Unicorn's Walls 'sticks to knitting' and tops up on discounted trusts through Covid-19 sell-off

Extra additions to holdings

David Brenchley
clock • 4 min read

Unicorn Mastertrust took the opportunity to top up a number of existing holdings during the coronavirus market sell-off, but saw few chances to initiate new positions, as manager Peter Walls "stuck to [his] own knitting".

Walls added to holdings in global trust-of-trusts AVI Global, formerly British Empire, alongside solidifying his backing of smaller companies and private equity by increasing his positions in Strategic Equity Capital and ICG Enterprise. The two trusts, including CQS New City High Yield, bought during the period were quickly sold once their discounts rapidly narrowed. The fund made around a 33% profit in the space of about ten days on CQS. Video special: How have the UK's top performing investment trusts fared over 25 years? The investment trust sector has seen elevated volatility t...

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