The Best Books About Investment Trusts

Books that cover the investment trust sector are pretty thin on the ground, reflecting the low profile nature of the industry. However, I’ve collected a few that I have come across on this page.

If you purchase any of them through the links below then I may earn a small referral fee. Some of these titles seem to be out of print so there are only second-hand copies available.

Investment Trust Handbook 2020

The third edition of Jonathan Davis’s annual round-up of investment trusts has plenty of excellent information and informative interviews (and the Kindle version is free). There are chapters on investment trust basics plus a more advanced analysis section, contributions from fund managers and other sector experts.

This book series also has its own website at and there’s a useful introductory interview on YouTube.

The fourth/2021 edition is due to be released in December 2020.

Financial Times Guide To Investment Trusts

The FT’s guide is probably the best-known title on investment trusts. It’s written by John Baron, who runs his own subscription service offering investment trust portfolios and who also writes a monthly column for the Investors Chronicle.

The second edition was published in August 2020, so it’s hot off the press.

The first edition was published in 2013, before many alternative investment trusts were listed, so it’s a little dated now.

Put Not Your Trust In Money

This book covers the birth of the investment trust industry in the 1860s and its subsequent development. It’s over 20 years old now and only second-hand copies seem to be available.

A taster chapter from John Newlands, the book’s author, is available in the 2018 Investment Trust Handbook.

A Century Of Investing: Baillie Gifford’s First 100 Years

Baillie Gifford, the firm that runs Scottish Mortgage, Monks, Scottish American etc, has had a very rich history.

This was published in 2008 but second-hand copies occasionally become available.

Investing For Generations

Alliance Trust often made the headlines for all the wrong reasons over the last decade, with a long-running saga over its online investment platform and management changes. But it now seems to be back on track.

This was published in 2013, so it doesn’t cover most of the recent drama, but there was plenty going on in the trust’s first 125 years.

The Split-Capital Investment Trust Crisis

In the early 2000s, these niche investment trusts gave their shareholders a whole world of pain. The concept of split-capital trusts largely died out as a result.

It’s a reminder of the twin dangers of too much debt and too much complexity when it comes to investing. Not the industry’s finest hour!

F&C: A History Of Foreign & Colonial Investment Trust

The oldest investment trust, which dates back to 1858, recently ditched its full moniker in favour of just F&C.

100 Years Of Murray International

I came across this 44-page PDF on the Aberdeen website while researching an article. Essential (and free) reading if you hold this popular global equity income fund. This is the second edition published in 2018.

125 Years Of British Empire Trust

Now known as AVI Global, this is a free 58-page PDF that covers this trust’s history from 1889 to 2016.

If you spot a link that doesn’t work or you come across another good title on investment trusts, then please let me know by posting a comment below.

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