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

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. ...