I see the the discount is down about 5% (say 36% to 31%) which is a decline of about 13% so far.. Again it shows you should go overweight at 35% plus discount.

For time being I am very happy with my overweight HOLD

the reason why some investment trusts can not be purchased with HL like PSH is summed up nicely in the daily mail article as below...

The allegations centre on the treatment of investment trusts – large, stock market-listed firms which buy a range of assets, including shares, property and infrastructure.

The trusts scored a victory this year when the Government scrapped old EU rules which made them seem more costly to investors than was the case.

But despite this, Baroness Ros Altmann has accused investment platforms, including the UK's largest, Hargreaves Lansdown, of forcing investment trusts to continue obeying the old rules or risk being kicked off their websites.

Altmann, a former pensions minister, said the platforms were 'putting themselves above the law' and using 'self-interest to deny customers access to undervalued investments'. She added: 'Threatening to bar access to retail investors, unless a company acquiesces to providing misleading or false information, is a Kafkaesque distortion of consumer duty.'

She was backed by Lib Dem Baroness Sharon Bowles, who said investment trusts were 'bullied into providing conflicting and confusing information' to investors.

Hargreaves Lansdown was approached for comment.

Googles done well!


12 month average discount 27.66% I am holding but would be happy to add.

The SP down today but the NAV should end up.

This just popped up on my IMC feed. Missed it yesterday. It’s produced by AI but assume it’s trustworthy (ie true) ⛄️

Pershing Square Holdings, Ltd. announced an additional $100,000,000 share buyback program to purchase its Public Shares on the London Stock Exchange and Euronext Amsterdam. This follows the completion of a previous $100,000,000 share buyback.

The Program aims to reduce risk during trading window restrictions, be accretive to NAV per share, and reduce PSH's capital. Jefferies International Limited will act as the sole buyback agent, and repurchased shares will be held in Treasury. The Program will repurchase a maximum of $100,000,000 or 5,000,000 PSH Public Shares.

Edit: whoops! a reply to an older post I had thought was the last page in this thread.


Not family status, but because it is not listed in the US.

Bill is buying around £2 million worth of shares a day for PSH in buybacks, while Nick Train sits* idly by, doing nothing to close LTI's discount. They are polar opposites. I regret getting in on LTI, but I’m not deeply underwater and only have a token amount invested, whereas I have over 20% in PSH within both my ISA and SIPP now!

While policy uncertainty might create some volatility, the US economy is by far the strongest. With Bill’s ability to short stocks alongside his low-tech high-conviction recovery plays, there's nothing better in terms of risk-reward, especially with the discount at over 30%. There's a lack of momentum in areas like tech and financials in his portfolio (other than Google), but that can be addressed through another trust like ATT/PCT or PCFT at discounts. It amazes me there are still some discount plays while others are on a premium now.

* Perhaps a bit unfair, I bet Nick plays squash twice a week. Being tall with long arms gives you that superiority feeling on the court against shorter people. The good thing about Bill over Nick, is I believe Bill is adaptable to change. Completely different phycology. Everything is against LTI while everything is for PSH.