The Liontrust Special Situations fund has lost 1 per cent over the past year, underperforming the sector average return of 2 per cent in the same time period.
On a five-year basis, it has returned 23 per cent, compared with 19 per cent for the average fund in the IA UK All Companies sector in the same time period.
Darius McDermott, investment adviser to the VT Chelsea multi-manager fund range, is a long-time investor in the Liontrust Special Situations fund.
He says: “The manager Anthony Cross is very long established, and the fund is run by a large and growing team.
"They probably mean something else by Special Situations than other managers do, but I would say they have a lot of experience in smaller-company investing."
Ben Yearsley, investment director at Fairview Consulting, says: "I do use the fund, but more sparingly than I did a few years ago due to the size of the fund, though its performance has been okay in tough market conditions."
David Thorpe is investment editor at FTAdviser
