UPDATE (Oct 2026): In late 2024, Alliance Trust merged with Witan, another large global equity trust, forming Alliance Witan (ALW), which now has over £5bn of assets. In 2023, ALW returned +21.6% versus +15.3% for its benchmark. In 2024, it was +13.3% versus +19.6%, and in 2025 it was +4.7% versus +13.9%. The first half of 2026 saw a 7.0% return versus +12.7% for its benchmark, with the board asking Willis Towers Watson to conduct a structured review of the investment strategy, including Stock Picker selection, stock selection, portfolio construction, and risk management, in light of the trust...