Investment companies roundup – May 2019

  • Performance data – it was notable that risk appetite increased in April, which pushed up growth-focused trusts such as Lindsell Train and Montanaro UK Smaller Companies.. Read more
  • Money in and out – US Solar Fund launched in April, raising £153m in a well received IPO. Including this launch, net inflows into the sector totalled more than £350m. In absolute terms, Renewables Infrastructure Group led the way, reflecting ongoing interest in the renewable energy space. Elsewhere, Globalworth Real Estate Investments’ near £300m raise will be used to fund the company’s pipeline in Poland and Romania, where it is a leading player. NB Global Floating Rate Income was the biggest returner of cash once again after repurchasing shares worth £17.7m on their sterling line
  • Discounts/premiums – Such is Lindsell Train Investment Trust’s popularity, it closed the month trading at a premium of 86.2%. For perspective, the premium is more than double the level of any of the other trusts covered (market caps above £15m). As sentiment towards riskier assets improved in April, we generally saw  premiums widen and discounts narrow. Elsewhere, Amedeo Air Four Plus and Doric Nimrod Air Three recovered ground as investors’ fears over the impact of Airbus discontinuing the production of A380’s allayed somewhat

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