Alliance Trust has suffered a slowdown in returns in the third quarter which it saw was due to its high allocation to US equities.
Over the three moths to 30 September, the £3bn trust has only made 0.2% in total returns, with overall returns over the year to date at 15.4%.
As a result, it has underperformed the Global Growth trust sector over the year to 11 October, returning 17.7% versus the average of 20.9%, according to Morningstar.
"The equity portfolio has been affected by the relative underperformance of the US market - in which we are more heavily invested than at any time in over 20 years - over the summer, when compared to other major markets," Alliance Trust said.
However, the managers have not made any major changes to the country allocation, expecting growth to improve over the longer term.
Since the end of June, the trust has only slightly increased its allocation to UK equities, up from 19.8% to 23.2%, at the expense of the US, Europe, and Asia.
However, a number of new holdings have been added to the equity portfolio, including Vodafone, 21st Century Fox, Swedbank and Accenture, at the expense of stocks such as Apple, Adecco, Microsoft and Bank of Nova Scotia.
The Alliance Trust Investments arm of the business has won four new mandates over the period, including its first segregated mandate, and now runs over £1.6bn in third party funds.
Meanwhile, the Alliance Trust Savings arm has benefited from developing a service for intermediaries and the adoption of clean share classes since the introduction of the RDR.
The group said: "Our development of a service to intermediaries is working well and we have seen a significant increase in the number of accounts being opened in this way."
In the 12 months to 30 September, assets under administration in the savings business have risen 32%, breaching the £5bn mark.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation