But with more open-ended vehicles introducing lower fees and ‘clean’ or ‘super-clean’ share classes, it is perhaps no surprise that investors have not piled into the investment trust sector as much as expected, as there needs to be more of an incentive than just low prices.

Some might suggest the lack of investment trusts on some of the larger investment platforms – Cofunds, Skandia and Fidelity FundsNetwork – has hindered the progress of the market.

Yet if advisers and clients want to invest in them these vehicles can be found on both consumer-facing and open-architecture wraps and platforms, making access less of an issue than some might think, (see page 8).

This highlights the wide range of assets and regions that investment trusts can access, their closed-end structure and stability of flows allowing them to invest in more niche and under served areas of the market, such as infrastructure, private equity and renewable energy.

Of course, the Budget announcement earlier this year has caused some potential problems for venture capital trusts (VCTs) that invest in companies benefiting from certain renewable energy government subsidies, but with a few months left before Royal Assent, it could also represent a strong buying opportunity in this area.

Income is another area that is perhaps overlooked within investment trusts, in favour of open-ended vehicles, and yet there are more than 30 investment companies that have increased their dividend every year for at least the past 10 years.

It is nearing 18 months since the RDR came into effect, including the requirement for whole of market advisers to look at all the investment options to find the best one for their clients.

In the grand scheme of things, it is a relatively short period of time, and as the regulations bed down and as investment trusts and open-ended peers compete on a more level playing field of fees and access, the benefits of the asset class are likely to shine through.

Nyree Stewart is features editor at Investment Adviser