At the same time, an increasing number of investment trusts veered towards tender offers, with a total of 28 funds embarking in 47 transactions of the sort, a level not seen since 2019.
These had a combined worth of £860m, down from the record £1.2bn of 2020, but nearly double the £580m tendered in 2022.
Deep Dive: UK companies lean towards buybacks as trusts weigh discount narrowing efficiency
The rationale behind share buybacks stems from investment trust boards’ urge to proactively attempt to narrow discounts.
At the end of October 2023, the average investment trust discount …
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