UPDATE: A revised version of this profile was published in July 2026.
AVI Global Trust (ticker: AGT) was founded in 1889 and until a few years ago was known as British Empire. It has been managed by Asset Value Investors (AVI) since the mid-1980s during which time its net assets have climbed from £6m to around £1bn producing an impressive annualised return of just shy of 12%. It looks to buy quality companies and assets through structures that are trading at a discount via a concentrated portfolio of closed-ended funds, European/Asian family-run holding companies, and mostly Japanese asset-ri...
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UPDATE: A revised version of this profile was published in October 2024.
Mid Wynd International is one of a select group of global trusts that has established a decent track record of beating world markets. While it was listed in 1981, it can trace its roots back to the late 1700s and a textile business set up by the Scott family who still own shares in the trust today. It has been managed by the Global Select team at Artemis, comprising of Simon Edelsten and Alex Illingworth, since 2014 and it runs a fairly diverse portfolio of 55-75 stocks, usually split over eight to ten different themes. ...
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UPDATE: A revised version of this profile was published in June 2024.
Scottish Mortgage needs little introduction, being both the largest investment trust with a market cap of £22bn and the best-performing of the last decade with an astonishing 1,318% return. After a 110% return in 2020, long-time manager James Anderson announced that he would be stepping down in April 2022 after more than 20 years at the helm. Scottish Mortgage is perhaps most famous for its big bets on the likes of Amazon and Tesla but it's recently eased back on these in favour of vaccine maker Moderna and other healthcare...
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UPDATE: This trust was delisted in early 2026, with shareholders offered a rollover into Invesco Global Equity Income (IGET) or a cash exit.
One of the lesser-known 'quality growth' vehicles in the Global sector is Martin Currie Global Portfolio. It's been a very good performer since Zehrid Osmani became its lead manager just over three years ago although, like many such funds, it has lagged a little in 2021. As well as boasting a low fee and a zero discount policy, it has largely steered clear of the mega-cap US tech stocks although it does hold Microsoft, so it may appeal to investors looki...
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UPDATE: A revised version of this profile was published in September 2025.
Lindsell Train Investment Trust (LTI) has been the second-best-performing investment trust over the last decade with an annualised share price return of 25.6% a year, only a little behind Scottish Mortgage's 26.9%. And since LTI launched in January 2001, it's up nearly 25-fold. A unique feature is that nearly half the trust's assets consist of a stake in Lindsell Train Limited, the portfolio manager for all of Lindsell Train's funds and the firm's two founders, Michael Lindsell and Nick Train, are now in their early 60...
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UPDATE: This trust was delisted in late 2025, with shareholders offered a cash exit or a rollover into the Baillie Gifford Positive Change Fund.
Stuart qualified as a chartered accountant before moving into journalism and has 20 years of experience of owning and writing about investment trusts from an independent standpoint. He is now producing regular fund profiles for the Money Makers circle. This post originally appeared on his blog but it has been added to our archive to build up our library of content.
Baillie Gifford's newest investment trust, Keystone Positive Change, got off to a vol...
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UPDATE: In late 2024, Witan was merged into Alliance Trust, forming Alliance Witan (ATW).
Witan Investment Trust (ticker: WTAN) was launched in 1909 to manage the assets of the Henderson family and it was listed on the London market in 1924. Henderson Administration (now part of Janus Henderson) was formed to run the trust's portfolio in the 1930s, a state of affairs that continued until 2004 at which time Witan decided to become self-managed and started using a multi-manager approach. Today, Witan has six managers devoted to its core strategies, two with more specialised mandates, and also p...
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UPDATE: This trust was merged into Invesco Global Equity Income (IGET) in February 2026.
Franklin Global Trust (ticker: FRGT) was launched in 1999 as Martin Currie Portfolio. Initially, it had a significant UK equity bias, but since 2011, it has been managed as a global equity trust. Zehrid Osmani became the lead manager in 2019, taking over from Tom Walker, who had looked after the portfolio since 2000. Osmani is focused on quality growth and ESG, and the portfolio moved from around 50 positions to a more concentrated level of around 30. It outperformed in the years ending January 2020 and 2...
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AVI Global Trust (ticker: AGT) was founded in 1889 and has been managed by Asset Value Investors (AVI) for the last four decades, over which time it has returned 11.3% per year. Joe Bauernfreund has acted as its lead manager since 2015. AGT seeks to buy quality companies trading at a discount to their net assets, and it holds a concentrated portfolio of closed-ended funds and European/Asian family-run holding companies, recently increasing its exposure towards Korea. Its portfolio looks very different from most other global trusts, tilted away from the US and with a much smaller average market...
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Our latest Q and A for premium subscribers is with Simon Edelsten, the manager of the MidWynd investment trust, a global thematic fund in which he owns a substantial personal stake. We last had a Q and A with Simon a year ago (link here), and the trust was also the subject of one of our recent in-depth profiles. It is a member of the 2010 Money Makers portfolio.
In the Q and A I start by asking Simon to explain why he recently described market conditions as "weird" and we also discuss why he thinks those market conditions have changed in the last 12 months and "chiselling out" good real ret...
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