Hi,
An investment trust is a type of collective investment but is structured like a conventional public limited company rather than a typical investment fund. In theory, the fund or company is closed-end (although in practice some investment trust companies do effectively issue and cancel shares on demand).
.You invest in an equity share as opposed to a conventional collective investment unit.
There is no obligation on a fund manager to create or redeem your investment - instead you buy or sell it on the secondary equity market.
The share price is as per regular equities - i.e. whatever is available in the relevant market. This contrasts with the unit-based collective investments where the units' value is closely related to the value of the underlying investments.
The market-based pricing can lead to a discrepancy between actual and expected prices in the investment trust's shares, warrants and other securities.
My knowledge is a few years out of date on this so you may want to check this with someone with more recent exposure to this type of investment.
Kind regards,
Paul