For those in retirement and seeking income, Banszky von Ambroz suggested International Public Partnerships, which has a portfolio of operational social infrastructure assets, and RIT Capital Partners, a multi-asset fund which, she said,"aims for, and has generally delivered, long-term capital growth with capital preservation".
How the recommended funds performed over the past three and 10 years (share price total return):
| Company | 3-year performance | 10-year performance |
| Ashoka India Equity Investment | 93.41 | - |
| AVI Global Trust | 41.72 | 162.08 |
| Bankers | 37.12 | 231.88 |
| Biotech Growth | 28.59 | 303.03 |
| Brunner | 49.15 | 220.48 |
| Diverse Income Trust | 35.03 | 212.21 |
| Edinburgh Worldwide | 26.06 | 304.11 |
| Finsbury Growth & Income | 11.14 | 199.52 |
| International Public Partnerships | 16.72 | 116.36 |
| JPMorgan Global Growth & Income | 61.89 | 276.84 |
| Law Debenture Corporation | 59.44 | 202.47 |
| Mercantile | 24.36 | 198.57 |
| Mobius Investment Trust | 33.22 | - |
| Monks | 35.31 | 237.92 |
| Montanaro European Smaller | 82.48 | 341.91 |
| RIT Capital Partners | 28.85 | 144.61 |
| Schroder Oriental Income | 20.15 | 140.95 |
| Scottish American | 40.64 | 191.83 |
| Shires Income | 15.57 | 123.56 |
| Temple Bar | 6.99 | 89.01 |
| VH Glob Sustainable Energy Opportunities | - | - |
Source: AIC, Morningstar
Philippa Maffioli, senior adviser at Blyth-Richmond Investment Managers
Maffioli likes young people to have significant exposure to pure growth stocks.
"Inclusion of biotechnology within a strategy is important due to the innovation and technological development within the sector. I therefore recommend the Biotech Growth Trust," she said.
She is also keen for younger people to gain exposure to medium and smaller companies due to the opportunity for growth, and as such recommended the Mercantile Investment Trust.
For middle-aged investors Maffioli recommended the AVI Global Trust. “I admire Joe Bauernfreund’s idiosyncratic style," she said.
"Joe joined AVI in 2002 and focuses on discount opportunities and active engagement...The fund’s investments fall into three broad categories: closed-ended investment funds, family-backed holding companies and thirdly, asset-backed special situations, all of which provides interesting diversification."
She also included the Brunner Investment Trust, which offers large well-financed businesses with good opportunities for growth and reliable dividends. "This investment trust is a dividend hero and has consistently increased its dividend for 50 years," she said.
For retirees Maffioli recommended Law Debenture Corporation managed by James Henderson and Laura Foll. The trust focuses on out-of-favour equities standing at discounts to their long-term historical average and currently yields 3.91 per cent.
She also suggested JPMorgan Global Growth & Income for retirees, which currently yields and "attractive" 4.02 per cent.
Neil Mumford, Chartered financial planner at Milestone Wealth Management
Mumford told the AIC: “The key is to choose a manager with an excellent track record."
For him Spencer Adair, who manages the Monks Investment Trust, fits this philosophy.
He said the trust aimed for long-term capital growth, principally from an actively managed global equity portfolio containing a range of growth stocks.
The current market movement from growth to value has seen this trust sink to a one-year negative return of -25 per cent and a 9 per cent discount, however. But Mumford said "this has not affected its longer-term, 10-year performance of over 210 per cent."
For slightly older investors, with "one eye on growth and the other on their retirement", he, like Chilver, recommended the Scottish American Investment Company, which currently yields 2.73 per cent and trades at a 2.71 per cent discount.
