Train looks back on a year in the investment trust space

In his report for the trust covering the year to the end of March 2014, Train (pictured) said changing investment styles have been a key theme for the fund, and he has no doubt it has benefited from a ‘flight to quality’. "Although we stick to the proposition that owning the equity of great companies will work for us in the long run, we know that there are periods when even great companies tread water, or when investor appetite for "concept" or "value" or "cyclical" stocks predominates. "Just over the last year some of our "quality" names have stagnated or subsided, notably Diageo, do...