As manager of the BMO Managed Portfolio Trust, Peter Hewitt is an experienced investor in investment trusts, having been picking closed-end funds for its Growth (BMPG ) and Income (BMPI ) portfolios since 2008.

In this Funds Fanatic podcast, Hewitt (pictured below) tells Gavin Lumsden how he responded to the selloff in growth stocks that began last November and accelerated at the start of this year.

In the interview, Hewitt reveals:

• How he took profits and significantly reduced positions in Scottish Mortgage (SMT ) and other leading growth trusts in January;
• His belief that ‘it is too late to sell Scottish Mortgage’ after its shares halved;
• How the market is closer to bottoming out and that growth funds will do well in future;
• His confidence in the new management at Allianz Technology (ATT );
• The four defensive, capital-preservation funds he uses to protect his portfolios;
• The UK equity trusts he added to with his profits from growth funds;
• The yield and income opportunities that the bear market has produced;
• His confidence in heavily discounted ‘bargain’ private equity trusts but his concerns about Chrysalis (CHRY ). 

BMO Managed Portfolio will shortly be renamed CT Managed Portfolio Trust following the takeover of Bank of Montreal’s fund management arm (BMO) by Columbia Threadneedle (CT).