Mercantile Investment Trust

And something else, John, because being closed-ended, in other words, you trade the shares, not the asset, like any other company, like a Shell or a Glaxo, they can gear and they can borrow to buy more of a portfolio, knowing that those assets are not going to be redeemed because it's an open-ended fund.

I don't want to get into that conversation here, but for example, there are good smaller company funds like Mercantile, JP Morgan's Mercantile, which I think I'm right in saying is about 10% geared at the moment towards the top end of this.

So you're right, you've got reasonable discounts, although they've narrowed in a little bit, but they're still attractive.

long-term.

Any particular companies that we hold that actually sort of deliver this? What are we like?

Well, I mean, if we're talking smaller companies, I cited three, I think, in the column.

One was the Mercantile Trust.

The other one was Montanaro UK Smaller Companies.