Discount decimators: 10 trusts which have tightened discounts in 2013

Surging global equity markets' have pushed down discounts across the investment trust industry so far this year, pushing a number on to premiums, the latest data shows.

A quarter of investment trusts and venture capital trusts, 95 out of the 395-strong universe, were trading on a premium at the end of May, according to the AIC, the highest level it has been at since the financial crisis in 2008. Meanwhile the average discount has tightened across the sector from 6.9% to 6.3%, close to decade lows, according to broker Winterflood. The jump comes following an Investment Week report last month, revealing multi-asset managers are struggling to find value in the investment trust space, given the fact the number of closed-ended vehicles trading on a premiu...