Investment Trusts Improve Transparency

In just 12 months Morningstar recorded a three-fold increase in the number of investment trusts releasing full portfolios on a monthly basis

Jackie Beard, FCSI 23 October, 2014 | 3:51PM

In May 2012 we issued our report ‘Investment Trusts: Why Transparency Matters’. The aim of this report was to demonstrate why we at Morningstar thought investment companies needed to improve their transparency, particularly through the disclosure of full portfolio holdings, on a regular basis.

We were delighted that, soon after, the Association of Investment Companies (AIC) supported this call with their ‘Disclosure of Portfolio Holdings Post RDR’ report in November 2012, which in turn encouraged their member boards to be more transparent.

Following the implementation of the Retail Distribution Review (RDR) in January 2013, we updated our initial Transparency report to assess the extent of the improvements in disclosure of closed-end fund holdings, as well the impact that improved disclosure had had. In just 12 months we saw a near three-fold increase in the number of funds releasing full portfolios on a monthly basis, and a five-fold reduction in the number of funds releasing full portfolios on just a semi-annual basis.

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About Author

Jackie Beard, FCSI

Jackie Beard, FCSI  is Director of Manager Research Services, Morningstar EMEA

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