE Systems (BA.) soared 4% to £21.03 after the defence group delivered record sales and better-than-expected earnings for 2025. Share price: £21.03 (+4%)PE: 25.8xMarket cap: £60.4bnYield: 2% Europe’s biggest defence contractor is profiting from a ramp-up in global defence spending amid rising geopolitical tensions. Notably, Europe is rearming itself in response to Russia’s invasion of Ukraine. Forecast-beating earnings The aerospace, arms and IT security company posted forecast-beating underlying earnings before interest and tax (EBIT) of over £3.3 billion for 2025. That was up 12% on 2024. Sales surged 10% to a record £30.7 billion with BAE seeing growth…

Online fashion and beauty platform Debenhams (DEBS:AIM) confirmed speculation surrounding a planned £35 million equity fundraise at a discounted 20p per share. The news sent the stock down 10% to 20.3p in early deals. Having rebranded from Boohoo last year, Debenhams said the equity will be used to pay down debt. It will also provide increased financial flexibility to pursue a turnaround plan that is ‘going apace’. Share price: 20.3p (-10%)PE: n/aMarket cap: £312mYield: n/a The retailer is also in talks with its lenders to create additional liquidity to support its recovery strategy. Skin in the game Key insiders including…