Volatility fed into the performance of both investment types, with only North American Smaller Companies producing a positive, 0.6%, return. The IMA sector average was -4.2%, with the relative performance of both leading to the biggest outperformance, 4.8%, by any investment trust category.
Global Growth & Income (3.9%) and Europe (2.5%) were also notable closed-ended outperformers.
The converse was true for most of the UK sectors with investors in UK Growth (-5.8% for closed-ended and -4.4% for open-ended), Smaller Companies (-7.4% and -5.5%) and High Income (-3.3% and -1.1%) better off in Oeics.
UK High Income returned -1.1% (open-ended) and -3.3% (closed-ended) and was also one of only two sectors where its comparative index, the FTSE 350, was positive at 0.9%. The other was 5.9% from the Topic Second section.
The investment trust sector overall underperformed in Q2, with the FTSE Equity Investments Index down 4.1% having been in positive territory during Q1 and Q4 2011. By comparison, the FTSE All Share fell by 2.6%.
Year-to-date, the sector has returned a positive 4.7% compared to 3.3% from the FTSE.
