Review: Searching out discounted assets globally
The World Trust Fund (WTR) invests globally in a mix of closed-end funds (35.7% at 31 August), investment trusts (39.2%) and holding companies (27.3%) chosen for their discounted assets and potential for capital appreciation. The managers seek to identify catalysts for re-rating and will also engage actively with holdings to boost long-term shareholder value. Benchmarked against the MSCI AC World Index, the portfolio is heavily underweight the US (which the managers see as broadly overvalued) and overweight emerging markets. Performance over one year has been strong versus the benchmark, but has suffered in the recent global sell-off, and the discount expansion of its underlying investments. A new dividend policy was introduced in FY15 and WTR has a 1.4% yield.
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