The IPO bubble may have finally burst in the world of mainstream equities, yet in the more sedate world of investment trusts and closed-end funds, the new listings keep on rolling down the runway, says David Stevenson.
In the past few days, for instance, we have seen a veritable armada of new funds launched, including the Sanditon investment trust, the Marshall Wace-backed alternative finance specialist vehicle P2P Global Investment, and CLO loans vehicle Fair Oaks Income Fund (FOIF). And, of course, who could ignore the Fundsmith Emerging Equities trust PLC, which has just raised £193m? An investment trust vehicle from the inestimable Terry Smith is a big vote of confidence in the listed funds sector. Yet I would suggest, in true contrarian style, all this good news about new funds belies a more di...
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