Poor returns force Advance UK revamp

Chairman to step down as Global Growth vehicle reports poor one-year returns

Advance UK Trust is revamping its investment policy after reporting poor one-year results to the end of August. Chairman Edward Davis said in light of performance this year the board has reviewed the trust's investment policy. The Global Growth vehicle, run by James Carthew, reports a 42.4% one-year decline, as at 3 November according to Morningstar, compared to a sector average 33.9% loss. "The amendment to the company's investment policy has the effect of removing any geographical constraint on investment by the manager," said Davis. "For a considerable part of the period, the pro...