Equities

UK consumer discretionary sector

Costs "unsustainable"

Appeal of non-traditional financials

Bought at fund launch

Added New York-listed Visa

Small caps seem to be an immediate turn off to a lot of investors, with fixations on aggregate valuations and volatility meaning the better risk-adjusted returns that can be made within this asset class are often overlooked.

Net sales down 19%

Inherited from SWIP acquisition

Simon Gergel, manager of the Merchants investment trust, forecasts a much tighter oil market this year and beyond, with a return to higher prices at some point.

To remain as consultant to firm