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 ability to enhance returns by buying a trust on a wide discount is one of the key attractions of investment trusts. We recently published an update to our Discounted Opportunities Portfolio, discussing where we see interesting opportunities at the moment. As discounts are driven by supply and demand for a trust’s shares, we decided to investigate whether there was any correlation with the inflows and outflows of open-ended funds. In this article we examine this relationship, and try to explain why it might exist and how investors can exploit it.
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