Rights and Issues Investment Trust (RIII), a 177m pounds investment trust, has been managed by Simon Knott for the last 35 years and has clocked up an impressive long term performance outshining many of the small cap trusts run by bigger competitors, such as Aberforth, Henderson, Blackrock and Standard Life. The trust’s minimalist annual report, which runs to just 47 pages and contains none of the glossy photographs that often grace reports of bigger trusts, gives little away about the secrets of its success. It is the top performing small-cap trust over 5 and 10 years, and second over 3 years, according to the Association of Investment Companies (AIC) website. RIII is a value investor with a concentrated portfolio of under 30 mainly small-cap stocks, several of which probably feature
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