A simple name change and a new direction can be profitable moves as venture capital investment trust, Murray Ventures, found out Friday.
The £64m fund announced it is changing its name to Murray tmt, and intends to invest in global technology companies.
On the markets, the fund immediately rose 11 per cent to 82p, narrowing its discount to net assets to about nine per cent.
Last month, Invesco Enterprise reinvented itself as Invesco Techmark Enterprise and enjoyed a similar rebound on the markets. That fund announced it was changing its focus from smaller companies to UK technology companies.