Share price discounts may still be way too wide but there are some signs of life in the investment companies market with two flotations on the blocks.
The first of these is a rollover vehicle for Aberforth Split Level Income Trust (ASIT). The new Aberforth Geared Value and Income Trust (AGVI) will be the fourth in a series of split capital trusts that follow the Aberforth value approach to investing in UK small and mid-cap companies.
I wrote about the Edinburgh-based boutique’s biggest trust, Aberforth Smaller Companies (ASL), in February. The three months that have elapsed since then have been great for the portfolio – ASL’s net asset value (NAV) is up by 14.2% over that period.