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This gallery summarises the changes made by Winterflood Securities in its annual review of investment trust recommendations. 2017 was a strong year for investment trust investors. Discounts tightened to historically low levels and the majority of funds outperformed their benchmarks. While the narrowing of discounts represents a positive theme, it also creates challenges for investors because value is thin on the ground. This helps to explain why the Winterflood team reduced the number of trusts in the portfolio from 41 to 35 during the year. The average discount in the portfolio is now 3. Six of the names are trading on double-digit discounts, while 13 trade at a premium.
Please sign in or register to comment. It is free to register and only takes a minute or two. Winterflood said Troy offers a more diversified exposure to UK equities, as well as a higher yield of 3. Elsewhere in the UK equity sector, Winterflood sold out of a 5. The team was keen to gain exposure to Phoenix Asset Management’s contrarian investment approach. Phoenix took over the fund in 2016, and have delivered an impressive track record with an equivalent open-ended fund.
Winterflood acts as the broker. Star manager Neil Woodford’s trust remains in the portfolio in spite of disappointing performance last year. On a current discount of 4. The team highlighted the latter’s performance recovery following a management change. All three are corporate clients of Winterflood. In the specialist sector there only one change was made to the porfolio.
Winterflood highlighted ICG’s enviable 10-year track record. The team expects to see further NAV growth this year. Winterflood acts as the broker for. Although recent performance has been disappointing, the Winterflood team initiated a notional position in the fund because they believe a turnaround is under way. Last year the portfolio was repositioned, with exposure to US and UK credit significantly reduced. While it is still not particularly cheap, the fund’s fee structure has also been amended,’ Winterflood said.