A lot changed in the investment markets in 2021 — commodities rallied (and then took a breather), property stocks crawled off their lows (albeit with speculative yields still in place) and investors started to recognise the value in the better-quality mid-to small-cap stocks.

But investment companies — the old investment trusts, if you will — did not see much change in investor sentiment. Yes, most share prices did rally after Covid laid valuations low in mid-2020, but the wide discounts persist, and have even, in some cases, widened further...

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