Fidelity Special Values has a great record of outperforming the UK market since it was launched in 1994, thanks to its value/contrarian discipline, a modest level of gearing, and its recent preference for small- and mid-caps. It also tends to invest around 15-20% of its assets outside the UK. Its popularity with retail investors means its shares have frequently traded at a small premium over the last four years. This trust was famously run by Anthony Bolton from November 1994 to December 2007 and by Sanjeev Shah from January 2008 to August 2012. Alex Wright has been the manager since September...
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This is our weekly roundup of investment trust announcements and data. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities, is below the summary of the week's trust news. If there are trusts you are interested in, the links in the last section will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the share price responses on the day of the announcement. Please note that the charts and weekly and year to date performance data were correct as of Friday morning.
This week's news It was anoth...
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Jonathan Davis This week's profile features Polar Capital Global Financials, a trust that was featured in the 2021 Investment Trusts Handbook and has been recently added to the Handbook portfolio. My Q and A is with Nick Greenwood, manager of the MIGO Opportunities Trust (MIGO), which looks to profit from discount and other pricing anomalies in the investment trust sector. The notebook is truncated this week because I have tested positive for Covid and been advised to take a few days off, so please accept my apologies for the break in transmission.
Money Makers portfolios My plan to provi...
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Polar Capital Global Financials has had a very eventful two years. It was launched in 2013 with a seven-year fixed life but in April 2020 shareholders voted to extend it indefinitely although 39% opted to have their cash returned in a tender offer. The trust's shares have risen by over 70% since then and the number in issue has risen from 123m to 312m, thanks to regular share issuance, a C share offer, and a placing completed this past week. Polar Capital Global Financials is the only trust in the AIC's Financials sector and it has marginally outperformed its benchmark since its IPO. Financial...
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Jonathan Davis A reminder that our content is now being published as it is produced, with a single summary email, barring technical glitches, on Sunday mornings. This week's profile features the specialist property trust LXI REIT. My Q and A is with Simon Edelsten, lead manager of the Mid Wynd investment trust, which follows a global thematic approach. Simon started his career working for the legendary fund manager Nils Taube before joining Artemis and taking over the management of Mid Wynd in 2014.
Markets and trust performance This week saw the latest hefty annual review from the brokers N...
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Our latest Q and A for premium subscribers is with Simon Edelsten, the manager of the MidWynd investment trust, a global thematic fund in which he owns a substantial personal stake. We last had a Q and A with Simon a year ago (link here), and the trust was also the subject of one of our recent in-depth profiles. It is a member of the 2010 Money Makers portfolio.
In the Q and A I start by asking Simon to explain why he recently described market conditions as "weird" and we also discuss why he thinks those market conditions have changed in the last 12 months and "chiselling out" good real ret...
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This is our weekly roundup of investment trust announcements and data. The tables with the week's biggest gainers, losers and discount changes, courtesy of Numis Securities, is below the summary of the week's trust news. If there are trusts you are interested in, the links in the last section will take you to the relevant London Stock Exchange announcement. The percentage figures in this list show the share price responses on the day of the announcement. Please note that the charts and weekly and year to date performance data were correct as of Friday morning.
This week's news It was anoth...
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This is my latest review of the Money Makers Handbook portfolio which has featured in all five editions of the Investment Trusts Handbook, having been launched in January 2017 and so now celebrating its fifth anniversary. Although I sometimes describe it as a model portfolio, it is not really that, but rather an honest attempt to illustrate how picking a diversified selection of the best sector-leading trusts within an overall asset allocation and risk tolerance framework should be capable of delivering good returns in most market conditions.
Jonathan Davis Results to date Results to date h...
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Launched just under five years ago, LXi REIT is one of the new breed of specialist property trusts. Rather than specialising in a single industry, it seeks out UK commercial properties that can be leased for at least 20 years until their first break clause and that have inflation-linked or fixed rental uplifts. Since its IPO, LXi's net asset value has compounded at 12.0% a year, well ahead of its 8% minimum target. While LXi did have to reduce its dividend a little due to the pandemic, it's rebounded strongly since and a 5% increase has been pencilled in for the year ending March 2023. On 20 J...
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Jonathan Davis A reminder that our content is now being published as it is produced, with a single summary email, barring technical glitches, on Saturday afternoons. This week's profile features Aberforth Smaller Companies trust. My Q and A is with the investment trust specialist Peter Hewitt, a firm favourite of Money Makers subscribers. He has been the manager of the BMO Managed Portfolio trust since 2008.
Markets and trust performance The weekly data tables make interesting reading. Style rotation has been vicious, with some of the biggest winners of the last couple of years (Baillie Giffo...
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