Investment trust
In the UK, an investment trust is a type of fund structured as a company, with its shares listed on the London Stock Exchange. They are ‘closed ended’, which means there’s a fixed number of shares in issue, and the share price is determined by demand for the shares – rather than just the performance of the underlying investments.
The price of investment trust shares can show a premium (where demand makes the price of a share greater than the net asset value of investment trust), or a discount (where you can buy a share for less than the underlying net asset value). See also Net Asset Value (NAV).
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