What does the future hold for investment trust activism?

First 'activist' product due for flotation

After raising £103m in its initial public offer, Nippon Active Value Fund (NAVF) will become the first investment trust flotation of 2020.

Managed by Rising Sun Capital's James Rosenwald, the trust will aim for high levels of growth through a concentrated portfolio of Japanese small-cap equities. The unique selling point of this investment trust, however, is that it deems itself to be an "activist" vehicle. An active year for trust boards According to NAVF's website, the management team will pursue "multiple activist strategies" including communication with management teams and boards, putting company representatives on the board of investee companies, making shareholder proposals and tender offer bids. NAVF is now...