Books about investment trusts 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 them through the Amazon links below then I may earn a small referral fee. In some cases, they appear to out of print and only second-hand copies are available.
The third edition of Jonathan Davis’s annual round-up of investment trusts is now available and the Kindle version is free. It has chapters on investment trust basics plus a more advanced analysis section, contributions from fund managers and other sector experts.
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 writes an occasional column for the Investors Chronicle.
This book covers the birth of the investment trust industry in the 1860s and their 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.
Alliance Trust seems to have made headlines for all the wrong reasons in recent years, with the long-running saga over its online investment platform and management changes.
This was published in 2013, so I suspect it doesn’t cover any of those shenanigans, but Alliance certainly has a rich history.
In the early 2000s, these niche investment trusts gave their shareholders a whole world of pain. They 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!
The oldest investment trust, which dates back to 1858, recently ditched its full moniker in favour of just F&C. Perhaps its directors should have read a little of this history before ditching this famous brand!
I came across this 44-page PDF on the Aberdeen website while researching an article. Essential reading if you hold this popular global equity income fund.