UK investment trust portfolio strategies before the First World War

UK investment trust companies were at the forefront of financial innovation during the so-called first globalization era before the First World War. This study examines in detail their portfolio strategies using a unique dataset of 115 portfolio observations for 30 different investment trust companies, comprising a total of 32,708 portfolio holdings. Our results reveal strong performance and relatively sophisticated asset management, which was based on a mixture of a buy-and-hold investment strategy and active portfolio management. Investment trusts employed global rather than domestic diversification. The early predominant investment in bonds in the 1880s gradually declined in favour of ordinary and preferred shares. North and Latin American markets were the main geographical target of UK investment trusts, with less appetite for domestic investments and negligible interest in continental European financial securities. There is significant cross-sectional variation in asset allocation between investment trusts; they thus avoided herding behaviour in portfolio choice and developed a wide range of different portfolio strategies

Formation of cations and anions upon electron interaction with (doped) helium droplets

Superfluid helium droplets have provided a new perspective for studying electron induced chemistry at extremely low temperatures. Helium droplets represent an ideal environment for the formation of novel and exotic agglomerates of atoms and molecules. Mass spectrometry can be used to detect the resulting ions formed upon electron ionization and electron attachment to doped droplets. In the case of electron ionization a helium atom of the droplet is ionized initially and after few resonant charge transfer reactions between helium atoms the charge finally localises on the dopant. An alternative process is Penning ionization of the dopant, where the scattered electron first electronically excites a helium atom on the surface of the droplet. The attachment of a low energy electron leads to formation of an electron bubble inside the droplet which decays by autodetachment or localization on a dopant, if present in the droplet. In the present minireview a general overview about the field of electron scattering with doped helium droplets is given and a presentation of important recent results related to these electron collision studies is given as well