REWARDS:
â– Strong performance record of new manager
â– Manager is a "Rushbrook disciple"
â– Share buyback policy
RISKS:
â– Manager's first closed-end fund mandate
â– Shares trade at small premium to NAV
IC TIP:
Buy
at
24450p
The devoted shareholders of Britain's most bearish investment trust, Personal Assets Trust (PAT), were left devastated by the sudden death in October 2008 of its long-standing managing director, Ian Rushbrook, at the age of 68. He passed away in the hour of his greatest triumph - just as his long-unheeded warnings about the dire consequences of the credit and housing bubbles in the US were finally coming to fruition.