Although it likes to present itself as an active stockpicker intending to provide investors with long-term capital growth, Keystone Investment Trust has tended not to stray far off the beaten track. In all, 44 per cent of the fund was invested in FTSE 100 companies at the end of June, including the top ten investments, which account for 30 per cent of the portfolio.
The exposure to international equities was only 4 per cent, with 16 per cent to small-cap Aim stocks. This has the look of a portfolio that a seasoned investor could largely replicate.
Part of the Invesco Perpetual stable, it had been run by Mark Barnett, one of fund management’s stars, until he handed over to James Goldstone on April 1. Mr