Closed-end funds (known as investment trusts in the UK) are similar to mutual funds but have a fixed number of shares/units - so they are ‘closed’. Unlike open-ended funds, new shares are not created by managers to meet demand, the shares can only be bought or sold on the open exchange.
The price per share of an investment trust is determined by the market and is often differs substantially from the underlying Net Asset Value (NAV) per share of the underlying investments held. This means the price can be at a discount or premium to the NAV when it is below or above the NAV.
We provide complete stock reports on most UK-listed investment trusts, which provide a useful financial overview. We are in the process of developing a investment trust specific report, including more granular Net Asset Value / NAV discount analysis.
We generally don't calculate StockRanks or include investment trusts in screen results. This is because they typically have a different financial profile to normal equities, so they distort the rankings unhelpfully, especially given the considerable number of them on the UK market (1000+). We prioritise direct investing in equities over fund investing for the reasons discussed here.
Furthermore, much of the back-testing on which the StockRank system is based explicitly excludes funds / investment trusts, so their inclusion would likely invalidate the research.