EP Global, the investment trust run by Edinburgh Partners, held over half its assets in Japan and Europe last year but reduced its holdings in the US by a third.

After an award-winning three-year record at the end of 2013, the trust managed a total net asset value return of 2.2 per cent in 2014. That beat the 1.2 per cent for the all-share index but lagged the 11.3per cent return of the all-world index. The dividend of 3.3p if approved would be 22.2 per cent up on the previous year. The trust closed the year at a discount of 0.6 per cent to asset value, and is currently at 0.1 per cent according to Winterflood. Some 675,000 shares were bought back during the year, at a cost of £1.52million, and the ongoing charges ratio was 1.1per cent.