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".
One of those trusts, AVI Global, which has been held by Mastertrust for more than ten years, invests in a similar vein to Walls in looking for "deeply discounted funds".
Walls believes "the look-through discount on that portfolio probably got to its widest level in more than a decade and just represented a store of double-discount value".
Meanwhile, the UK smaller companies trust Strategic Equity Capital, which recently switched manager to Gresham House - manager of another Walls holding, Gresham House Strategic - also moved to a "very wide discount".
"I like the underlying portfolio. Some of the underlying investments will struggle in the short term, but I think the way the fund is structured - it is sensibly managed - I would expect, over time, the discount to narrow," Walls reasoned.
Mastertrust has "always had this structural bias towards listed private equity funds", Walls said, noting that had been further entrenched with the topping up of ICG Enterprise.
"I feel reasonably confident the current rating of the shares more than discounts writedowns in values and the portfolio is pretty well-set if one is willing to take a three-to-five-year view."
Walls believes the de-ratings of these private equity vehicles has been "overdone, given the fact many of the underlying portfolios do not have the sort of exposure to the areas that have been most stressed in this period".
By contrast, they have high exposure to software, technology and healthcare firms.
On sales from the fund, Walls said he had taken up a tender offer from Polar Capital Global Financials, which offered investors an exit at net asset value.
"Some people did roll through; whether that proves to be the right or wrong decision I do not know, but generally if people are offering to give me my money back at NAV when I bought at a discount then I tend to take that opportunity and live to fight another day."
Elsewhere, Walls said the fund had seen "modest net inflows throughout the period", which he saw as "a reflection of the fact that there is still quite a bit of cash on the sidelines in the UK".