Daniel Lockyer, fund manager at Hawksmoor Investment, says the split capital trust looks attractive on three fronts. “Firstly, the portfolio looks cheap and has scope for a rerating, as earnings improve and M&A hots up,” he said.

Even if this rerating does not cause the discount to narrow, he says this will happen naturally as the trust’s zero dividend preference shares, which fund borrowing, will mature on July 1 2024, when the portfolio is likely to wind up.

“It has a fixed life, so that discount should narrow because you know there is going to be an exit in two and half years’ time,” Mr Lockyer explained.

“Finally, this trust is geared so if you think there is a good opportunity in UK small cap value, then you want the biggest bang for your buck.”

Of course, the trust’s borrowing – at 31pc of assets – could act as both a blessing and a curse, ramping up potential returns but also magnifying losses. This is worth bearing in mind.

Nevertheless, we think Aberforth Split Level Income is a good option for those with a healthy risk appetite.

Be careful not to buy the zeros by mistake (ticker: ASIZ).

Questor says: buy

Ticker: ASIT

Share price at close: 81p

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