Fund Focus: Peter Walls on why he is protecting against discount downside

  What has been the main driver behind the fund's outperformance over five years? It is difficult to pick out any one specific performance driver over the last five years, as the rising tide in most global equity markets has lifted many boats in the investment trust sector.  In terms of sub-sectors, UK smaller companies trusts and listed private equity funds have been strong contributors, yet the list of top performers also features specialist Japanese, European and North American trusts.  Relative performance has been helped by an underweight position in emerging markets trusts, ...