According to the Association of Investment Companies (AIC), private equity trusts delivered an average return of 409% over the 10 years to 31 May 2023, which compares very favourably to 156% for all investment companies.Yet despite this spectacular long-run performance, 14 out of 17 trusts in the AIC's Private Equity sector trade on double-digit discounts to NAV (net asset value) at the time...

The fund management industry in general has a reputation for playing it safe. By second-guessing their rivals, sticking close to benchmark weightings and buying the biggest constituents of the UK stock market many money managers like to meld in to the crowd. This way, at the end of the year they will likely come out looking no worse, or no better than their peers and keep their jobs.Yet there...

Investor ire towards professional money managers with short-term focus and poor performance track records continues to grow, while the need for individuals to plan for a secure retirement means more and more people are cottoning on to the lumpy fees levied on savings products. At the same time, income-generating investments are thin on the ground given yield compression in bonds and negligible...