Quarterly Investment Companies Review – Q3

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

In this issue

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

NB: this note has been prepared by Marten & Co and is for information purposes only. It is not intended to encourage the reader to deal in the security or securities mentioned in this report. Please read the important information at the back of this note. QuotedData is a trading name of Marten & Co Limited which is authorised and regulated by the FCA. Marten & Co is not permitted to provide investment advice to individual investors.