Investment Trusts Survey

Your details

1. Have you participated in an investment company tender offer in the past 12 months?

Yes

No

2. If a tender is offered to shareholders (at NAV minus 2%), how obliged are you to participate for a company trading at a discount >10%?

Very

Somewhat

Not very

Not at all

3. Have you or your clients been a shareholder in an investment company which has been subject to a liquidation / wind down in the last 12 months? If so, how many?

3-5

1-3

0-1

0

4. Have you been a shareholder in an investment company which has been subject to a takeover in the last 12 months? If so, how many?

3-5

1-3

0-1

0

5. Are you inclined to support all-share mergers/acquisitions as an alternative to cash exits within the investment company sector?

No, I almost always prefer to see capital returned as cash, via takeover / wind down

Sometimes, it depends on the circumstances

These are my preferred option, I do not like companies being removed permanently

6. How likely are you to recycle any cash received from a corporate activity or selling shares to a merger arbitrager back into the investment company sector?

Extremely likely

Likely

Not very likely

Definitely not

7. To the extent you are not reinvesting cash received in the investment trust sector, please rank in order from the structures you are considering the most to the least.

1

Open ended funds

1

Redemptions / cash calls

1

ETFs

1

Semi Liquid Funds

1

Private structures

1

Direct equities / bonds

1

Offshore closed end vehicles (e.g. BDCs)

8. Given the returns of capital across the sector, what is the minimum size for you to consider an investment company viable for you to invest in?

There is no strict minimum size, it depends on the company and investment mandate

£100m

£300m

£500m

£750m

£1bn

Other