Electra still shining bright

A year ago we tipped veteran private equity investment trust Electra because its shares were looking oversold. Trading at a gaping 35 per cent discount to net assets, the price had fallen foul of bearish macro-economic sentiment even as private equity seemed to be recovering. That call was correct - those who followed our advice are sitting on a gain of 43 per cent. Most of that is down to discount narrowing: Electra’s shares are now trading at 1,725p, only 22 per cent below May's net asset value (NAV). But the company’s portfolio has also performed strongly, with NAV up 17 per cent since May 2010.