Eight months in, 2024 is already a record year for M&A (mergers and acquisitions) in the investment trust sector.Trust boards are increasingly focused on value for money and shareholder returns amid persistently wide discounts to NAV (net asset value) and with activists nosing around. A major trend underway is mergers between sub-scale trusts with similar remits to create funds large and liquid en

There are several fund managers who run extremely concentrated portfolios with the aim of having meaningful stakes in companies allowing them to actively influence and support management.This strategy is broadly akin to that of a private equity investor putting money into an unlisted firm. The lack of diversification means this approach comes with a different risk profile to funds which spread the

'Quality investing' is the style pursued by the world's most famous investor Warren Buffett and Terry Smith, arguably the best-known British fund manager who runs the five-star Morningstar-rated Fundsmith Equity (B41YBW7) and consistently favours quality firms. Quality investing has generated strong long-run returns for its practitioners, including Buffett, but how do the leading fund managers off

Discounts and premiums to NAV (net asset value), which is the value of all the investments an investment trust holds minus any debt or loans, are among the trust universe's unique quirks and can confuse novice investors. At the moment the vast majority of trusts trade at a discount.Annabel Brodie-Smith, the AIC's (Association of Investment Companies) communications director, says: 'Only around 20

Even today?s market giants started out small. Microsoft (MSFT:NASDAQ) may now be the world?s largest company with a $3 trillion valuation which rivals the GDP of some major global economies but it began life as a start-up founded by Harvard College drop-out Bill Gates and his childhood friend Paul Allen. Few then would have predicted its global domination today.While we are not expecting the names

Value stocks have outperformed growth stocks by 12% since Pfizer (PFE:NYSE) announced the first effective Covid-19 vaccine on 9 November 2020. That's comparing the MSCI World Value index against the MSCI World Growth index.We have reason to believe the value investing style could soon deliver even bigger outperformance given the shift in the backdrop from cheap money to more normalised interest ra

Are you fed up with trying to get a doctor's appointment or a date for surgery on the NHS? You are not alone.A new study by YouGov found that one in eight Britons turned to private healthcare over the past 12 months. The trend is driven by a struggling NHS which has seen patient waiting lists swell to7.2 million, almost double their pre-Covid level.The study found that 13% of respondents had used

Odyssean Investment Trust (OIT) 180.49pGain to date: 85%We said to buy Odyssean Investment Trust (OIT) at 97.5p in September 2020, highlighting that managers Stuart Widdowson and Ed Wielechowski had proven expertise in picking companies that could prove attractive to private equity or strategic trade buyers.Progress has been positive, and we have continued to champion the merits of this concentrat

It is easy to become ensconced in a narrative and ignore contrary new information which doesn't fit with your thinking. But at some point, the penny drops, company plans go awry, and investors abandon the story.This article highlights stocks where investors appear to have changed their collective minds on a company's prospects. All the companies in the article have suffered a dramatic derating.A d

The idea behind value investing is to buy shares for less than they are worth in the hope they reach their so-called 'fair' value and generate a better than market return.This article explores popular yardsticks used to find value shares, explains how they are used and highlights the advantages and drawbacks.Before starting it is worth bearing in mind that none of the metrics discussed are perfect

It may not feel like the right environment to go shopping for stocks given market sentiment remains poor. Yet anyone prepared to look beyond the near term might find some great companies at more attractive prices than at any other point in the past two years.This year has seen investors flock to value stocks where they could access profitable businesses on cheap valuations. Looking at classic valu

Despite having generated more than three times the return of the FTSE All-Share index over the past 10 years (304% versus 100% respectively), North Atlantic Smaller Companies Investment Trust (NAS) remains under the radar of most investors.Those already owning the shares are rarely willing sellers, says manager Christopher Mills. 'A lot of our shareholders have been with us forever. We started wit

ODYSSEAN INVESTMENT TRUST (OIT) 168pGain to date: 72.3%Original entry point: Buy at 97.5p, 10 September 2020Shares in Odyssean Investment Trust (OIT) are up 72.3% since we recommended the UK smaller companies trust in September 2020. We see merit in the board's proposal (23 Dec) to merge with rival Strategic Equity Capital (SEC), a deal that would reunite the latter trust with former manager Stuar

ODYSSEAN INVESTMENT TRUST (OIT) 156.5pGain to date: 60.5%Original entry point: Buy at 97.5p, 10 September 2020A takeover approach for Clinigen (CLIN:AIM) provides another boost for shareholder Odyssean Investment Trust (OIT) and extends the trust's formidable run of selecting takeover targets.Having attracted the attentions of activist Elliott, shares in specialist pharmaceutical products and serv

Investors often look for certain attributes when researching stocks to help spot the most attractive opportunities.The list of desirable factors can include an improvement in a company's financial position, operational efficiency gains, niche skills with limited competition, and underappreciated assets which means a company could be considerably more attractive than its headline valuation implies.

Get ready for inkjet print head designer Xaar (XAR) to deliver a sharp recovery in earnings.The appointment of a new management team with deep industry experience is successfully reinvigorating the group's business model.The group is benefiting from a strong product pipeline, coupled with a plethora of new innovative offerings that have been well received by customers.Management has facilitated th

UK stocks represent a 'once in a generation' opportunity for investors, say fund managers. After years dogged by political and economic uncertainty, and soggy stock market performance, this is a welcome change of mood music.'UK equities are on a 30 year low versus peers, and we see this as a once in a generation opportunity to get involved in some fantastic businesses,' said Rory Bateman, manager

ODYSSEAN INVESTMENT TRUST (OIT) 162.6pGain to date: 66.7%Original entry point: Buy at 97.5p, 10 September 2020Our 'buy' call on Odyssean Investment Trust (OIT) is now 66.7% in the money, with the shares responding positively to the fund's strong performance and a string of takeover bids.For the uninitiated, Odyssean is a concentrated portfolio of smaller companies whose managers Stuart Widdowson a

ODYSSEAN INVESTMENT TRUST (OIT) 114.5pGain to date: 17.4%Original entry point: Buy at 97.5p, 10 September 2020Our 'buy' call on Odyssean Investment Trust (OIT) has generated a swift 17.4% return, with the discount to net asset value narrowing from 9.4% to 4.7%, on rising awareness of what makes this concentrated portfolio of smaller companies a bit special.In our original article, we highlighted h

A 9.4% discount to net asset value at Odyssean Investment Trust (OIT) looks attractive for investors keen to pocket a ready-made portfolio of small caps with significant performance improvement potential.The trust looks to generate attractive total returns, principally through long-term capital growth, by backing often under-researched and undervalued smaller companies.Besides the re-rating potent