The Investment Trust sector comprises a broad range of closed-end funds, from generalist equity funds, which aim to provide a ‘one-stop shop’, to specialist equity funds focusing on specific countries or sectors. Trusts also provide access to more specialist asset classes such as real estate (REITs), private equity, debt, infrastructure and hedge funds, with the closed-end structure being well suited to investing in less liquid asset classes.
Similar to open-ended funds (unit trusts, OEICs), trusts are managed by specialists from both large fund management companies and smaller specialist investment firms. However, trusts differ from open-ended funds in being able to use gearing to enhance returns and having an independent board whose role is to monitor the fund’s performance and protect shareholders’ rights.
Gavin is an accomplished analyst with over twenty years’ equity research experience, covering a broad range of sectors, including UK investment trusts, global mining stocks and European small and mid-caps. Prior to joining Progressive, Gavin spent seven years at Edison Investment Research. After graduating from the University of Exeter with a degree in Mechanical Engineering, Gavin went on to qualify as a chartered accountant with PwC. His earlier research experience includes time working at Cazenove, Williams de Broë and Nomura, and he has featured in top five-ranked teams in a number of City surveys.