UPDATE: This trust was delisted in the summer of 2026, with shareholders offered a cash exit or a rollover into a new open-ended fund run by Darwall or JPMorgan European Growth & Income.

After a long period of outstanding returns, Alexander Darwall's European Opportunities Trust has struggled for the last eighteen months. The demise of Wirecard, once its largest holding, did a lot of damage both financially and reputationally, but the returns from the rest of its portfolio have lagged as well. The trust is trading at a double-digit discount, a level not seen since the Greek financial cris...