Trades of Note for the week ending June 1, 2025

Amidst the usual market chatter and the frantic dance of the tickers, a few disclosures stood out this past week. They are the sort of movements that cut through the noise, offering a glimpse into the conviction of those with either unparalleled insight or a very particular set of skills. They warrant a closer look.

There are few signals as unambiguous as a chairman buying heavily into his own company. At Upland Resources Ltd, Chairman and CEO Bolhassan Di nearly doubled his personal stake to over 6%. Mr. Di is no mere executive; he is a former Sarawak politician with deep local connections, precisely where Upland is preparing for a "high-impact" drilling campaign. His purchase, at a discount to his prior buys, comes as the company hints at sensitive developments. When the man with the most intimate knowledge of the assets and the politics puts more skin in the game, one takes note.

The notable Australian hedge fund Bronte Capital Management, managed by the famously thorough John Hempton, has appeared on a UK register for the first time, taking a 3.6% stake in Supreme PLC, a manufacturer and distributor of a diverse range of consumer goods. Bronte is renowned for its forensic, deep-value and contrarian approach. Their arrival suggests that after meticulous analysis they believe they have identified value where others, for whatever reason, have not.

A familiar name in the world of investment trust activism has emerged at Schroder British Opportunities Trust PLC. Australian-based Staude Capital has crossed the 5% threshold, signalling its intent. Staude operates with a simple but effective playbook: acquire stakes in trusts trading at a significant discount to their underlying asset value, then agitate for measures to close that gap. Their arrival is rarely a passive affair and typically acts as a catalyst for boards to address shareholder returns, lest they face a prolonged and public campaign. It seems the quiet life may be over for the trust.

Where Staude prods, Saba Capital often shoves. The formidable New York activist, led by Boaz Weinstein, has now revealed a 5.7% stake in Utilico Emerging Markets Trust PLC. Saba is arguably the most aggressive and successful discount-hunter in the UK investment trust space, employing a sophisticated arsenal to force boards into action. Their goal is invariably to compel a trust to close the gap between its share price and the actual worth of its portfolio, often through tender offers or wind-downs. Their arrival on any register is considered a material event.