Prices & performance table
Link to the Prices & performance table»
The prices & performance tables provide unrestricted coverage of all UK Investment Trusts. There are over 600 trusts listed.
The data is divided into three separate sections,
Conventional Investment Trusts, Split Capital Investment Trusts and Warrants.
The green button with the ‘plus’ symbol in the middle allows you to add a fund to your funds basket, so you can use it in the Trustnet Portfolio or with one of our other tools.
The tables can be filtered by various facets of their constituent funds including geographical focus, the sectoral focus of the fund – for
example commodities – the sector within which the fund sits, for example Global Growth, the unit type and the fund management group behind
the fund.
Use the dropdowns to choose which screening options you want to sort the tables by, and then click ‘Go’ to see the results.
Split Capital Trusts have the additional option of share type and as a result the chosen Split Trust would appear in more tables.
All sector and region or share class options can be accessed via the drop down menus at the top right of the page.
Click the Select button to confirm your choices.
Customise Function
This enables you to modify your view of the tables. By clicking on the Customise button you can access the pop-up
filter that allows you to add to and/or remove the data columns displayed. The data items already ticked on the pop-up
filter reflect the current view. You can return to the Trustnet default view at any time by choosing the 'Default' button.
To remove or add an item, simply click into the box next to the data description and select 'Go'. The Go button will enable
you to view your data selection and return to the modified view as you move about the site. The prices and performance view is
reset to the Trustnet default option when you leave the site.
To remove all data items click 'Select none'. Fund Name cannot be removed from the list. The Customise
list includes data that was previously shown on fund factsheets only.
Column Headings
You can further edit your alphabetical view of the prices & performance pages by clicking on various column headings.
The tables can be sorted by share name, group name, discount, net dividend yield or 1, 3 or 5 year price or NAV performance.
Rank
This column is shown to provide you with a quick reference to where you are within any given prices & performance table
and how a fund ranks within the universe shown i.e. a particular fund might be 17th out of 35 funds (the total number of
shares is listed at the top of the table) on a 1 year share price performance sorting. This number is also particularly
useful in the case of long tables where only some entries can be seen on the screen at any one time or where the table is
long enough to be split across more than one page.
Chart Icon 
This icon acts as a link to a standard performance chart for subscribing funds. Non-subscribing funds will link into a feedback form.
Share Name/Investment Trust Company Name
This is a shortened name for the fund and acts as a link to a detailed fund factsheet for subscribing funds.
Non-subscribing funds will link into a feedback form.
Group Name
This is a shortened name for the management group of the listed fund and acts as a link to a management group page
for subscribing funds. Non-subscribing groups will link into a feedback form.
Tip: The full name of the management group can be viewed if your cursor is held over the shortened name.
Price
The price given is the last quoted mid closing price. This figure is updated daily (usually by around 6:00 p.m. in the UK).
All prices shown are in Pence Sterling unless otherwise specified in brackets after the price.
NAV (Net Asset Value)
The Net Asset Value of the fund is the value of the fund taking all existing assets and holdings at
current market price and deducting the value of all current liabilities.
The NAV shown is fully diluted (a diluted NAV figure is recalculated to take account of the existence of outstanding
warrants or convertibles) and expressed in pence per share.
NAVs are usually reported by funds on a weekly, or sometimes monthly, basis.
Trustnet shows daily estimated values from Thomson Financial Datastream (For published NAVs see fund factsheets).
These NAV estimates are calculated using the fund's portfolio at the time of the last reported NAV, taking into account
subsequent individual share price movements.
The portfolio, as published in the latest accounts, is arranged into industrial and country groups and the value of
each group is updated daily by the respective shareholdings or by an appropriate industry share index.
The subdivision of the portfolio is taken to the most detailed level that is considered practical, both in respect of
UK and foreign investments.
Approximately 300 daily share indices and all major shareholdings are used in these calculations.
All convertibles are treated as fully converted at the first opportunity, prior charges are deducted at par and
warrants are treated as exercised if the Net Asset Value exceeds the subscription price of the warrant.
Director Share options are also taken into account.
Any asset values published by the trust since the last year end are also taken into account.
Discount/Premium
Investment Trusts have a fixed capital and are traded on the stock exchange. Due to market fluctuations the share price does
not usually reflect the Net Asset Value (NAV). The discount / premium to NAV is calculated as a percentage of share
price against NAV. When the price is below the NAV the fund is said to be trading at a 'Discount' and when above, at a 'Premium'.
On Trustnet a discount is shown with a negative sign, a premium with a positive sign. UK users may care to note that in contrast
to Trustnet the Financial Times shows premiums with a negative sign and discounts as unsigned.
Net Dividend Yield (NDY)
This is calculated by dividing the annual net dividend income per share received from a trust by its current share price.
Price Total Return Performance
The performance of the trust's share price over the given time period, using closing mid prices and with net income (dividends)
reinvested. This figure also takes account of any capital loss or gain.
NAV Total Return Performance
The trust's NAV performance over the given time period, using fully diluted NAV figures (where applicable) and
with gross income (dividends) reinvested. A diluted NAV figure is one that has been recalculated to take account
of the existence of outstanding warrants or convertibles. This performance figure measures the value of the fund's
underlying assets. As such, it is sometimes thought to give a better representation of a fund's real performance (and
therefore the manager's abilities), as it is not influenced by the supply and demand of the market in the same way as the
share price performance.
Performance Averages
Performance averages for 1, 3 and 5 years, discount and net dividend yield can be found below the prices & performance tables.
Averages can also be seen for Trustnet sector/regions and AIC category selections.
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Warrants
Link to warrants price & performance tables»
A warrant gives the holder the right, but not the obligation to purchase a number of shares in an Investment Trust at
a fixed price (called the exercise price) at specific date or dates in the future. By clicking the blue fund name on
the Trustnet Warrants page, you can view the fund factsheet of the trust you hold the Warrant for.
The value of a Warrant is linked to the share price of the issuing Trust, although the Warrant is tradable in its own
right on the stock exchange. When a Warrant is described as being 'in the money', the exercise price is lower than the
share price of the Trust and therefore you would make a profit. The exercise price rising above the share price, called
being 'out of the money', would make the Warrant worthless. As the holder of a Warrant you would not generally be
entitled to any dividends or voting rights. Many people consider Warrants a risky investment and believe that a financial
adviser should be consulted before purchasing or selling.
The green button with the ‘plus’ symbol in the middle allows you to add a warrant to your funds basket, so you can use
it in the Trustnet Portfolio or with one of our other tools.
The tables can be filtered by various facets of their constituent. Use the dropdowns to choose which screening options you
want to sort the tables by, and then click ‘Go’ to see the results.
Customise Function
This enables you to modify your view of the tables. By clicking on the Customise button you can access the pop-up
filter that allows you to add to and/or remove the data columns displayed. The data items already ticked on
the pop-up filter reflect the current view. You can return to the Trustnet default view at any time by choosing the
'Default' button. To remove or add an item, simply click into the box next to the data description and select 'Go'.
The Go button will enable you to view your data selection and return to the modified view as you move about the site.
The prices and performance view is reset to the Trustnet default option when you leave the site.
To remove all data items click 'Select none'. Warrant Name cannot be removed from the list.
Column Headings
You can further edit your alphabetical view of the prices & performance pages by clicking on various column headings.
The tables can be sorted by Warrant Name, Exercise Date, Investment Trust Discount or 1 week, 1 month, 1 year or 3 year Performance.
Plus Sign
Clicking the plus sign next to the highlighted fund name enables you to add the selected Warrant to your Portfolio.
If you have accessed the Warrant page outside the Portfolio Service, selecting the red cross will take you to the
Portfolio Login and Homepage. Simply enter you login name and password, if you only have one Portfolio the Warrant
will appear in the Valuation View immediately, if you have multiple Portfolios you are asked which Portfolio the
Warrant is to be added to first.
Exercise Date
The exercise date refers to the final date on which you can exchange your Warrant holdings for shares in the trust.
If you fail to exercise the Warrants before the expiry date they become worthless.
Warrant Price
The price given is the previous working day's mid closing price. This figure is updated daily (usually by around 9:00 a.m.
in the UK). All prices shown are in Pence Sterling unless otherwise specified in brackets after the price.
Please see Trustnet's Exchange Rates section for help with currency codes.
Although you can buy and sell Warrants on the stockmarket until their final exercise date in the same way as shares,
they can trade less frequently than shares. As a result you may not be able to buy or sell your Warrants as easily,
which could also mean that the 'spread', the difference between the prices of selling and buying, is wider.
Share Price
The daily updated share price of the issuing Investment Trust. The gearing of a Warrant can be calculated by dividing
the share price by the Warrant price. A Warrant is more appealing to an investor when it is highly geared. For this to
happen the share price needs to be considerably higher than the Warrant price. Warrantholders would therefore have the
same access to the trust's profits as a shareholder (with no entitlement to dividends), but at a considerably lower cost.
Any change to the trust's share price, up or down, is highly exaggerated in the Warrant price making Warrants a risky investment.
Discount
The discount/premium of the issuing Investment Trust.
Share Ratio
This indicates the number of Investment Trust shares issued per Warrant. Many of the ratios listed have (ORD)
below them, signifying that the Warrant has been issued by a Conventional Investment Trust and will allow you to
purchase Ordinary shares when your Warrant is exercised.
Split Capital Trusts also issue Warrants. Conventional Trusts have Ordinary shares only; Splits have at least two classes
of share. A Split can issue Warrants on one or many of its shares. You may see the abbreviations (OIN) meaning the Ordinary
Income share, (CAP) the Capital share, and (UNIT) which is a packaged Unit combining certain classes of share, usually
reflecting the same number of share classes in the trust, and usually in the same ratio. For more information on Splits
please read our Splits Education Guide.
Exercise Price
The fixed price at which you buy the Investment Trust shares when your Warrant is exercised. The comparison of the
trust's share price against the exercise price gives an indication of the Warrant's value.
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Split capital analytics
Link to split capital analytics»
Split Capital Analytics is a data centre that contains additional information on all the shares available in a
Split Capital Trust, displayed in comparative tables. It can be accessed via the blue navigation bar at the top
of the page under 'Investment Trusts' or from the Investment Trust homepage.
Screening Options
The first page of the Analytics section lists all the Split Capital Trusts available sorted by fund name.
You may also sort the data by Total Assets, Life (the life of the fund shown in years) and Gearing.
The data can be sorted throughout the Analytics section by clicking on the column headings; those columns that
can be sorted have a red arrow inside a white circle next to the heading. The 'Rank' column is shown to provide
you with a quick reference to where you are within the table and how a fund ranks within the sorting option chosen.
The green button with the ‘plus’ symbol in the middle allows you to add a warrant to your funds basket,
so you can use it in the Trustnet Portfolio or with one of our other tools.
Share Type
The drop down menu at the top right of the page will allow you to sort the data by share type. You may choose from Capital,
Geared Units (made up of a Capital and Income share), Income, Ordinary Income, Packaged Units (a combination of shares,
usually the same number of share classes and in the same ratio as the trust) and Zero Dividend Preference shares. Highlight
the option and click the Select button to access the comparative data tables.
Fund Name
Link to an analytical fund page»
Clicking on a highlighted fund name in each share section will take you to a page of analytical information specific
to the trust. All shares in the trust are listed on this page. This page also has links to the fund factsheet,
management group page and Peer Group Performance.
The banana icon 
that can be found on Split Capital fund factsheets also links to the analytical data of a particular trust.
In both cases, to reach the relevant comparative tables for each share class, click on the relevant performance table icon
at the end of the row of data.
Comparative Tables
Each share section has two views (except Packaged Units), View A and View B. Selecting a share type option from the drop down
menu will default to View A; you must click on 'View B' located under the banners to access the data in that area.
Although there is no absolute distinction between the data shown in each View, there are some similar elements in the
grouping of the data. View A always lists the price and hurdle rate (a percentage indication of how much the assets of
a trust will have to grow each year to fulfil the full repayment value of the share at wind-up) and View B the historical data,
such as price history. It is also useful to note that all calculations are based on the daily updated, closing middle market
price shown in View A (To find out more about how the Splits data is calculated see the Glossary).
Symbols or letters displayed next to the figures in any table will be explained via a key at the bottom of the page.
For example, an asterisk * found in the price or discount column indicates a new high figure.
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Fund factsheet
Link to a fund factsheet list»
Fund Managers (and history)
Lists every fund manager since the launch of the fund.
Investment Objectives
This is the fund's investment objectives as defined in the last set of annual accounts.
Fund Type
Within the Investment Objectives area is a definition of the fund's type. For example, 'United Kingdom - Investment Trust'
or 'Jersey - Split Capital Investment Trust', indicating where the fund was registered and the type of fund. The year the
trust was launched is also indicated in brackets, after the fund type.
Fund performance chart
This section has the option to show up to six charts for the selected fund. In the case of Split Capital Trusts,
the relevant share is highlighted with a red arrow. To make your selection from 1, 3 and 6 month, 1, 3 and 5 year charts,
simply choose the relevant time period from the drop-down list under 'Performance Chart Control'.
All charts that can be selected have total return PERCENTAGE performance plots, in Sterling terms, and are rebased.
They do NOT show actual values. Charts are updated at least weekly and as such there may be small differences between
the charts and the numerical data listed, especially if prices or markets have moved significantly since
the charts were last updated.
To view rolling and calendar year discrete performance charts you can either click on the fund performance chart itself
or the 'Click here' link under the Performance Chart Control section.
Fund performance Information
The performance of the trust's share price over the given time period, using closing mid prices and with net income
(dividends) reinvested - total return. This figure also takes account of any capital loss or gain. The fund's performance
is also benchmarked against a relevant index. For Split Capital Trusts the 1, 3 and 5 year price total return performance
figures will be shown for each share.
The fund's NAV total return performance can be viewed via the 'Click here' link under the Performance Chart Control section.
Conventional Trusts
Link to a fund factsheet list»
Price
The price given is the last quoted mid closing price. This figure is updated daily (usually by around 6:00 p.m. in the UK).
All prices shown are in Pence Sterling unless otherwise specified in brackets after the price.
In addition to the price, this section lists the discount, daily estimated NAV values from Thomson Financial
Datastream and published NAVs, dividend yield and risk rating. The NAV date for the estimated NAV figure
is always the same as the price date. The date for the last published NAV is indicated under the figure.
Gearing - this is the ratio of the gross assets to the net assets of the trust, multiplied by 100.
The process of gearing is designed to increase shareholders returns by achieving growth at a faster
rate than the cost of borrowing. This can be beneficial when markets are rising as gearing can be used
to enhance gains. However, gearing can enhance losses when a sector is falling. Gearing is usually expressed
as a percentage of the total assets of the trust, where a figure of 100 indicates no gearing.
Gross and Net Dividend Yield - The Net figure is calculated by dividing the annual net dividend income per share
received from a trust by its current share price. Gross figures are totalled up using the appropriate tax rate.
The plus sign 
can be clicked on to add the fund to your Portfolio.
If you view a fund factsheet when logged off from the portfolio service, clicking on the plus sign will take you to the
portfolio homepage. In this case, to add the fund simply log on to your portfolio and the selected fund will appear
automatically in the Valuation View. If you have more than one portfolio you have to choose which portfolio the fund is to
be placed in before linking to the Valuation View.
Capital Structure & Income
The information under capital structure & income includes 'Exchange', which refers to the trust's primary trading
exchange (although it may be traded on several different exchanges in different countries) and a daily updated market
value figure, which is the share price multiplied by the number of shares. The pound sign
acts as a link to a summary of
the fund's dividend history. The Sedol, EPIC and ISIN codes are also listed under 'Share Identifiers'.
Warrants
Information on the warrants issued by the trust can be viewed in this section. By clicking on the blue highlighted warrant
name you can view the warrant's performance in a peer group comparison.
The warrant price given is the previous working day's mid closing price. This figure is updated daily (usually by around 9:00 a.m. in the UK).
All prices shown are in Pence Sterling unless otherwise specified in brackets after the price.
Split Capital Trusts
Link to a fund factsheet list»
Conventional trusts issue ordinary shares only, Splits have at least two classes of share. Trustnet
provides price and performance statistics as described above, for every share class issued by a Split Capital Trust.
The share type is indicated in code after the share name.
The banana icon links to an additional page of analytical information
on the trust, which includes hurdle rates and redemption yields. To find out more about these terms, please read the Splits Education Guide.
Detailed Fund Information
In this section you can view essential details about the fund. The club symbol 
links to a free service for ordering annual and interim reports.
- Fund Savings Schemes
This section indicates, with a tick 
or cross 
,
whether a fund has its Own ISA Wrapper, Savings Plan or is eligible for PEP Transfer.
Launched in April 1999 as the successor to PEPs, ISAs are tax-efficient savings plans. Although nearly all funds can go
into an ISA, not all fund providers offer an ISA wrapper to go with their funds. (For more information, please read our ISA
Education Guide.) PEPs are still in existence, but can no longer be sold. The Transfer status refers to whether a PEP investment
can be switched to another fund.
- Gross Assets
The gross assets figure is calculated daily and is the total amount a trust has to invest, including loans.
The figures are also shown in US dollars.
- Peer Group Performance
Every fund listed within Trustnet has a region and a sector definition, or sector definition in the case of AIC categories.
The highlighted options on a fund profile page link directly to comparative prices & performance tables for that fund type.
The links that can be selected are region, sector, region/sector and AIC category.
Portfolio Summary
The portfolio information is collected from the last published annual / interim accounts or on a monthly basis directly
from the fund management groups. You can view up to three of the fund's previous portfolio breakdowns by selecting the
'historical portfolios' link. If a fund has more, a link on the historical portfolio page will allow you to view all the
breakdowns available.
News and Forum Searches
Located at the top of the page, above the fund name are links to both the News section and Forum. These links search both
areas of the site for related items about the fund and management group.
There are also links enabling you to e-mail a friend about the fund profile page or make the page printer-friendly - to
return to the previous view select 'Normal view'.
Company Announcements
The Company Announcements link at the top of the page or the RNS link under the Capital Structure & Income section
(Split Capital Trusts will often have a link for each share type) will take you to the Investegate.co.uk web site.
You can view additional press releases and other information such as director dealings, on your chosen fund.
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Fund performance page
All fund performance pages have links to the related fund factsheet and management group page.
Cumulative and discrete performance figures are also shown.
The date of the performance figures is shown in the title of each section.
Cumulative Performance
Link to the Prices & performance table»
The cumulative performance section shows a standard performance chart and 3 month to five year price and
NAV total return performance figures, benchmarked against a relevant index. This section also has the option to
show up to six fund charts. To make your selection from 1, 3 and 6 month, 1, 3 and 5 year charts, simply choose the
relevant time period from the drop-down list above the chart. If a fund has several different shares, in the case of Splits,
then it will have a different fund chart page for each. The share type of the fund is indicated next to the share name.
All charts that can be selected have PERCENTAGE performance plots, in Sterling terms, and are rebased.
They do NOT show actual values. The discount/premium charts show actual or absolute values over the time periods chosen.
Charts are updated at least weekly and as such there may be small differences between the charts and the numerical data listed,
especially if prices or markets have moved significantly since the charts were last updated.
All charts that can be selected have PERCENTAGE performance plots, in Sterling terms, and are rebased.
They do NOT show actual values. Charts are updated at least weekly and as such there may be small differences between
the charts and the numerical data listed, especially if prices or markets have moved significantly since the charts were last updated.
Discrete Performance
Link to a discrete performance chart»
The discrete performance charts act as a visual representation of the discrete performance figures seen below the charts.
These daily updated charts and figures show 5 discrete 12 monthly percentage performance figures on a rolling (0-12 month,
12-24 month etc) and calendar year (2002, 2001, 2000 etc) basis.
If the fund you are viewing has a benchmark index, the discrete charts and figures will also include discrete
performance data for the index, enabling you to compare performance.
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Management group page
Link to a management group page»
Management group pages show a summary of contact details for the group in question, along with links to their
web site (if they have one) via the banner or web address at the top of the page. Further down the page is a list
of the funds managed by the group, selecting a fund name will take you to a fund factsheet in which you can view detailed
information about the fund. The club symbol links to a free service
for ordering annual and interim reports.
It is also worth noting that if a group also manages Unit Trusts & OEICs, Pension Funds or Insurance Bonds,
you can link directly to them via the highlighted headings under 'Fund Types Managed'.
Total Gross Assets
The total gross assets of the funds listed, is the sum of the gross asset figures shown on each of the fund factsheets.
This figure does not take into account any other funds managed by the group and, as such, is not an indication of the management
group's total funds under management (unless all the funds they manage are listed). This figure is calculated daily and is also
shown in US Dollars.
Management group performance page
Link to a management group page»
Clicking on the Performance Summary link will take you to a page similar in format to the prices & performance tables,
but showing the funds in the selected group only.
Column Headings
You can edit your alphabetical view of the group performance page by clicking on various column headings. The table can be
sorted by share name, region/sector, discount, Net Dividend Yield, RiskGrade™ or 1, 3 or 5 year price and NAV total return
performance. The way in which the data is sorted is always indicated in red above the tables.
NB: To return to the management group page, click on the group name in the blue bar above the performance table.
Chart Icon
This links to a fund performance page.
Additional Data
In addition to the data shown on general prices & performance tables, the group performance page
lists the abbreviated region/sector and RiskGrade™ of each trust.
The Trustnet defined region/sector abbreviations link to comparative prices & performance tables. To view them in an
unabbreviated form, hold your cursor over the region/sector and EUR/GIN, for example, will be revealed as Europe/Equity
Growth & Income. A RiskGrade™ is a daily updated investment risk rating that is based on historical, time weighted, price volatility.
Prices
The price given is the last quoted mid closing price. This figure is updated daily (usually by around 6:00 p.m. in the UK).
All prices shown are in Pence Sterling unless otherwise specified in brackets after the price.
Discount/Premium
Investment Trusts have a fixed capital and are traded on the stock exchange. Due to market fluctuations the
share price does not usually reflect the Net Asset Value (NAV). The discount / premium to NAV is calculated as a
percentage of share price against NAV. When the price is below the NAV the fund is said to be trading at a 'Discount'
and when above, at a 'Premium'. On Trustnet a discount is shown with a negative sign, a premium with a positive sign.
NAV (Net Asset Value)
The Net Asset Value of the fund is the value of the fund taking all existing assets and holdings at current market price
and deducting the value of all current liabilities. The NAV shown is fully diluted (a diluted NAV figure is recalculated
to take account of the existence of outstanding warrants or convertibles) and expressed in pence per share. NAVs are usually
reported by funds on a weekly, or sometimes monthly, basis. Trustnet shows daily estimated values from Thomson Financial
Datastream (For published NAVs see fund factsheets).
Net Dividend Yield (NDY)
This is calculated by dividing the annual net dividend income per share received from a trust by its current share price.
Price Total Return Performance
The performance of the trust's share price over the given time period, using closing mid prices and with net income
(dividends) reinvested. This figure also takes account of any capital loss or gain.
NAV Total Return Performance
The trust's NAV performance over the given time period, using fully diluted NAV figures (where applicable) and with gross
income (dividends) reinvested. A diluted NAV figure is one that has been recalculated to take account of the existence of
outstanding warrants or convertibles. This performance figure measures the value of the fund's underlying assets. As such,
it is sometimes thought to give a better representation of a fund's real performance (and therefore the manager's abilities),
as it is not influenced by the supply and demand of the market in the same way as the share price performance.
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Links
Splits education guide
Link to the Splits education guide»
Produced by Trustnet, this education guide covers the fundamental aspects of Split Capital Trusts.
It features a Frequently Asked Question section and Glossary.
Free annual reports
Link to free annual reports»
You can order current annual and interim Investment Trust Report and Accounts. This link will take you to
a full list of available reports and enable you to enter the ordering system. Please note that the list also includes VCTs.
AIC
Link to the AIC»
The Association of Investment Companies (AIC) protects, promotes and advances the
common interests of its members who are the individual UK Investment Trust companies.
The AIC provide a range of information services for private investors and financial advisers. They produce
several general fact sheets and can supply investors and financial advisers with further information if required.
Information is available from their web site at: www.theaic.co.uk or they can be contacted at:
Durrant House, 8-13 Chiswell Street, London EC1Y 4YY
(0)20 7282 5555 (Switchboard)
(0)20 7431 5222 (Brochureline)
(0)20 7282 5556 (Facsimile)
The Association is not a regulatory body and does not seek to control its members' activities nor influence their investment policies.
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