The trust, which is listed on the FTSE, said it had cut its holdings in special situations funds Utilico Investments and Hansa Trust after becoming “frustrated” with their performance. Utilico had been on the fund’s top ten holdings until about a year ago.
It has also sold stakes Schroder AsiaPacific and Picton Property Income to cash in on their rising share prices.
Overall the trust’s net asset value increased 9.71p over the six months until the end of July.
Chairman Jonathan Agnew said the fund was currently pursuing a “conservative” strategy.