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How the company pages work

There is a page on every investment company we cover.

At the top of the page are a few lines that explain what the fund is trying to achieve and how it is trying to do that. Below that is a selection of data supplied by Morningstar.

Pressing Print will print everything you see below the “Morningstar CEF Report” line

Then you have a choice of “Overview”, “News” and “Documents”

If you are not sure what any of the terms on the page mean, just use the search box to find an explanation.

The discount we have used is the discount calculated assuming any debt is repaid at fair value and including any accrued income.


  • You can change the time period on the charts using the bar labelled from 1M (one month) to Max. All the charts use the same x axis (time scale).
  • The default chart is the “Price Chart” this shows the share price and, for investment companies, the net asset value over the time period you select.
  • You can change the chart to a “Growth Chart” by hitting the button marked “Chart Settings”, selecting “Plot Types” and hitting “Growth”.  “Growth Chart” shows what would have happened if you had invested 100 at the start of the period. It assumes the currency is the same as the traded currency in the table above. This is the best chart to see how a company has done compared to its sector.
  • You can also fiddle with which type of net asset value the chart displays – our default is “Cum Fair” – i.e. including income and assuming any debt has to be repaid at its current market value – i.e. a real world scenario. The “Ex Par” option strips out income and assumes the debt is repaid at its par value (which will usually only happen when the debt is due for repayment). The “Cum Fair” data only goes back to 2008 – if you want to look at performance before then, change the NAV type to “Ex Par”.
  • You probably won’t see much difference between estimated and actual NAVs – the data uses actual NAVs except where they are published infrequently in which case Morningstar estimates its current value
  • Selecting “Line Types” lets you switch between “Line”; “Candle Stick” – which shows you the range over the time period (usually a day) and the direction of movement – indicated by colour; and “OHLC” – which stands for Open-High-Low-Close which is a bit like the Candle Stick but without the direction of movement on it.
  • The “Events” tab will display the dates of the company’s dividends.
  • Last you have an option to switch to a more printer friendly view (this opens in another window). You do not have the facility to export the data (our licence with Morningstar does not permit that)

The two charts underneath the main one show the volume, how many shares have traded, and the discount / premium. As above, the way the discount is calculated switches between “Cum Fair” and “Ex Par” when you choose these options (the default is “Cum Fair” and, as before, the discount / premium history under “Cum Fair” only goes back to 2008.

We then have some information on the portfolio and some basic information on the fund including who is managing it. Plus the latest dividends and who the Directors are.

On the “News” tab you will see a list of the latest announcements made by the company

Under the “Documents” tab are any recent prospectus, the latest annual an interim accounts and a recent fact sheet (if available).


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