Beacon Investment Trust, managed by Andrew Buchanan at Close Investments, is to convert into an Oeic...
Beacon Investment Trust, managed by Andrew Buchanan at Close Investments, is to convert into an Oeic. One of the reasons the board cited for the change was the wide discount to NAV the trust was on
As at close of business last Thursday the discount 19.6%. According to the AITC the average discount in the UK smaller companies sector is 19%. The £37.5m trust's wide discount does not reflect its good performance compared to its peers. In the 10 months of the current calendar year Beacon's unaudited NAV per ordinary share has increased by 46.4
According to Micropal over three years the trust is ranked four out of 32 and its share price grew by 38.7% compared to an average rise in the Smaller Companies UK peer group of 20.8
The new Oeic will retain a similar investment policy to that of Beacon Investment Trust. Currently the trust's underlying portfolio has 49 holdings, the majority of which are AIM listed, representing 90.4% of the portfolio. The remaining part of the portfolio consists of cash and fixed interest paper
A circular to shareholders and warrant holders containing details of the proposals is intended to be sent out soon
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