The Company is a self-managed investment trust and is registered as an investment company as defined in section 833 of the Companies Act 2006 and operates as such. The Company is not a close company within the meaning of the provisions of the Corporation Tax Act 2010. In June 2016, the Company changed from a split-capital trust to a conventional trust following the conversion of the Capital shares into Income shares, which were renamed Ordinary shares as of 2 April 2019. The focus of the fund was changed to UK smaller companies in 1984, when the current investment manager took responsibility. The Company was founded in 1962.
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