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Why Walls believes he can get Darwall's Europe trust on the cheap

Peter Walls, manager of the Unicorn Master Trust, has sold out of the top performing European fund believing that another wobble in the Continent will allow him to revisit the holding.

Fund of investment trust manager Walls has delivered 34% cumulative performance over three years versus an 18.4% sector average.  Having bought intoAlexander Darwall's Jupiter European Opportunities some 18 months ago, Walls decided to take profits owing to its strong run and 360.3p shares moving to a 1% premium.

'[The fund] has served me well over the time and I have no doubt Alexander Darwall will continue to add value relative to his peers.  I am not suggesting that its rating is in doubt, but I think another downturn in Europe will allow me to revisit it,' Walls explained.

Like Walls' closed-end fund, Darwall's £278 million investment trust has also outperformed.  Over three years it has grown its share price 98.9% and its ordinary share net asset value (NAV)  by 70.1%.  Over the same stretch the vehicle's benchmark, the MSCI AC Europe Index, has risen by 10.5%.

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Peter Walls
Peter Walls
4/67 in Mixed Assets - Flexible (Performance over 3 years) Average Total Return: 49.10%
Alexander Darwall
Alexander Darwall
22/75 in Equity - Europe Excluding UK (Performance over 3 years) Average Total Return: 59.03%
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