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Trust Watch: War in Ukraine widens closed-end discounts

Investment Trust Insider on Perpetual Income and Growth

Gavin Lumsden, Citywire Investment Trust Insider, 25 Feb, 2022:

Discounts widen:

Russia’s shocking invasion of Ukraine has caused extreme volatility in stock markets, with the FTSE 100 today recovering 3.7% after plunging a similar amount yesterday.

Investment trust share prices fell and leapt in almost equal measure, although the deep uncertainty saw their average share price discount nearly double in the week to Thursday, from 4.2% to 7.8%…

Trusts that rose when war broke out

The two share classes of winding up debt fund SLF Realisation were among yesterday’s surprise risers, with the C-shares gaining nearly 12% as the company returned over £17m to shareholders…

Putin’s big fallers

JPMorgan Russian caught my eye as a trust at the centre of the storm over President Putin’s regime, with its shares falling 23% yesterday. In fact, it was Barings Emerging EMEA Opportunities, which had changed its name and reduced its Russia exposure, that ended up the ‘cheaper’ trust…

Week’s big risers

Alternative investments group Petershill Partners pulled out of its nosedive since spinning off from Goldman Sachs last year…

Risk off

JPMorgan Russian, the only pure Russian equity fund on the London Stock Exchange, tumbled 36%…

Smithson’s new discount

As I reported yesterday, Smithson, the popular global smaller company trust run by Simon Barnard at Fundsmith, fell to a 5% discount …

Russian shares can’t fall fast enough

A bizarre outcome of the volatile markets and the crash in Russia’s stock market is the sight of JPMorgan Russian, this week’s biggest faller, at the top of our ‘expensive’ list.

The data from Numis Securities suggests the shares, despite plunging 38% this year, can’t fall fast enough to keep up with the 52% slump in NAV that has occurred in 2022.

That’s why at Thursday’s close the trust apparently stood at a 14% premium and a pricey 10.5 Z-score, which is probably another reason why investors, like our columnist James Carthew, will give them a wide berth.

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