20-03-2024
chucko
IMO everything trading at a large NAV discount is effectively in wind down mode, be it asset sales or merger/takeovers. I saw more upside elsewhere and a better % income while I wait.
In a bear market I always try to sell trusts that are well off their lows and reinvest in those hitting new lows if I believe the pricing differentials are down to large sellers eg LABs.
Today I top sliced a bit more GCP and SOHO and bought more NESF and added to my 9.75% Petrofac bond position at 42 cents. Can't believe that I will escape the restructuring unscathed but I can dream of a takeover. Bonds are pari passu with other debt (RCF/TL altho time advantage)
Invisage
Are you nuts?
Check my posting history! I currently hold over 15 investment trusts, have only sold out of GABI (wind down) and API (takeover)
Still holding all my DGI9!
06-11-2023
@chucko- Good example of your point was the large funds coming into Civitas Social housing when it was trading at a huge discount and then forcing through the takeover even though the offer was at a 20% discount to NAV. Quick turnover for them but they have the company away to opportunists.