CHIEF executive Katherine Garrett-Cox believes Alliance Trust's performance has proved to "naysayers" that the company is "heading in the right direction".

Dundee-based Alliance Trust posted a total return on net asset value of minus 5.7% for the 11 months to December 31.

This ranked it 10th out of 32 investment trusts in the global growth sector after tumultuous market conditions towards the end of the year.

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