Prices and Markets
CG Asset Management – The rewards of long-term thinking
The CG Asset Management (CGAM) team’s focus on medium-to-long-term absolute returns and excellent track record have attracted a loyal following of investors. Both Capital Gearing Trust and CG Absolute ReturnFund have seen significant inflows since we published our initiation note in September 2018, and CG Absolute Return now has a three-year track record, which is often a prerequisite for professional investors considering allocating money to a fund... Read more This note updates on progress over the past nine months with respect to: CGAM’s...
Standard Life Investments Property Income Trust – KYT (know your tenant)
Standard Life Investments Property Income Trust (SLI) has built a diverse portfolio of commercial property in the UK. A bias to industrial property is proving beneficial to the fund, but the manager, Jason Baggaley, is keen that all parts of the portfolio pull their weight. In an environment that is becoming more challenging, he stresses the importance of getting to know the fund’s tenants and ensuring that their needs are being met. This is one way of keeping vacancies low and the rent flowing....
Aberdeen New Dawn – Moving up the league table
Whilst the ongoing trade dispute between the US and China creates a strong headwind for the region, this more challenging time is playing to Aberdeen New Dawn (ABD)’s strengths. Its focus on high-quality companies is being rewarded and it is climbing the performance league table once again... Read more It is striking that, despite ABD’s improved relative performance and a low ongoing charges ratio (one of the lowest of its peers), ABD remains on one of the widest discounts versus its competitors...
Economic roundup – July 2019
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 Caution rises following early 2019 flourish Global (thoughts from Lindsell Train, Personal Assets Trust, Seneca GlobalIncome & Growth, Hansa Trust, Establishment Investment Trust, MonksInvestment...
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...
De La Rue’s Terrible, Horrible, No Good, Very Bad Week
De La Rue’s fortunes have been trending steadily downwards since last spring, when the UK government awarded the contract for the nation’s new blue passports to an overseas competitor in a surprise move
CQS Natural Resources Growth and Income – Strong recovery potential?
QS Natural Resources Growth and Income’s (CYN’s) managers believe the mining sector is only in the early stages of a recovery; real demand for commodities is on an upwards trend; and a reduction in capex has seen capacity removed from the market. If they are correct, all of these should be supportive of higher commodity prices in the future and support a sustained recovery in resource and mining stocks... Read more Commodities and mining companies are attractively valued relative to...
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 moreMoney 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...
Economic roundup – June 2019
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 Capital Gearing Trust, Scottish Mortgage, AVI Global Trust (formerly British Empire Trust), JPMorgan Multi Asset, Caledonia Investments, Majedie Investments, North Atlantic Smaller...