Specialist tops generalist

Property leads performance over three and five years while private equity wins over 10

Specialist investment trusts have outperformed more generalist portfolios, with property the best performing sector over three and five years and private equity leading the way over 10. Figures from the AITC show that in the year to 31 March, the Japanese Smaller Companies sector had the best performing shares, with the average price up 106% and discounts narrowing from 23% to 10%. Shares in the investment trust universe overall climbed 42% in the same period. The top trust in the sector is Baillie Gifford Shin Nippon, which has seen a 116.8% rise in share price, closely followed by Fide...