Prices and Markets

Ian “Franco” Francis, the manager of CQS New City High Yield (NCYF), says that although markets seem buoyant, investors should be warier than they are. He sums this up with a quote from his former boss, who cautioned him by saying “Escalators do not go to the sky”. This is not to say that there aren’t any opportunities in the market (for example, currently he sees these in the financials and discount consumer retail sectors), but investors must be selective...

QuotedData’s economic roundup – November 2018 is 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. Kindly sponsored by Polar Capital. Roundup Markets fell in October with stocks in Asia and emerging economies being particularly weak, on...

QuotedData’s investment companies roundup – November 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of October 2018. Kindly sponsored by Baillie Gifford. Winners and losers in October In what was generally a miserable month for equity markets, Brazil shone on the back of Bolsanaro’s election, boosting JPMorgan Brazil, Aberdeen Latin American Income and BlackRock Latin American. EPE Special Opportunities benefitted from the sale of...

After two years of strong performance, Pacific Horizon (PHI) has suffered a reversal of fortune over the last three months. Sentiment swung against both China and the technology sector (both significant portfolio weights for PHI), with savage share price falls in some areas. However, it is possible that this reversal of fortune may prove to be short-lived, if China and the US can agree a trade deal. Pacific Horizon - Pause for breath? PHI’s strong focus on fast growing companies means...

Sareum Holdings’ (Sareum’s) investment case centres on the development of a therapy for the treatment of solid tumours (SRA737, a Chk1 inhibitor – see page 6 for an explanation) and the potential licensing of internally-generated candidates for the treatment of autoimmune disease and cancer (TYK2/JAK1 inhibitors –see page 8). Sareum Holdings - TYKing the boxes Sareum is effectively a passive investor in SRA 737, which is licensed for development to Sierra Oncology. QuotedData’s model values Sareum’s 27.5% economic interest in this...

Within the universe of UK equity income investment trusts, Shires Income (SHRS) stands out from the herd. It sets out to offer investors a meaningfully higher dividend yield than UK equity markets and aims to make this sustainable by diversifying the fund’s sources of income. SHRS also makes use of the flexibility afforded by its closed-end structure to increase its income by using borrowings in a pragmatic fashion SHRS : Shires Income – Sustainable high yield High level of income with potential for...

Quarterly Investment Companies Roundup – Third Quarter 2018 Global equities delivered positive returns over the third quarter of 2018.  This was principally because of strength in the US market. Political uncertainty and concerns about global trade held back other regions. Generally, government bond yields rose over the quarter. The UK equity market fell as the Bank of England increased interest rates and concerns built over the lack of a Brexit deal. This latter point contributed to sterling weakness. Discounts have been volatile...

QuotedData’s Economic round up – October 2018 is 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.  October Economic and Political Roundup OVERVIEW September was notable for a continued upward move in the oil price, which...

QuotedData’s investment companies roundup – October 2018 is our latest roundup of news; price, NAV and discount movements; flows in and out of the sector and report on full year dividends announced over the month of September 2018. October Investment Companies Roundup MONEY RAISED AND RETURNED IN SEPTEMBER Trian Investors 1 is a new fund that will adopt an activist approach, targeting an, as yet unidentified, company. In September, we said goodbye to John Laing Infrastructure (following the bid by Dalmore Capital and...