Valuation: Discount in line with long-term averages The current cum-income discount of 21.7% has reduced appreciably since reaching an all-time high of 41.8% at the end of March 2012. The discount is now broadly in line with its longer-term averages over three, five and 10 years of 22.9%, 21.0% and 18.1% respectively. RUG’s largest holding, unquoted company Anchor Free, is a concentration risk that is arguably overhanging the discount. We believe that the Goldman Sachs investment has contributed to the recent narrowing of the discount.
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