The decision made by the Edinburgh investment trust board to oust manager Mark Barnett following a period of prolonged underperformance came as "little surprise" and is a "welcome move", according to several investment trust professionals.
However, the board's decision to appoint Majedie Asset Management (MAM's) CIO James de Uphaugh has been called "underwhelming" by some, while others have warned his value investment style bears a close resemblance to Barnett's. Yesterday morning (11 December), it was announced that Barnett would exit management of the £1.3bn Edinburgh investment trust, following more than three years of poor performance as a result of stock selection issues and an out-of-favour investment style, according to the board. According to FE fundinfo, the trust - which is trading on an 11% discount to net as...
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