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Investment Trust Insider on BlackRock Emerging Europe

27
2018
June

Investment Trust Insider on BlackRock Emerging Europe

James Carthew: BlackRock trust could have avoided upset

There have been some fun and games in the investment trust sector recently, what with the ongoing dispute between Invesco Perpetual Enhanced Income (IPE) and its former manager, the proposed merger of Dunedin Smaller Companies (DNDL) and Standard Life UK Smaller Companies (SLS), the demise of Ranger Direct Lending (RDL) and the shock loss of BlackRock Emerging Europe (BEEP).

Round-up of the action

IPE is trading at a small discount now. A 1.7% discout to net asset value (NAV) is not enough to get me excited but represents a return to sanity after a few months of trading on a 7%-8% premium. It is going to be fascinating to see how the voting goes on 20 July (unless the requisitionists throw in the towel beforehand). I am keen to find out who the board believes should replace Invesco bond managers Paul Causer and Paul Read.

The merger of two smaller company trusts in the Aberdeen Standard stable is very welcome in my view. It caps a long-term game plan for SLS’s board. Standard Life took on the management contract of what was Edinburgh Small Companies back in 2003. In 2006, the board carried out a tender offer and then set out to keep its discount fairly tight. The thinking was that they could then re-expand the fund. They have been aided in that ambition by excellent performance from Harry Nimmo.

The trust is at the top of its peer group for NAV performance over ten years, just ahead of the two BlackRock small cap trusts… read more here

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