The £136 million trust's board expects to host a competitive pitch in the new year, aimed at finding a well-suited manager able to fulfill its ambition of restoring outperformance.

According to SVM Global's latest shareholder report, the trust has had a challenging year, even leaving aside the departure of its manager.

Over the year to 30 September the trust's net asset value (NAV) per share dropped 12.2% versus a 17.7% rise in its FTSE World Index benchmark.

Moreover, shareholder returns have been hit by a widening of the trust's discount into the high teens.  The board described the past 12 months as a 'very disappointing' time and with immediate effect has put the management contract out to tender.