Advance trust sees NAV uptick

James Carthew, manager of the £39m Advance Trust, is holding around 16% in cash and fixed interest while he waits for the market to begin climbing. The UK-focused trust of investment trusts has seen a decline of 25% in NAV over the 12 months to 30 April, against a Global Fund of Funds sector weighted average fall of 22%. Carthew attributed the trust's falling NAV to the general equity weakness of the past three years but said a recent uptick in NAV could be a signal of increasing stability in the markets. The NAV of the portfolio has risen by 8% over one month to 30 April, while the d...