Scottish Mortgage tackles NAV discount with £1 billion buyback while Witan invites new managers
Unlike investment funds, trusts can trade at a discount or premium to the underlying assets which can be to the advantage of potential buyers but a thorn in the side for existing shareholders and trust boards alike.Poor performance is often a key factor driving the share price below NAV (net asset value). Scottish Mortgage Trust (SMT) and multi-manager Witan Investment Trust (WTAN) sit on double-d