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Investment trust discounts narrow to 10 year lows

Investment trust discounts have narrowed to their lowest levels in over a decade, according to the AITC.
Average discounts have fallen to 7.4 per cent, as of 30 September, compared to a longer term trend level of around 11 per cent.
While strong equity markets over the past two years have contributed markedly to this, the AITC says several investment trust providers have also introduced discount management processes, such as automated share buyback programmes to be proactive in driving discounts down.
AITC director general Daniel Godfrey says with several of the largest trusts moving to multi-manager structures this year and a greater focus on good governance “2005 is the year of the board.”
He says: “It has been an eventful 2005 and whilst the ongoing trend of activity in the sector has been prompted by external pressures in some cases, it has also been driven by investment trust boards who have increasingly demonstrated their independence.”


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