CG Asset Management’s Q2 2026 investor update highlighted a cautious investment strategy focused on capital preservation amid elevated geopolitical risks, stretched equity valuations and persistent inflation concerns. Following shareholder approval of a 10-for-1 share split designed to improve accessibility and liquidity for retail investors, the portfolio managers outlined a defensively positioned asset allocation, with reduced exposure to risk assets, increased holdings in short-duration index-linked bonds and high levels of managed liquidity. The trust reported resilient portfolio performance, outperforming global equity markets during recent periods of volatility, supported by active duration management and strong returns from investment trusts and infrastructure holdings. Management reiterated confidence in its disciplined investment process, citing successful positions such as Schroder Japan Trust and 3i Infrastructure while acknowledging lessons from Pacific Assets. Looking ahead, the managers expressed growing caution over the sustainability of the AI-driven capital expenditure boom, warning that current investment assumptions may overestimate long-term demand and create risks for semiconductor and technology valuations. The trust continues to favour investment trusts for their discount opportunities, active management and long-term alpha generation, while maintaining conviction that inflation-linked securities remain attractive relative to conventional bonds. Overall, the presentation reinforced CG Asset Management’s long-term wealth preservation strategy, defensive portfolio construction and disciplined approach to navigating uncertain macroeconomic conditions and market volatility.

Ashoka WhiteOak Emerging Markets Trust PLC’s latest investor update highlighted its differentiated active investment strategy focused on delivering long-term alpha through disciplined stock selection rather than macro or country allocation. The trust invests in high-quality emerging market businesses with strong corporate governance, attractive valuations, scalable growth opportunities, and superior returns on capital, while maintaining a diversified portfolio with a balanced risk profile. Management emphasized its research-driven approach, supported by a 48-member investment team, targeting under-researched small- and mid-cap companies where long-term value creation is greatest. Since inception, the trust has generated consistent benchmark outperformance through stock selection, reinforced by its unique fee structure that charges performance fees only on alpha and an annual redemption facility designed to help manage the discount to NAV. The presentation also outlined the portfolio’s measured approach to AI investment, focusing on high-quality infrastructure and semiconductor supply chain companies such as power management and advanced materials businesses rather than speculative technology themes. With a disciplined investment process, strong governance focus, diversified portfolio construction, and long-term growth strategy, Ashoka WhiteOak Emerging Markets Trust aims to deliver sustainable capital appreciation and attractive risk-adjusted returns for shareholders across emerging markets.

ZIGUP plc delivered a strong investor update alongside its full-year financial results, reporting over 5% revenue growth, nearly 10% underlying EBIT growth, and continued expansion of its vehicle fleet to almost 140,000 vehicles. The company highlighted robust company performance driven by strong demand in Spain, improving momentum across the UK & Ireland, and disciplined execution of its growth strategy. Management reaffirmed confidence in achieving medium-term financial targets, supported by operational efficiencies, simplification initiatives, and sustainable cost savings expected to reach £20 million annually by FY28. The update also emphasized improving cash generation, with steady-state cash forecast to reach £200 million by FY28, while maintaining prudent leverage and a progressive dividend policy. Strategic contract wins, including National Highways and Adif, reinforced ZIGUP’s competitive position, long-term revenue visibility, and high-quality earnings supported by multi-year customer agreements. The company continues to invest in fleet expansion, AI-powered technology, digital transformation, and customer service to enhance operational efficiency, strengthen margins, and drive cross-selling opportunities across its integrated mobility platform. Management also outlined disciplined capital allocation, ongoing portfolio optimization, and confidence in delivering sustainable earnings growth, cash flow, and long-term shareholder value through a scalable, high-margin business model.

CC Japan Income & Growth Trust PLC provided an investor update highlighting its long-term investment strategy focused on high-quality Japanese companies with strong balance sheets, sustainable cash flow, and growing shareholder returns. The presentation emphasized Japan's improving corporate governance, the transition from deflation to inflation, and structural economic reforms as key drivers of earnings growth and long-term market performance. Management noted that Japanese equities have delivered strong returns primarily through earnings growth rather than valuation expansion, presenting an attractive investment opportunity. The trust targets businesses with robust capital allocation, rising dividends, and share buybacks, while maintaining a disciplined, long-term portfolio approach across companies of all market capitalizations. The update also outlined positive macroeconomic catalysts, including AI-related infrastructure investment, supply chain diversification, increased foreign direct investment, favourable geopolitical trends, and government-led growth initiatives. With a focus on consistent dividend income, capital growth, and shareholder value creation, CC Japan Income & Growth Trust believes Japan remains well-positioned for sustained corporate earnings growth and attractive total returns, supported by ongoing governance reforms, improving profitability, strong margins, and disciplined portfolio management.

ME Group International delivered a resilient first-half 2026 performance despite temporary headwinds affecting its legacy photo booth business, with continued strategic progress driven by rapid expansion of its high-growth Wash.ME laundry operations. Group revenue increased 0.3% year-on-year, while EBITDA rose 7.1%, supported by a 21% increase in laundry EBITDA and an improved EBITDA margin of 36.9%. Management highlighted strong execution of its growth strategy, including the installation of nearly 500 new laundry machines during the period, a landmark partnership with Asda that could ultimately see up to 700 Wash.ME units deployed, and ongoing trials with Aldi in Austria. Laundry now contributes almost 40% of vending revenue and nearly half of group EBITDA, underlining the business's successful diversification and recurring revenue focus. Although profit before tax declined due to softer April trading, reduced equipment sales, higher depreciation and prior-year one-off gains, trading recovered strongly in May and management remains confident of delivering revised FY2026 profit before tax guidance of £69m-£74m. The company also strengthened shareholder returns through dividends and share buybacks while maintaining a robust balance sheet and cash-generative business model. Looking ahead, ME Group expects to install approximately 1,300 net new laundry machines during FY2026, expand its Wash.ME app across all major markets, and continue investing in innovation, including next-generation photo booths and new ancillary services such as dog wash machines. Management reiterated confidence in the group's long-term growth strategy, supported by recurring revenue, operational leverage, geographic expansion and continued investment in its growing laundry estate.

Quadrise provided an investor update on its commercialization strategy, fundraising, and progress advancing its MSAR and bioMSAR fuel technologies. The company announced a £2.4 million capital raise, with £1.2 million already secured, to strengthen its balance sheet, support commercial trials, and fund operations toward positive cash flow. Management highlighted progress on key agreements with MSC, refinery partnerships, and the OCP project, supported by a strengthened commercial team and deeper engagement with major industry stakeholders. Despite geopolitical uncertainty and regulatory delays, Quadrise remains focused on expanding its commercial pipeline, demonstrating the cost savings and emissions benefits of its fuel solutions, and progressing toward revenue generation, improved margins, and a self sustaining business through successful execution of its growth strategy.

Victoria PLC’s investor update outlines a transformative refinancing that significantly strengthens the company’s balance sheet, reduces leverage by at least £300m and extends debt maturities to 2031, materially improving its financial flexibility and investment case. Management highlighted annual financing cost savings of approximately £34m, the removal of near-term shareholder dilution risk through the restructuring of preferred shares, and a simplified capital structure aligned with long-term value creation. The company reported a positive start to FY2027 despite challenging market conditions, with management successfully mitigating inflationary pressures on energy and raw materials through operational improvements and cost efficiencies. Looking ahead, Victoria remains focused on executing its profit improvement strategy, enhancing factory productivity, integrating manufacturing operations and generating stronger cash flow to support future debt reduction and refinancing on more favourable terms. The Board reiterated that no further equity issuance is anticipated and expects earnings growth, improved leverage and disciplined capital allocation to drive long-term shareholder value. With refinancing complete, management is fully focused on operational execution, margin improvement and delivering sustainable financial performance.

Theon International delivered a positive investor update, highlighting strong financial performance, sustained revenue growth and a clear strategy to become a global leader in defence electro-optics. Management reaffirmed FY2026 revenue guidance of €570–600m and its target to exceed €1bn in revenue by 2029, supported by a record €1.4bn order backlog, long-term framework agreements and growing demand for advanced defence technologies. The company reported FY2025 revenue of €443m, up 26%, while maintaining industry-leading EBITDA margins above 25%, underpinned by its asset-light business model and strong cash generation. Theon outlined an ambitious growth strategy centred on expanding beyond its market-leading night vision business into intelligence, surveillance and reconnaissance (ISR), drones, AI-enabled defence systems and digital soldier technologies through targeted acquisitions, strategic partnerships and organic innovation. Recent investments, including the acquisitions of HGH and Mario, alongside a joint venture with Safran, significantly expand the group’s addressable market, product portfolio and international footprint. Management expects platform-based and digital products to contribute around 50% of group revenue over the medium term, enhancing diversification while maintaining best-in-class profitability. With strong operational execution, increasing revenue visibility, disciplined capital allocation and a robust pipeline of defence opportunities across Europe, North America and other international markets, Theon believes it is well positioned to deliver sustainable double-digit organic growth, expanding margins and long-term shareholder value.

Steppe Cement LTD delivered a strong investor update highlighting record company performance, resilient financial results, and a positive growth strategy supported by rising cement demand in Kazakhstan. The company reported record sales of more than 2 million tonnes, a 15 percent increase in first half sales volumes, and a 43 percent increase in revenue driven by higher prices and volumes, with management expecting stronger EBITDA, improved margins, and robust cash flow to support dividends and fund its Line 6 expansion. The project is progressing on schedule and is expected to increase annual production capacity to 2.5 million tonnes by 2028 while reducing operating costs and improving energy efficiency. With a strong balance sheet, competitive cost position, stable market share, and confidence in future demand, the company remains well positioned to deliver long term revenue growth, enhanced profitability, and increased shareholder value.

Verici Dx PLC provided an investor update highlighting continued commercial progress for its AI-powered RNA diagnostics platform for kidney transplant patients, led by its flagship Tutivia post-transplant rejection test. The company reported strong operational momentum, including 32% quarter-on-quarter revenue growth, adoption across 29 US transplant centres representing approximately 20% of annual transplant activity, and nationwide regulatory approval following New York State clearance. Management reiterated its growth strategy of expanding commercial adoption through a focused US sales force, increasing recurring test volumes, strengthening clinical evidence with real-world data, and targeting high-value unmet clinical needs where its RNA technology offers advantages over traditional cell-free DNA diagnostics. Financial results showed FY2025 revenue of $3.7m, supported by Tutivia sales and milestone income from its Thermo Fisher partnership, alongside recent equity funding to extend its cash runway and support commercial expansion. The company also outlined future growth opportunities through the upcoming launch of its Protega fibrosis test, continued development of urine-based diagnostics, and expanding laboratory services. With a US addressable market estimated at $900m, a clear route towards revenue growth and operational scale, and a defined path to breakeven, Verici Dx believes it is well positioned to capitalise on increasing demand for precision transplant diagnostics and deliver long-term shareholder value.