IT discounts hit dizzying levels

Miton's Greenwood feels credit crunch has led to discount opportunities across closed-ended sector

Miton Asset Management's Nick Greenwood has described the current discount levels in the investment trust world as a dizzying array of appetising opportunities. The manager of the iimia investment trust said the credit crunch has caused a flight to liquidity in markets, and closed-ended funds have suffered similar de-ratings to most of the stocks outside the FTSE 100. Over six months to the end of October, the trust's net asset value fell by 2.0% and share price by 2.1%. Greenwood said that discounts have widened across the entire closed-ended sector, with new-breed issues particularl...