Thanks. I’ve gone with VWRL because it’s more liquid and the spread’s tighter. I’ll reinvest the dividends anyway. I may eventually go with a 90:10 split between VEVE and VFEM which works out cheaper.
The simplest solution’s often best so I may just split the Fundsmith allocation between SMT and VWRL for the timebeing while I have a good read through annual reports for LTI, BNKR etc.
Hi @Topher, @Dougal1984 and all community, maybe an interesting page about ITs/OEICs/ETFs:
https://www.ii.co.uk/ii-super-60
→ They have a downloadable PDF guide in that page:
→ Other perhaps interesting information from that site:
Most purchased investment trusts in Q4 2021
Source: interactive investor. Note: the top 10 is based on the number of “buys” between 1 October and 31 December 2021.
https://www.ii.co.uk/investment-trusts
Most purchased ETFs in Q4 2021
Source: interactive investor. Note: the top 10 is based on the number of “buys” between 1 October and 31 December 2021.
Quite an interesting article on this topic. Note however some trusts have changed strategies / management over the years and this is not entirely taken into account.
This is an old article but it was an interesting read: A lifetime in investment trusts - John Kay
Nice article. Thanks.
With the market as it is, I see a lot of investment trusts pricing at a discount as a ‘bargain’ right now for any spare cash. Any recommendations on what stands out as best in the IT bargain bin right now?
The following might be worth a look:
ATT - Allianz Technology
SMT - Scottish Mortgage
CHRY - Chrysalis Investments
GROW - Molten Ventures
VOF - Vinacapital Vietnam Opportunity Fund
HVPE - Harbourvest Global Private Equity
PHI - Pacific Horizon
(I own shares in all the above though, so they might not be the best picks.)
Which ITs have very large discounts to NAV?
ATT (-15%) is at the top of my list right now. It’s one of the few investments to outperform SMT over the past 10 years. I’m also adding to HVPE at a 40%ish discount. I’d like to open a position in CHRY but there are so many opportunities, I don’t have enough capital to go around!
You can order all ITs by discount here: Compare investment companies | The AIC
It seems that we think alike, at least partially. 
ATT - Allianz Technology → I have it
SMT - Scottish Mortgage → I have it
CHRY - Chrysalis Investments
GROW - Molten Ventures
VOF - Vinacapital Vietnam Opportunity Fund
HVPE - Harbourvest Global Private Equity
PHI - Pacific Horizon → I have it
Same, I have those three plus HVPE. Great minds and all that (hopefully) 
@Dougal1984 , are you there?
Dougal is the IT discount expert, he is best person (I know) to discover the best IT bargains.
I think that ITs are an interesting investment vehicle, specially in some specific areas, that other vehicles don’t offer. E.g. Direct Infrastructure/Renewables/Shipping/Music Royalties/Private Credit.
There are even ITs specialized in Leasing Aircraft, Structured Finance (CDOs, CLOs), Reinsurance, etc.
I thought investing in some of that areas via ITs. But so far, this year markets are less appealing, as those areas are a bit iliquid, that aggravate those ITs’ volatility.
- I was asking the opinion of others. Always need to take external input.
Yes I generally switch between mutual funds and Investment Trusts that are the same when I hold them to take advantage of the discount, and sell at a premium to that discount to make extra gains.
The AIC link above is good, but not 100% up to date.
Take one of my favourite ITs on Topher’s discount list:
The price/last close right now is a day behind, and the NAV is also calculated quarterly.
If we take the NAV as is, then 122/208 gives us a 42% discount, but you can make it more up to date using google sheets:
=googlefinance(“CHRY”,“price”) will pull in the latest price - 122.80GBX
And you can pull in the NAV using the URL from AIC.co.uk
=INDEX(IMPORTHTML(“https://www.theaic.co.uk/companydata/0P00008ZOB","table”,1),2,4)
So you can build a nice google sheet to monitor the premium/discounts. I use this and have some more formula with a ‘trigger’ to send me an email when to buy/sell the Trusts.
I’ve recently opened a position Mid Wynd International (MWY). I think there’s a lot to like about this trust and I may eventually promote it from a satellite to a core holding.
It’s chair, Prof Russell Napier, recently appeared on an interesting Investors’ Chronicle podcast:
This was interesting: a look at the 30-year performance of some of the oldest investment trusts.
I dont normally post this stuff, but the title caught my attention somehow, just like the write down in the valuation of Klarna the other day 
Is it me or are all the investment trusts mentioned actually OEICs aside from TRIG?