David Liddell

If value makes a comeback, these are the investment trusts to buy

One of the defining characteristics of the investment world since the financial crisis of 2008/09 has been the underperformance of value investing as a style. There has been much academic work suggesting that over the long term a value approach – in simple terms buying companies where the prices are cheap relative to fundamentals – usually pays off. But in the past 10 years this has emphatically not been the case.