Put simply, an investment trust is a type of fund. Just like a unit trust or Open-Ended Investment Company (OEIC), the investment trust owns a portfolio of investments, which are chosen by a manager (or management team) with the aim of making money for the investors. The manager usually charges an annual percentage fee related to the size of the fund’s assets under management.
However, the structure of an investment trust is very different to that of a unit trust. If you want to invest in an OEIC, you buy shares in the fund from the fund provider itself (either directly or via a financial adviser or platform). The fund creates new shares when you buy, and shares are cancelled when you sell, so that the price of the fund closely matches the value of the underlying portfolio (the net asset value, or NAV).