After a long period of outstanding returns, Alexander Darwall's European Opportunities Trust has struggled for the last eighteen months. The demise of Wirecard, once its largest holding, did a lot of damage both financially and reputationally, but the returns from the rest of its portfolio have lagged as well. The trust is trading at a double-digit discount, a level not seen since the Greek financial crisis threatened to spill over into the rest of Europe. The question is whether Darwall has lost his touch or whether his style of investment is just temporarily out of favour.

When Alexander D...