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Over October, we published notes on Pacific Horizon, Seneca Global Income & Growth, Premier Global Infrastructure, Polar Capital Global Financials, Ecofin Global Utilities and Infrastructure, Aberdeen Standard European Logistics Income and Herald. Additionally, as part of our enhanced coverage of the property sector, we launched a sector overview report.
Performance data – Equity markets were broadly down over October and the US dollar lost value following a third interest rate cut of the year. Gold continued to benefit under this backdrop as investors sought safe-haven exposure. Riverstone Energy was the worst performing fund (counting those with market capitalisations above £15m) in price terms, shedding 25.5%, while Menhaden (environmental) and Sanditon (UK absolute return) were the only funds to return more than 10% in either total return NAV or share price terms;
Money in and out – Over £1bn of new money entered the sector over October, mainly through share placings. There was one new issue in the shape of the life-sciences fund, RTW Venture (the sixth flotation of the year), though it raised just $15m of the $350m it was targeting;
Discounts/premiums – Middlefield Canadian Income is benefiting from a favourable view towards Canadian equities while JZ Capital Partners’s discount has been widening for over a year. JZ’s shares fell sharply after it delayed the release of interim results;
Major news stories – Schroder Investment Management took over as manager of Woodford Patient Capital while unquoted investments outperformed for International Biotechnology Trust over its most recent annual results period.
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