Richard Penny made his name running L&G UK Alpha Trust (GB00B28PT700) and L&G UK Special Situations Trust (GB00B3DMY345), which delivered returns far ahead of markets and similar funds. L&G UK Alpha Trust, which invested in small caps, returned 310 per cent between its launch in May 2005 and July 2018. During that period the FTSE All-Share index returned 168 per cent and the Investment Association (IA) UK All Companies sector average return was 169 per cent.
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