The managers were also able to take part in the launch of Merian Chrysalis Investment Company.
Over time, well-performing private companies are waiting longer to go public and, by the time they do, a lot of the exciting growth opportunity has already been realised.
This trust has been designed to help investors gain exposure to late-stage pre-initial public offering companies and it is a new vehicle we like the look of ourselves.
Since the introduction of a new investment process by Mr Elston, the fund has undergone a remarkable turnaround in performance and has produced alpha on a consistent basis.
Not only is it in the top 5 per cent of funds in its sector since its makeover, returning 32.75 per cent, compared with 19.78 per cent for the sector average, data for the period November 1 2014 to February 12 2019 from FE Analytics shows, its risk-adjusted performance is excellent.
It also held up better – and recovered quicker than its peers – after the October sell-off.
Last, but by no means least, is the yield element of this fund, currently 4.98 per cent and distributed monthly.
LF Seneca Diversified should appeal to income-seeking investors with a balanced risk profile.
Chris Salih is a research analyst at FundCalibre. Darius McDermott is away.
