Investment companies roundup – January 2020

In this issue

• Performance – Investors closed the year sanguinely, reflected by firmer median market returns compared to NAV returns. A conclusive UK general election result provided a springboard for flows into UK strategies, principally benefitting Aberforth Split Level Income, Chelverton UK Dividend, Montanaro UK Smaller Companies, JPMorgan Smaller Companies, Schroder UK Mid Cap and Downing Strategic Micro-Cap;
• Discounts/premiums – The narrowing in Schroder UK Public Private’s discount was price-led, reflecting a change of manager and positive sentiment. Despite raising much less than expected when it launched last October, RTW Venture won over new admirers as biotech and life sciences continued their good recent run;
• Money in and out – The renewable infrastructure investment sector’s ability to raise considerable capital continues to show little sign of abating. Octopus Renewables was the story of the month following its £350m launch;
• Major news stories – Octopus Renewables raised a whopping £350m and Schroder AsiaPacific discussed the ongoing situation in Hong Kong.

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