Because I'm happy: Smith & Williamson's Burns shares his strategy

1 What is your investment strategy? We primarily invest in zero dividend preference shares, which is the second share class of split capital investment trusts - the first being ordinary shares. Rather than income, the zero shares pay out a fixed capital amount at the end of their life, normally five years. The upside is capped but they are less risky than ordinary shares. This fund churns out around 5% to 7% per year capital growth and the zero shares are pretty steady performers. The rest of the fund is in structured products and investment trusts, where we believe we can achieve a si...