QuotedData’s investment companies roundup – February 2019 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of January 2019. Kindly sponsored by Baillie Gifford.
December’s sharp sell-off in technology and growth stocks reversed somewhat in January. This was good for funds such as Independent, Edinburgh Worldwide, BB Healthcare and Biotech Growth. Bargain hunting in UK equities helped Schroder UK Mid Cap, Aberdeen Smaller Companies Income and Chelverton UK Dividend. The Brazilian government made positive comments about infrastructure spending. This was good news for Premier Global Infrastructure (which also benefited from a wider recovery in emerging markets) but other Latin American funds also did well. MedicX looks set to merge with Primary Healthcare Properties. Pershing Square announced a modest dividend. Majedie’s discount narrowed after it reminded shareholders that it had buyback powers (but didn’t use them). Baring Emerging Europe rose after Eastern European currencies strengthened.
Marble Point Loan Financing was hit by December’s sell-off in the CLO market; Carador Income Fund suffered too. Macau Property Opportunities’ discount widened as it commented on a slowing VIP gaming market. The Indian market was particularly weak on fears of slowing economic growth, knocking Aberdeen New India, JPMorgan Indian, India Capital Growth, Ashoka India Equity and Kubera Cross Border. LMS Capital announced a fall in its NAV. VietNam Holding has been underperforming competing funds, it is blaming its preference for mid cap companies. Investors continued to desert CatCo Reinsurance Opportunities as it emerged that the CEO and CEO of its Bermudan operations had been dismissed. The price of BCA Marketplace, Marwyn’s largest investment, drifted off in January.