It has been another remarkable week for the investment trust sector, with Scottish Mortgage and the technology and Chinese investment trusts falling sharply again, reversing some of their previous exceptional gains and continuing the pattern of rotation into value and cyclical stocks (which are not always the same thing).

Jonathan Davis Harry's game How long will the marked rotation into cyclical value stocks we have seen since October endure? Harry Nimmo, the long serving manager of the Standard Life Smaller Companies investment trust, whom I spoke to this week, tells me that on past experie...