Hopes of a new pro-business government helped propel the share price of this long-term underperforming investment trust 11% higher yesterday. But it continues to yield 5.5% dividend income and trades 20% below its net asset value (NAV).

City cynics argue there is no problem so bad that political intervention cannot make it worse. However, these highly volatile shares demonstrate that political risk can be matched by potential rewards. Rising hard and soft commodity prices add to the recovery case for this fund, which is the last one left standing in its sector. Bulls or optimists claim there might be further to go and shareholders are being paid to be patient.