It looks like a discount that can’t last. Shares in Artemis Alpha, the eponymous asset manager’s “best ideas” fund, trade about 15pc below the value of its assets but we can expect that discount to narrow sharply – whether it now performs well or badly. It is natural for a discount to shrink if a trust starts to outperform – Artemis Alpha has had a tough time recently, which accounts for its current low valuation – but why should the same thing happen in the event of continued poor performance? The answer lies in its announcement earlier this year that shareholders will be able to swap a quarter of their holding for cash in three years’ time at close to net asset value (NAV). In other words,… To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per week Register for free Register for free to continue reading this article Register Or unlock all Premium articles. Free for 30 days, then just £1 per week Start trial Start an annual subscription and receive a Fitbit Versa, worth £199 View all subscription options | Already have an account? Login
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