Investors Chronicle – Activist investor Laxey has sunk its claws into yet another Aim-traded overseas property fund. Having built up a 9 per cent stake in Indian township developer Hirco, it wrote to management this week demanding they take action to address the whopping 90 per cent discount to net asset value (NAV) at which the shares were trading.

Laxey is calling for Hirco to use cash held in subsidiary companies to mount a share buy-back programme to address the discount. The news caused Hirco’s shares to bounce 8 per cent to 79p, but this remains woefully below the last stated NAV of 682p, and 79 per cent lower than a year ago. Laxey’s intervention follows hot on the heels of action from fellow activist Carrousel. It is targeting Indian real estate fund Trikona, calling for a break-up and return of cash to shareholders. Trikona is trading at a 72 per cent discount to its last stated NAV.

Activists have also recently jumped on board Equest Balkan Properties, Spazio, Bulgarian Land Development and NR Nordic and Russian Properties – and these won’t be the last.

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Investors Chronicle- In Homer’s Iliad, Troy was razed to the ground by Greek warriors, but Troy Asset Management aims to put up a much better defence for its investors. The boutique fund manager takes its name not from the ancient city but from Lord Weinstock’s British thoroughbred racehorse, winner of the 1979 Epsom Derby.

As chief executive of Troy Asset Management, Sebastian Lyon’s main concern is not to lose investors’ money. He used to work for GEC as one of the team running its pension fund but in 2000 was asked by GEC managing director Lord Weinstock to set up an independent management company to look after £36m of the family fortune, with a brief to look after it conservatively.

Troy’s three funds are open to investors who have £10,000 (or £7,200 in an individual savings account) to invest, and between them they have assets of £258m.

"It’s not an easy time to be a fund manager," admits Mr Lyon, who manages the conservative Trojan Fund and co-manages the more aggressive Trojan Capital Fund. "We will probably continue to be in a bear market for the next year or so."

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