In our latest podcast, Sharesify’s Steven Frazer and James Crux welcome Winterflood‘s head of investment trusts research, Emma Bird. They discuss the trusts landscape, structure, historically high discounts, Saba activism and lots more.
To begin with, they talk through Smithson’s (SSON) controversial switch from investment trust to OEIC status and what the advantages of the trust structure is even for funds largely invested in liquid listeds.
The team then move on to historically wide NAV discounts, a frustration for all shareholders. In light of the 12%-14% average gap, is activist Saba doing all investors a service?
Why trusts are joining forces
The discussion turns to trust mergers, why they are happening and if more are likely, before asking where Emma and her team feel there is the largest scope for re-ratings across the trusts space, plus, what it might take to re-energise new trust IPOs?
James and Steve wrap up by asking Emma if share buybacks are a poor use of capital for investment trusts, and gauge her thoughts of trust portfolio size, if there is an optimal number of holdings, and the issues of portfolio construction.
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