US Smaller Companies run by North American mutual funds group Wellington is to convert into an Oeic ...
US Smaller Companies run by North American mutual funds group Wellington is to convert into an Oeic after its unsuccessful attempt to reduce its discount volatility. The £101m trust has been one of the most active in the buyback market, cancelling 30% of its shares in issue and buying virtually all of its warrants. It was also the first trust to buy back its shares during a closed period. However, its discount continued to drift out past 15% levels. As at close of business on 8 May it was trading on a discount to NAV of 16.4%. In July 1999 the trust set a target of maintaining a discount o...
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