Exeter Warrant & Global Opportunities unit trust is viewing the current general widening of discount...
Exeter Warrant & Global Opportunities unit trust is viewing the current general widening of discounts as a buying opportunity.
Last month the £6.1m fund, managed by Richard Scott, increased its exposure to Templeton Emerging Markets and Schroder Emerging Countries as both trust's discounts widened beyond the 20% mark.
Scott also increased exposure to more growth oriented trusts after switching out of them between November and January.
Shares in INVESCO Techmark were bought at the beginning of April. The share price then rallied by almost a third.
Scott said: "After running a value oriented portfolio for the first part of the year the prices of growth oriented trusts got so cheap I felt I had to increase my exposure. The INVESCO trust looked very attractive compared to Henderson Technology which was trading at a premium."
In the S&P's global growth peer group the fund is ranked second out of 123, on an offer to bid basis, behind Rathbone Esk unit trust over the three years to 17 May. During the period the Exeter fund rose by 111.9% against an average sector rise of 50%.
Scott said: "Part of the fund's strong performance has come from the active management of the fund's portfolio."
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