The £646 million global fund saw its net asset value (NAV) total return rise by 0.9 per cent in the three months to the end of July.
That was 2.2 points behind the 3.1 per cent advance of the world index.
In the previous six months, the trust's total NAV return slid backwards by 2.8 per cent while the world index was up 0.4 per cent.
The self-managed trust announced on July 18 that Mr Kennedy was stepping down with immediate effect after 21 years, of which the last 10 were as manager.
His deputy Alasdair McKinnon, who has been with the trust since 2003, was appointed as acting manager.