John Baron's Investment Trust Portfolio 

Consistent themes and special situations

Consistent themes and special situations

A number of themes continued to guide portfolio changes during the third quarter. Chief among them was a cautious view regarding the outlook for dividends both at home and abroad. Various metrics suggest dividends may not recover to 2019 levels for some years to come. And with the number of Covid-19 cases now increasing again, questions remain regarding the strength of the economic recovery. This helped to explain the portfolios’ reduction in exposure to mainstream equity income trusts.

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