Data from the Association of Investment Companies shows the average investment trust returned 10% in the first half of 2017.

This is a good performance in its own right but the best performing sector performed more than three times as well. European Smaller Companies is up 32% on a share price total return basis.

Europe in general has been strong, third and fifth in the leaderboard are the Europe and Property Direct - Europe sectors up 22% and 19% respectively.

CURRENCY IMPACT

AIC communications director Annabel Brodie-Smith says: ‘The fall in the value of sterling since the Brexit vote, together with positive European election results, has contributed to the strong performance of the European investment company sectors.

‘Nonetheless, the 32% share price total return from the European Smaller Companies sector over the six months to the end of June is an impressive achievement.’

ASIAN STRENGTH

You can see the rest of the top ten in the leaderboard below with Asia also featuring prominently in list of winners.

Performance measure	Share price total return
Performance from	31/12/2016
Performance to	30/06/2017
Duration	6 months
Overall Weighted Average ex VCTs	10.03
AIC sector
European Smaller Companies	32.30
Japanese Smaller Companies	22.82
Europe	22.05
Country Specialists: Asia Pacific	20.42
Property Direct - Europe	18.86
UK Smaller Companies	17.30
Asia Pacific - Excluding Japan	15.62
Sector Specialist: Biotechnology & Healthcare	14.65
Global	14.14
Japan	14.03

Source: AIC using Morningstar

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