Update: Green shoots of recovery
Acorn Income Fund (AIF) seeks a high income and the possibility of growth from a portfolio split between small-cap equities (70-80%) and high-yield bonds (20-30%). Long-term performance has been exceptional, with NAV total returns of c 200% over five years. A combination of deteriorating sentiment towards smaller companies and investor uncertainty following the death of founding small-cap portfolio manager John McClure in June 2014 caused the discount to widen. McClure’s co-managers provide continuity of management and, with recent NAV performance looking better, there is scope for the shares to re-rate to a level more in line with long-term averages.
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