This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.
America is not only the land of the free and the home of the brave, but also the land of equities. American equities’ returns have far outstripped the returns of other regions’ markets over the last five years, and the US makes up some 50% of the global equity market. Yet the dominance of US equities has not translated into opportunities for active managers, as the US market is a notoriously efficient one, especially in the large-cap space. However, as we highlight in this note, the investment trust space offers a number of innovative structures and strategies with advantages over their open-ended cousins, providing options for investors looking for alpha or equity income.
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