What Aurora Investment Trust does

Aurora Investment Trust is the predecessor entity to Aurora UK Alpha plc, a UK-domiciled closed-end investment trust that trades daily on the London Stock Exchange. The trust invests in a concentrated portfolio of predominantly UK listed equities, with the top ten holdings accounting for approximately 85% of assets, reflecting a high-conviction, low-turnover approach. It is structured as an Alternative Investment Fund (AIF) and is targeted at sophisticated retail and institutional investors who accept the additional risk and complexity relative to mainstream UCITS products. The trust's primary problems solved are the mispricing of long-duration equities caused by short-term market behaviour, exploiting these dislocations through deep fundamental research.

The trust is externally managed by Phoenix Asset Management Partners Ltd, a value-investment firm founded by Gary Channon in 1998, which was appointed by the board in December 2015. Phoenix's investment philosophy is inspired by Warren Buffett and Philip Fisher, and is delivered through a team that conducts operational and analytical work inside portfolio companies, including controlled businesses and minority holdings — a structure the manager characterises as a fusion of business, investment, private equity, and venture capital expertise.

Aurora Investment Trust combined with Artemis Alpha Trust in December 2024 to form the current Aurora UK Alpha plc vehicle. The trust generates returns for shareholders through capital appreciation and dividends rather than fee revenue; share price (£2.54) and NAV per share (£2.80, 3 July 2026) are published daily. Distribution is indirect — via the London Stock Exchange, investment platforms, and financial adviser networks — with Frostrow Capital LLP acting as Secretary and Administrator, Northern Trust Investor Services Limited as Depositary and Custodian, and Link Group Leeds as Registrar.

Name

Aurora Investment Trust

Legal name

Aurora UK Alpha plc

Website

https://aurorainvestmenttrust.com

Company type

Public

Founded year

2024

Operating status

Operating

Headcount range

11–50 employees

Short description

Aurora Investment Trust is a UK closed-end investment trust managed by Phoenix Asset Management Partners, investing in a concentrated portfolio of predominantly UK listed equities using a value investing approach. It combined with Artemis Alpha Trust in December 2024 to form Aurora UK Alpha plc, traded daily on the London Stock Exchange.

Ownership category

akta.pro rank

Product category

Investment Trust

NAICS

Portfolio Management and Investment Advice (523940), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Other Financial Vehicles (52599)

SIC

Investment Advice (6282)

akta.pro primary industry

International/Ex-U.S. Developed Equity (Active) (FSAAAIAE)

Keywords

• Closed-end fund
• UK equities investment
• Value investing trust
• Alternative investment fund
• Concentrated equity portfolio

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Others

Revenue model

1. Investment Trust Management: Aurora UK Alpha operates as a closed-end investment trust generating returns through capital appreciation and dividends from its portfolio of predominantly UK listed equities. The trust is an Alternative Investment Fund (AIF) that invests in complex opportunities not typically available to mainstream retail products.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Aurora UK Alpha plc is a closed-end investment trust that invests in a concentrated portfolio of predominantly UK listed equities and trades daily on the London Stock Exchange. The trust is managed by Phoenix Asset Management Partners Ltd using a long-term value investing approach inspired by Warren Buffett and Philip Fisher, with the top ten holdings representing approximately 85% of the portfolio.

Product overview

Aurora UK Alpha operates as a single, unified investment trust product—a closed-end fund that invests in predominantly UK listed equities. The trust trades daily on the London Stock Exchange and is managed by Phoenix Asset Management Partners Ltd. The portfolio is concentrated, with top ten holdings representing approximately 85% of assets. In December 2024, the Aurora Investment Trust combined with Artemis Alpha Trust to form the current Aurora UK Alpha entity.

Differentiator

Problem solved

Functional benefit

Products and services

• Aurora UK Alpha Investment Trust A closed-end investment trust that invests in predominantly UK listed equities using a long-term value investing approach. Managed by Phoenix Asset Management Partners Ltd, with a concentrated portfolio where the top ten holdings account for approximately 85% of assets. Classified as an Alternative Investment Fund (AIF) suitable for investors who understand the associated risks.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and supporting.

• Artemis Alpha TrustcoreStrategic or Co-development PartnerIn December 2024, Aurora Investment Trust combined with Artemis Alpha Trust to form Aurora UK Alpha plc, creating a larger consolidated investment vehicle focused on UK listed equities.
• Frostrow Capital LLPcoreImplementation/ SI/ Consulting PartnerSecretary and Administrator of Aurora UK Alpha, providing operational and administrative support services to the investment trust.
• Northern Trust Investor Services LimitedcoreOthersAppointed depositary and custodian for Aurora UK Alpha, responsible for safeguarding assets and overseeing compliance with AIFMD requirements.
• Link Group LeedssupportingOthersRegistrar services provider maintaining the shareholder register for Aurora UK Alpha.

Scale indicators2 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Mid Wynd International Investment Trust: Concentrated global equity investment trust listed on the LSE run by Artemis (former manager of the trust that merged into Aurora UK Alpha). Comparable closed-end structure and high-conviction portfolio approach; differs in global versus UK-only mandate.
• Brunner Investment Trust: Diversified global equity investment trust listed on the LSE with a long-term growth and income mandate. Comparable closed-end UK trust structure and long-duration philosophy; differs in international scope versus Aurora's UK-only mandate.
• Personal Assets Trust: UK investment trust focused on capital preservation and long-term real returns via a concentrated multi-asset portfolio. Comparable in closed-end LSE structure, high-conviction holdings approach, and long-term investment horizon; differs in multi-asset versus pure-equity mandate.
• Temple Bar Investment Trust: UK equity income investment trust managed with a deep-value contrarian approach. Closest comparable peer to Aurora's UK value investing philosophy and concentrated LSE-listed closed-end structure, though Temple Bar typically holds more names.
• City of London Investment Trust: Long-established UK equity income investment trust with a large-cap value/dividend orientation. Comparable LSE-listed closed-end structure with UK equity focus and long-term compounding mandate, though more diversified (typically 60+ holdings) versus Aurora's ~85% top-ten concentration.
• RIT Capital Partners: One of the largest UK-listed investment trusts, RIT Capital is a self-managed, concentrated portfolio vehicle with a long-term, absolute-return focus. Highly comparable to Aurora's closed-end, high-conviction, externally-managed structure and long-duration philosophy, though it invests globally rather than UK-only.
• Scottish Mortgage Investment Trust: High-conviction, concentrated global equity investment trust listed on the LSE with a long-term 'buy and hold' philosophy. Comparable in concentrated portfolio structure and long-duration approach, though Scottish Mortgage focuses on global growth equities versus Aurora's UK value mandate.
• Alliance Trust: Multi-manager global equity investment trust listed on the LSE. Comparable UK-listed closed-end structure serving retail and institutional investors via platforms; differs in multi-manager global mandate versus Aurora's single-manager UK value approach.
• Henderson Smaller Companies Investment Trust: UK smaller-companies investment trust listed on the LSE with a high-conviction, long-term approach. Comparable closed-end structure and UK equity focus; differs in smaller-cap versus Aurora's predominantly UK large-cap mandate.
• Mercantile Investment Trust: UK smaller- and mid-cap focused investment trust listed on the LSE with a long-term growth mandate. Comparable closed-end UK equity trust structure; differs in smaller-cap focus versus Aurora's predominantly large-cap UK value orientation.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aurora Investment Trust