Last month’s column (‘Cash in hand’, 6 April 2018) highlighted that the key reason the portfolios’ cash levels were higher than normal was because value among investment trusts was harder to find. That while a combination of important metrics made for insightful assessment, discounts remained a key determinant of value and these had narrowed considerably in recent years. Generic issues, such as these companies’ increased popularity, may have been a factor, but this did not negate the need for a modicum of caution.
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