Market volatility has at times seen the £1.9 billion trust swing into negative territory, providing compelling opportunities for long term investors. The trust’s former lead manager Micky Breuer-Weil stepped down in September but the team continues to invest with a cautious mind set against the uncertain macro backdrop. The trust also offers diversification as alongside investments in equities with strong growth potential, there is also exposure to areas including hedge funds, frontier markets, private equity and property.
Although longer term gains remain strong, over five years to the end of October the trust has returned 2.4%, lagging the 15.3% return of the FTSE World index. Over five years to the end of August, NAV is up 9.8% and the trust is currently trading on a 6.2% discount.