FTSE All-Share

Large-cap bias boosted year-to-date performance

Long term, discounts have moved in tandem with FTSE All Share

Changing economic environment

UK equities maintained their strong run from the end of February right through to March as the more dovish tone from the US Federal Reserve and the grind higher in commodity prices continued to drag the market upwards.

After two-year hiatus

Market volatility surrounding the upcoming EU referendum in June could threaten return prospects from the fine wines sector in 2016, with the fall in sterling already impacting the cost of European imports.

Lack of individual company growth

Tineke Frikkee, manager of the Smith & Williamson UK Equity Income fund, says careful stock selection will be even more important in 2016.

Second-highest beta during Legget's tenure

Too early to enter beleaguered sector