"All of our UK retailers have encountered more difficult trading conditions during the period and investors are worried that this marks a trend that will in due course lead to profits disappointments," said company chairman Douglas McDougall.
The value of retail in the portfolio fell from £27.9m in November last year to £25.2m at the end of May, despite net purchases of £1.6m. The company sold out of Dunelm and SuperGroup in the period.
Machine-tool component manufacturer Renishaw, along with other industrials, helped the closed-ended company beat its FTSE All Share index over the period.
"All [our industrial stocks] have delivered strong profit growth since the end of 2009 and all should continue to prosper if the world economy retains its poise," McDougall added.
He said that the value of the vehicle’s stake in industrials rose from £13.6m at 30 November 2010 to £26.2m at 31 May 2011, with £7.1m of the increase being attributable to fresh purchases.
Energy, housebuilders and recruitment companies have also helped the portfolio grow.
Performance of trust vs sector over 3-yrs
Source: FE Analytics
Our data shows the fund outperforming its IT Global Growth benchmark over one and three years, but lagging over a longer period.