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The awards recognise managers in this important part of the market, who have delivered consistently for investors across a variety of sectors.
Investment Week‘s host for the awards ceremony on 16 November was financial journalist and presenter Declan Curry, while our charity for the evening was Place2Be.
Methodology
The shortlists for the awards were constructed using scores provided by the AIC, using Morningstar data. Investment companies needed a three-year track record to 30 June 2023 to be shortlisted and a market cap of £50m or above.
Within each sector, companies had their cumulative fair NAV returns calculated over three discrete periods in sterling terms. Returns over the 12 months to 30 June 2023 were given a 40% weighting, the 12 months to 30 June 2022 were given a 30% weighting, while the 12 months to 30 June 2021 accounted for 20% of the overall score. The final 10% weight was given to the full cumulative NAV return over the three years to 30 June 2023.
These scores were added to give a single score out of 100, the highest of which were considered for the shortlists, with oversight from our judging panel.
Winners were then chosen by our judging panel after heated debate during our judging sessions, where qualitative factors were also considered.
The judging panel for the awards included some of the UK’s leading researchers and investors in investment companies.
Against a challenging backdrop, our judges this year were keen to highlight consistent performers who have managed to navigate turbulent market conditions. Discount management was a major focus this year, as well as effective communications with investors and use of the investment company structure.
Special Awards
Investment Week also presented individual awards on the night, including Rising Star of the Year, which was sponsored by the AIC.
This year’s winner was Georgiana Bennett from Barclays Wealth Management, who was recognised for helping managers communicate with clients and advisers in an easily accessible way. She has also pushed groups to up their game on ESG and reporting, as well as implemented a project to improve the transparency of VCT portfolio valuations.
Finally, the Jackie Beard Award for Outstanding Contribution to the Industry was awarded to Bruce Stout from abrdn.
The judges wanted to give this special award this year to an investment trust stalwart. Stout is set to retire at the end of June 2024 after over 35 years in investment management and 20 years as lead manager on the Murray International trust, where the judges said he has done a good job for investors. In particular, they highlighted his vocal support for the investment trust sector during his long career.
For more information on the awards, click here
Winners of the Investment Company of the Year Awards 2023
UK All Companies
Winner: Fidelity Special Values PLC
UK Income
Winner: Law Debenture Corporation p.l.c
UK Smaller Companies
Winner: Odyssean Investment Trust plc
Asia Pacific
Winner: The Pacific Assets Trust plc
Europe
Winner: JPMorgan European Growth & Income plc
Global
Winner: Alliance Trust
H/C: AVI Global Trust
Overseas Income
Winner: JPMorgan Global Growth & Income Investment Trust
Overseas Smaller Companies
Winner: Fidelity Asian Values PLC
Emerging Markets
Winner: BlackRock Frontiers Investment Trust plc
Single Country
Winner: Ashoka India Equity Investment Trust PLC
Flexible
Winner: Caledonia Investments plc
Private Equity & Growth Capital
Joint winner: CT Private Equity Trust PLC
Joint winner: Oakley Capital Investments
Debt
Winner: Fair Oaks Income
Property
Winner: AEW UK REIT plc
Biotechnology & Healthcare
Winner: Polar Capital Global Healthcare Trust plc (PCGH)
Commodities & Resources
Winner: BlackRock Energy and Resources Income Trust plc
Infrastructure
Winner: 3i Infrastructure plc
Renewable Energy Infrastructure
Winner: Greencoat UK Wind plc
Specialist
Winner: Allianz Technology Trust PLC
H/C: Impax Environmental Markets plc
VCT Generalist
Winner: British Smaller Companies VCT2 plc
H/C: Foresight VCT
VCT Specialist
Winner: Unicorn AIM VCT plc
Group of the Year
Winner: Schroders
Rising Star of the Year Award
Winner: Georgiana Bennett, Barclays Wealth Management
Jackie Beard Award for Outstanding Contribution to the Industry
Winner: Bruce Stout, abrdn
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