The past two years have been a struggle for investment trusts. Yet since Foreign & Colonial was established in 1868, trusts have had many ups and downs. Each time the sector has responded with rationalisation, improved governance and innovation, and the subsequent recovery has more than made up lost ground. Is it really different this time?
At the end of 2021, the sector was riding the crest of a wave. The FTSE Equity Investment Instruments had, in 2020, outperformed both the All Share index and
