Your portfolio
20 / 21
[ TRUSTS REVIEW ]
Rebecca Jones says proponents
of investment trusts were
vindicated this year, in her review
of the closed-ended sector in 2019
A question
of trust
I
t may seem odd to talk about
investment trusts coming of
age, when the first one was
launched more than 150 years
ago. In 2019, however, even the most
inexperienced investor was able to
see the benefits of using a structure
that isn’t a slave to fund flows.
The major story in the IA universe
this year was the gating, and ultimate
closure, of the Woodford Equity
Income fund on liquidity concerns.
Manager Neil Woodford’s attempts to
run a multi-billion pound open-ended
strategy filled with illiquid positions
ended in disaster when a tide of
outflows, combined with an inflexible
TRUSTNET
trustnet.com