By STEPHEN MARRIOTT 20/08/2008
This trust has a bias to the UK and continental European markets and has a philosophy of buying assets at a discount, often the result of an unusual structure or of the shares having fallen from favour. As such, the style favours asset backed shares and has a contrarian investment style.
Asset Value Investor’s (the fund manager) state the trust’s underlying discount to net assets is c25% (April 08), and currently the share price is trading at a discount of 1% to the published NAV. We therefore believe that this investment represents good value and will reward patient investors.