Berlin to Beijing: CF Miton's Greenwood shares key property plays

1 What have been the main drivers behind your outperformance over five years? Five years ago, the investment trust sector had been laid low post-global financial crisis. During bear markets, discounts tend to be much wider than during bull markets. Therefore, during 2009 and 2010, we benefited from a narrowing of discounts. A number of themes within the portfolio have also been profitable, including Chinese property, UK small-caps, the liquidation of funds of hedge funds and Berlin residential property. Of these, Chinese property represented an opportunity to arbitrage between percept...