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Taking Stock

Our quarterly investment trust magazine.

Investing through change

Investment Trusts can trace their history back to Victorian times, aiming to give more people access to the investment markets and manage risk by spreading their money over a number of stocks.

Whilst the basic philosophy of the Investment Trust still persists, the world in which they operate has been defined by constant change. And 2018 is no exception, ushering in two of the biggest regulatory changes in years to impact the sector.

The Packed Retail and Insurance-based Investment Products (PRIIPs) Regulation and The Markets in Financial Instruments Directive II (MiFID II) both affect the information that Investment Trusts on sale in EU countries must now give investors. The aim is to improve investor understanding of what they are buying and the associated costs and charges.


  • Protecting against downside risk - Nitin Bajaj, Portfolio Manager of Fidelity Asian Values PLC, explains how putting investors first is at the heart of his investment philosophy. For him it begins with buying good businesses, run by people you can trust and at the right price.
  • Predictability in an uncertain world - As market dynamics shift in the face of change, Charles Luke, Senior Investment Manager at The Murray International Trust, explains why he sees resilience, sustainability, the durability of dividends and good governance as key to serving the interests of investors.
  • Improving investor understanding - New rules took effect in January and are helping to provide greater protection for investors and improve transparency. Alliance Trust Savings’ James McCafferty introduces the Key Information Document for investors, one of the central building blocks of these important reforms.
  • Finding value in uncertainty - On the face of it, the list of things to worry about may be growing for UK equity investors, but James Goldstone, portfolio manager of Keystone Investment Trust continues to see value in the market. For him it’s about finding undervalued exposure to a better UK out-turn than is generally expected.
  • Investing in ugly ducklings - The Scottish Investment Trust takes a contrarian approach to global stock markets, focusing on out of favour stocks that show positive signs of change. Manager Alasdair McKinnon makes the case for supporting ugly ducklings on their journey to be beautiful swans.
  • Rising to the challenge of a changing world - In the 150 years since the first investment trust launched, the environment in which they operate continues to be transformed. Alliance Trust Savings’ Sara Wilson reviews some of the latest developments affecting trusts and the impact they promise to have.
  • Regards from Shanghai - James Anderson, Joint Manager of Baillie Gifford’s Scottish Mortgage Investment Trust, sees Chinese internet giant Alibaba as a symbol of developments that are transforming our social and economic lives. To get the best out of markets, he counsels living investment life in the exponential extremes.

Please remember the value of your investments and any income from them can go down as well as up and you may get back less than the amount you originally invested.

All investments carry an element of risk which may differ significantly. If you are unsure as to the suitability of any particular investment or product, you should seek professional financial advice.

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Alliance Trust Savings Limited is a subsidiary of Alliance Trust PLC and is registered in Scotland No. SC 98767, registered office, PO Box 164, 8 West Marketgait, Dundee DD1 9YP; is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, firm reference number 116115. Alliance Trust Savings gives no financial or investment advice.