In its ‘Disclosure of portfolio holdings post RDR’ guide, the trade body argued that the regulations mean advisers are more likely to demand being able to analyse investment trusts on a ‘look through’ basis.
The AIC suggested trusts that are mainly invested in listed securities should consider publishing their full holdings every month, with no more than a three-month delay. Those invested in more specialist, non-traded asset should look at releasing holdings on at least a quarterly basis.
AIC director-general Ian Sayers said: “Though there is a stronger case for investment companies to disclose full portfolio holdings than ever before, this issue is more complex for investment companies due, for example, to the much wider range of assets investment companies invest in than open-ended funds. This includes illiquid asset classes which by their nature are valued less frequently than listed securities and raise different commercial considerations.
“Boards will need to weigh up the potential benefits against the risks and in some cases may legitimately decide not to release this information, or to do so in a different format or on a less frequent basis.”
