'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

Partner Insight: UK small-cap opportunities are 'The best for more than 30 years', Downing's Judith MacKenzie says

Partner Insight: UK small-cap opportunities are 'The best for more than 30 years', Downing's Judith MacKenzie says

Growing interest in IPOs and a surge in pension fund interest put UK small-caps on course for strong growth.

Judith Mackenzie, Partner and Head of Downing Fund Managers
clock 28 November 2025 • 4 min read
'It's been frantic – in a good way': Orbis' Matt Spencer on maintaining momentum

'It's been frantic – in a good way': Orbis' Matt Spencer on maintaining momentum

Advisers in the UK are ‘exceptionally high quality’

Jenna Brown
clock 25 November 2025 • 8 min read
Why 'bubble talk' doesn't always burst markets

Why 'bubble talk' doesn't always burst markets

What’s really driving recent returns?

Eleanor Ingilby
clock 20 November 2025 • 4 min read