Chatfeild-Roberts: Why I do not buy investment trusts

Jupiter Asset Management CIO John Chatfeild-Roberts has revealed he has avoided buying investment trusts throughout his career because of liquidity issues within the sector.

Chatfeild-Roberts, (pictured), who heads up Jupiter’s £8bn Merlin multi-manager offering, said closed-ended vehicles are more difficult to hold in multi-asset funds than their open-ended equivalents. “In terms of investment trusts at Jupiter, we have four ourselves, they are perfectly valid vehicles with a number of advantages and disadvantages, meaning people either love them or hate them. But I am in the middle of the spectrum,” said Chatfeild-Roberts. “The perennial problem the sector faces is a lack of liquidity. A lot of the companies in the universe are too small. The biggest tr...