As the trust was set up to manage the Rothschild family’s wealth – they still have more than £800m invested – capital preservation remains front of mind for the management team. We see no reason for this to change.

Charges are a big sticking point though. While RIT’s headline ongoing charge is 0.72pc a year, the total costs associated with running the trust (which include external managers’ fees and performance fees) come to an astonishing 4.85pc, according to the most recent figures.

This can be explained: it reflects a strong year for the underlying funds and investments held in the portfolio, which meant performance fees were due. The trust’s managers describe those fees as a “necessary cost” associated with unique deals and difficult-to-access fund managers.

“You probably have to take the view that you are only going to pay that much in a good year or when there has been a good exit [from an investment],” Gilligan says.

Questor is acutely aware of the impact of high charges on returns and will continue to monitor this situation. For now, RIT Capital remains a hold.

Questor says: hold

Ticker: RCP

Share price at close: £25

Update: Allianz Technology

Walter Price is to step down as manager of the Allianz Technology trust after almost 15 years at the helm. Mike Seidenberg, his colleague of 13 years, will take over in July. The move coincides with a challenging period for the trust, whose shares have slumped by 24pc since the start of the year as investors have shifted out of fast-growing technology shares, questioning the promise of their future earnings, in favour of “value” stocks.

For investors who want technology exposure we think this will remain a well managed fund. Hold.

Questor says: hold

Ticker: ATT 

Share price at close: 267p

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