Lord Rothschild: The avoidance of risk could become as high a priority as the pursuit of gain

Over the 12 months to 31 December, the £3bn trust strengthened its defensive positioning with an emphasis on capital preservation as volatility increased amid a number of economic and political events. It maintained a cautious outlook on sterling, reducing its exposure to 24%, and increasing its exposure towards the US dollar to 62%. While the trust achieved positive returns overall, with an increase in AUM of almost £300m and a share price total return of 14.2%, 2016 was a challenging year for "some of its best performing managers of recent years" with external equity managers produc...