The total share buybacks carried out by investment trusts reached £3bn for the first five months of 2024, according to the Association of Investment Companies.
The figure marks a 129% increase from the same period in 2023, when £1.3bn worth of buybacks was recorded, according to data from Winterflood. This means that 2024 is likely on track to break the 2023 annual record of £3.9bn, according to a review by the AIC. Investment trust buybacks hit highest monthly figure on record Although the average industry discount seems to have narrowed since the end of last year – from 9.7% to 6.2% at the end of June – the AIC noted the figures are "skewed" by 3i Group, as it is trading at a "hefty premium" of 47.5%. Excluding 3i Group, AIC data sho...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
