Report
Investment Company Sector Report Q1 2024: The Discount Demystified
What drives a discount?We spent our last two sector reports talking about why NAV p/s is the main driver of shareholder returns over the long term. In the short term, the discount can actually skew those returns.This report is dedicated to the discount to NAV for investment companies and tries to answer questions like: Are there regional differences? What makes them move? Should investors trade discounts? …In the end, our main conclusion is somewhat boring in the sense that our research indicates that the best explanatory variable for a discount is the NAV p/s growth. Investment companies that manage to
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Degroof Petercam
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Joren Van Aken
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