Publication of the latest edition of the Investment Trusts Handbook has given me an excuse to update the model investment trust portfolio I started when the first edition was being planned three years ago. The seed capital of £100,000 has grown since January 2017 to £152,500 on 25 November this year, including retained dividend income. The portfolio now consists of 12 investment trusts, up from 10 at the outset, mainly run by longstanding fund managers, typically widely considered to be among the best in their class. In keeping with the philosophy of my favourite investment mentors, the portfolio is designed to be managed with minimal turnover and this year, apart from recycling the dividend income, I have made only a couple of recent changes. That follows a move to de-risk the portfolio somewhat in the middle of 2018, which proved to be timely when the stock market fell sharply in the final quarter of 2018. I will be giving regular updates on this and two other portfolios (one all funds, the other all stocks) over the course of the next 12 months.