Abstract
This paper examines the behaviour of UK investment trust discounts for a sample of funds over the ten‐year period 1968 to 1977. The cross section variability of fund discounts is considered using fundamental analysis and a large number of potentially important factors are isolated and measured. Using multiple regression analysis, the optimal set of explanatory factors is ascertained, and it is found that the best fitting linear model changes substantially from year to year. The results indicate that fundamental analysis using cross section data may not be useful in the analysis and forecasting of UK closed end fund discounts.
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