Alliance loses 11.3% despite boost from commodities exposure

The global multi-manager trust delivered a net asset value return of -10.5%, marginally ahead of its benchmark, the MSCI All-Country World index, which returned -11%. However, as the discount widened to an average of 6.3%, up from the 5.9% average of the same period last year, the trust's shareholders were left with a -11.3% return. The trust fared better than its rival global investment trusts, which lost 18.6% on average. Alliance reported a portfolio turnover of 32.7% over the period, significantly higher than its target of 10% to 15% per year. This was due to the termination of th...