I promised to give a list of trusts that I think look to have good risk/reward potential on the basis of their current discounts. If as appears likely we are close to the current peak in the interest rate cycle, you would expect to see that reflected in an end to the persistent derating which has characterised the sector since early last year.

I created this list a week ago and by good fortune included Hipgnosis Songs Fund, which has already benefited from the agreed bid for Round Hill Music Royalty Fund announced this week. I will keep an eye on the performance of these 15 trusts from here a...