Prices and Markets

There was palpable shift in sentiment over the third quarter with the cautionary undertone perhaps best reflected by gold’s resurgence. Ongoing trade jockeying between the US and China did not help the mood and neither did the Argentine debt default in August. At the real economy level, manufacturing output has been trending lower across some of the major global economies.... Read more In this issue Performance data – There was palpable shift in sentiment over the third quarter with the cautionary...

What does a no-deal Brexit mean for investors?

Aberdeen Standard European Logistics Income (ASLI) has assembled a property portfolio that is primed to cash in on the fundamental shift in consumer spending to online retail. The European logistics market is set to follow in the footsteps of the UK market, which has witnessed a surge in demand from occupiers wrestling for more efficient supply chains as online sales grow.... Read more Supply of logistics property is already at historic lows across Europe and, coupled with strong demand, significant...

Herald Investment Trust (HRI) generated strong absolute returns in the first half of 2019, with marked outperformance by both its UK and US portfolios of their local market indices. Both a general market recovery and a recovery in global technology stocks have helped, but HRI’s UK and US portfolios have both benefitted from a wave of takeover activity, allowing HRI to lock in significant premiums. Herald Investment Trust – “Profits are only profits when they are realised” This illustrates how...

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 Roundup Sentiment improved to a degree over September, as equity markets nudged higher. Gold gave back some gains after a bumper summer while long-term government...

Over September, we published notes on India Capital Growth, Jupiter Emerging & Frontier, International Biotechnology Trust, JPMorgan Russian Securities, Civitas Social Housing, Montanaro European Smaller Companies and JLEN Environmental Assets. We also launched a monthly real estate roundup, beginning with reviews of August and September. In this issue Performance data – Appetite for risk increased to a degree over September. Gold gave back some of its gains while long-term government bond yields increased in the UK and US (pushing prices lower). After leading the sector in price returns last month (see QuotedData’s...

The month of September was a bumper month for many property companies’ share price, dominated by retail focused companies, who in general have taken a hammering over the past 18 months or so. Top of the list was Capital & Regional. Shares in the shopping centre landlord bounced after it announced it was in talks with South African REIT Growthpoint Properties to sell a majority stake in the company. In the year to date, Capital & Regional’s share price has...

India Capital Growth – Discounted value India Capital Growth (IGC)’s portfolio was trading at just 12x estimated earnings for the year ended 31 March 2021 at the end of August. The manager says that when it last hit that level, in August 2013, IGC delivered a 197% return in sterling over the following three years. Indian stocks have begun to rebound since the end of August but there could be much more to go for and there is scope for IGC’s discount...

In recent months, Jupiter Emerging and Frontier Income (JEFI)’s discount has widened. This seems somewhat at odds with JEFI’s good relative performance over this period and since launch (a 14.7% return on NAV for the period to 19 September 2019 versus 11.4% for the MSCI Emerging Markets Index, 10.4% for the MSCI Frontier Markets Index and 8.2% for the average of JEFI’s peer group – see page 9). It also seems strange given JEFI’s sector-leading dividend yield.... Read more The...