THE Edinburgh-based Independent Investment Trust outperformed the UK All-Share Index in the three months to February.

An interim management statement published yesterday by the trust, which was set up by Max Ward after he retired from venerable Edinburgh investment house Baillie Gifford in 2000, showed it made a total return on net asset value of 5.8% in the three months to February 28. This was ahead of a 3.9% total return on the All-Share Index.

Independent Investment Trust said that transactions during the period included new investments in banking group HSBC and the Bluefield Solar Income Fund, and "complete sales" of holdings in Games Workshop and pharmaceuticals company AstraZeneca.

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The trust, which had total assets of £174 million at February 28 and invests in UK and international quoted securities, has outperformed the All-Share over the last one and five years. It is adrift of the All-Share over three years.

Over the past year, the trust's total return on net asset value is 16.4%. The total return on the All-Share over this period is 13.3%.

Looking at a five-year period, Independent Investment Trust has made a total return on net asset value of 140.4%. The total return on the All-Share Index over this period is 126.2%.

At February 28, 11.8% of the trust's shareholder funds was invested in companies in the oilfield services sector, with 11.5% in technology and telecommunications.

The fund's largest holding at February 28 was Herald Investment Trust, which accounted for 8.6% of shareholder funds. Dunelm, Ashtead, John Laing Infrastructure, Amlin, Schlumberger and Halliburton were among the trust's other big holdings at February 28.