Expensive gearing is likely to constrain capital performance in the £561.3m Merchants Trust, accordi...
Expensive gearing is likely to constrain capital performance in the £561.3m Merchants Trust, according to Gerrard analyst Robert White. The fund is trading at a premium to NAV of around 2.1%, towards the top of the 12.2 % discount to 4.2% premium range of the past 12 months. White said Merchants is 32% geared by expensive long-term debt, which is valued at par in daily NAV calculations, but would actually be trading at a large premium due to the high average coupon.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till