Jonathan Davis The Scottish Mortgage effect As Simon Elliott noted in our weekly podcast, the market makers in Scottish Mortgage have had an unprecedentedly busy time in the last few weeks. As a large and liquid trust that now sits comfortably in the FTSE 100 index, it has become a go to option for many traders, not just investors with normal longer term horizons. It is hard to recall a similar case where, in the absence of specific news, a well capitalised diversified investment fund has witnessed such dramatic volatility over such a short period of time. I am not sure it is a healthy...
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UPDATE: A revised version of this profile was published in October 2024.
BB Healthcare Trust has a slightly different approach to healthcare investment, focusing on companies that are looking to improve the underlying process of keeping us all fit and well. It's a theme that will strike a chord will many of us. Healthcare professionals are undoubtedly heroes but the clunkiness and unconnected nature of healthcare systems worldwide is a constant source of misery and frustration, for both practitioners and patients. As with many things, technology might be the solution. Whether it's a Zoom call...
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It has been another remarkable week for the investment trust sector, with Scottish Mortgage and the technology and Chinese investment trusts falling sharply again, reversing some of their previous exceptional gains and continuing the pattern of rotation into value and cyclical stocks (which are not always the same thing).
Jonathan Davis Harry's game How long will the marked rotation into cyclical value stocks we have seen since October endure? Harry Nimmo, the long serving manager of the Standard Life Smaller Companies investment trust, whom I spoke to this week, tells me that on past experie...
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A year on from the stock market's pandemic-inspired rout and for the first time since news of a successful vaccine trial broke in the autumn investors have started to cool on the post-Covid reflation trade, despite attempts by the Federal Reserve to cool concerns that the recovery will bring rising interest rates and higher inflation.
Jonathan Davis Where we are at the moment The chairman of the Federal Reserve, Jerome Powell, did his best to calm investors' fears about an imminent inflation/bond market crisis in his testimony to Congress this week. This comes after one of the worst months o...
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Rather as I suspected the equity markets have taken something of a breather in the last few days, unwinding a little of the froth that was appearing before then. Rising commodity prices and early evidence of higher inflation ahead are continuing to push up bond yields, the most notable trend of the moment. The flood of IPOs and SPACs (special purpose investment vehicles) now appearing or in the pipeline are another sign that the bull market may be running ahead of itself.
Jonathan Davis Housekeeping update The promised changes to the hosting and domain of this website have now been made and ...
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The signs of excess in the equity markets are accelerating, in the shape of IPOs jumping to huge premiums immediately after listing, historically narrow discounts on investment trusts and a surge in speculative trading in stocks. Amidst widespread expectations of a surge in growth in the wake of the pandemic, a recent focus of market analysts has been the risks associated with the $1.9 trillion stimulus package that President Biden is hoping to steer through Congress. Bond yields have broken through their 50 day and 200 day moving averages in what may be a harbinger of higher inflation ahead. ...
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