Twenty years of change and innovation for investment trusts

Twenty years of change and innovation

Investment trusts have evolved more over the past 20 years than during their entire existence. Jackie Beard, director of manager research services EMEA at Morningstar, analyses how the sector has come of age

Back in 1995, when Investment Week was born, the investment trust sector contained 17 funds that were already centenarians, and a further 100 funds that were more than 50 years old. Many of their names were eccentric and gave little clue as to what their investment remit was. Most invested primarily in listed equities and little else. Fast-forward to 2015 and the funds with the eccentric names are still there and equities still make up the bulk of investments. In addition, all 17 funds that were centenarians in 1995 are still very much alive. There is also consistency among the funds' ma...