91% of investment trusts end H1 on discount as macroeconomic stresses bite

Discounts now ‘historically wide’

Eve Maddock-Jones
clock • 3 min read

Just 20 out of 231 investment trusts ended H1 on a premium, approximately 8.7% of total trusts, as the market impact of the war in Ukraine, high inflation and rising interest rates continues to take its toll, research by Investment Week has found.

According to data from the Association of Investment Companies, 211 trusts across the equities, alternatives and flexible universes ended the first half of the year on a discount. As a result, the already small number of trusts trading on a premium dwindled even further, down 43% on the 35 that opened the year with no discount. Investment trusts on a premium at the end of H1 2023 Nick Britton, head of intermediary communications at the AIC, told Investment Week that investment trust discounts had been widening since the start of the war in the Ukraine in 2022, but persistently hi...

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