Yarrow puts faith in mid caps

edinburgh investment trust

Reducing the trust's gearing and moving down the market cap scale has helped Fidelity's EIT outperform its peers in 2003

After a difficult start in 2002, Fidelity was able to steer the Edinburgh Investment Trust (EIT) to outperformance of its benchmark in 2003. But are investors better off now than under previous the management group, Edinburgh Fund Managers (EFM)? Fidelity has now been running the £764m portfolio for two-and-a-half years, during which time it has returned -2.27% in share price terms, compared with a 5.22% return from the FTSE All-Share benchmark. Numbers were hit in the initial months following the management switch as Fidelity churned over 40% of the portfolio. Looking further back, t...