Financial Times Guide to Investment Trusts: Unlocking the City's Best Kept Secret (Financial Times Series) Paperback – 15 Aug 2013
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Investment trusts are often thought of as being "complicated" or "only for City types". John Baron shows clearly that they are neither, and can be used effectively by anyone looking to make the most of their money.
Jonathan Eley, editor, FT Money
From the Back Cover
Making your capital work hard has never been more important than it is today. Investment trusts, often over looked as an investing vehicle, are a key tool in getting better returns on your money.
The Financial Times Guide to Investment Trusts is your concise and jargon free introduction to one of the City’s best kept secrets. It explains how investment trusts differ from unit trusts and OEICs and explores the pros and cons of investment trusts including their superior performance. It also helps you identify your investment objectives, discusses the basic principles of successful investing, and how to run a trust portfolio.
Whether you are a novice DIY investor or have many years experience and wish to question the experts; the FT Guide to Investment Trusts:
- Provides a detailed overview of what investment trusts are and how they differ from other funds
- Examines the factors which help to explain the better performance of trusts – including cheaper fees, discounts and gearing
- Analyses the stepping stones to successful investing
- Shows you how to construct and monitor a trust portfolio
- Highlights the workings of two live and benchmarked portfolios which John has been sharing with Investor Chronicle readers over the years.
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Top customer reviews
An example is on cost. It costs the investor absolutely nothing to buy or sell a opened ended fund (unit trust)- there are no trading or stamp duty charges involved and most platforms will reinvest dividends free of charge. But it is a different story with ITs which John misunderstands. If for example you invest £1,000 in a unit trust all of that money will go into buying units in that fund. Not so with ITs, for if it is a UK based fund, you would pay trading charges of anywhere between £5-£15 plus £5 stamp duty- so your front end charge for buying an IT is £20 or 2% in this case. When you see the IT you incur a further selling charge which again could be up to £15 so that is a 1.5% or so charge.
This -I suspect- is why investors stay away from ITs in the main - they do cost more and as John points out in his book they are not simple beasts to understand.
Also the book is slight at just over 165 pages and is not great VFM for the price to be paid
There was no real explanation even why you might select the Growth portfolio over the Income one which is just weird in my opinion. A total waste of money really and didn't tell me much more than I already knew from websites like AIC or financial forums like The Motley Fool.
that I had next to no knowledge of and which I am confident will assist me with my investment planning.
Most of the information was not new and can be acquired by reading morningstar or the theaic websites where this information can be found for free.
The section on reports and accounts basically says they are worth reading, it gives no insight into the reports and accounts of investment trusts, the jargon used, for instance. There are no examples, no analyses of investment trusts, no case studies.
I didn't expect basic principles as volatility and horizon, ETF, pount-cost averaging, dividend reinvestment, financial advisers explained in a guide which presents itself as unlocking the secrets of investment trusts - those are just investment basics.
One example is "I would advise caution. As with all these sorts of products, they are complex and investors need to understand the risk, so study the small print." But apart from urging caution, the reader is left with the small print not a useful framework. For this price I expect something more.
If you are new to investing, maybe worth a read - if you are looking for a guide into investment trusts and what makes them tick, you might be left wanting.
What is good about this book is that you can dive in to its sections to use as a guide when needed.
It is very comprehensive and will provide you with as much detail as you require to properly evaluate investment trusts yourself.
If you wish to become an expert on them, then this book and a little bit of effort is all that you need.
I write about and research investment trusts on WhichInvestmentTrust.com so I am au fait with the sector.
Most recent customer reviews
It is a small book and there is lots of generalist investment advice that could be found anywhere
The specifics on Investment...Read more
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