Opening the door to investment trustsare among the topics in this month’s roundup ... Real Estate Burford Capital Real Estate Investors Ottoman Fund ... 19.7 7.0-0.9 5.6-3.3-6.5-3.6

Opening the door to investment trusts

Issue 10 • June 2014

Chart of the MonthDiscount winners and losers: trusts whose discounts have

plummeted or soared

Fund Face Off

Law Debenture Corporation compared with

Invesco Perpetual UK Growth

The Interview

Richard Crawford says the carbon tax freeze will not

affect The Renewables Infrastructure Group

Inside Track Dividend heroes: how to pick the cream of the crop

Manager Moves Changes at Invesco, GVO, Fidelity and Henderson

are among the topics in this month’s roundup

EDITOR’S LETTER

Welcome to the June issue of Investment Trust Insider.

A number of investment trusts are strong dividend payers.

But investors should not just pick the highest yield: a record

of increasing dividends over a good period is important,

along with other factors, as our feature details.

A thorny issue for investment trusts is discounts. Are these

buying signals, or signs of weakness? Our Chart of the Month

highlights the discounts winners and losers.

Our Fund Face Off this month is between James

Henderson and Martin Walker, both of whom run

excellent funds. As each issue, the comparison

shows investment trusts often have much in

common with open-ended funds.

This month’s video reveals an application of

trusts to which their structure makes them

especially suitable: their ability to make

long term investments.

David Sandham, Editor

Powered by June 2014

CONTENTS

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40

Candover Picton Property Income

Henderson Opportunities

Assura Group Vinaland Schroder Real Estate

BurfordCapital

Real Estate Investors

OttomanFund

Juridica Investments

-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0

Investment trusts whose discounts have reduced the most over the last year

Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009

Aberdeen Latin American Income

Aberdeen New Thai

ARC Capital Holdings

Better Capital 2012

Aberdeen Asian Smaller Cos

Edinburgh IT

Capital Gearing

Biotech Growth Trust

Polar Capital Global Healthcare G & I

Investment trusts whose discounts have increased the most over the last year

-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)

Sector Discount Winners & Losers - Discount change over last 12 months

-5

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& In

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Infra

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-Cou

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arke

ts -

Cou

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Spe

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Eur

ope

Priv

ate

Equ

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Dire

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Equ

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Fun

d of

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d of

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Sm

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UK

/Eur

ope

Pro

pert

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Em

ergi

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Hed

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unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0

April 2013 discount of share price to net asset value

Current premium or discount to net asset value

April 2013 premium or discount of share price to net asset value

Current discount of share price to net asset value

CHART OF THE MONTH


DISCOUNT WINNERS & LOSERS

Source: Numis

Top 10 discount winners

Dis

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)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

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)

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rem

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(%)


-5

0

5

10

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Japa

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excl

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ts -

Reg

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UK

Gro

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& In

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Infra

stru

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Asi

aPac

ific

-Cou

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Glo

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Em

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Cou

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Spe

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ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

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ds

Deb

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Hed

ge -

Fun

d of

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ds

UK

Sm

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ompa

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Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount winnersManager Paul Sullivan and Richard FieldsJuridica InvestmentsInvests in corporate legal claims. Its massive discount has swung to a substantial premium on a rerating of its litigation assets.

Reduction in discount 33.0 %Market Cap £147 millionPerformance over 1 year (shares) 29.9 % Performance over 3 years (shares) 72.8 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

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25

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Japa

n

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excl

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ts -

Reg

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UK

Gro

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& In

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Infra

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Asi

aPac

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-Cou

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Glo

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Em

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ts -

Cou

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Spe

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ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

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UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Manager Development Capital ManagementOttoman Fund Its discount has shrunk substantially. The company invests in property projects in Turkey and is in managed wind-down.

Reduction in discount 31.7 %Market Cap £61 millionPerformance over 1 year (shares) 57.7 % Performance over 3 years (shares) 54.1 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

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)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

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excl

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& In

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Infra

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Asi

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-Cou

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Glo

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Cou

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Spe

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ope

Priv

ate

Equ

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Dire

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Equ

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Fun

d of

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Deb

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Sm

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Pro

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UK

/Eur

ope

Pro

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Em

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-

Sin

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Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount winners Manager Paul Bassi Real Estate InvestorsThe West Midlands-based property investment company has seen its discount shrink on improved sentiment towards UK property, which is by far the largest sector winner.

Reduction in discount 27.4 %Market Cap £56 millionPerformance over 1 year (shares) 17.6 %Performance over 3 years (shares) 1.4 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

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excl

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Em

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Reg

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Gro

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& In

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Infra

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Asi

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-Cou

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Glo

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Em

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Cou

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Spe

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Eur

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Priv

ate

Equ

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Dire

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Priv

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Equ

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Fun

d of

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Deb

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d of

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UK

Sm

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UK

/Eur

ope

Pro

pert

y -

Em

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Hed

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unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Manager Christopher Bogart Burford CapitalThe second trust in our list that provides capital for legal claims. Its premium soared on a rerating of its litigation assets.


Dis

coun

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)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

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)

P

rem

ium

(%)


-5

0

5

10

15

20

25

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Japa

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excl

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ts -

Reg

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Gro

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& In

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Infra

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-Cou

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Glo

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Priv

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Dire

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d of

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UK

Sm

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/Eur

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Em

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-

Sin

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Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount winnersManagers Duncan Owen and Nick Montgomery Schroder Real EstateHas swung from a discount to a premium after completing refinancing. Another winner thanks to property.


Dis

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)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

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(%)


-5

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Japa

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Priv

ate

Equ

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Dire

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Priv

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Equ

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Fun

d of

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d of

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UK

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Pro

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y -

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/Eur

ope

Pro

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y -

Em

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Hed

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unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


See the losers here

Manager David Blackhall VinalandVinaland invests in property in Vietnam. Its focus on realising assets

has seen its discount, still large, reduced.

Reduction in discount 18.3 %Market Cap £153 millionPerformance over 1 year (shares) 10.8 %Performance over 3 years (shares) -40.6 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

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)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

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excl

udin

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ts -

Reg

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Gro

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& In

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Asi

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-Cou

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Glo

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Em

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ts -

Cou

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Spe

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ope

Priv

ate

Equ

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Dire

ct

Priv

ate

Equ

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Fun

d of

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Deb

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d of

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UK

Sm

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Pro

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y -

UK

/Eur

ope

Pro

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y -

Em

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unds

-

Sin

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Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount winners Manager Nigel RawlingsAssura GroupThe trust has transitioned to pure play on UK primary healthcare, and this has seen the discount replaced by a premium. Its yield of 4.1% has also helped.


Dis

coun

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)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

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Asi

aPac

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excl

udin

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pan

Em

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ts -

Reg

iona

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UK

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& In

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Infra

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Asi

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-Cou

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Glo

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Cou

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Spe

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ope

Priv

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Equ

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Dire

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Equ

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Fun

d of

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Deb

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d of

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Sm

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Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount winnersManager James HendersonHenderson OpportunitiesThe deep discount has narrowed after strong performance from the trust’s small cap portfolio.


Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount winnersManager Michael MorrisPicton Property IncomePicton invests in commercial property, and is another example of discounts

turning to premiums due to investors backing the UK property sector.


Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount winnersManager John ArneyCandoverThe only trust on our discount winner’s list from the private equity sector. Its discount has narrrowed due to strong NAV performance as it progresses with realising its portfolio.

Reduction in discount 15.7 %Market Cap £ million £117 millionPerformance - 1 year (shares %) 46.1 %Performance - 3 year (shares %) -9.3 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount losers

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Managers Gareth Powell and Daniel MahoneyPolar Capital Global Healthcare G & IOne of two trusts on our losers list hit by the sell-off in biotech stocks.

Reduction in discount -8.3 %Market Cap £187 millionPerformance over 1 year (shares) 6.0 %Performance over 3 years (shares) 51.1 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Managers Richard Klemm and Geoffrey HsuBiotech Growth Trust Hit by the biotech sell-off despite its strong sector-beating performance over

three five and ten years.

Reduction in discount -8.5 %Market Cap £294 millionPerformance over 1 year (shares) 8.6 %Performance over 3 years (shares) 146.0 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Managers Peter Spiller and Alastair LaingCapital Gearing This fund of fund’s premium has shrunk due to unexciting performance from its defensive portfolio.

Reduction in discount -8.6 %Market Cap £96 millionPerformance over 1 year (shares) -10.4 %Performance over 3 years (shares) 4.8 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount losersManager Mark BarnettEdinburgh IT The shares have sunk from a premium to a discount as Neil Woodford left Invesco Perpetual and was replaced as manager.

Reduction in discount -10.2 %Market Cap £1,170 millionPerformance over 1 year (shares) -0.2 %Performance over 3 years (shares) 3.6 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Manager Hugh YoungAberdeen Asian Smaller Cos The great Hugh Young makes an appearnce on our list of dicount losers. The trust’s premium rating has been eroded by disappointing asset performance. Long-term performance remains impressive.

Reduction in discount -10.7 %Market Cap £321 millionPerformance over 1 year (shares) -22.2 %Performance over 3 years (shares) 44.9 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Manager Jon MoultonBetter Capital 2012 John Moulton’s rating has been hit by poor trading in the sister fund, Better Capital 2009. Both invest in distressed businesses.

Reduction in discount -12.2 %Market Cap £355 millionPerformance over 1 year (shares) -2.5 %Performance over 3 years (shares) n/a

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

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Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

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arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

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Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis

Top 10 discount losersManager Rachael ChiangARC Capital Holdings The discount has deepened on write-downs of assets, most of which are in China. The trust became a realisation vehicle in 2012.

Reduction in discount -12.5 %Market Cap £ million £70 millionPerformance over 1 year (shares) -25.5 %Performance over 3 years (shares) 53.0 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

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Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Managers Hugh Young and Adithep VanabrikshaAberdeen New Thai Hugh Young’s second appreance on our list. The trust has fallen to a discount due to political violence and uncertainty in Thailand. Emerging markets are among the worst discount losers.


Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Managers Devan Kaloo and Brett Diment Aberdeen Latin American Income Another famous emerging markets investor, Devan Kaloo, who manges the fund alomng with Brett Diment, has seen his premium fall to a discount.

Reduction in discount -13.7 %Market Cap £ million £52 millionPerformance over 1 year (shares) -29.0 %Performance over 3 years (shares) -14.1 %

Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





CHART OF THE MONTH



Source: Numis


Better Capital 2009 The worst discount loser is only on a modest discount, but it has fallen from a very large premium that had been in part due to John Moulton’s reputation. Trading has disapapointed investors.


Dis

coun

t (%

)

P

rem

ium

(%)

-60

-50

-40

-30

-20

-10

0

10

20

30

40




BurfordCapital


OttomanFund


-46.4-22.5 -22.1 -58.3-10.8 -8.9 -10.2-20.4 -39.8

8.010.5 5.3

31.6

-14.7 -40.0 -24.0

10.3 9.2

-3.1

6.0


Dis

coun

t (%

)

P

rem

ium

(%)

Better Capital 2009


Aberdeen New Thai


Better Capital 2012


Edinburgh IT

Capital Gearing




-50

-40

-30

-20

-10

0

10

20

2.0-7.4

14.2

8.65.9

-31.3

4.20.1

19.7

7.0

-0.9

5.6

-3.3-6.5

-3.6 -2.0-4.9 -43.8 -13.4 -9.6

Dis

coun

t (%

)

P

rem

ium

(%)


-5

0

5

10

15

20

25

30

Japa

n

Nor

th A

mer

ica

Asi

aPac

ific

excl

udin

g Ja

pan

Em

ergi

ng M

arke

ts -

Reg

iona

l

UK

Gro

wth

& In

com

e

Infra

stru

ctur

e

Asi

aPac

ific

-Cou

ntry

Glo

bal

Em

ergi

ng M

arke

ts -

Cou

ntry

Spe

cial

ists

Eur

ope

Priv

ate

Equ

ity -

Dire

ct

Priv

ate

Equ

ity -

Fun

d of

Fun

ds

Deb

t

Hed

ge -

Fun

d of

Fun

ds

UK

Sm

alle

r C

ompa

nies

Pro

pert

y -

UK

/Eur

ope

Pro

pert

y -

Em

ergi

ng

Hed

ge F

unds

-

Sin

gle

Man

ager

-2.5 -1.9 -1.9 -1.6 -1.5 -0.7

0.4 0.6 0.7 2.7 3.3 3.4 3.9 4.05.1 5.8

11.8

28.0





Source: Numis


Passing its tenth anniversary

as manager of the Standard

Life UK Smaller Companies

Trust in September 2013,

Standard Life Investments has

produced a decade of strong

returns for shareholders.

At Standard Life Investments,

the power of stock-picking to

generate superior long-term

investment performance is

core to our process. Our Focus

on Change philosophy enables

us to identify companies

undergoing material and

underappreciated change in

Harry Nimmo delivers a decade of strong returns for the UK Smaller Companies Trust

SPONSORED STATEMENT

pursuit of long-term returns.

While applicable across stock

markets, this is particularly

powerful when it comes to

smaller companies, which are

typically less researched than

large-cap stocks. Standard

Life UK Smaller Companies

Trust is a prime example of

the strong returns that can

be achieved from not just

investing in smaller businesses

in general but doing so via an

experienced lead manager

in Harry Nimmo and the

supporting UK team.

In managing the Trust,

Nimmo’s focus remains the

same today as it was back

in 2003:

• Buyingtomorrow’slarge

companies today

• Focusingongrowing

businesses with proven

business models and

recurring revenues

• Rigorouslytestingeach

holding’s business model

and resilience

• Maintaininglowportfolio

turnover

Over 2013, the Trust

benefited from being

underweight in the oil &

gas and mining sectors but

lacked exposure to economic

recovery-exposed retailers,

Harry Nimmo

SPONSORED STATEMENT

retailing. This theme is generally

disruptive and negative for

larger companies and good for

smaller businesses.

Overall, 2013 was a strong

year for UK smaller companies

and after such a period,

valuations are not as attractive

today as this time last year.

Looking ahead however, we feel

the UK’s economic recovery

employment agencies and

investment banks.

Most other positive and

negative contributors tended

to be more stock specific.

Leading performers during the

period included ASOS, which

has established itself as the

world’s leading online clothing

retailer mainly aimed at the 15

to 35 age category. In terms of

positioning, the Trust remains

overweight in electricals &

electronics, pharmaceuticals,

media, retailers and software.

As for investment themes, the

internet remains key. A ‘second

wave’ of internet-related

investment opportunities is now

becoming evident as new online

leaders emerge in media, food

retailing, distribution, leisure and

‘At Standard Life Investments, the power of stock-picking to generate superior long-term investment performance is core to our process.’

is gathering pace and with

smaller companies typically

more sensitive to the domestic

economy, this backdrop is

supportive of earnings and

valuations in our view.

That said, central bankers

in both the UK and US

have signalled the end of

ultra-low interest rates may

be in sight and with that in

mind, we believe returns in

2014 are going to be much

more modest than last year

and may only reach the low

double-digit level.

The opinions expressed are those of Standard Life Investments as of April 2014 and are subject to change at any time due to changes in market or economic conditions. Performance warnings: • The value of an investment can fall as well as rise and is not guaranteed – you may get back less than you put in. • Past performance is not a guide to future performance.

*Source: Morningstar, share price, total return. Your call may be recorded for training or monitoring purposes. Baillie Gifford Savings Management Limited is the manager of the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISA and is wholly owned by Baillie Gifford & Co, which is the manager and secretary of Scottish Mortgage Investment Trust PLC.

SCOTTISH MORTGAGE INVESTMENT TRUST

Freedom to take it all in.We’re 100% committed to making sure our fund managers never have a restricted outlook. That way, the long-term view is a clear one. So what’s the secret to their liberated attitude?

Well, our flagship fund, the Scottish Mortgage Investment Trust, is a global stock-picking fund that is completely free of asset allocation constraints: that ignores index weightings and that selects stocks purely on their merit. You can catch a glimpse of the benefits long-term freedom confers in the table below.

Performance to 31 March 2014*:

5 years 10 years

Scottish Mortgage 225.7% 314.3%

FTSE All-World Index 100.7% 132.0%

As with any investment, your clients’ capital is at risk. Past performance is not a guide to future returns.

The Scottish Mortgage Investment Trust is available through our Share Plan and ISA.

For financial advisers only, not retail investors.

For an unrestricted outlook call 0800 027 0132 or visit www.bailliegifford.com/intermediariesBaillie Gifford – long-term investment partners

WHEN PICKING STOCKS WE STRESS THE UNLIMITED UPSIDE AND SO CAN TOLERATE THE ODD FAILURE.

http://www.bailliegifford.com/intermediaries

HenDeRSOn WalkeR

Jennifer Hill

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Comparing Law Debenture Corporation, managed by James Henderson, with Invesco Perpetual UK Growth, an open-ended fund

managed by Martin Walker. Law Debenture, an investment trust, and Invesco Perpetual UK Growth, an open-ended fund, are two highly

popular ways of targeting growth from UK equities. How do they compare?

TWO EQUITIES HEAVYWEIGHTS FIGHT IT OUT

James Henderson

FUND FACE OFF

Martin Walker

June 2014

Martin Walker has managed Invesco Perpetual UK

Growth, a UK authorised ICVC, since June 2008. He

joined Invesco in 1999, initially working as part of the

UK equity team that assisted Neil Woodford. In 2003, he started

running the Invesco Perpetual Children’s fund and pan European

mandates, and last year he was also given responsibility for

Invesco Perpetual UK Aggressive. He has a ‘pragmatic, value-

orientated style’.

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Managers Core themesConcentration Performance & Yield Verdict

LAW DEBENTURE CORPORATION

INVESCO PERPETUAL UK GROWTH

James Henderson has managed Law Debenture since

June 2003. ‘I used to say I was a value investor, but

I’m now more growth aware,’ he said. ‘I’d certainly call

myself a contrarian.’ Henderson manages another two

investment trusts, Lowland Investment Companies and

Henderson Opportunities Trust. ‘The relative risk profile of this

trust is lower than the others, so it’s closer to the market,’ he

said.

Fees

June 2014

Invesco Perpetual UK Growth is far more concentrated

than Law Debenture, with just 50 holdings. ‘I want to

have reasonably-sized holdings which display my

conviction,’ said Walker. ‘UK Aggressive only has 29, so the fund

is quite diversified compared to that.’

The £1.24 billion UK Growth fund sits in the UK All Companies

sector, but can have up to 20% overseas (7.2% at present via

Total, Novartis and Roche).

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Law Debenture has 135 holdings. ‘The life cycle of

companies is getting shorter – it’s crunching up,’ said

Henderson. ‘Some won’t necessarily be successful

investments, so I like long lists – it makes you buy earlier and

makes you bolder in what you believe.’

The £635 million trust is predominantly weighted to UK large

caps. It has 70% in the UK, of which 65% is in the FTSE 100.

Fees

June 2014

Nine months ago, Walker was playing the UK domestic

recovery story. However, with economic recovery now

reflected in valuations he has turned his attention to

mega caps. ‘Some of the largest shares in the UK market, likes

banks and oil, are being classed as boring and ignored by

investors,’ he said. In the resources sector, he has been building

positions in Rio Tinto and Glencore.

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Law Debenture’s largest weighting is to industrials.

‘We’re seeing global trade growth and good quality

industrials are servicing that,’ said Henderson. ‘Costs

are controlled and the top line is growing.’ He is also backing

small oil exploration and natural resources stocks. Premier Oil

and Providence Resources have been ‘dull performers’, but

Henderson is buying for recovery. ‘We have a lot in mainline

stocks, but it’s what you do differently that makes you perform

differently,’ he said.

Fees

June 2014

Invesco Perpetual UK Growth ranks 35 out of 238

funds in the All Companies sector over five years with

returns of 163.8%.

The fund has an historic yield of 1.54% and has no income

restrictions. Walker said: ‘It’s a growth fund, but I’ll take return

where I can find it. I do like shares to have a good dividend; it’s a

tangible return which forces capital disciple onto companies.’

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Law Debenture has produced a net asset value total

return of 165.7% over the past five years and a share

price total return of 152.3%.

The trust yields 2.9%. All of its costs come from revenue (as

opposed to capital). ‘That holds back headline yield, but improves

long-term dividend growth because you’ve got more capital over

time to produce income with,’ said Henderson. Dividends have

more than doubled over the past decade – from 6.9p to 15p.

Fees

June 2014

Walker doesn’t concern himself with fees. ‘It’s more

important to worry about whether Glaxo is a buy than

what we charge investors,’ he said. The fund has an

initial charge of 5%. Ongoing costs come in at 1.66%. This

covers all aspects of operating the fund, including fees paid for

investment management, administration and independent

oversight functions, an Invesco spokeswoman said.

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Law Debenture is one of the cheapest investment

trusts around. It has an annual management fee of

0.3% and ongoing charges of 0.47%. There is no

performance fee. ‘They don’t pay me enough,’ said Henderson.

‘The nature of the trust is very conservative and very focused on

keeping costs down, so negotiating management fees with them

[the board] is tough.’

Fees

June 2014

Alongside the equity portfolio Law Debenture owns a highly cash

generative fiduciary services subsidiary, and it’s for this reason that

John Newlands, head of investment companies research at Brewin

Dolphin, believes it is ‘one of the least well understood trusts’. The

trust has a 10.7% premium at present and ‘always looks far too

expensive because of the sizeable hidden value inherent in the

fiduciary services arm’. ‘Suffice to say we regard Law Deb as a core

buy,’ added Newlands.

Charles Stanley analyst Stephen Peters said the choice between the

two funds would depend upon the type of proposition an investor is

looking for. ‘Law Debenture is very different to a long-only UK equity

fund,’ he said. ‘One is global, the other UK, and Law Debenture has

the trustee business whereas Invesco Perpetual UK Growth is just

pure listed equity.’

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Fees

June 2014

Law Debenture Corporation

-50

0

50

100

150

200

FTSE All-ShareInvesco Perpetual UK Growth OeicLaw Debenture Corporation NAVLaw Debenture Corporation shares30

/04/

2009

30/0

4/20

10

29/0

4/20

11

30/0

4/20

12

30/0

4/20

13

30/0

4/20

14

Source: Lipper, Morningstar

The Merchants Trust is committed to the pursuit of above-average income and income growth. To view the Trust’s dividend history, download a brochure, see an interview with the portfolio manager or find out how to purchase shares, please visit us online.

The trust charges 65% of its annual management fee to the capital account and 35% to revenue. This could lead to higher income but capital growth would be constrained. The trust is a quoted company listed on the London Stock Exchange. Its share price is influenced by the balance of supply and demand in the market, which means that the shares may trade below (at a discount to) or above (at a premium to) the underlying net asset value. The trust seeks to enhance returns for its shareholders through gearing in the form of long-term debentures. Gearing can boost the trust’s returns when investments perform well, though losses can be magnified when investments lose value. You should be aware that this trust may be subject to sudden and large falls in value and you could suffer substantial capital loss. Derivatives are used to manage the trust efficiently.

INVESTING INVOLVES RISK. THE VALUE OF AN INVESTMENT AND THE INCOME FROM IT MAY FALL AS WELL AS RISE AND INVESTORS MAY NOT GET BACK THE FULL AMOUNT INVESTED.

The Merchants Trust PLCAs focused on dividends as you are.

www.merchantstrust.co.uk

0800 389 4696

This is a marketing communication issued by Allianz Global Investors Europe GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, D-60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors Europe GmbH has established a branch in the United Kingdom, Allianz Global Investors Europe GmbH, UK branch, www.allianzglobalinvestors.co.uk, which is subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk). Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

Portfolio Manager Simon Gergel

• 1

889

– 20

14 •

1

25T H ANN I VERSARY • 1889 – 2014 •

1 2 5 T H A N N I V E R S A R Y

http://www.merchantstrust.co.uk

THE INTERVIEWTRIG’S CRaWFORD: CARBON TAX FREEZE WILL NOT AFFECT US

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Investors strongly supported

new renewables infrastructure

investment trusts last year.

Six of them came to market,

raising £1.25 billion between

them. This year investors

have been more cautious,

with IPOs delayed and

scaled down.

One of the largest is The

Renewables Infrastructure

Group (TRIG) which has

a net asset value of nearly

£400 million.

Richard Crawford, investment

manager of TRIG, confirmed

it was on track for a 3.0p

interim dividend for the six

months to 30 June 2014,

giving a 5.7% yield.

June 2014

Baillie Gifford Savings Management Limited is the manager of the Baillie Gifford Investment Trust Share Plan and the Investment Trust ISAand is wholly owned by Baillie Gifford & Co, which is the manager and secretary of Scottish Mortgage Investment Trust PLC.

The Scottish Mortgage Investment Trust.Freedom to explore with an unrestricted outlook.

Baillie Gifford – long-term investment partners

Visit website >

For fi nancial advisers only, not retail investors. As with any investment, your clients’ capital is at risk.

http://www.bailliegifford.com/intermediaries

INSIDE TRACK

DIVIDEND HEROESJennifer Hill

June 2014

Many investment trusts have an

illustrious history of raising

dividends year-on-year, but

dividend growth is only part of the

story. A more in-depth analysis of

yield, dividend cover and dividend

diversification is needed to

uncover the real dividend heroes.

YieldOriel Securities produces a list of

mainstream investment trusts

primarily in listed equities with

market capitalisations above £70

million, and yielding above 4%.

There are 16 on the current list, up

from 10 last August. New

members of the high yielders club

include Schroder Oriental Income

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INSIDE TRACK

(yielding 4.3%), Murray

International (4.2%), Aberdeen

Asian Income (4.1%) and Scottish

American (4.1%).

City of London, Bankers and

Alliance Trust – the three trusts

with the longest track record of

dividend increases, at 47

consecutive years do not make

the Oriel list. They yield 3.9%,

2.6% and 2.2% respectively.

Consider long-term yields, too.

Jupiter Dividend & Growth has the

highest yield at present, of 14.8%,

but over five years its dividend has

declined by an annual 28.2%,

data from the Association of

Investment Companies shows.

At the other end of the scale,

Witan Pacific and Henderson

EuroTrust yield just 2.1% and 2%

respectively, but have delivered

annual dividend growth of 16.2%

and 13.6% over the past five years.

Capital valueYield is only half the picture: the

move in capital value is very

important.

Figures from Cantor Fitzgerald

show that the average investment

trust yield over the past 15 years

has been consistently above the

FTSE All-Share yield (currently

3.3%) and generally broadly similar

to the yield on the FTSE 350 High

Yield index.

‘The big divergence between

investment trusts and the High

Yield index over the last two years

is explained by much better NAV

[net asset value] capital returns

from the trusts, rather than from

relatively lower dividends being

paid out by them,’ said Monica

Tepes, investment companies

analyst at Cantor.

Tepes: don’t just buy highest yielders

June 2014

doubled their dividend to 6p, but

one has tripled its NAV to 300p

while the other has only doubled its

to 200p. The former – clearer the

better performer – now yields only

2% while the latter still yields 3%.

The best trusts deliver dividend

growth alongside capital growth

that exceeds the index, peers and

inflation, said Charles Stanley

analyst Stephen Peters.

‘Some trusts, such as Alliance

Trust, have grown their dividends

for decades, but at a slower rate

than inflation and with benchmark-

like capital growth. Mercantile is

another with good dividend

growth, but has failed to beat its

benchmark in recent years,’ he

said. ‘Conversely, Perpetual

Income & Growth has a

comparatively low yield [3.1%], but

dividend growth is among the best

in its sector and it’s beaten its

benchmark by around 5% over the

past five years. Finsbury Growth &

Income cut its dividend in 2009

and has a low yield [2.1%], but

excellent historic capital returns.

’

Dividend coverInvestment trusts can retain up to

15% of income to boost dividends

in years when they are less able to

generate income.

Ewan Lovett-Turner, a research

analyst at Numis Securities, said:

‘Most funds have been paying

covered dividends for the last

couple of financial years. Before

that a good number of them used

revenue reserves to maintain or

grow dividends through the

financial crisis and issues such as

the BP dividend cut.’

On average the UK Equity

Income sector has 0.67 years’

dividend as revenue reserves,

although this varies from

fund-to-fund.

‘Funds launched relatively

recently, such as Diverse

Income, have had less time to

build up revenue reserves,’ said

Lovett-Turner.

‘You may see the revenue

reserve per share declining, where

a fund – City of London, for

example – is paying a covered

dividend. This looks a little unusual,

but is due to share issuance. The

existing reserves slip over a larger

shareholder base when new

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‘This makes a strong argument

for having a managed portfolio of

yielding equities as opposed to just

buying the biggest income payers

– picking a good manager can

deliver significant outperformance.’

Take two investment trusts that

start off with a NAV of 100p and a

dividend of 3p (so yield 3%). A few

years down the line both have

Peters: combine dividend and capital growth

June 2014

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shares are issued.’

Changes to tax rules a few years

ago make dividend cover less

relevant than before. ‘Trusts can

now pay income out of realised

capital gains,’ said Peters. ‘Few

do, but it does increase flexibility.’

Fund expensesIt is also worth considering the

proportion of management fees

that are charged to capital as

opposed to revenue: changing how

costs are allocated is one way in

which trusts can manipulate yield.

‘A larger amount charged to

capital gives the fund greater ability

to distribute via dividends,’ said

Lovett-Turner.

The difference between the

portfolio yield and the yield paid

out depends on how fund

expenses are allocated and

whether income is held back in

reserves. Statistics are not easy to

come by as most trusts do not

publish the underlying portfolio

yield, said Tepes.

Dividend diversificationAn analysis of underlying holdings

shows how diversified – and,

therefore, sustainable – a trust’s

income stream is.

Cantor analyst Charles Tan gave

the example of Standard Life

Equity Income, managed by

Thomas Moore. Its top 10

dividend payers only account for

around 36% of the trust’s total

income and less than 25% is

derived from the FTSE top 10

dividend majors, whereas more

than half (51.4%) of the total

dividends paid out by FTSE

All-Share companies are

accounted for by these income

goliaths.

lovett-Turner: reserves helped in 2008

‘The typical UK equity income

investor is vulnerable to a

sudden or unexpected dividend

cut by one or more of these

companies,’ said Tan. ‘Moore

focuses on deriving a quality

June 2014

The Merchants Trust PLCAs focused on dividends as you are.www.merchantstrust.co.uk 0800 389 4696

Investing involves risk. The price of shares and the income from them can fall as well as rise and investors may not get back the money originally invested. This is a marketing communication issued by Allianz Global Investors Europe GmbH, an investment company with limited liability, incorporated in Germany, with its registered office at Bockenheimer Landstrasse 42-44, D-60323 Frankfurt/M, registered with the local court Frankfurt/M under HRB 9340, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht (www.bafin.de). Allianz Global Investors Europe GmbH has established a branch in the United Kingdom, Allianz Global Investors Europe GmbH, UK branch, www.allianzglobalinvestors.co.uk, which is subject to limited regulation by the Financial Conduct Authority (www.fca.org.uk). Details about the extent of our regulation by the Financial Conduct Authority are available from us on request.

Portfolio Manager Simon Gergel

• 1

889

– 20

14 •

1

25T H ANN I VERSARY • 1889 – 2014 •

1 2 5 T H A N N I V E R S A R Y

income stream

from a diverse

and unique list of

stocks with

significant

growth potential.’

http://www.merchantstrust.co.uk

http://www.feetplc.co.uk

TOP YIELDING INVESTMENT TRUSTS

Source: Oriel Securities using Datastream

Includes funds primarily investing in listed equities. Excludes funds with market capitalisations

of less than £70m. Excludes funds with multiple share classes.

0

1

2

3

4

5

6Yield (%)

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LONGEST CONSECUTIVE DIVIDEND INCREASES

Source: Association of Investment Companies

Yield (%)

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HIGH YIELD IS NOT ALWAYS MATCHED BY HIGH DIVIDEND GROWTH

Source: AIC and Morningstar. Data as at 02/05/2014

-30-25-20-15-10-505

1015

5 year dividend growth (%) p.a. Dividend yield (%)

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MANAgER MOVES

Barnett: a lot on his plate

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BaRneTT BACKED DESPITE DEPARTURESAnalysts continue to support Neil

Woodford successor Mark

Barnett, manager of Edinburgh

Investment Trust, despite a string

of departures from Invesco

ReSIGnaTIOnS AT STRATEGIC EQUITY CAPITALAdam Steiner and Jonathan

Morgan, chief executive and

chairman respectively of GVO

Investment Management, the

manager of Strategic Equity

Capital, have resigned.

As a result, the board has

cancelled the trust’s semi-annual

tender for 4% of the fund’s

shares at a 10% discount.

Winterflood Securities said the

resignations had been

unexpected, but that they did

not reduce the inherent

attractiveness of the fund.

Stuart Widdowson continues

in his role as the portfolio’s

manager.

Perpetual’s UK equities team.

Stephen Lamacraft, who ran

money, and two analysts, Paul

Lamacraft and Saku Saha, have

quit to join Woodford Investment

Management.

‘Invesco departures from the UK

team behind Mark Barnett affects

all funds – open and closed,’ said

Charles Stanley analyst Stephen

Peters.

‘We rate Mark Barnett but this

can’t be an easy time to manage

portfolios with everything going

on.’Steiner: unexpected resignation

June 2014

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ANALYSTS SPLIT ON BOlTOn SUCCeSSOR

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The share price of Fidelity

China Special Situations

dipped below the 100p issue

price for most of May, though it

has since come back.

The trust’s shares are trading

at a 10% discount to net asset

value.

But this discount could make

it attractive. ‘The board has

consistently bought back stock

at discount levels wider than

10%,’ said Killik’s head of

research Mick Gilligan.

Dale Nicholls recently

assumed full responsibility for

the fund, following Anthony

Bolton’s retirement on 1 April.

‘The portfolio is likely to

maintain a small and mid-cap

focus and bias towards

consumer and technology

related areas of the market,’

said Gilligan.

However, Winterfloods was

less bullish. Head of research

Simon Elliott said: ‘In theory

this [discount] offers potential

Bolton: retirednicholls: big shoes

June 2014

investors some value. However,

following the recent retirement

of Anthony Bolton, we are

taking a cautious view until we

can gauge the new manager.’

http://www.feetplc.co.uk

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INDEPENDENT BOaRDS FLEX THEIR MUSCLES

Drake: board power

Boards have become more

alive to their wider

responsibilities, particularly the

interests of retail shareholders.

‘Although activist shareholders

are subdued, the role of

independent boards in initiating

corporate activity cannot be

underestimated,’ said Kieran

Drake, an investment trust

research analyst at Winterflood

Securities.

‘The level of corporate

governance across the sector

has improved significantly over

the last ten years.’

Mid Wynd International

recently announced the

appointment of Artemis as its

fund manager, replacing Baillie

Gifford, following the retirement

of long-standing manager

Michael MacPhee.

‘This appointment is perhaps

‘This can be seen in the

number of strategic reviews,

one of which resulted in Hansa

Trust recently announcing a

reorganisation of its portfolio,’

added Drake. ‘This pro-activism

is healthy for the sector and

partly explains why investment

trusts have historically

outperformed both the wider

market and their open-ended

equivalents.’

June 2014

all the more notable given the

fund’s good performance

record, high level of holdings by

individuals connected to Baillie

Gifford and the fact that the

fund’s chairman was a former

senior partner of the firm,’ said

Drake.

Pressure to reviewThe number of investment

trusts moving management

group is relatively low, with only

16 since the start of 2010.

However, boards are usually

highly active in reviewing

mandates to determine their

relevance.

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HenDeRSOn ValUe TRUST CHANGES MANAGER

expected to leave in the fourth

quarter of this year to join Old

Mutual Global Investors.

It follows Old Mutual Wealth’s

purchase of Henderson’s

interest in its Cirilium multi-

manager joint venture with the

adviser network Intrinsic. Craig,

sole manager of the Cirilium

range of funds, will move to Old

Mutual when the deal is

completed.

James de Bunsen of

Henderson’s multi-asset team

will join Ian Barrass in managing

Henderson Value Trust, which

sits in the global growth sector.

Previously called SVM Global,

it moved to Henderson in April

last year following a period of

disappointing performance and

issues over valuations. Since

then, its performance remains

unexceptional and its discount

wide.

Winterfloods believes that the

fund’s continuation vote in

December is ‘by no means a

foregone conclusion’,

particularly as the fund’s

shareholder base is

concentrated, with the top six

shareholders accounting for just

over 50% of the share capital.Craig: moving to OMGI

June 2014

de Bunsen: joining Barrass as manager

Paul Craig, co-manager of

Henderson Value Trust, is

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PROPERTY TRUSTSCOnVeRT TO REITS

Baggaley: converting

Standard Life Investments

Property Income Trust (SLIPIT) is

poised to become the first

Guernsey-listed investment

company to convert to a real

estate investment trust (REIT).

SLIPIT, managed by Jason

Baggaley, plans to put the

proposals to shareholders later this

year and Gordon Humphries, head

of investment companies at

Standard Life Investments,

believes others will follow suit.

‘I’d be surprised if other funds

don’t follow. Within two to three

years I’d expect more of the peer

group to convert to REIT status,’

he said.

There are about a dozen

Guernsey-listed property

companies. Most were set up

between 2003 and 2006 before

the existence of REITs, and when

interest rates on their loans were

far higher.

SLIPIT will need at least 75% of

shareholders to be in favour for a

conversion to take place.

neW eRa FOR DISOUNTSInvestment trusts investing in

alternative assets are now

trading on an average premium

of 0.4% compared to 5.6%

discount a year ago and 17%

two years ago, figures from

Numis Securities for Investment

Trust Insider show.

‘We’re in a new era for

discounts,’ said Ewan Lovett-

Turner, associate director of

investment companies research

at Numis. ‘The extreme

discounts of 1970s and 80s of

up to 35% for equity funds will

not be repeated due to a

combination of factors including

the ability to manage discounts

through buybacks, the active

presence of arbitrage buyers,

more balanced shareholder

registers and greater

transparency.’

While some trusts have been

big winners in the discount

stakes others have fared less

well. Investor interest in property

has boosted trusts in that sector

while emerging markets trusts

have suffered.

For more details of discount

winners and losers see our

Chart of the Month.

June 2014

THE TEAM EMAIL TELEPHONE

Editor

David Sandham [email protected] 020 7840 2476

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Robert St george [email protected] 020 7840 2459

Eleanor Lawrie [email protected] 020 7840 2462

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Robert McColgan [email protected] 020 7840 2461

Production

Alex Watson [email protected] 020 7840 2473

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THE TEAM EMAIL TELEPHONE

Head of Product Management

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David Turner [email protected]

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Investment Trust Insider is published by:Citywire Financial Publishers, First Floor, 87 Vauxhall Walk, London SE11 5HJ Tel 020 7840 2250 Fax 020 7840 2251. Citywire is an independent financial publishing and data group, 25% owned by Thomson Reuters plc.

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