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James Frost, managing director at Witan Investment Services, said the manager of managers vehicle would retain its positions in European equity manager Wellington Management Company and global equity manager Southeastern Asset Management, as well as its enhanced UK index component.

In particular, Wellington outperformed by 300 basis points over the last quarter after a difficult period.

"It's very difficult to change something that seems to be turning around," Mr Frost said.

According to the managing director, Southeastern had suffered from its concentrated deep value style, as growth stocks have outperformed in the medium term. But he said Witan would look to retain the manager for when the market shifted back into value's favour.

"Value has underperformed growth over the last few years, and they haven't done as well as we'd hoped."

Mr Frost said the trust would preserve its index exposure to the UK, as the benchmark could capture a market bounce without needing to use an active manager. The fund could then allocate its risk budget elsewhere, he added.

"The board took the view the UK and the US are very efficient markets. They felt using an index was good for relative returns."

In August, the trust also said it was keeping a careful eye on Mellon Capital. Its holding in a UBS Mellon Currency note fell 1.5 per cent in the first half of the year.

Harry Henderson, chairman of Witan Investment Trust, said the board had met senior Mellon employees at the start of July to test whether Mellon was still a top currency manager and able to deliver consistent returns.

The board has since retained Mellon, although it said it would be subjecting the firm to close scrutiny.