Changes like this, made to allow for further asset gathering, usually ring alarm bells for me, and they did on this occasion too – changing how you invest is rarely a good idea.
So I have been keeping an eye on performance. The returns have been more subdued in the past three years – it lags in strongly rising markets – but it has continued to deliver, with returns exceeding those of the average peer and with volatility much lower than that of the stock market.
Importantly, when the stock markets fell or struggled in 2011, 2014, 2015 and last year, the fund did better.
The strategy has had just two (slightly) negative years in the past 15.
As a portfolio diversifier and protector of capital, there is little to fault.
It has a performance fee, but peace of mind – especially in today's uncertain world – can be worth paying for.
Darius McDermott is managing director of FundCalibre