Investment companies roundup – June 2019

• Performance data – it was notable that risk appetite was down in May as renewed US-China trade tensions weighed on China-focused funds particularly. The re-election of Narendra Modi as India’s Prime Minister brought momentum to a number of Indian funds… Read more
• Money in and out – Aquila European Renewables Income and Riverstone Credit Opportunities Incomesuccessfully launched in May, raising €154.3m and £80.9m respectively. Greencoat UK Wind brought the most new money into the sector, raising £375m as it looks to grow beyond the 34 wind farms it currently invests in. Net inflows into the investment trust sector totalled more than £1bn, a marked increase on April
• Discounts/premiums – As investors moved away from riskier assets, the median discount for the funds covered in the roundup (market caps above £15m) increased by 0.5% to (6.3%). The biggest outright move came from Leaf Clean Energy; its 275% price return followed a positive ruling by the Delaware Supreme Court, pushing its premium to 353.5%. Elsewhere, Riverstone Energy’s discount widened in a challenging month for commodities and resource trusts while the life sciences focused Syncona’s premium rating has been falling since Wellcome Trust charity surprisingly cut its stake in mid-March.

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