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The Gartmore Global trust has 13% in cash, well over its normal limit of 10%. O’Neill says when the market does “bounce” he does not want to be holding that much in cash.

Simon Elliot, the head of research at Wins Investment Trusts, says the Gartmore Global trust is a “punchy” fund. “Brian [O’Neill] is genuinely a stockpicker. He has very strong views and he follows it through. I think that appeals to investors.”

Nick Greenwood, a fund manager at Midas Capital, agrees about O’Neill’s “very strong” views, which make the trust, for him, an acquired taste. “It’s like a Marmite trust,” he says. “You either like it or you hate it.” But he says O’Neill’s approach makes “a lot of sense”.

At August 31 the trust’s top four holdings were Oracle and Nestlé, both at 3.1%, and British and American Tobacco and BG Group, both at 2.9%. The fund was 35.5% allocated in Britain, 20.4% in America and 10.8% in continental Europe.