The Best Books About Investment Trusts

Books that cover the investment trust sector used to be pretty thin on the ground, reflecting the low profile nature of the industry, but we’ve seen a resurgence in interest in the past couple of years.

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

Investment Trusts – A Complete Guide

Written by Andrew McHattie, who has published the monthly Investment Trust Newsletter since 1996, this is the most recently published book on this list.

I’ve known Andrew for a couple of decades and he kindly sent me a review copy. It’s a comprehensive look at the sector, packed with useful and up-to-date examples to illustrate many of the nuances of investment trusts.

Investment Trusts Handbook 2021

The fourth edition of this annual round-up of investment trusts is now available. It’s edited by Jonathan Davis, a well-known commentator on the investment trust sector.

Like the previous versions, it has plenty of excellent insights on the year just gone, thoughts on what might come next, and informative interviews from numerous industry experts. The Kindle/ebook version is free or you can pay for a hardcover edition.

Note that as of July 2021, I am working with Jonathan Davis on his Money Makers site.

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.

Built On A Lie

This book covers the rise and dramatic fall of Neil Woodford.

Most of the focus is on his income funds, both at Invesco Perpetual and at the ill-fated Woodford Investment Management. It also touches on Woodford Patient Capital Trust which was the largest new investment trust IPO for many years.

There is another book covering the Woodford saga called When The Fund Stops.

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 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.

Aberdeen Standard has also produced something similar for Dunedin Income Growth, which was the first investment trust to be launched in Scotland in 1873 by Robert Fleming.

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.


Please note that I may own some of the investments mentioned above -- you can see my current holdings on my portfolio page.

Nothing on this website should be regarded as a buy or sell recommendation as I'm just a random person writing a blog in his spare time and I am not authorised to give financial advice. Always do your own research and seek financial advice if necessary!

A free share with Freetrade

Do you fancy a free share worth between £3 and £200 plus commission-free trading? Then why not sign up to Freetrade using my referral link?

Your free share is selected at random and usually awarded a week or so after you have funded your account with at least £1. I also receive a random free share for each completed sign-up. You could get an individual company share, an ETF or, if you're really lucky, an investment trust!

Click here for full details

Subscribe to IT Investor

Get an email alert every time I publish a new article (usually once a week). Your email address won't be used for anything else.

2 Replies to “The Best Books About Investment Trusts”

  1. This is a great list, thanks for putting this together. Would you happen to know where I could find a copy of “A Century Of Investing: Baillie Gifford’s First 100 Years”? I can’t seem to find it anywhere.

  2. I don’t I’m afraid. There seemed to be the odd copy around when I added it to the list but the last few times I’ve looked I haven’t seen it either.

    It might be worth contacting Baillie Gifford directly to see if they are able to help. You would have thought it would be a good candidate for an update and/or an e-book version.

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright © 2018-2021

Disclaimer: This site is for informational purposes only. We make no assertions as to the accuracy, completeness, suitability or validity of anything on this site.
We will not be liable for any errors or omissions or any damages arising from its display or use. Here's our privacy and cookie policy.