Generalists out of favour

buybacks have done little to alleviate the pressure of discounts on global growth trusts

Despite a spate of share buy-backs, global growth investment trusts are trading at substantial discounts and the venerable generalists are facing a challenge from more aggressive upstarts. Scottish American Investment Trust and Edinburgh Worldwide have both left the sector to join the overseas growth peer group in recent months, while Witan CIO Jim Horsburgh is casting around for new managers for parts of the Hendersons-run vehicle. Other groups are taking action to control their discounts. For instance, the board of the Martin Currie Portfolio offers investors share redemptions if the av...