Your vote counts: investment trust AGMs in September 2025

AGM season returns with a bang after the summer lull, with 23 meetings scheduled for September. Big names such as Lindsell Train Ord (LSE:LTI), with founders Michael Lindsell and Nick Train pictured above, and Monks Ord (LSE:MNKS) take centre stage, alongside more specialist sectors from private equity to renewable energy infrastructure.

Far from being a box-ticking exercise, annual general meetings give shareholders the chance to quiz managers on how they’re steering the trust, hear their outlook for the sector and vote on key resolutions ranging from board appointments to buybacks.

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To give a flavour of the issues at play, here’s a closer look at three trusts on this month’s agenda:

Monks

Monks Ord (LSE:MNKS) has faced pressure from shareholders after lagging the index over the last five years. A post-Liberation Day US sell-off hit performance just before its April year-end, prompting the board to promise closer scrutiny of stock selection.

The managers have since tilted the portfolio towards companies with structural growth drivers and reduced exposure to macro-sensitive names. With a growth bias and significant small and mid-cap holdings, the trust should benefit from falling interest rates.

Fifteen resolutions will be put to shareholders, including director re-elections, dividend approval and authority for share buybacks. The board has also expanded its buyback programme in an effort to reduce the discount to single figures.

Schroder Real Estate

Commercial property has endured a bruising period but Schroder Real Estate Invest Ord (LSE:SREI)’s strategy of targeting the “green premium” appears to be paying off.

By focusing on energy-efficient office space, the trust has been able to command higher rents, contributing to a NAV return of more than 10% in the latest financial year. Dividends remain fully covered and property values in several sectors have begun to recover.

The trust’s discount, which narrowed in 2024, has stabilised this year and fundamentals, rather than macro drivers, are likely to drive future share price moves. SREI will put 11 resolutions to shareholders at its AGM, including four director re-elections and authority for buybacks.

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MIGO Opportunities

It’s been a year of change at MIGO Opportunities Trust Ord (LSE:MIGO), with long-standing manager Nick Greenwood stepping back from day-to-day responsibilities. He has been succeeded by Tom Treanor, who now manages the fund alongside Charlotte Cuthbertson.

The trust maintains its distinctive strategy of investing in other investment trusts, often at deep discounts where the managers see catalysts for value to be realised. The portfolio remains sector and region-agnostic, although its top holdings currently lean towards renewable energy infrastructure and property.

Looking ahead, the managers plan to streamline the portfolio significantly, reducing holdings to around 10 to 15 core positions in a move designed to increase conviction and improve engagement with investee company boards.

Twelve resolutions will be put to shareholders at the AGM, including the authority to buy back shares.

Jo Groves is an investment specialist for Kepler Trust Intelligence.