Disclaimer
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.
The rich get richer has been the market’s watchword over the past few years. The momentum has been behind the largest companies in markets around the world, whether that be AI-related names in the US, large-cap luxury brands and healthcare giants in Europe, or the banks in Japan. There are specific drivers in each case, but perhaps there is also a general preference for size, liquidity and momentum, linked to technical factors in how we invest, both in terms of the strategies and the infrastructure we use. In the investment trust space, something analogous has been happening, with boards seeking to get scale quickly. Here two of our analysts debate whether this consolidation is a good thing for the end investor, or if it is to be regretted.
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