Z-Scores July 2025

Z-scores are calculated from a formula designed to show the deviation from an average level of discount. A negative z-score indicates a wider discount than normal, so a measure of cheapness; conversely, a positive z-score indicates a narrower discount than normal, so a measure of dearness.

This publication looks at the top ten negative and positive Z-scores in the investment trust sector, using data from 21st July 2025, with a few lines of commentary on each to try to explain the current discount level.

Author: Andrew McHattie

8 pages, A4 format, PDF