Prices and Markets

Aberdeen New Dawn (ABD) has been using recent falls in Asian markets to reduce its underweight exposure to China (Chinese stocks dominate ABD’s benchmark). The manager has become more comfortable with the Chinese market (see page 13) and has demonstrated its ability to pick stocks, delivering strong outperformance from its open-ended fund focused on the China A share market; this fund forms part of ABD’s portfolio (see page 9). In recent years, ABD’s performance relative both to its peer group...

The managers of Henderson Diversified Income (HDIV) are increasingly cautious on markets. Co-manager, John Pattullo, went as far as to quote the famous “Winter is coming” line from ‘Game of Thrones’ in his latest blogpost. Not only are HDIV’s managers convinced that the upward phase of this economic cycle is drawing to a close but also that inflation, which has been on a rising trend in recent times, is nearing its peak. They say that we remain in an environment...

Seneca Global Income & Growth Trust’s (SIGT’s) manager, is gradually reducing the trust’s equity weighting over the next couple of years, in advance of a global recession it expects in 2020. Consistent with its view, the recent trend in developed economies has been one of falling unemployment, labour markets tightening, wage rates edging up and emerging signs that consumer prices are also on the rise. SIGT’s manager expects inflation to continue to rise, triggering a response from central banks, including in some...

QuotedData’s investment companies roundup – September 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 August 2018. Kindly sponsored by Baillie Gifford. September Investment Companies Roundup Money raised and returned in August GRIT Real Estate Income floated on the UK Stock Exchange in August. Of the $449m of its market capitalisation, it raised an additional $132m for the float. Scottish Mortgage Trust, Baillie Gifford...

QuotedData’s Economic round up – September 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. QuotedData’s Economic round up – September 2018 is a collation of recent insights on markets and economies...

The UK’s record-breaking summer has been good news for solar power but funds focused exclusively on wind have been faced with fairly low wind speeds. Of course, this situation may well reverse over the winter. John Laing Environmental Assets Group (JLEN) offers renewable energy investors the most diverse portfolio in its sector and hence a smoother ride. Its increased focus on anaerobic digestion, which was highlighted in QuotedData’s last note, adds another source of returns with different risk and reward drivers and...

BlackRock Throgmorton Trust - Vision, execution and adaptability Dan Whitestone, manager of BlackRock Throgmorton Trust (THRG), has a dual-pronged approach to selecting investments that involves identifying what he describes as “high- quality differentiated companies” and companies driving industry change. Dan looks for management teams with vision, the ability to execute according to that vision and a readiness to adapt to changing circumstances. Dan has been sole manager of THRG since February 2018 and the trust’s track record since then compares...

The CG Asset Management (CGAM) team’s focus on medium-to-long-term absolute returns, coupled with its excellent track record has attracted a loyal following of investors. This note describes: CGT : CG Asset Management – Focus on absolute returns CGAM’s business;its investment approach; andtwo of its absolute return funds:Capital Gearing TrustCG Absolute Return Fund Capital Gearing Trust (CGT)’s managers believe that it has built an enviable long-term track record by focusing on the preservation of its shareholders’ wealth, even when adjusted for the...

Jupiter Emerging and Frontier Income (JEFI) is a little over a year old and appears to have got off to a great start. From launch to the end of July 2018, it delivered returns ahead of benchmark indices and competing investment companies. It has met the 4% dividend distribution target it set out in its prospectus and its shares have traded within a narrow range, close to its net asset value. The lead manager has demonstrated his commitment to the...