Barnett's trusts at widest discounts since financial crisis - but analysts 'retain faith'

Past two years 'disappointing'

The £1.1bn Perpetual Income and Growth trust (PLI) and £1.7bn Edinburgh Investment Trust (EDIN), both run by Invesco manager Mark Barnett, are currently trading at the widest discounts since the global financial crisis, representing what analysts are calling a "significant contrarian opportunity".

As at 8 June, PLI is trading on a discount of 11% versus a 12-month average of -8.8%, while EDIN is trading on a discount of 8.3% versus an average of -7.6% over the past year.  The last time such wide figures were reached was in June 2008, when both trusts were trading on discounts of around 12.5%, according to Winterflood data. Since then, PLI, which Barnett has managed since 2000 and with the support of deputy manager Martin Walker since 2016, has not reached a premium higher than 5%.  Meanwhile, EDIN generally maintained a single-digit premium between 2010 and 2013. Barnett too...