Investment companies roundup – July 2019

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 inflows, raising £227.2m and £215.1m respectively;
Discounts/premiums – the median discount for the funds covered in the roundup (market caps above £15m) decreased slightly over the month to (5.4%). Martin Currie Asia Unconstrained’s price increase came after its board decided to convert to an open-end structure, after battling a long-term discount. Phoenix Spree Deutschland sold-off heavily after Berlin approved a five-year rent freeze while Woodford Patient Capitalwas among the worst performers in price and NAV terms, as the crisis at Woodford Investment Management continued.
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Edward Marten is MD of investor research company QuotedData. They provide free information for investors who find it hard to access high-quality, reliable, equity research on UK and European-listed companies. This is a QuotedData release.