Blog

ShareSoc Blog

This blog gives you the latest topical news plus some informal comments on them from ShareSoc’s directors and other contributors. These are the personal comments of the authors and not necessarily the considered views of ShareSoc. The writers may hold shares in the companies mentioned. You can add your own comments on the blog posts, but note that ShareSoc reserves the right to remove or edit comments where they are inappropriate or defamatory.

There is more news given in the News page of our web site and more analysis of news is provided in our monthly newsletter for members – see the Newsletters page.

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FCA Consultation – Modernising Redress

An FCA consultation on how to improve the Financial Ombudsman Service (FOS) and other consumer redress mechanisms  In November 2024, the FCA issued this consultation, requesting suggestions for improvements to handling complaints/disputes regarding financial services, especially so-called “mass redress events”.   Many of ShareSoc’s campaigns involve situations where numerous individual investors have suffered losses in circumstances that we believe should not have arisen. So, we have considerable experience of representing and trying to obtain redress in such circumstances.  We are lucky to have recently recruited ...

HMRC Consultation – IHT on Pensions

ShareSoc responds to the Chancellor’s proposals on the application of IHT to residual pensions.  Following the budget last autumn, HMRC launched a technical consultation on the implementation of the Chancellor’s proposals to apply inheritance tax (IHT) to unused pensions, upon the death of the pension beneficiary. Note that the consultation explicitly states: As announced at Autumn Budget 2024, from 6 April 2027 most unused pension funds and death benefits will be included within the value of a person’s estate for Inheritance Tax purposes and ...

Learn from the Experts about Investing Strategies

Money Maze Podcast - Kintbury Capital's Long-Short European Equity Strategy with Chris Dale, Founder & CIO I was lucky enough to be playing golf with Chris Dale early in January and shared a beer afterwards. We talked a little bit about investing and Chris suggested I might like to listen to his podcast. When I got home, I did and found it fascinating. So many insights. I hope others will find it both enjoyable and educational. People like Chris make rare appearances in ...

Portfolio Review 2024 – Mark Bentley

Introduction This is now my fifth annual comprehensive portfolio review. See my 2020 review for an explanation of my investment objectives, strategy, "asset types" and investment accounts. My 2023 review can be found here. In 2024 my portfolio's underperformance of my FTSE All-Share total return benchmark continued, albeit more modestly. My total return was 7.7% vs 9.8% for the benchmark. I may have to review my strategy if this underperformance continues in 2025 - but it may simply be a consequence of the ...

Will Passive ETFs be the Death of Capitalism?

A growing trend of flows away from active investors to passive index trackers may damage the price discovery process and efficient capital allocation. My attention was recently drawn to this article in the Financial Times. It reports that $450bn was withdrawn from actively managed stock funds in 2024, with $1.7tn flowing into ETFs (though it is not clear what proportion of that ETF money has been allocated to passive, index tracking ETFs). It strikes me that this poses a real problem to the ...

Press Release – ShareSoc Warns of Serious Governance Issues in Saba Capital’s Proposals

ShareSoc, the UK’s premier organisation for individual investors, has serious concerns about the governance risks posed by Saba’s proposals, which seek to replace independent boards with its own non-independent representatives in all 7 trusts, award itself the investment management mandates, combine the trusts into a larger vehicle and use that vehicle to acquire further trusts at a discount. ShareSoc acknowledges performance concerns raised by Saba Capital Management against some, but not all, of the seven investment trusts targeted by Saba. However, ShareSoc notes ...

Imperial Brands plc Information and Vote Guidance 2025

AGM: 29th January 2025 Proxy deadline: 27th January 2025  ShareSoc provide this added value voting information service for Full Members only, providing background information on leading companies and AGM vote guidance. Below are links to the: 1. Stockopedia summary report. 2. Minerva Vote recommendations for the 29th January 2025 AGM based on their standard template. 3. Minerva detailed research report for the AGM. Summary of voting issues at this year’s AGM  The Minerva report highlights various issues and recommends voting against one of the resolutions. Readers should make their own ...

Compass Group plc Information and Vote Guidance 2025

AGM: 6th February 2025 Proxy deadline: 4th February 2025 ShareSoc provide this added value voting information service for Full Members only, providing background information on leading companies and AGM vote guidance. Below are links to the: 1. Stockopedia summary report. 2. Minerva Vote recommendations for the 6th February 2025 AGM based on their standard template. 3. Minerva detailed research report for the AGM. Summary of voting issues at this year’s AGM  The Minerva report highlights various issues and recommends voting against four of the resolutions. Readers should make their own ...

Christmas Present Suggestions

This article reflects the opinions of its author and not necessarily those of ShareSoc. Best financial presents money can buy For you. Buy yourself a subscription to ShareSoc and learn more about investing, or if you already know all about investing educate yourself and learn more about investing! Or if you already know all about investing and are rich, then just donate the subscription price to help us campaign and represent the voice of individual investors and ensure we individual investors are fairly ...

Activist Intervention in Investment Trusts and Shareholder Democracy

This article reflects the opinions of its author and not necessarily those of ShareSoc. Saba Capital may be able to force changes due to shareholder apathy and disenfranchisement I read this article today with interest and some concern. It describes an attack by hedge fund Saba Capital on seven investment trusts. The article names: “The Baillie Gifford US Growth trust, Edinburgh Worldwide and Keystone Positive Change, are in the firing line as well as a pair of Janus Henderson trusts, the Henderson Opportunities ...
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