It is one of a basket of income trusts held in my SIPP flexi-drawdown portfolio. It is one of the smaller trusts in my collection with total assets of £172m. I generally like to hold the larger trusts as the expense ratio tends to be lower due to economies of the larger operation. Having said that, the expenses for IVI are not too bad for an actively managed trust - 0.90% incl. transaction charges.
The trust has issued its annual report for the 12 months to 31st March 2016 (link via Investegate).
On a total return basis, net asset value (incl. dividends) declined by -2.1% over the year - ahead of the benchmark FTSE All Share -3.9%. The trust has outperformed its benchmark index over 1, 3, 5 and 10 years - obviously, if this can continue, its worth paying a little extra in charges compared to the lower cost trackers.
The zero weighting in the mining sector, where share prices have been negative and very volatile, was a positive for the trust over the 12m period.