Investment trusts are an innovative and accessible investment vehicle, and they hold a long and successful performance history.

And yet they are often referred to as a "best-kept secret."

In Investment Trusts Explained, Mick Gilligan, renowned expert on investment trusts and partner at Killik & Co, seeks to make them secret no more, by opening up the world of investment trusts to all investors.

Gilligan covers the history, dynamics, risks, and benefits of investment trusts. He explains how information is conveyed from the board and portfolio managers to investors via stock exchange announcements, the annual report and various media. He also covers regulation, market pricing and taxation, and the key structural benefits of investment trusts, such as gearing, the ability to hold illiquid assets, and the ability to enhance shareholder value by issuing and buying back shares.

Critically, to get the most out of investment trusts it is important to understand key investment principles, including compounding, diversification, pound-cost averaging, the discount rate, the equity risk premium, the illiquidity premium, price discovery, and capital allocation. In a unique new coverage of these topics, Gilligan explains them through the lens of an investment trust investor.

Throughout, Gilligan employs practical examples and clear explanations to enable readers to feel more comfortable and informed about investment trusts.

Whether you are saving for a particular goal, planning towards retirement or simply maximising your capital, investment trusts are the fundamental tool for building wealth over time. They should be a part of all serious portfolios for long-term investors.