There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies…. Read more
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Performance data – There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies. Demand for safe-haven exposure drove up the price of gold, which benefitted Golden Prospect Precious Metals and UIL;
Money in and out – Fundraising over the summer period was quiet. There was one new issue with JPMorgan launching Global Core Real Assets, raising £148.9m;
Discounts/premiums – Doric Nimrod Air Three’s share price was quite volatile over August and September, much more so than its sister funds. It might be that a large shareholder is looking to exit;
Major news stories – Woodford Patient Capital reported results. Earlier in the quarter, WPCT slashed its NAV on write downs. Elsewhere, We had inaugural results from Ashoka India Equity and US Solar.
New research
India Capital Growth – Discounted value
Jupiter Emerging & Frontier Income – Unjustified discount?
Montanaro European Smaller Companies Trust – Focus on the small picture
JLEN Environmental Assets – Battery storage potential
Civitas Social Housing – Targeting full dividend cover
JPMorgan Russian Securities – Outperforming and attractively valued
International Biotechnology Trust – Healthy yield attracts investors
Aberdeen Emerging Markets – The stars may be aligning
Seneca Global Income & Growth Trust – Going for gold!
Standard Life Investments Property Income Trust – KYT (know your tenant)
Strategic Equity Capital – Discounted opportunity
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