236:
amount of money invested by investment companies in alternative assets grew from £39.5bn in 2014 to £75.9bn in 2019. The growing debt sector was separated into three new sectors, Debt – Direct
Lending, Debt – Loans & Bonds, and Debt – Structured Finance. Similarly, there were more specialist property sectors: Property – UK Commercial, Property – UK Healthcare, Property – UK Residential, and Property – Debt. Most of the equity sectors were unchanged, but Asia was split into three new sectors, Asia Pacific, Asia Pacific Income, and Asia Pacific Smaller Companies. There were new sectors for Growth Capital and for Royalties.
43:
1138:
1146:
235:
These sector classifications were revamped in spring 2019. The new list of sectors and constituents comprised 13 new sectors, 15 renamed sectors and 31 sectors that were unchanged. The new sectors were added to reflect the greater numbers of investment companies investing in alternative assets. The
227:
Investment trusts can hold a variety of assets: listed equities, government/corporate bonds, real estate, private companies and so on. These assets may be listed/incorporated/domiciled in any region. Moreover the investment objectives (growth, income, capital preservation...), risk profile (level of
385:
The company must not hold more than 15% of its investments in any single company (except another investment trust) and must not be a close company. Investment trusts were in 2012 given the ability to distribute capital profits to shareholders. Investment trusts that wished to take advantage of this
304:
Most investment trusts issue only one type of share (ordinary shares) and have an unlimited life. Split capital investment trusts are investment trusts with more than one type of share, such as zero dividend preference shares, income shares and capital shares. However, the number of split capital
281:
The investment trust sector, in particular split capital investment trusts, suffered somewhat from around 2000 to 2003 after which creation of a compensation scheme resolved some problems. The sector has grown in recent years particularly through the launch of investment trusts investing in more
347:
The type of share invested in is ranked in a predetermined order of priority, which becomes important when the trust reaches its wind-up date. If the Split has acquired any debt, debentures or loan stock, then this is paid out first, before any shareholders. Next in line to be repaid are Zero
368:, an investment trust's investment income and capital gains are generally not taxed within the investment trust. This avoids the double taxation which would otherwise arise when shareholders receive income, or sell their shares in the investment trust and are taxed on their gains.
305:
trusts has fallen dramatically since the split capital investment trust crisis and there were only 12 split capital investment trusts left in existence by 2018. Each of these 12 has only two classes of share: zero dividend preference shares and ordinary shares.
232:. The largest sectors by assets under management in December 2017 were Global (£27.1 billion), Private Equity (£14.7 billion), UK Equity Income (£12.0 billion), Infrastructure (£10.0 billion) and Specialist Debt (£7.8 billion).
355:
combining certain classes of share, usually reflecting the share classes in the trust usually in the same ratio. This makes them essentially the same investment as an ordinary share in a conventional
Investment Trust.
308:
Some split capital trusts have a limited life determined at launch known as the wind-up date. Typically the life of a split capital trust is five to ten years. However, this life can be extended by shareholder vote.
348:
Dividend
Preference shares, followed by any Income shares and then Capital. Although this order of priority is the most common way shares are paid out at the wind-up date, it may alter slightly from trust to trust.
271:
1125:
152:
In the United
Kingdom, the term "investment trust" has a strict meaning under tax law. However, the term is more commonly used within the UK to include any closed-ended investment company, including
263:
does not always reflect the underlying value of the share portfolio held by the investment trust. In such cases, the investment trust is referred to as trading at a discount (or premium) to NAV (
386:
had to change their
Articles of Association, with shareholders' approval, to allow such distributions. However, only a small minority of investment trusts distribute their capital profits.
244:
Investors' money is pooled together from the sale of a fixed number of shares which a trust issues when it launches. The board will typically delegate responsibility to a professional
127:, started in 1868 "to give the investor of moderate means the same advantages as the large capitalists in diminishing the risk by spreading the investment over a number of stocks".
248:
to invest in the stocks and shares of a wide range of companies (more than most people could practically invest in themselves). The investment trust often has no employees, only a
435:
312:
In the heyday of split capital trusts, splits were more complicated and could have share classes such as the following (in order of typical priority and increasing risk):
228:
gearing, level of diversification via assets and risk factors) varies. According to such factors, investment trusts are classified into sectors by the industry body, the
1173:
872:
765:
53:
832:
439:
337:(AKA Income & Residual Capital shares): a high income and a share of the remaining assets of the trust after prior ranking shares
1141:
325:: entitled to most (or all) of the income generated from the assets of a trust until the wind-up date, with some capital protection
558:
124:
659:
541:
711:
758:
229:
157:
211:
In the United
Kingdom, REITs are constituted as investment trusts. They must be UK resident and publicly listed on a
87:
17:
194:
592:
343:: entitled most (or all) of the remaining assets after prior ranking share classes have been paid; very high risk
1149:
969:
899:
751:
299:
190:
857:
1115:
878:
405:
206:
1050:
216:
186:
889:
133:
The name is somewhat misleading, given that (according to law) an investment "trust" is not in fact a "
319:: no dividends, only capital growth at a pre-established redemption price (assuming sufficient assets)
274:, investment trusts may borrow money in an attempt to enhance investment returns (known as gearing or
1168:
837:
806:
695:
1045:
959:
600:
69:
1120:
1105:
1079:
1074:
924:
852:
794:
463:
365:
259:
Investment trust shares are traded on stock exchanges, like those of other public companies. The
734:
381:
distribute at least 85% of its investment income as dividends (unless prohibited by company law)
130:
In many respects, the investment trust was the progenitor of the investment company in the U.S.
1100:
1014:
253:
117:
638:
914:
774:
737:- Qualitative and quantitative information including screening tools for UK Investment Trusts
410:
245:
153:
138:
65:
31:
904:
800:
533:
485:
290:. Assets managed by investment trusts reached £174.4 billion at the end of December 2017.
61:
8:
867:
615:
149:
duties owed by the board of directors and the equitable ownership of the fund's assets.
120:
and are therefore closed ended since the fund managers cannot redeem or create shares.
1069:
979:
944:
671:
570:
415:
275:
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940:
537:
134:
988:
954:
182:
1029:
1019:
1009:
1004:
984:
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395:
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105:
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109:
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are usually trust banks handling the investment trusts, the largest being the
1162:
1059:
1024:
909:
884:
847:
812:
1110:
1055:
862:
400:
1084:
842:
260:
743:
949:
919:
827:
817:
687:
146:
278:). UCITS funds are not permitted to gear for investment purposes.
160:
is the trade association representing investment trusts and VCTs.
719:
331:: very high and rising yield, but virtually no capital protection
727:
52:
deal primarily with the United
Kingdom and do not represent a
894:
113:
728:"Trust Online - Investment trust news from Baillie Gifford"
703:
436:"Consumer Financial Education Body: moneymadeclear website"
222:
219:. They must distribute at least 90% of their income.
163:
In Japan, investment trusts are called trust accounts
293:
30:For Unit investment trust, a type of US fund, see
1160:
200:
873:Qualifying investor alternative investment fund
672:HM Revenue & Customs Manuals, para CTM47110
172:
166:
759:
712:"BlackRock - Understanding Investment Trusts"
50:The examples and perspective in this article
833:Labour-sponsored venture capital corporation
616:"Explained: Zero Dividend Preference Shares"
559:"The Lesson From The Split Capital Debacle"
458:
456:
1145:
766:
752:
378:derive most of its income from investments
773:
630:
530:The Split Capital Investment Trust Crisis
488:. Foreign & Colonial Investment Trust
181:; the largest stockholder of many public
88:Learn how and when to remove this message
636:
607:
585:
556:
550:
453:
1174:Investment trusts of the United Kingdom
125:Foreign & Colonial Investment Trust
116:. Investment trusts are constituted as
14:
1161:
613:
521:
747:
704:"Association of Investment Companies"
660:Income and Corporation Taxes Act 1988
527:
637:Carlisle, James (1 September 2005).
518:Investment Trust Newsletter May 2019
36:
557:Carlisle, James (30 October 2002).
509:, §1.01 (Matthew Bender, 2014 ed.).
230:Association of Investment Companies
223:Classification of Investment Trusts
158:Association of Investment Companies
137:" in the legal sense at all, but a
123:The first investment trust was the
24:
507:Regulation of Investment Companies
371:An approved investment trust must
282:illiquid assets such as property,
25:
1185:
680:
593:"Split Capital Investment trusts"
375:be resident in the United Kingdom
270:Unlike open-ended funds that are
195:Trust & Custody Services Bank
1144:
1137:
1136:
528:Adams, Andrew A (October 2004).
364:Provided that it is approved by
41:
665:
653:
317:Zero Dividend Preference shares
294:Split Capital Investment Trusts
239:
970:Socially responsible investing
900:Split capital investment trust
512:
499:
478:
428:
300:Split capital investment trust
191:The Master Trust Bank of Japan
13:
1:
858:Open-ended investment company
735:Morningstar Investment Trusts
688:"Investment Trust Newsletter"
421:
201:Real estate investment trusts
1116:Returns-based style analysis
879:Real estate investment trust
406:Real estate investment trust
207:Real estate investment trust
7:
1051:Efficient-market hypothesis
614:Davies, Rob (6 June 2001).
389:
359:
217:Financial Conduct Authority
187:Japan Trustee Services Bank
173:
64:, discuss the issue on the
10:
1190:
890:Short-term investment fund
297:
204:
29:
27:Collective investment fund
1134:
1093:
1038:
997:
933:
838:Listed investment company
807:Fonds commun de placement
781:
597:Treasury Select Committee
167:
1046:Arbitrage pricing theory
366:HM Revenue & Customs
118:public limited companies
1121:Traditional investments
1106:Commodity pool operator
1080:Noisy market hypothesis
1075:Modern portfolio theory
925:Unitised insurance fund
853:Open-ended fund company
795:Common contractual fund
505:Lemke, Lins and Smith,
254:non-executive directors
145:. This matters for the
1101:Alternative investment
1015:Institutional investor
351:Splits may also issue
335:Ordinary Income shares
154:venture capital trusts
915:Unit investment trust
775:Investment management
534:John Wiley & Sons
411:Venture capital trust
329:Annuity Income shares
139:separate legal person
32:Unit investment trust
905:Tax transparent fund
801:Exchange-traded fund
639:"Understanding ZDPs"
108:found mostly in the
70:create a new article
62:improve this article
960:Manager of managers
868:Private-equity fund
464:"Investment Trusts"
1070:Martingale pricing
980:Thematic investing
945:passive management
603:. 5 February 2003.
416:Investment company
250:board of directors
215:recognised by the
1156:
1155:
934:Investment styles
543:978-0-470-86858-4
98:
97:
90:
72:, as appropriate.
18:Investment trusts
16:(Redirected from
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1169:Investment funds
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1147:
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1139:
989:growth investing
955:Impact investing
823:Investment trust
768:
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601:House of Commons
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573:on 12 March 2012
569:. Archived from
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474:. 13 March 2006.
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438:. Archived from
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252:comprising only
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102:investment trust
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1030:Performance fee
1020:Net asset value
1010:Fund governance
1005:Closed-end fund
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647:The Motley Fool
643:Fool's Eye View
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624:The Motley Fool
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567:The Motley Fool
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472:The Motley Fool
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396:Closed-end fund
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265:net asset value
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106:investment fund
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1094:Related topics
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977:
975:Social trading
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965:Social finance
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748:
739:
738:
732:
724:
720:"Splitsonline"
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682:
681:External links
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563:Market Comment
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353:Packaged Units
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341:Capital shares
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298:Main article:
295:
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288:infrastructure
284:private equity
241:
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224:
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213:stock exchange
205:Main article:
202:
199:
174:shintaku-guchi
110:United Kingdom
96:
95:
56:of the subject
54:worldwide view
49:
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40:
26:
9:
6:
4:
3:
2:
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1025:Open-end fund
1023:
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986:
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936:
932:
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913:
911:
910:Umbrella fund
908:
906:
903:
901:
898:
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891:
888:
886:
885:Royalty trust
883:
880:
877:
874:
871:
869:
866:
864:
861:
859:
856:
854:
851:
849:
848:Offshore fund
846:
844:
841:
839:
836:
834:
831:
829:
826:
824:
821:
819:
816:
814:
813:Fund of funds
811:
808:
805:
802:
799:
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776:
769:
764:
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713:
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697:
693:
689:
685:
684:
673:
668:
662:, Section 842
661:
656:
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598:
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487:
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459:
457:
442:on 2011-03-06
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323:Income shares
321:
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104:is a form of
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81:
71:
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63:
57:
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48:
39:
38:
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1111:Robo-advisor
1056:Fixed income
987: /
943: /
863:Pension fund
822:
740:
667:
655:
642:
632:
619:
609:
596:
587:
575:. Retrieved
571:the original
562:
552:
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523:
514:
506:
501:
490:. Retrieved
480:
467:
444:. Retrieved
440:the original
430:
401:Income trust
384:
370:
363:
352:
350:
346:
340:
334:
328:
322:
316:
311:
307:
303:
280:
269:
258:
246:fund manager
243:
240:Organization
234:
226:
210:
162:
156:(VCTs). The
151:
132:
129:
122:
101:
99:
84:
75:
51:
1085:Yield curve
998:Terminology
950:Hedge Funds
843:Mutual fund
783:Investment
577:22 November
261:share price
1163:Categories
920:Unit trust
828:Hedge fund
818:Index fund
787:structures
696:"Citywire"
492:2008-08-20
468:Your Money
446:2011-02-26
422:References
1064:Convexity
486:"History"
183:companies
147:fiduciary
78:June 2017
66:talk page
1142:Category
1060:Duration
620:Specials
390:See also
360:Taxation
276:leverage
193:and the
60:You may
875:(QIAIF)
143:company
1039:Theory
941:Active
881:(REIT)
540:
1126:UCITS
985:Value
895:SICAV
809:(FCP)
803:(ETF)
797:(CCF)
272:UCITS
141:or a
135:trust
114:Japan
68:, or
1150:List
785:fund
579:2007
538:ISBN
286:and
112:and
267:).
256:.
168:信託口
100:An
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622:.
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85:(
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76:(
58:.
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20:)
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