Why the differing performance between ITs and 'sister' funds?

The investment companies sector has proved itself to be durable and adaptable over its almost 150 year history. This is demonstrated best by its oldest constituent, Foreign & Colonial. It was originally launched in 1868 as a bond fund before transforming into an equity fund, and latterly into its current guise as one of a long-only equity proposition enhanced by significant exposure to private equity. More recently, the demand for yield and the retrenchment of banks from various areas of the market has led to a proliferation of alternative asset classes being made available to retail ...