Portfolio Asset Allocation of UK Investment Trusts 1914-1928

This is the dataset of a study that investigates the portfolio asset allocation of UK investment trusts between 1914 and 1928. It includes a unique hand-collected sample of of 41 companies, which comprises 40,875 portfolio holdings. According to the findings of our research, UK investment trusts not only survived WWI without major losses but had a remarkable performance in the 1920s, which led to a wave of new incorporations. The 1920s was a period of significant shifts in investment trust portfolio composition and our analysis examines the main reasons for this. We show that investment trust managers were able to adjust quickly to the new socioeconomic circumstances and secure high profitability for their shareholders.

本数据集系一项研究之成果，旨在探讨1914年至1928年间英国投资信托的资产配置状况。数据集包含一份独特的手动收集样本，涵盖41家公司，共计40,875项投资组合持有记录。根据本研究之发现，英国投资信托不仅在一战中幸免于重大损失，而且在20世纪20年代展现出卓越的业绩，从而引发了一股新的公司设立浪潮。20世纪20年代是投资信托组合构成发生显著转变的时期，本分析旨在探究其背后的主要原因。研究表明，投资信托管理者能够迅速适应新的社会经济环境，并为股东确保了高额的盈利。