Mr Smith advised investors concerned about the impact of inflation on their money to turn to property and infrastructure trusts.

“The funds in these sectors generate income from long-term leases that are linked to inflation,” he said.

Mr Smith highlighted the LondonMetric Property trust, which has returned 36pc in the past three years and yields 3pc. 

He also recommended the Tritax Big Box Reit, which owns warehouses, although the share price currently trades at an 8pc premium to the value of its portfolio.

“They are benefiting from the growing e-commerce market and the consequent demand for more warehouse space,” he said.

Mr Smith also recommended the Cordiant Digital Infrastructure trust, which trades at a more modest premium of 1pc and has returned 5pc since its launch in February last year.

“This is a new entrant, but the management team is very experienced. It invests in technological infrastructure such as fibre optic cables,” he said.

Mr Heathcoat Amory added that BH Macro was a compelling “wealth preservation” trust for those looking for short-term shelter from market swings. It has returned 15pc in the past year, ahead of the 6pc rise in global markets.

“It is a consistent performer,” he said. “Its investments have risen by 2pc so far this year, which is impressive given the wider volatility.”