F&C's Hewitt: We avoid trusts that are too aggressively geared

1 What have been the biggest drivers behind the fund's outperformance over the last five years? Being exposed to investment trusts, which tend to outperform open-ended funds when they rise, creates a welcome tailwind for performance. However, the biggest element by far is stock selection, where the focus is to identify fund managers who can consistently outperform and generate strong asset growth over the long term. Underpinning this approach is proprietary research work, a key part of which is regular meetings with fund managers. Discounts, while an important element in the decis...