Citywire Selection verdict: Jan Luthman, Stephen Bailey and Jamie Clark use a global thematic process to structure their fund. A hefty overweight in healthcare is matched by an underweight in consumer goods. They currently hold a third of the portfolio in financials and around 17% per cent of the fund is invested directly in international companies, offering some diversification away from the volatility of the UK market in the run up to and aftermath of Britain’s decision to leave the EU. The trio offers a defensive approach and the fund tends to lag behind the market when cyclical stocks rally. Despite recent underperformance, long-term performance is robust.