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Acorn Income Fund (AIF) has come through a period of change with its impressive long-term record intact. The death of founding small-cap portfolio manager John McClure in June 2014 caused uncertainty and a widening in the discount, but co-managers Simon Moon and Fraser Mackersie at Unicorn Asset Management have provided continuity of management, and stock selection has driven outperformance and a re-rating in the shares. The fund blends the small-cap allocation with an income portfolio managed by Paul Smith at Premier Fund Managers, which helps boost income and reduce volatility.

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