Initiation: Low-cost UK exposure with a slight discount
Aberdeen UK Tracker Trust (AUKT) is the only UK investment trust that tracks the FTSE All-Share Index. It seeks to match the index performance closely in both capital and income terms, by investing in all the largest 350 stocks and a majority of those in the FTSE Small Cap Index. The manager points out that more efficient exposure to the broad UK market can be achieved with an All-Share tracker than a FTSE 100 or FTSE 250 tracker, as it does not incur trading costs when stocks move between the large and mid-cap indices. Total expenses of 0.3% are competitive with many open-ended peers, and the discount to NAV, which has been stable in the 4-6% range, offers a slight yield uplift. The trust does not use gearing.
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