John Baron's Investment Trust Portfolio 

Ports in a storm and inflationary winds

Ports in a storm and inflationary winds

There is no better pooled investment vehicle than an investment trust over the long term. But some of the factors that account for their success, including their structure and ability to gear, are also those that contribute to their short-term volatility as discounts widen. Investment trust portfolios in particular should therefore maintain adequate cash levels and ensure the extent of diversification adequately reflects their place in the investment journey. But the choice of asset has rarely been more important when addressing the perception and reality of inflation at this point in the cycle.

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