Schroder UK Growth rallies

After a lengthy period of under-performance, the Schroder UK Growth investment trust's fortunes have turned around as recently installed manager Richard Buxton cuts back on small-cap exposure. The trust's net asset value (NAV) has fallen by 46% over the three years to 30 July, well behind the sector's weighted average decline of 35%. Charles Cade, investment trust analyst at Close Wins, said: 'The portfolio's long-term performance is dire due to a combination of gearing in weak markets and an ill-timed switch in investment strategy to a growth bias in early 2000. However, performance h...