Prices and Markets

In this issue Performance - Property stocks tumbled in February as fears over the spread of Covid-19 spooked financial markets around the world and resulted in the largest sell-off since the 2008 financial crisis.  There were just four UK-listed property companies that saw their share prices rise in February, however Daejan Holdings’ 53.5% jump was purely due to the fact it agreed a deal with its majority shareholder to take the company private. Small-cap regional office owner Circle Property led...

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 fromBrunner, Herald, JPMorgan Global Growth and Income, Scottish Americanand Smithson) Flexible investment (thoughts from Ruffer) UK(thoughts fromBlackrock Throgmorton, City Of London,Diverse Income,Henderson Opportunities,...

Following the return of Charles Montanaro as manager in 2016, Montanaro UK Smaller Companies Trust (MTU) has rebuilt its long-term record of outperformance of its benchmark over the last three and a half years. A strong uplift in net asset value (NAV) during the second half of 2019 (helped by some clarity on Brexit) has improved the trust’s standing against its competitors. Versus its peers, MTU ranked second ou tof 11 funds in our peer group during the second half...

Gismart has been named the fastest-growing company in the gaming industry and came 6th in the overall list of FT 1000: Europe’s fastest-growing businesses

The managers of Aberdeen Emerging Markets (AEMC) are optimistic about the prospects for the company. Strong performance last year has not yet translated into a reduction in the discount that the share price trades at relative to the asset value, but if outperformance can be maintained, this should follow in time. Investors might also be comforted by AEMC’s much lower volatility of returns compared to its peers and its benchmark.... Read more The managers feel that AEMC offers investors a...

As we approach the seventh anniversary of Polar Capital Global Financials Trust (PCFT)’s launch, its directors are proposing that the company continues beyond its planned wind-up date. A decade after the financial crisis, the sector, and banks in particular, remain out of favour. The problem is compounded for UK-based investors by the narrow choice of banks available; it makes sense to look elsewhere for faster-growing, better-managed businesses. However, this is a complex sector. PCFT offers a way of capturing the...

Adding value in cautious times Standard Life Investments Property Income Trust (SLI) has a long-term track record of market-beating returns achieved by investing in a diverse portfolio of commercial property in the UK. Minimal retail holdings and a bias to industrial property have proved beneficial to the fund. However, its active approach to asset management, aiming to keep voids low and rent flowing, has also been fundamental to its performance. Identifying and selling assets where the rental income may be...

The sluggish start to the year for listed property companies is hardly surprising given they were coming off a high base after the “Boris-bounce” following the general election in December. Topping the list was Triple Point Social Housing REIT. The group, along with its social housing peer Civitas Social Housing – which had the fifth highest share price gain in January, had a strong end to 2019 and regained some of the share price falls they had suffered earlier in...

In this issue Performance – After beginning the year in the ascendancy, helped by easing tensions between the US and Iran, the outbreak of coronavirus in China pulled the breaks on risk assets, particularly hitting Asian and resource funds. Significant selling has taken place in early February (not included in this roundup), following the end of the Chinese new year celebration. Out of the bottom 10 performers by NAV, seven were either Asian or resource-focused. Amongst the outperformers, New life-sciences fund, RTW Venture had the third best...