constituents comprised 13 new sectors, 15 renamed sectors and 31 sectors that were unchanged. The new sectors were added to reflect the greater numbers of investment companies investing in alternative assets. The amount of money invested by investment companies in alternative assets grew from £39.5bn in 2014 to £75.9bn in 2019. The growing debt sector was separated into three new sectors, Debt – Direct Lending, Debt – Loans & Bonds, and Debt – Structured Finance. Similarly, there were more specialist property sectors: Property – UK Commercial, Property – UK Healthcare, Property – UK Residential, and Property – Debt. Most of the equity sectors were unchanged, but Asia was split into three new sectors, Asia Pacific, Asia Pacific Income, and Asia Pacific Smaller Companies. There were new sectors for Growth Capital and for Royalties. Organization Investors' money is pooled together from the sale of a fixed number of shares which a trust issues when it launches. The board will typically delegate responsibility to a professional fund manager to invest in the stocks and shares of a wide range of companies (more than most people could practically invest in themselves). The investment trust often has no employees, only a board of directors comprising only non-executive directors. Investment trust shares are traded on stock exchanges, like those of other public companies. The share price does not always reflect the underlying value of the share portfolio held by the investment trust. In such cases, the investment trust is referred to as trading at a discount (or premium) to NAV (net asset value). Unlike open-ended funds that are UCITS, investment trusts may borrow money in an attempt to enhance investment returns (known as gearing or leverage). UCITS funds are not permitted to gear for investment purposes. The investment trust sector, in particular split capital investment trusts, suffered somewhat from around 2000 to 2003 after which creation of a compensation scheme resolved some problems. The sector has grown in recent years particularly through the launch of investment trusts investing in more illiquid assets such as property, private equity and infrastructure. Assets managed by investment trusts reached £174.4 billion at the end of December 2017. Split Capital Investment Trusts Most investment trusts issue only one type of share (ordinary shares) and have an unlimited life. Split capital investment trusts are investment trusts with more than one type of share, such as zero dividend preference shares, income shares