Endowments fall back

High beta and geared portfolios are providing the best performance within the investment trust sector so far in 2003. As markets and sentiment improve, these vehicles have produced the highest share price and NAV returns and have seen their discounts narrow the most, according to Close Wins. In contrast, the more cautiously managed vehicles, such as those investing in traded endowments, have fallen behind. In the eight months to the end of August, Prelude Trust, which invests in unquoted high growth and technology businesses, saw its share price rise 94.9%, while Aberdeen New Thai an...