Investment companies roundup – November 2018

QuotedData’s investment companies roundup – November 2018 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 October 2018. Kindly sponsored by Baillie Gifford.

Winners and losers in October

In what was generally a miserable month for equity markets, Brazil shone on the back of Bolsanaro’s election, boosting JPMorgan Brazil, Aberdeen Latin American Income and BlackRock Latin American. EPE Special Opportunities benefitted from the sale of Process Components. Dunedin Enterprise, Terra Capital and AlphaReal Trust made announcements about returning cash to investors during the month. Tufton Oceanic Assets raised some money and made an investment. Quite a few funds with US dollar denominated assets found that their NAV rose purely on the strength of the weak pound.

Risk aversion appears to have been the dominant influence in October. Investors sold small caps (Edinburgh Worldwide, Baillie Gifford Shin Nippon, JPMorgan Smaller Companies, Miton UK Microcap and BlackRock Throgmorton), technology (Allianz Technology and, to some extent, Independent) and China (JPMorgan Chinese). They also retreated from Japan which saw a savage adverse swing in sentiment and considerable selling by foreign investors (Fidelity Japan, JPMorgan Japanese and Baillie Gifford Shin Nippon). Globally, biotech was one of the worst performing parts of the market in October (Biotech Growth and BB Healthcare). FastForward Innovation’s shares are now trading around asset value after its share price fall.

QuotedData’s investment companies roundup – November 2018

NB: this report has been prepared by Marten & Co and is for information purposes only. It is not intended to encourage the reader to deal in any of the 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

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