Prices and Markets

Since QuotedData last published on BlackRock Throgmorton Trust (THRG), it has continued to beat both its benchmark and the average of its peer group by some margin. In a period where the market has been rising, the short book managed to break even, whilst the long book outperformed (see pages 6 and 7 for explanation of Dan’s shorting strategy).... Read more Many investors are wary of the UK, looking nervously at Brexit and the possible impact of a wider global...

Jeff Harris and Adam Khanbhai have been managing Strategic Equity Capital’s (SEC’s) portfolio jointly since February 2017. Since this time, NAV growth has been solid (a total return of 14.3%, which is broadly in line with the MSCI UK Small Cap Index’s return of 14.1%) but SEC has strongly outperformed during the last year, returning 2.3%, while the index fell 5.8%. Despite this, SEC’s discount to NAV has remained stubbornly wide.... read more The managers continue to follow their all-weather investment process, maintaining a concentrated portfolio of companies that...

Seneca Global Income & Growth Trust’s (SIGT’s) manager, Seneca Investment Managers (Seneca IM), has continued to reduce SIGT’s equity weighting, in advance of a global recession it now expects in late 2020/ early 2021. Consistent with its view, SIGT has made its first allocation into gold (through a gold exchange traded fund (ETF) and a fund of gold mining companies)... Read more SIGT’s managers expect the new gold allocation to provide a hedge against the inflationary monetary stimulus that central...

Global equities re-found momentum in June after a cautious April and May. How much longer this ten-year bull market can sustain itself continues to be the subject of much debate. The prospect of interest rate cuts in the US has re-invigorated sentiment for the time being, though several headwinds, including the US/China trade war and worsening relations between the US and Iran, lurk in the background.... Read more Over the quarter, we published notes on Henderson Diversified Income, Ecofin Global...

The CG Asset Management (CGAM) team’s focus on medium-to-long-term absolute returns and excellent track record have attracted a loyal following of investors. Both Capital Gearing Trust and CG Absolute ReturnFund have seen significant inflows since we published our initiation note in September 2018, and CG Absolute Return now has a three-year track record, which is often a prerequisite for professional investors considering allocating money to a fund... Read more This note updates on progress over the past nine months with respect to: CGAM’s...

Standard Life Investments Property Income Trust (SLI) has built a diverse portfolio of commercial property in the UK. A bias to industrial property is proving beneficial to the fund, but the manager, Jason Baggaley, is keen that all parts of the portfolio pull their weight. In an environment that is becoming more challenging, he stresses the importance of getting to know the fund’s tenants and ensuring that their needs are being met. This is one way of keeping vacancies low and the rent flowing....

Whilst the ongoing trade dispute between the US and China creates a strong headwind for the region, this more challenging time is playing to Aberdeen New Dawn (ABD)’s strengths. Its focus on high-quality companies is being rewarded and it is climbing the performance league table once again... Read more It is striking that, despite ABD’s improved relative performance and a low ongoing charges ratio (one of the lowest of its peers), ABD remains on one of the widest discounts versus its competitors...

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 Caution rises following early 2019 flourish Global (thoughts from Lindsell Train, Personal Assets Trust, Seneca GlobalIncome & Growth, Hansa Trust, Establishment Investment Trust, MonksInvestment...

Performance data – there was a greater appetite for risk in June as the prospect of an interest cut in the US becomes more likely. The US dollar lost value following softer economic data and revised expectations over monetary policy, which benefitted emerging markets;Money in and out – net inflows into the sector totalled £354m with Troy Asset Management’s Cameron Investors Trust the one new issue in June, raising £10m. The fund is positioned as a merger vehicle targeting unviable listed funds. Elsewhere, Sequoia Economic Infrastructure and LXI REIT led...