Investment Trusts - what do I own?

rathernot

Apologies for what may appear a dumb question but I'd like to be clear on something

I'm in several Investment Trusts via Cavendish/Fidelity so AIUI in simple terms I'm a shareholder in those companies.

Of course everything is visible in the Fidelity control panel but other than it being visible there how do I prove I own those shares?

I know Fidelity are huge and it's 2018 so I'm not expecting a framed certificate that I can hang on my wall but should there be anything other than a record in the Fidelity portal?

Audaxer

I would have thought you would get an online contract note that you could download when you made the purchase.

rathernot

Yes I have that from Fidelity. I feel a bit dumb asking but I've not purchased shares in a company before so didn't know if I should receive anything more official.

For example I believe I'm entitled to attend a shareholder meeting and vote if I wanted to but if I ever did do you get a bunch of people turning up with random notes from various brokers and platforms as "proof of ownership"?!

Reaper

If your platform operates as a "nominee" then you can't vote. You are only the "beneficial owner", your stockbroker owns them on your behalf so only your stockbroker is entitled to vote or turn up to AGMs.

In practice your stockbroker will likely ask you how to cast their vote, and if you wanted to turn up to the AGM most will let you sign in as a guest.

This link explains it in more detail https://www.sharesoc.org/investor-academy/advanced-topics/nominee-accounts/

xylophone

An investment Trust is a public limited company with a fixed number of shares (closed end).

Re shareholder rights/nominee question.

https://www.sharesoc.org/investor-academy/advanced-topics/nominee-accounts/

rathernot

Thanks, should add I don't want to turn up and vote, just something I thought about having added another IT to my account and thinking what's actually happening in the background now that the internet has made this stuff so readily accessible.

jimjames

rathernot wrote: »

Thanks, should add I don't want to turn up and vote, just something I thought about having added another IT to my account and thinking what's actually happening in the background now that the internet has made this stuff so readily accessible.

It can be interesting to attend the AGM, often the fund manager will give a presentation. Some even go just for the food - the gannets swarming at the end was a fine sight!

xylophone

Some even go just for the food

Which ITs offer the best food?

Just call me Gannet....:D

bowlhead99

xylophone wrote: »

Which ITs offer the best food?

Just call me Gannet....:D

I sometimes feel they are missing a trick when they have investee companies that they don't invite in to give a backstory and free samples. Pembroke VCT own a chunk of both Five Guys and Chilango but there wasn't a takeaway burger or taco on your way out...

I hear the buffet at Finsbury Foods AGM is good for a fillup- as you'd expect of someone who makes bread and cakes!

xylophone

Finsbury Foods AGM is good for a fillup- as you'd expect of someone who makes bread and cakes!

Crumbs! I'm contacting my broker as I write....:rotfl: