The Independent Investment Trust has the objective of providing good absolute returns over long periods by investing the great majority of its assets in UK and international quoted securities. When appropriate, the directors will sanction relatively high levels of gearing and a relatively concentrated portfolio structure. No gearing has been employed since 2007 and none is in prospect. The portfolio is constructed without reference to the composition of any stock market index.
In a refreshing departure from the usual marketing spiel, Independent says the Company’s policy is designed to allow the Company an unusually high degree of freedom to exploit the directors’ judgement and , to the extent that the directors’ judgement is flawed, future results could be unusually poor.