StockMarketWire.com - Edinburgh Investment Trust said it replaced its investment manager after reporting 'very disappointing' results, as first-half returns fell short of benchmark for a third straight year.

For the six months to 30 September, the company's net asset value (NAV) total return fell 3.1%, undershooting the FTSE All-Share Index, the company's benchmark, which returned 4.6%.

'This is another very disappointing set of results,' Edinburgh Investment Trust said.

The company said it had replaced current investment manager Invesco with Majedie Asset Management.

The company pinned the weaker returns on a challenging backdrop facing UK domestically-orientated companies, some particular stock-specific challenges, and the consequences of a large forced seller in the UK equity market.

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