Initiation: Harvesting value from NAV discounts
The World Trust Fund (WTR) aims to achieve long-term capital appreciation by investing primarily in a diversified portfolio of closed-end investment and holding companies whose shares trade at a discount to the underlying net asset value. The focus on identifying unwarranted discounts and detailed work validating the quality of assets and managers makes for a differentiated offering. The underlying average discount of portfolio holdings is over 19% compared with an average discount for UK investment trusts of under 4%, suggesting scope to crystallise value over time through corporate action or shifts in market sentiment.
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