A Scottish wealth management boutique with just £450m in client assets was the top-performing global equities manager in 2017, beating big-name rivals like Baillie Gifford, Lindsell Train and Fundsmith.

According to data from FE Analytics, Edinburgh-based Aubrey Capital Management’s Global Conviction Fund — which has just £39m under management — made 38.2% during the year. It topped the performance rankings in the Investment Association's Global Equity sector.