Edinburgh Investment Trust shares tumble on Woodford departure Most trusts languish on a discount, most typically around 8pc to 10pc. But some funds, where a manager has delivered bumper returns, sit on a premium. Edinburgh's share price intially fell around 3pc on the news at 2pm but the selling continued later in the day. The stock closed down 30p at 572.5p shortly before the close, a decline of 5pc. It had swung from being on a 5pc premium to a slight discount. Investors sold fearing Mr Woodford would also step aside as manager of the trust. However, investment trusts are run differently from unit trusts, having their own independent board which appoints a manager. Invesco Perpetual said: "At this stage we are unable to comment on the intentions of the Edinburgh Investment Trust plc board. It will make separate announcements in due course. The board issued a statement, saying: "The board has been informed by its manager, Invesco Asset Management Limited, that Neil Woodford, who is the company's portfolio manager, will be leaving Invesco Perpetual in April 2014. The Board has been assured by Invesco Perpetual that this will not result in any immediate change to the Company's management. The board will review carefully with its manager their proposed future arrangements for the management of the company and will make a further announcement in due course. Morningstar, a fund analyst, said it had put the trust, which has a "Gold" rating, under review. It said: "When the board announces the appointment of a new investment manager, Morningstar's closed-end fund analysts will meet with them to discuss their plans for the trust. The Edinburgh trust dates back to 1889. It has been run by Mr Woodford since 2008. Over five years, it has returned 262pc compared to a 243pc average return for the UK growth and income investment trust sector, according to Morningstar. After Mr Woodford took over in 2008, Edinburgh's discount (indicated by the gap between the grey and blue lines) narrowed and then became a premium. SOURCE: Winterflood Securities