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Manager Greg Aldridge, who took over management of the fund in May last year, has set about adjusting the portfolio as he looks to seek out long-term growth sectors and themes within the international market.

He said: "Our main job is to try and find the underestimated companies at the right time. They may be well-known names but are being ignored from some corners of the market, so we try to get them while the valuation is attractive.

"Consumer goods have been looking attractive to us lately. In particular, we like companies like Nestle, due to the power of its brand and its ability to grow in emerging markets."

Mr Aldridge is also keen on Wal-Mart, which he said despite its bad reputation and negative press coverage was a very good company, with a huge market share and the ability to generate strong returns.

Meanwhile, software solutions provider Business Objects is another of Mr Aldridge's holdings that he bought into after starting on the fund.

He explained:"Companies like Business Objects provide data that is used by so many different companies. We were lucky in our timing, and having them be taken over by a brand leader like SAP Business Solutions validates our prediction."

Over one year to 9 June the fund has returned 7.43 per cent against the IMA Global Growth sector average drop of 0.08 per cent. It is ranked 22nd out of 177 funds in the sector, according to Morningstar.