Arbitrageurs take advantage

DWS's Anglo & Overseas is one of a broad range of trusts trading at a big discount to nAV

Arbitrageurs have taken advantage of the quiet summer months to establish holdings in a number of vulnerable trusts trading at high discounts. Among those threatened is global growth trust Anglo & Overseas after Carousel Capital established a 7.6% holding in the company in June. The DWS-run trust, with net assets of £221.7m, has produced solid performance in recent months. The net asset value per share rose by 2.3% over the six-month period to 30 June 2004, outperforming its benchmark composite index, comprising 60% of the MSCI UK World ex-UK and 40% of the MSCI indices, which returned on...