This week's profile features Henderson Smaller Companies, managed by Neil Hermon, a UK equity trust with a consistently steady track record. Instead of a Q and A, this week I summarise the performance of five defensive investment trusts and create a new portfolio to track their performance.   

Market thoughts The latest global fund manager survey suggests that the majority of professional fund managers are all now in a more bearish mood, with increased levels of cash, expectations of at least four interest rate rises from the Federal Reserve and notably overweight banks, energy and value stoc...