The firm predicts these 32 investment trusts will outperform on a 18-24 month view.

The Winterflood analysts have had some past success in picking winners.

Last year the firm recommended 36 investment trusts and 25 of them outperformed in share price terms against their respective benchmark indices.

The 2016 list of funds sees some 19 changes to 2015’s recommendations, and Simon Elliott, an investment analysts at the broker, says the selections do not reflect any particular macroeconomic views.

So who makes the list?

Within the UK equity portion of the portfolio it is recommending Alex Wright’s Fidelity Special Values and Woodford’s Patient Capital trusts from the AIC UK All Companies sector. Its favoured funds from the UK Equity Income sector are Edinburgh Investment Trust and Temple Bar, while from the UK Mid & Small Cap peer group it picks out Mercantile, Invesco Perpetual UK Smaller Companies and River & Mercantile UK Micro Cap.

For exposure to international equities Wins recommends two Baillie Gifford investment trusts, Monks and Scottish Mortgage. Despite some recent underperformance, it also picks out Murray International based on its longer term performance and its yield of 6%.

Within Europe it has selected Jupiter European Opportunities and TR European Growth, while its pick in Japan is Baillie Gifford Japan and for the US, the JPM American and Gabelli Value Plus trusts get the nod.

For Asian exposure Wins has opted for the Asian Total Return investment trust, managed by Schroders’ Robin Parbrook and King Fuel Lee. Its favoured emerging markets picks are BlackRock Frontiers and JPM Emerging Markets, which are unchanged from its 2015 recommendations.

In terms of specialist funds, Wins tips Allianz Technology and Worldwide Healthcare, which is managed by OrbiMed. Elliott also sees the potential for value for private equity investment trusts in 2016 and within this space Wins favours the HGCapital Trust and Standard Life European Private Equity.

The City Merchants High Yield, JPM Global Convertibles Income, TwentyFour Income Fund, Edinburgh Dragon CULS and Real Estate Credit Investments Preference Shares trusts make up Wins bond fund recommendations, while in property its preferences are Standard Life Investments Property Income and TR Property.

Lastly are its three recommendations for hedge funds and alternative exposure and the trusts topping the bill in this space are: 3i Infrastructure, Third Point Offshore and the Battle Against Cancer Investment Trust (BACIT).