Winterflood swaps Darwall for Morse after discount vanishes

Investment trust broker Winterflood has dropped Alexander Darwall's Jupiter European Opportunities trust from its buy list, deeming the trust too expensive to buy after its shares drifted onto a premium.

Winterflood is instead recommending investors look at Fidelity's Europen Values trust, run by Sam Morse (pictured), because of its attractive discount. "We continue to rate the manager of Jupiter European Opportunities, Alexander Darwall, highly. However, following a strong period of outperformance we note that this fund now trades around NAV, while the European sector average discount is near to 9%," said the brokers. "For shareholders wishing to maintain their investment with Alexander Darwall while avoiding discount risk, we would suggest that they consider Darwall's open-ended fu...