Advance UK's defensive position only partially successful

Advance UK's defensive positioning only partially successful as trust endures frustrating six months, losing 10.8% NAV against a 7.6% FTSE All-Share decline

Advance UK Trust has endured a frustrating six months to end February, with its defensive stance only partially working according to manager James Carthew. Overall, the fund of investment trusts lost 10.8% in NAV terms over the six months, against a 7.6% decline in the FTSE All-Share. Carthew said steps taken to position the portfolio defensively over the early part of 2007, and attempts to increase allocation to assets with a low correlation to equity markets, were only partially successful. "An internal analysis of the various contributions to our performance shows that we did manag...