Thanks Tom.

I don’t think SSON dropped below the £10 IPO price in the last quarter of 2018, but the premium was a bit chunkier then as they hadn’t really started issuing extra shares.

But it’s down to 1,060p right now so the IPO price is within touching distance given 5% daily swings seem to be the new normal.

CGT is a little odd. I make CGT/PNL/RICA all down around 3% year to date before today’s move. But whereas RICA is up a little today, both PNL and CGT have fallen a fair bit.

I’m anticipating wider discounts for most trusts as well, although with a lot of NAV info a bit behind events the numbers are jumping around a bit right now.

For example, looking at the AIC data for Global trusts, a weighted premium of 1% at the end of December had turned into a 5% discount by the end of February. The most recent daily figure (11 March) suggests the discount had reduced to 1%, which is surprising.

On a broader note, I was surprised/interested/disappointed to see Capital Gearing down by so much today. My best guess is that the size of it now means that people have been using it for liquidity, and are selling today to raise cash for bargains.

It’s also amazing to think how LTI at 1060 seemed like such an extraordinary bargain a few weeks ago.

And to go even broader, it’s been easy to forget that the boom of the past 5 years has made most investment trusts go to such historically tight discounts – I presume that they will start to go back to more usual ones, which could be brutal for those who bought in the past few years.