<p>Here&#8217;s my portfolio review for the first half of 2025. I ended the period up 0.4%, the same as global markets, while the investment trust index did better, gaining 4.6%.</p>
<p><!--more--></p>
<h2>My performance</h2>
<p>This table summarises my returns against a range of comparators:</p>
<table id="iti">
<thead>
<tr>
<th>Portfolio/comparators</th>
<th style="text-align: right;">H1 2025</th>
<th style="text-align: right;">2024</th>
<th style="text-align: right;">2023</th>
<th style="text-align: right;">2022</th>
<th style="text-align: right;">Since<br />
Jan 2018</th>
</tr>
</thead>
<tbody>
<tr>
<td>My portfolio</td>
<td style="text-align: right;">+0.4%</td>
<td style="text-align: right;">+10.1%</td>
<td style="text-align: right;">+9.2%</td>
<td style="text-align: right;">-13.0%</td>
<td style="text-align: right;">+6.7% pa</td>
</tr>
<tr>
<td>Vanguard FTSE Global All Cap (fund)</td>
<td style="text-align: right;">+0.4%</td>
<td style="text-align: right;">+18.3%</td>
<td style="text-align: right;">+14.7%</td>
<td style="text-align: right;">-8.0%</td>
<td style="text-align: right;">+9.3% pa</td>
</tr>
<tr>
<td>Vanguard LifeStrategy 60 (fund)</td>
<td style="text-align: right;">+2.7%</td>
<td style="text-align: right;">+9.7%</td>
<td style="text-align: right;">+10.1%</td>
<td style="text-align: right;">-11.2%</td>
<td style="text-align: right;">+5.2% pa</td>
</tr>
<tr>
<td>Vanguard UK All-Share Index (fund)</td>
<td style="text-align: right;">+9.0%</td>
<td style="text-align: right;">+9.3%</td>
<td style="text-align: right;">+7.8%</td>
<td style="text-align: right;">+0.3%</td>
<td style="text-align: right;">+5.3% pa</td>
</tr>
<tr>
<td>FTSE A/S Closed-End Inv. (index)</td>
<td style="text-align: right;">+4.6%</td>
<td style="text-align: right;">+8.7%</td>
<td style="text-align: right;">+4.9%</td>
<td style="text-align: right;">-16.6%</td>
<td style="text-align: right;">+6.0% pa</td>
</tr>
</tbody>
</table>
<p><sup><em><strong>Notes: </strong>I use the Vanguard global tracker fund as my main comparator with the more conservative LifeStrategy 60 fund, a UK index tracking fund, and an index of UK investment trusts providing additional reference points. All returns are pre-tax and measured in sterling using a unitised method that adjusts for any money put in or withdrawn. All trading and admin costs are included in my returns, but there is no equivalent charge for the fund or index figures. </em></sup></p>
<p>My portfolio tracked global markets over the last six months, at one stage doing a little better and then slipping back. The S&;P is up 6% year-to-date, but for UK-based investors like me, the weakness of the dollar negated that and meant global indices ended the half year pretty much where they began, although they recovered all of the 15% fall they experienced by early April after the US introduced widespread tariffs.</p>
<p>It&#8217;s been a decent half-year for the trust sector, up around 4.5%, while UK markets have risen by 9%. Everyone seems very keen to write off the US stock market after a few months of relative underperformance, and there&#8217;s no doubt that at 23.5 times estimated 2025 earnings, it remains richly priced. Earnings growth over the next few years needs to do a lot of heavy lifting.</p>
<h2>Performance by holding</h2>
<p>Here&#8217;s how my positions performed on a share price and NAV basis:</p>
<table id="iti" class="tablesorter {sortlist: [[1,1]]}">
<thead>
<tr>
<th>Holding (ticker)</th>
<th>Share price<br />
return</th>
<th>NAV return</th>
<th>Premium/<br />
(discount)</th>
</tr>
</thead>
<tbody>
<tr>
<td><a href="https://www.itinvestor.co.uk/2021/04/jpmorgan-global-growth-income-concentrating-its-firepower/">JPMorgan Global Growth &; Income</a> (JGGI)</td>
<td style="text-align: right;">-3.9%</td>
<td style="text-align: right;">-1.6%</td>
<td style="text-align: right;">-0.8%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2019/06/vanguard-all-world-etf-vwrl/">Vanguard All-World ETF</a> (VWRL)</td>
<td style="text-align: right;">+0.1%</td>
<td style="text-align: right;">+0.1%</td>
<td style="text-align: right;">&#8211;</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2021/02/10-years-of-lindsell-train-global-equity/">Lindsell Train Global</a></td>
<td style="text-align: right;">-0.2%</td>
<td style="text-align: right;">-0.2%</td>
<td style="text-align: right;">&#8211;</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/10/10-years-of-fundsmith-equity/">Fundsmith Equity</a></td>
<td style="text-align: right;">-3.4%</td>
<td style="text-align: right;">-3.4%</td>
<td style="text-align: right;">&#8211;</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2021/03/how-big-can-smithson-get/">Smithson</a> (SSON)</td>
<td style="text-align: right;">+1.0%</td>
<td style="text-align: right;">+2.3%</td>
<td style="text-align: right;">-10.3%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/04/rit-capital-partners/">RIT Capital Partners</a> (RCP)</td>
<td style="text-align: right;">-1.0%</td>
<td style="text-align: right;">+0.9%</td>
<td style="text-align: right;">-25.7%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2021/05/gresham-house-energy-storage-batteries-included/">Gresham House Energy Storage</a> (GRID)</td>
<td style="text-align: right;">+71.0%</td>
<td style="text-align: right;">+1.3%</td>
<td style="text-align: right;">-29.1%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/03/bluefield-solar-income-making-hay-while-the-sun-shines/">Bluefield Solar Income</a> (BSIF)</td>
<td style="text-align: right;">+8.5%</td>
<td style="text-align: right;">+0.9%</td>
<td style="text-align: right;">-20.9%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/12/hicl-infrastructure-dividend-growth-on-hold/">HICL Infrastructure</a> (HICL)</td>
<td style="text-align: right;">+2.4%</td>
<td style="text-align: right;">+0.4%</td>
<td style="text-align: right;">-23.4%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/09/hgcapital-trust-a-tech-trust-in-disguise/">HgCapital Trust</a> (HGT)</td>
<td style="text-align: right;">-3.8%</td>
<td style="text-align: right;">-2.4%</td>
<td style="text-align: right;">-2.6%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2021/03/bb-healthcare-trust-curing-the-health-system/">Bellevue Healthcare</a> (BBH)</td>
<td style="text-align: right;">-14.5%</td>
<td style="text-align: right;">-18.2%</td>
<td style="text-align: right;">-0.7%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/09/worldwide-healthcare-trust/">Worldwide Healthcare</a> (WWH)</td>
<td style="text-align: right;">-4.2%</td>
<td style="text-align: right;">-12.3%</td>
<td style="text-align: right;">-6.4%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/11/international-biotechnology-trust/">International Biotechnology</a> (IBT)</td>
<td style="text-align: right;">-13.8%</td>
<td style="text-align: right;">-15.7%</td>
<td style="text-align: right;">-8.5%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2019/12/baronsmead-venture-trust-my-problem-child/">Baronsmead Venture Trust</a> (BVT)</td>
<td style="text-align: right;">-1.0%</td>
<td style="text-align: right;">-0.2%</td>
<td style="text-align: right;">-5.0%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/08/henderson-smaller-companies-waiting-for-the-bounce-back/">Henderson Smaller Companies</a> (HSL)</td>
<td style="text-align: right;">+7.9%</td>
<td style="text-align: right;">+2.4%</td>
<td style="text-align: right;">-8.8%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2020/11/blackrock-smaller-companies-losing-its-lustre/">BlackRock Smaller Companies</a> (BSRC)</td>
<td style="text-align: right;">-1.7%</td>
<td style="text-align: right;">-0.8%</td>
<td style="text-align: right;">-12.1%</td>
</tr>
<tr>
<td><a href="https://www.itinvestor.co.uk/2021/10/q3-2021-quality-fights-back/#KR1">KR1</a> (KR1)</td>
<td style="text-align: right;">-45.3%</td>
<td style="text-align: right;">-48.2%</td>
<td style="text-align: right;">-14.3%</td>
</tr>
</tbody>
</table>
<p><em><sup>Note: the links go to my trust profiles, all written some time ago, and which therefore don&#8217;t reflect recent events and results.</sup></em></p>
<p>The average discount across all my positions was 4.2% at the end of June, the same as the end of 2024, although there has been some significant narrowing of discounts in recent months at the three renewable/infrastructure trusts I hold. Healthcare and KR1 excepted, the rest of my holdings only saw their NAVs change by a few percentage points &#8212; it&#8217;s unusual to see such a low rate of dispersion.</p>
<p>There weren&#8217;t a lot of major changes operationally, but I&#8217;ll pull out a few points of note&#8230;</p>
<p>It was pleasing to see Gresham House Energy Storage mount a recovery, although with a discount of nearly 30% to NAV, I still think there is more to go for here. Industry revenues were around £76,000 per MW per year over the first half of 2025, compared to just £50,000 during 2024. The main points of the trust&#8217;s three-year plan revealed at the end of last year still seem to be in place. Of course, in true GRID fashion, the timetable has begun to slip already, with the refinancing that is designed to unlock the whole process taking longer than indicated.</p>
<p>Both Bluefield and HICL have also seen their discounts narrow a little this year, but are still looking for ways to close the gap more permanently.</p>
<p>On the downside, both JGGI and Fundsmith Equity have lagged by a few percentage points, nothing that I find particularly concerning, and healthcare has struggled once again. There seems to be an increasing disconnect between the long-term earnings growth that healthcare (still) seems to offer and investor appetite. Political events in the US haven&#8217;t helped, but their effect on healthcare seems overstated, so I am happy to keep an allocation to this sector. That said, now that Bellevue Healthcare has introduced a zero discount policy in place of its annual redemption mechanism, it&#8217;s in danger of shrinking into oblivion. This trust had 587m shares three years ago, 283m six months ago, but now has just 170m and a market cap of £200m. Sycona, a sizeable trust in the same sector, has also decided to return cash to its shareholders, albeit over an extended period.</p>
<p>JGGI has merged with yet another trust in the form of Henderson International Income, but it looks like its run of four consecutive years of beating its benchmark came to a halt with the year ended June 2025. It&#8217;s also slipped to a small discount. Its performance remains well ahead over 3, 5, and 10 years, however.</p>
<p>Neil Hermon plans to retire in September of this year after 22 years as lead manager at Henderson Smaller Companies. Deputy manager <span class="w">Indriatti van Hien is taking on the lead role, so I will be watching this trust a little more closely over the next couple of years to see how that change plays out.</span></p>
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<h3 style="text-align: center;">Join the Money Makers circle</h3>
<p>I've teamed up with Jonathan Davis, the editor of The Investment Trusts Handbook, at Money Makers where I am now writing regular articles on trusts and funds.</p>
<p>For more details of what you get by joining as a member <span style="color: #0000ff;"><a href="https://money-makers.co/membership-join/"><strong>please click here</strong></a>.</span></p>

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<p>KR1&#8217;s focus on nascent cryptocurrencies has seen it left in the shade by the rash of <a href="https://open.spotify.com/episode/2Mwo5IPu5Wj0GgG1IEO3pg">bitcoin treasury companies</a> that have emerged over the last few months, copying the playbook laid down by Microstrategy. I have been a little disappointed by the lack of new investments KR1 has made in the last year or so, and the relatively few of its earlier investments that have reached the stage of launching a token.</p>
<h2>Top-ups</h2>
<p>I haven&#8217;t sold out of any positions held at the start of the year. I have topped up Worldwide Healthcare, International Biotechnology, BlackRock Smaller Companies, Smithson, HICL, KR1, and Gresham House Energy Storage. Some of those purchases were reinvesting dividends, and some were moving legacy taxable positions into my ISA, as a result of which I slightly reduced my position in RIT Capital Partners.</p>
<h2>Read my fund profiles at Money Makers</h2>
<p>I am continuing to write fund profiles at Money Makers with recent articles covering HICL Infrastructure, Fidelity Emerging Markets, VietNam Holding, Pershing Square, Schiehallion, Tritax Big Box, JPMorgan US Smaller, European Opportunities, Law Debenture, HgCapital, RIT Capital Partners, River UK Micro Cap, Invesco Global Equity Income, Baillie Gifford US Growth, Bluefield Solar Income, Finsbury Growth &; Income, Augmentum Fintech, Worldwide Healthcare, Custodian Property Income, Personal Assets, Scottish Oriental Smaller Companies, TR Property, Syncona, Rockwood Strategic, and Schroder Oriental Income.</p>
<p>The profiles are published on Wednesday mornings, and there are now around 170 available to view in our back catalogue.</p>
<p><a href="https://money-makers.co/membership-join/"><span style="color: #0000ff;">Here is the sign-up page</span></a> if you&#8217;d like to learn more about what else you get with Money Makers.</p>
<p>Thank you for reading!</p>
 
 ;
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<h3>Disclaimer</h3>
<p>Please note that I may own some of the investments mentioned above -- you can see my current holdings on <a href="https://www.itinvestor.co.uk/portfolio/">my portfolio page</a>. </p>
<p>Nothing on this website should be regarded as a buy or sell recommendation as I'm just a random person writing a blog in his spare time and I am not authorised to give financial advice. Always do your own research and seek financial advice if necessary!</p>
</p>

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