In recent months, the challenges of open-endedfunds, notably Neil Woodford’s shuttered Equity Income Fund, have shown howlimited that structure can be. By contrast, investment trusts have the capacityto be significantly more flexible, to the benefit of investors.
Invesco Perpetual (IP) Select Trust is a shiningexample of this. Its unusual structure consists of four different share classes– invested in four distinct underlying portfolios – which shareholders canswitch between every quarter (three months) if they wish without registering achargeable event as regards capital gains tax (CGT).
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