AIC figures show narrowing investment trust discounts

The average investment trust discount has narrowed from 10.6 per cent to 8.5 per cent since the beginning of 2008 despite market volatility, figures from the Association of Investment Companies have shown.

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The figures, until 30 April, included approximately 350 closed-end fund, but excluded VCTs.

Meanwhile the industry body said the specialist Commodities & Natural Resources peer group had been the best performer over the year to 30 April, up by 31 per cent.

The second best-performing sector was Global Emerging Markets, up 24 per cent, while the third and fourth best-performing sectors were Europe and Infrastructure, which were both up 13 per cent.

Financials was the worst-performing sector, down 25 per cent. However, the AIC highlighted the sector's long-term strengths, naming it the third best performer over three years, generating an average return of 105 per cent.

A spokesperson for the AIC, said: "These figures clearly illustrate the importance of taking a long-term view and having a balanced portfolio with exposure to a variety of different sectors and countries."

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