on discounts

As what passed for a summer draws to a close and investment managers return to their desks, market...

As what passed for a summer draws to a close and investment managers return to their desks, markets remain unsettled. Wild swings in indices on thin volumes have played havoc with discount levels on most funds. Generally now, while there are some dangerously large premiums - Ceres Agriculture, 3i Infrastructure - discounts are wider than average. Trust discounts, often a good indicator of market sentiment, may be saying there is more pain to come. The carnage in the property sector continues though some stocks have bounced recently. A 9% gap has opened up between the ratings of TR P...