It could be a red flag as history implies potential market underperformance
A little known share class called conversion, or ‘C’, shares recently had a moment in the sun when music rights investor Hipgnosis Songs Fund ( SONG ) issued them as a way to raise new cash. The investment trust, newly promoted to the FTSE 250, raised £231m in a C share issue so it could buy more song catalogues. It became the latest of in a number of trusts,...