Scottish Value IT outperformance

A growing exposure to hedge funds has helped Colin McLean's Scottish Value investment trust to outperform its benchmark FTSE World Index. The portfolio, which now has some 25% invested in hedge fund assets, increased its NAV by 19.3% in the six months to 31 March, compared with an 11.9% rise in the benchmark. The trust took the decision to start buying into hedge funds last September and since February, McLean has invested in Horseman Global, a global macro fund that is up 9% over the year to 15 May 2002. McLean has been cutting back the trust's exposure to warrants following its me...