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Alliance Trust reveals portfolio revamp ahead of crucial vote

Update shows group has sold shares where the investment case was 'less compelling than previously believed'

New head of equities Peter Michaelis has overseen a revamp in the portfolio
New head of equities Peter Michaelis has overseen a revamp in the portfolio

Alliance Trust has revealed big changes to its portfolio ahead of a crucial annual meeting on April 29 that will decide the 127-year-old investment trust’s future.

London-listed Alliance Trust is under pressure from activist hedge fund Elliott Advisors, which has amassed a stake of 12% and nominated three independent directors to the board, to provide a "fresh perspective".

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