Investment Trusts

Discounts across the entire investment trust universe narrowed significantly last year from an average 11.6% to 9.2% on the back of equity markets strengthening, according to research from Oriel Securities.

Global real estate investment trusts trading on huge discounts are offering value but liquidity remains low, said the managers of First State's Global Property Securities fund.

Sentiment towards out-of-favour Japan is beginning to turn, with the market rising 11% since October, said Sarah Whitley, manager of the £168m Baillie Gifford Japan trust.

INVESTMENT TRUSTS

Fidelity is looking to raise £162.1m in a new share issuance on its China Special Situations trust, run by Anthony Bolton.

Gartmore's closed-ended Irish Growth fund will wrap up in the New Year, subject to shareholder approval.

Investment trust managers are optimistic equities will rally in 2011 and 77% expect the FTSE 100 to end the year between 6,000 and 6,500, according an AIC survey.

Witan has added an emerging markets portfolio to its multi-manager investment trust as part of a move towards a more active, high conviction style.

Laxey Partners has stepped up its fight against Alliance Trust, creating a shareholder action group website in a bid to build support for a discount control mechanism set at 10%.

The £300m Electric & General Investment trust, which opened in 1890, is winding-up after failing to shrink its persistent discount.