Value is drying up among the largest investment trusts in the market, with discounts shrinking as buyers favour more liquid products.
Suggestions 2013-2014 has seen the return of a stockpickers' equity market are "rubbish", according to Threadneedle head of UK equities Simon Brazier.
The TwentyFour Select Monthly Income trust has met its minimum fundraising target despite an increasingly difficult market for trust IPOs.
AXA Framlington UK Mid Cap manager Chris St John has said now is a "good time to be cynical" as signs emerge of increasingly bullish activity in markets.
Arbitrageurs have renewed their attacks on the beleaguered hedge fund investment trust sector after discounts widened, putting a number of vehicles in danger of closure by the end of the year.
Premier's head of UK equities, Chris White, is forecasting a difficult year for UK equity investors as valuations become increasingly stretched.