In recent months, Alex has increasingly been finding opportunities in the defensive sectors.
One position he has added to is Pearson, which he believes is continuing its transformation from print to digital. He has also been trimming exposure to cyclicals, especially within the banking sector, where he believes fundamentals have “deteriorated markedly”.
The trust is top quartile over five years, returning 63.6 per cent, compared to 31 per cent for the IT UK All Companies sector. The strength of the vehicle in uncertain times is reflected by its discount, which currently stands at a just -1.14 per cent.
Given the strong track record, I believe this trust could appeal to any investor who is looking for a value play in the UK, with a medium to long-term time horizon.
Darius McDermott is managing director of FundCalibre