James de Uphaugh, CIO of Majedie Asset Management

The decision to change investment manager occurred as the Edinburgh Investment Trust experienced another period of weak investment performance.

This extends the period of underperformance relative to the company’s benchmark to over three years and is a major disappointment for the board and the company’s shareholders.

The board of Edinburgh Investment Trust made the announcement today after it carried out an extensive review of the company’s investment management arrangements.

Glen Suarez, chairman, The Edinburgh Investment Trust, said: “I am disappointed by another weak result for the company in today’s Interim Results, extending the period of underperformance to beyond three years.

“Since 2018 your Board has worked hard to understand the causes of this underperformance, cognisant of the long-term investment objective of this Company and the recent trends in the UK equity market.

“Following a detailed assessment, thorough review and selection process, the Board has decided to change the company’s Investment Manager and I am pleased to report that we have chosen Majedie. James de Uphaugh will be the Portfolio Manager and he is a highly experienced active manager with a flexible investment approach. The Board believes that James has the right approach to meet our company’s objectives of capital appreciation and dividend growth over the long-term.

“I wish to take the opportunity to thank Invesco, and Mark Barnett in particular, for their services to the company and to wish them well for the future.”

James de Uphaugh, CIO of Majedie Asset Management, added: “Majedie’s long-term, flexible investment approach, incorporating a commitment to Responsible Capitalism backed by fundamental analysis, is well suited to an investment trust that seeks total returns from both income and capital growth. The team here looks forward to working with the Board to build the value of the company in the years ahead.”