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.
Highlander 2: The Quickening was an improvement on the first film in the franchise. Ride the Lightning was and remains superior to Kill ‘Em All. Personal preference is for the Second Punic War over the First. And helium works better than hydrogen as a lifting gas in zeppelins. In this spirit, we thought it might be interesting to have another bite at a cherry ourselves, and revisit and expand our previous research note about discounts and subsequent NAV performance. This time we are looking at the various UK investment trust sectors. Whereas in our previous research we found that wider Z-scores had tended to presage stronger periods of returns in sectors including Japan, Asia-Pacific and India, the relationship is more complicated in the various UK equity sectors, as we discuss below.
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