While fund managers tend to favour looking at their long-term performance, that does not mean they are deaf to complaints. A little over five years ago the Monks Investment Trust underwent a reshuffle with a change of manager (Greig Cameron writes).
Some analysts felt it had been positioned too defensively coming out of the global financial crisis and, as a result, performance had lagged behind its peers as well as its benchmark index.
Founded in 1929, the trust has been managed by Baillie Gifford, the privately owned fund management house based in Edinburgh, for most of its operation.
The shake-up in March 2015 resulted in Gerald Smith, the manager since 2006, and his team being eased aside so that Charles Plowden, another Baillie Gifford partner,
