The team's belief in small-caps is supported by the figures, with the MSCI World Small Cap index returning 307.55 per cent in the 10 years to July 17 2019, compared with 255.22 per cent for the MSCI World Large Cap index over the same period, data from FE Analytics shows.
Mr Ewins typically invests in smaller companies in the UK, North America and Europe, while investing in other funds for exposure to Asia, Japan and emerging markets.
In terms of geography, the trust has its largest exposure to North America (41.1 per cent), while Japan (9.6 per cent) is the lowest, according to the fund factsheet for June 30 2019.
However, the largest individual holdings are in two Japanese funds in the shape of Eastspring Investments Japan Smaller Companies fund and Aberdeen Standard Japanese Smaller Companies Sicav.
The trust can use a maximum gearing of up to 20 per cent. But effective gearing is normally around the 4 per cent to 5 per cent mark.
The trust is currently trading at a 6.5 per cent discount, but has been fairly consistent - on average trading at a discount of 0.4 per cent in the past five years. It has an OCF of 0.79 per cent.
We like the team’s repeatable process, which has proved consistent over many years.
We think this trust could be an excellent option for investors seeking exposure to smaller companies, who are aware of the additional risks in this part of the market.
Darius McDermott is managing director of FundCalibre