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.
Trusts in the UK Smaller Companies sector have de-rated significantly. Discounts have widened dramatically this year, having been pushed to a historic narrow point by the ‘Boris bounce’ at the end of last year. On an average discount of 12%, discounts in the sector are now wider than the 10 year weighted average discount of 11.5%. Within this average, there are some significant outliers. We look at the prospects for smaller company returns, as well as highlight those trusts exposed to them which look the most attractive from a discount perspective.
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