Alpha Investment Trusts: Small-caps and infrastructure

Alpha Investment Trusts: Small-caps and infrastructure

This month’s Alpha Investment Trust screen sees several changes as different companies score well on our value and momentum criteria.

To fairly compare investment trusts with different remits and capital structures, we assess the funds’ value relative to their historic mean premium/discount. Three-month share price momentum indicates market sentiment towards the funds. Next, a composite value-momentum ranking is arrived at using hedge fund manager Joel Greenblatt’s ‘Magic Formula’ two-factor model. 

The top 25 investment trusts are listed in the report. In addition, we have created a 10-trust portfolio with additional value and diversification rules.


  • UK small-cap fund Crystal Amber (CRS) is now second in our investment trust screen, rising five places from last month.
  • Infrastructure is a strong theme this month, with HICL Infrastructure trust (HICL) and John Laing Infrastructure (JLIF) ranking highly.
  • Our 10-trust portfolio for this month also highlights funds targeting the Asia Pacific region – Pacific Assets Trust (PAC) and Aberdeen Asian Smaller Companies (AAS).
  • European equities, US smaller companies and high-yield corporate bond funds also combine in a diverse blend within the 10-trust portfolio.
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