Investment trust managers are showing renewed appetite for unlisted companies as a way of "differentiating themselves" from competitors, as they also hunt for fresh opportunities in a low-growth environment.
Demand for access to this area of the market has led to two of the sector's largest vehicles - the £760m Fidelity China Special Situations and £3.4bn Scottish Mortgage investment trusts - recently seeking shareholder approval to raise the maximum levels they are able to hold in private companies. Managed by Dale Nicholls and currently holding 2% of its portfolio in unquoted names, Fidelity China Special Situations is seeking shareholder approval to be able to invest up to 10% of gross assets in unlisted companies in China and Hong Kong, up from a current limit of 5%. It is hoping to r...
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