'If a structure has stood the test of time for 140 years, why change it?'

TOP PERFORMERS

clock • 4 min read

Peter Wall, manager of the Unicorn Mastertrust, tells Rebecca Jones that, while investment trusts might be the dinosaurs of the industry, they are not fossils yet.

1 What is behind the fund's outperformance versus its sector over the last five years? The last five years have been kind to investors in general and investment trusts have outperformed the overall UK equity market. The fund's performance has been driven by the strong performance of smaller companies trusts, both at home and overseas, with impressive returns seen from those specialising in Europe and Japan. A further boost came from the listed private equity sector, where realisation activity has accelerated and discounts have narrowed appreciably from depressed post-crisis levels. ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Committee warns of Treasury 'passivity' on financial stability private markets risks

Committee warns of Treasury 'passivity' on financial stability private markets risks

Concerns around gap in policymakers' evidence

Patrick Brusnahan
clock 12 January 2026 • 2 min read
Darius McDermott: The lessons from 2025 and opportunities ahead

Darius McDermott: The lessons from 2025 and opportunities ahead

'2025 has been a salutary lesson in the difficulty of timing markets'

Darius McDermott
clock 07 January 2026 • 5 min read
Trump, Modi and US-India trade tensions – who cares?

Trump, Modi and US-India trade tensions – who cares?

A bottom-up approach to finding hidden gems

Gabriel Sacks
clock 02 January 2026 • 4 min read