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The FT fund has made reasonable progress this year. The decision to make the MSCI World Index the largest single holding in the portfolio of exchange traded funds (ETFs) has helped: amid volatile changes in sentiment, investors switched from wanting low-priced value stocks to seeing some of the longer-term benefits of the digital giants that are powering the main economic revolution of our age. This has made a sector-based strategy hazardous.
We had decided to keep out of any fund that invests in the main Chinese indices. This has paid off, as China’s cautious economic policy has combined with growing tensions between it and other countries to produce a poor performance so far in 2021. Preferring Taiwan to mainland China has given the fund a boost as Taiwan has been one of the best-performing stock…