Investors might by now be blasé about the discounts offered on most of the JSE’s investment trust-type counters.

In previous years it would be odd to see discounts of between 55% and 70% placed on investment companies with decent assets and reputable management. These days the market is wary not only of investment companies carrying sizable debt, but also portfolios that are haphazard and unfocused as well as seemingly unable to unlock value...

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