Co-manager Jim Campbell says they have increased exposure from 6 to 13 per cent because of excellent stock opportunities the team is finding in the micro cap area.
Increased holdings in the investment trust, which looks for growth in smaller European companies, has come in the online gaming, real estate and support services sectors.
He says: Through our stock selection process we are seeing a trend in micro caps across Europe with exceptional value. We do not looking for a sector bias but analysis shows that, in many cases, micro cap stocks are offering superior earnings momentum relative to the overall market.
We have a strong cash position in the portfolio which means we have been able to capitalise on these opportunities as soon as we find them.