Edinburgh Partners’ Global Opportunities investment trust has confirmed it will remain fully invested in equity markets, dismissing double dip recession fears as ‘overly pessimistic’.

In its interim report, the closed ended fund said it had reduced the levels of investment in Continental Europe since the beginning of the year, despite Europe continuing to account for nearly 31 per cent of the investment portfolio.

Teddy Tulloch, chairman of the Edinburgh Partners Global Opportunities investment trust, said the decline in the net asset value per share was largely due to the weak Euro.

He added, ‘on the other hand, we benefited from the appreciation of the dollar and the yen which helped mitigate the weakness in our US and Japanese holdings.’

The fund has been adding to its Japanese exposure since the second half of last year despite the Japanese stock market underperforming during the recovery of 2009.

Tulloch defended the decision, however, noting, ‘It remains the one market where our investment manager is able to identify good absolute value in individual shares.

'We now hold 18 per cent of the portfolio in Japan, up from just 5 per cent twelve months ago.’

A £1,000 investment in the EP Global Opportunities investment trust would have grown to £1,019 in the six months to the end of July, according to the latest statistics from Trustnet.