Onward Opportunities: A new fund yet to justify its fees

There have been just three initial public offerings (IPOs) of investment trusts between 2023 and 2025, and none of them raised over £100 million. Achilles Investment Company (LSE: AIC), an activist trust, raised £54 million last year, while Ashoka WhiteOak Emerging Markets (LSE: AWEM) raised £30.5 million in 2023. Both have received a reasonable amount of coverage.By far the smallest and least well-known of the three is Onward Opportunities (LSE: ONWD), which has raised £