UPDATE: Following the trust's continued underperformance, Brian Lum took over from Praveen Kumar as lead manager in May 2025. The trust returned -5.1% versus +8.9% for its benchmark in the year to January 2025, followed by +5.4% versus +21.5% to January 2026, and +22.9% versus +13.3% in the six months to July 2026. The management fee was cut to 0.65% on the first £250m of net assets and 0.55% thereafter with effect from February 2026. A 15% conditional tender offer covering the three years to January 2027 was replaced by an immediate 15% tender offer that took place in March 2026, in which 50%...