In the eight months since Majedie, the £.8.1bn boutique UK fund house, took over the underperforming Edinburgh Investment Trust from the former Invesco star stock-picker Mark Barnett, its portfolio has been drastically overhauled.

James de Uphaugh, Majedie’s chief investment officer, has spent the six months since taking up management of the £1bn trust in March ditching some of Barnett’s biggest holdings in favour of companies he is confident will survive the pandemic.