Investment companies roundup – December 2019

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 – After £1bn of new money entered the sector in October, November was likely to be much quieter. There were no new issues and net outflows totalled £171.m, skewed by Boussard & Gavaudan EUR. HICL Infrastructure hit its £100m target in a share placing;
• Discounts/premiums – The narrowing in the discounts of Montanaro UK Smaller Companies and JPMorgan Smaller Companies was price led, as the UK seemingly averted the threat of leaving the EU without a deal. There was leg-up in Hipgnosis Songs’s NAV over November following an independent semi-annual valuation of its song portfolio;
• Major news stories – LMS Capital voted to remove Gresham House as its manager and Scottish Mortgage discussed competitive pressures faced by China’s largest bellwether internet companies.

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