In the year to 30 June, net asset value total return for the £1bn trust was up 1%, compared to a 13% return from the FTSE All Share index, in sterling terms. Meanwhile, its share price total return fell 0.6% as the discount widened to 5%. Key factors negatively affecting performance over the year were equity downside protection strategies, given the continued market surge, and yen exposure, due to the persistent weakening of the yen, which made up 9.7% of the portfolio as of 30 June, according to the managers Duncan MacInnes and Jasmine Yeo. Positive contributors included gold, equit...
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