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.
We think it is fair to say the mood in the market wasn’t optimistic last October, when we claimed that it was “an exciting time for investors in the investment trust sector”. However, thanks to sheer brilliance rather than any kind of luck (of course), publication was almost perfectly timed with the beginning of a rally that has seen markets make significant gains across the board since then. We published ‘We’re going to need a bigger boat’ on 23/10/2023, and from that day to the end of June the MSCI ACWI gained 21.5% (in sterling terms). The Nasdaq led the way, but even the poor old FTSE gained 14.6%. Here we consider how investment trusts have performed during this period and the effect that corporate activity has had.
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