The Fund Manager conducts a considerable amount of research and the screening process involves an extensive schedule of meetings with specialist managers. The investment trust market is highly inefficient and the manager uses their skill to identify trusts that have drifted from their fundamental value and as such are trading at the 'wrong' price.

This is an actively managed fund, the performance of which has the potential to be quite volatile and may be suitable for investors looking for a medium to long term investment who are prepared for short term swings in prices.

• The value of investments may fluctuate which will cause fund prices to fall as well as rise and investors may not get back the original amount invested.
• For funds investing globally, currency exchange rate fluctuations may have a positive or negative impact on the value of your investment.
• Investment trusts can borrow money which can then be used to make further investments. In a rising market, this 'gearing' can enhance returns to shareholders. However if the market falls, losses will be multiplied.