I can understand that. The average discount seemed to narrow a lot at the end of 2019 although it has widened ever so slighly in January I think.

Indeed, some of the equity funds that I hold that have been on premiums for a while (RCP, SSON, JPGI) have actually seen their premiums shrink a bit in the last few weeks.

The premiums on infrastructure/renewables etc, though, seem to be near all-time highs as far as I can tell, though.

It may be something they produce for their shareholder presentations, but the last one of those available on the website is for the 2017 AGM and only seems to have a few basic slides.

While the UK market is dominated by oil, banks and mining, I’d rather keep a low weighting to it or at least tweak my UK expisure so it’s much more small/mid cap weighted.

I do worry that some of these global growth funds are momentum funds in disguise, either quality momentum/yield chasing (e.g. LTI) or traditional tech growth (e.g. SMT).

Both managers have written eloquently about why that isn’t the case and are persuasive, but these things tend to look persuasive until the market regime changes…!

Haven’t ever dived into Mid Wynd but there’s at least a smattering of value in there to offset that charge. (E.g. Bank of America and perhaps Vodafone?)

Be interesting to see some sort of quantitative analysis (e.g. Median P/E ratios of its stocks versus peers) but unless they give it a lengthy process for the likes of us to undertake!