UPDATE (Oct 2026): In the year to November 2023, BUT returned +8.7% versus +5,5% for its benchmark, followed by +17.9% versus +23.6% to November 2024, +9.0% versus +15.8% to November 2025, and +5.6% versus +12.0% in the six months to May 2026. James Ashworth was appointed co-lead manager alongside Julian Bishop in December 2025. Christian Schneider and Simon Gergel continue to provide investment support as named deputy managers. The trust's discount has widened a little and averaged 10% over the year to October 2026.
Brunner Investment Trust (ticker: BUT) was launched in 1927 by the Brunner f...
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UPDATE: Merchants produced a return of +8% in the year to January 2023, followed by -3% in 2024, +13.5% in 2025, +18.9% for the year to January 2026, and +115 for the six months to July 2026. Over the five years to July 2026, its total NAV return was 76% versus 73% for its benchmark.
Merchants Trust (ticker: MRCH) is one of the largest and oldest UK equity income funds with around £750m in assets and a history dating back to 1889. It has been managed by Allianz's Simon Gergel since 2006 and after a slow start, he has turned it into one of the better performers in the sector over the last dec...
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