Individual Investors
Please select this option if you are an individual investor. The value of investments may go down as well as up and you may get back less than you originally invested.
Professional Investors
The information contained in these pages must not be used or relied upon by private investors. Please select this option only if you are a professional investor.
Alliance Trust Savings: Change of Ownership
Please note that, as of 28 June, Alliance Trust Savings (ATS) is owned by Interactive Investor Limited. If you have any questions about the sale of ATS and what it means for you, please visit ATS’ website*. If you’d like to stay up to date with the Trust’s performance or any news, please sign up below.
Visit ATS website Sign up
By clicking on the 'Visit ATS website' link above, you will be taken to a third party website.

*The brand names ‘Alliance Trust Savings’, ‘ATS’, ‘AT Savings’ and the ‘Alliance Trust Savings’ logo which may appear on ATS’ website are owned by and used with the permission of Alliance Trust PLC, being the previous owner of ATS.

Looks can be deceiving

1 September 2021 Kepler Trust Intelligence

Last updated 24th August 2021

Top-down portfolio characteristics can obscure the investment characteristics of a trust, particularly when it comes to multi-manager portfolios. Here, we examine how Alliance Trust maintains a high active share while still offering a diversified underlying portfolio…

It's easy to take things at first impression. But, as we are all aware, appearances can be deceptive.

When it comes to investment trusts, a cursory glance at portfolio characteristics can mask the true nature of a trust and its investments, with investors potentially misunderstanding the proposition at hand. Nowhere is this truer than for multi-manager funds.

By their nature, multi-manager funds tend to have higher numbers of portfolio holdings than their single-portfolio peers. Many also opt to have a diverse range of sub-portfolios, with the top-down effect being a portfolio that looks remarkably similar to its benchmark. However, these characteristics can be misleading when taken out of the context of a trust’s overall portfolio construction.

By employing sub-portfolios tactically and with dynamism, some trusts are able to maintain a high active share, even while benefitting from the diversification that the multi-manager structure offers.

Read more
More from Alliance Trust