Prices and Markets

November saw a host of companies report interim and full year results with varying outcomes. CLS Holdings, which owns a diverse portfolio split between the UK, Germany and France, gave a positive trading update that outlined its capital recycling programme and asset management initiatives. Its share price rose 14.4% in the month and in the year-to-date has grown 37.4%. Read more

A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned... Read more Global - (thoughts from Blue Planet, BMO Global Smaller Companies, Edinburgh Worldwide, Lindsell Train, Majedie, Monks, Scottish Investment Trust and Securities Trust of Scotland) Flexible...

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...

Helped by a positive contribution from its short positions, BlackRock Throgmorton (THRG) continues to turn out benchmark-beating returns and leads its peer group, the AIC’s UK Smaller companies sector, over the medium term. A share price return of 46.5% over the year to the end of November is the best among all AIC investment trusts... Read more This is all the more impressive when you consider the backdrop for these returns – a paralysis in politics, slowing global growth and...

Vietnam Holding (VNH) has quietly undergone a major overhaul during the last two years, making it more shareholder-friendly and putting it on a stronger footing (see pages 4 and 5).... Read more However, in a world that is increasingly conscious of corporate responsibilities, it is VNH’s strongly-held environmental, social and corporate governance (ESG) principles that might be the key attraction for prospective investors. These are right at the core of its investment process (it is a signatory of the United...

Sareum Holdings – Tyking over… nicely Sareum’s investment case centres on the development and potential out-licensing of its two internal, preclinical-stage TYK2/JAK1 inhibitors, which are proceeding towards IND (investigational new drug) filings in 2020. Development of Sareum’s Chk1 inhibitor, SRA737, is ongoing for now, but is likely to see a pause, while Sareum’s partner, Sierra Oncology, attempts to secure a sub-licensing deal following a change in its own strategic priorities. The uncertainty created by this decision has weighed on Sareum’s share...

A collation of recent insights on markets and economies taken from the comments made by chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.... Read more Roundup Growing optimism around US-China trade negotiations saw US stocks register their best monthly performance since June. The dollar benefitted from this uptick in demand...

In this issue Following a lacklustre October, risk-appetite rose over November, reflected by both the level of the NAV and price returns as well as the prevalence of growth-focused funds in the tables. Sectorally, biotech strategies had a strong month, led by Biotech Growth and International Biotechnology. It was also a good month for UK equities with several UK smaller companies trusts, led by Montanaro UK Smaller Companies, JPMorgan Smaller Companies and Standard Life UK Smaller Companies, taking up positions in the outperformers table; Money in and out –...

Henderson Diversified Income Trust – Soft landing likely… …but caution is required. The managers of Henderson Diversified Income (HDIV) stuck to their guns in the face of a consensus view of rising interest rates and inflation. This stance, and their focus on high-quality credits, has been rewarded in 2019, as central banks around the world have cut interest rates to tackle a slowing economy and investors fear a global recession. HDIV is the top-performing fund in the debt – loans...