Over the last couple of years, Seneca Investment Managers (Seneca IM), the manager of Seneca Global Income & Growth Trust (SIGT), has been reducing the trust’s equity weighting, in advance of a global recession that it now expects in 2021. Consistent with this view, the manager has increased SIGT’s weighting...
US interest rate cuts and a slowing global economy have overshadowed the financials sector and banks in particular so far this year. With banks trading close to multi-year lows, Polar Capital Global Financial (PCFT)’s managers have been adding to positions in their favoured stocks... Read more The managers believe that...
Premier Global Infrastructure Trust’s (PGIT’s) ordinary shares have provided an NAV total return of 34.4% during the last 12 months, boosted by the trust’s split capital structure (see page 13). The returns have been achieved despite PGIT having a significant allocation to Asia, and particularly China, which has faced a...
Ecofin Global Utilities and Infrastructure Trust (EGL) has just had its third birthday, and it has much to celebrate. Since launch, the trust has built a compelling track record (NAV and share price total returns of 44.9% and 50.8% respectively) while outperforming a range of comparable indices, including MSCI World...
There have been few structural shifts in the property sector as profound as the one currently taking place in retail. Consumer spending patterns have drastically changed over the past five years, with online sales now accounting for 19.7% of all retail spend in the UK (August 2019, source: ONS), compared...
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...
Aberdeen Standard European Logistics Income (ASLI) has assembled a property portfolio that is primed to cash in on the fundamental shift in consumer spending to online retail. The European logistics market is set to follow in the footsteps of the UK market, which has witnessed a surge in demand from...
Herald Investment Trust (HRI) generated strong absolute returns in the first half of 2019, with marked outperformance by both its UK and US portfolios of their local market indices. Both a general market recovery and a recovery in global technology stocks have helped, but HRI’s UK and US portfolios have...
A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of...