As much of the City lost its collective head in the immediate aftermath of the EU referendum, one fund was out in the market snaffling up as much as it could in what amounted to a share-based variant of Bargain Hunt.
The £44 million Aurora Investment Trust would not on the face of it look the savviest of investors. Until a complete turnover of its mandate in January that saw the fund dumping Mars Asset Management, its long-time manager, and replacing it with Phoenix Asset Management, it did not seem obvious that Aurora had much of a future as its assets dwindled to just £16 million.
Yet 11 months on and Phoenix has lifted Aurora from the ashes — the trust’s shares currently trade