Prices and Markets

Some market commentators appear to have overstated the impact of regulatory concerns on Civitas Social Housing’s (CSH’s) performance. Regulatory notices served on some of its tenants knocked CSH’s share price over 2018/2019. However, during the whole of this period, it collected its rents, paid its dividends and increased its net asset value (NAV).Recognition of this fact, and the supply and demand fundamentals that support growth in the supported living sector, saw its share price recover and its discount to NAV...

In this issue Performance - Property stocks took a hammering in March as the covid-19 pandemic took hold. The UK was put on lockdown to stop the spread of the coronavirus resulting in the enforced closure of many commercial real estate assets, including shops, restaurants, leisure facilities and hotels. The constituents of the top 10 best performing companies in price terms in March are all focused on real estate sectors that are less exposed to the impact of covid-19 and...

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 Alliance, F&C Investment, Manchester & London Investment, Mid-Wynd International Investment, Murray International and Witan) UK (thoughts from Aberdeen Smaller Companies Income, Crystal...

As part of our commitment to providing Investment Research, we have published our regular monthly update on the Global Economy & Listed Investment Companies. New research Update note on International Biotechnology TrustAnnual overview note on Herald Investment TrustUpdate note on CG Asset ManagementAnnual overview on Polar Global Infrastructure Trust In this issue Performance – Performance was led by alternative sectors with lower correlation to the broader market. A handful of hedge fund-sector companies had very good months, led by the Brevan...

Trust in biotech The biotechnology sector is proving to be relatively resilient in this COVID-19 related market sell-off. International Biotechnology Trust (IBT) adopts a conservative approach to investing in what can be a quite volatile, if rewarding, sector. It has fared better than competing funds in this environment... Read more Some delay to drug development, testing programmes and product launches may be inevitable as the world focuses on tackling the coronavirus. However, the underlying picture for biotechnology is one of...

Following an excellent year of performance during 2019 (a net asset value (NAV) total return of 27.5%), Herald Investment Trust (HRI) has seen its discount widen and the value of its portfolio companies fall since the outbreak of covid-19.... Read more As authorities scramble to contain the virus, our lives are changing in significant ways. Inevitably, technology is enabling these changes and this will accelerate the demand for associated products (Internet (VoIP) phones, teleconferencing services, remote desktop access, VPNs, etc)...

It is often said that markets climb a wall of worry, but there are times when investors panic and run for the exits. In such an environment, the attractions of funds which are defensively positioned and managed by an experienced team, with an investment ethos based on an assessment of long-term fundamental value, come to the fore... Read more CG Asset Management (CGAM)’s defensive stance is based on its belief that almost all asset classes offer the prospect of low...

A much-improved 2019, helped by lower interest rate expectations, translated into 38.3% gains for Premier Global Infrastructure Trust (PGIT) ordinary shareholders. Before the covid-19 panic caused markets to stumble, PGIT was having a strong start to 2020 as well, with the shares hitting 147p on 21 February... Read more In unsettled markets, the predictable and reliable cash flows generated by utilities and infrastructure make them an attractive safe haven for investors. The predictable response from the US Federal Reserve to...

As part of our commitment to providing Investment Research, we have published our regular monthly update on the Global Economy & Listed Investment Companies. New research Initiation note on Montanaro UK Smaller Companies TrustAnnual overview note on Aberdeen Emerging MarketsUpdate note on Polar Capital Global FinancialsAnnual overview on Aberdeen New Dawn In this issue Performance – If the market’s initial reaction to the outbreak of Coronavirus (Covid-19) was somewhat indifferent, the virus’s passage beyond China (and its rapid spread in Italy...