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Themes from 2023



This WordCloud was created from the text in this year's Investment Trust Newsletter from January to November, illustrating some of the most important themes of 2023 to date. Value and discount are words very much to the fore as the sector's discount has widened out to extreme levels. Even after this week's rally the average discount is still 15.8% according to today's data from Winterflood. The macroeconomic challenges of inflation, rates and debt are all in the mix too.


Dividend, income and yield have also been mentioned frequently as investors seek to take advantage of the high yields on offer from sectors such as real estate and infrastructure, locking in solid returns while interest rates are elevated.


Cash, sale, NAV, buybacks, board, change, offers, and strategy all remind us of the rise of corporate activity in the sector and the need for action from directors to deal with the wide discounts.


Finally, the breadth of the sector remains one of its great assets, offering a wide range of opportunities for investors, and the WordCloud includes references to many different areas. Technology, energy, utilities, equities, global, REIT, credit, property, India, environment, international, and European are amongst the terms included.


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