Opinion is divided on splits, despite their growth. Skeptics claim they can be costly, risky and suitable only for sophisticated investors.
Supporters contend the risks are overstated and the sector offers something for everyone.
These are not stereotypically polite British differences of opinion. Both sides are vehement in defending their positions. Like other closed-end funds, known as investment trusts in Britain, splits are listed companies, available to any investor with access to shares on the London Stock Exchange or, in some cases, in Dublin's offshore market. Unlike traditional funds, which have one class of stock, splits have at least two. Traditional splits are fairly easy to understand.