Private equity
The great debate about listed private equity trusts goes on. With some of the biggest trusts trading on persistent 40-50% discounts, the share prices either represent tremendous bargains or are advertising a warning that the sector is heading for a painful meeting with reality - but which is it? As regular readers will know, although I have long held a shareholding in HG Capital (HGT), I have never had much enthusiasm for private equity as a class. While happily acknowledging that private ownership in the right hands is often a superior business model, and the returns have b...
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Equity income compared I am of the view that boring old UK equity income trusts may perform quite well over the next few years, given that we seem set to move into a new investment environment in which dividend capacity becomes more highly valued than during the growth years of the post-GFC world. But which ones to choose? Here is a link to a comparison report I generated with the AIC's useful screener tool, looking at five of the bigger trusts in the sector. It reminds us how different the portfolios of the biggest equity income trusts can be, a point that came up in my recent conversations w...
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