David Liddell gives his views to Money Observer: ‘A trust could be trading at a discount because it’s had rotten performance, or because it’s out of fashion, but it is important to understand why it is cheap and out of fashion.
Is it because its sector is performing badly, or does it take a contrarian approach, at a time when it has been tough for value-oriented investors generally? Or has the fund manager simply made the wrong call?’