The Big Theme 

Investment trust bargains and value traps

Investment trust bargains and value traps

With the coronavirus crisis triggering violent moves in markets, investment trust shareholders have experienced gyrations of their own. The average investment trust discount to net asset value (NAV), excluding 3i (III), moved out to 22.1 per cent at the height of the market volatility in March. By contrast, earlier this year, the average discount had been as tight as 1.1 per cent.

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