For investment trust bargain hunters, few sectors appear to offer as many rich pickings as private equity, where discounts of 20pc are commonplace. The only problem is they show no signs of shifting. There is certainly no concern about the performance of these trusts. Questor’s picks in this area have generated strong growth in their assets, but this has yet to be reflected in a better rating for their shares. ICG Enterprise stands out as a prime example. Last rated a “buy” by this column in April last year, the trust has just reported its best year of performance in a decade, marking the 12th consecutive year in which it has returned more than 10pc.