Disclosure – Non-substantive Research
This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour.
The investment trust sector is defined by its discounts. Over the short term share prices and NAVs can diverge quite dramatically, as we have witnessed so far in 2020. When evaluating a fund or trust to invest in, it is usual for part of the analysis to focus on evaluating ‘manager skill’ – reflected in the historic track record of the fund they run. With investment trusts many data sources offer only the share price history. In our opinion this is unfortunate, and a poor substitute for analysing the NAV track record, given the often unique factors that contribute to discounts over time.
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