Majedie Investments (MAJE) is a very broadly diversified, self-managed investment trust offering exposure to a range of equity strategies – managed by Majedie Asset Management (MAM). MAM, which manages assets of c.£8.5bn, was appointed to manage MAJE’s assets in 2014 and the trust retains a 17.2% stake in the asset management company itself, which currently represents 21% of NAV – a comparable situation to that of Lindsell Train, which is perhaps better known among retail investors. As we discuss in the portfolio section, MAM recently adopted a new valuation policy for the asset management company based on current-year earnings to enhance disclosure. In addition to its holding in MAM, the portfolio is split across six funds offering very broad diversification. Predominantly this is via equities, but it includes an element of absolute return/capital protection via the Majedie Tortoise Fund. For all of these underlying funds the investment process is based on fundamental, bottom-up research and aims to deliver consistent long-term returns. The managers are all ‘stock-pickers’ who are not afraid to be contrarian, and they are flexible, without rigid stylistic biases, resulting in a portfolio unlike others in the sector. In recent years, the approach has the led the trust to being overweight towards the UK relative to peers in the global sector, with a slant toward value. However, recent market volatility has created opportunities for the managers to invest in high-quality companies at attractive valuations, and the performance of many of the individual funds has improved over the last nine months. The trust is trading at a historically wide discount of c.24% and an attractive yield of 6% and significant reserves.