SVM UK Emerging Fund, which has investments of £4.9m ($9.8m), is so small it barely registers on the Richter scale of investment trusts. However, despite its size there are enough investors keen to invest in it that the shares stand at par to the value of the underlying assets. What is more, this compares with a sector average discount of close to 10 per cent.

The shares in SVM UK Emerging Fund have risen 38 per cent in the year, about 176 per cent over three years.