Monks laments 'bruising' underperformance period as managers reposition portfolio

In the six months to 31 October, the trust’s net asset value total return fell by 3.3% compared to 2.1% for the FTSE World index in sterling, while its share price total return was down 7.3% as the discount widened from 8.7% to 11.6% during the period.
Detractors from performance included fellow Baillie Gifford investment trust Schiehallion as its discount widened, as well as spirits company Pernod Ricard and cosmetics giant Shiseido, which were both impacted by weaker demand in China. 
Healthcare exposure also contributed to underperformance. However, the trust has benefited from the…