You might imagine that an investment trust with a large portion of its portfolio exposed to the British economy would have been going through substantial changes in recent months (Greig Cameron writes). In fact, Independent Investment Trust has had a relatively benign spell, with few alterations to its portfolio and its net asset value return of 8.1 per cent being ahead of both the FTSE All-Share Index and FTSE All-World Index in the six months to the end of May.
Independent was set up in 2000 by Max Ward after he left Baillie Gifford, the Edinburgh-based investment firm, where he had managed the Scottish Mortgage Investment Trust for more than a decade. Mr Ward put in £5 million of his own money into Independent and