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Master mind

Unlike nearly all other fund management companies, Unicorn does not have a marketing and sales department. Advisers go straight to the fund managers.

A Unicorn trust I like particularly is the Unicorn master trust fund which is managed by Peter Walls. He spent 18 years as a stockbroker specialising in investment trusts and seven years ago joined Unicorn to run this fund of investment trusts.

His performance over the past five years has been outstanding, up by 96 per cent to May 1. He is th top performer over that period in the asset allocation UK flexible sector and is well up among the leaders in all sectors.

I believe that well managed investment trusts should outperform most global growth trusts because of their gearing and because a good fund manager will be able to take advantage of varying discounts to asset values.

So far, only a few discerning IFAs have dealt with this trust but I recommend that many more should speak to Walls and discuss his investment strategy.

Investments are in UK-listed investment trusts but the actual portfolios are worldwide. Some bigger holdings include Fidelity Asian values, Osprey smaller companies income, JP Morgan Fleming Euro fledgling, Eaglet, Herald investment trust, Jupiter European and international biotechnology.

The trust is performing well and Walls does have the occasional big winner. In April, for example, Ambrian capital benefited from encouraging results and US buying which saw the share price driven 37 per cent higher in the month.

Walls believes global economic growth will continue and that equity markets will make further progress over the coming year. I recommend this trust for all growth portfolios.


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