JPMorgan Global Core Real Assets (ticker: JARA) was launched in 2019 raising just under £150m. It owns a globally diversified portfolio of real estate, infrastructure, and transportation assets targeting a long-term annualised return of between 7% and 9%, inclusive of a yield of between 4% and 6% on its IPO price of 100p. JARA, as it is commonly called, uses JPMorgan's Alternative Solutions platform to hold stakes in over 1,000 underlying private assets via five separate sub-funds. It also has around a sixth of its portfolio in publicly-listed companies involved in real estate, infrastructure,...
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These are my latest thoughts this week (NB I have updated these notes on 6th December to include the latest Home REIT developments). After a period of experimentation I have put together a rota of speakers for the next few weeks of the podcast. Alastair Laing of Capital Gearing Trust will be on next week's podcast, followed by Nick Greenwood and Peter Hewitt the following two weeks. Ewen Lovett-Turner will be back early in the New Year, and I will also be returning to some popular commentators on the alternative asset sectors. We will also be continuing with longer Q and As for the Money Mak...
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Edmund Shing, Global Chief Investment Office for BNP Paribas and a longstanding contact of ours since the 1990s, will be contributing regularly to Money Makers in future, to provide a different professional perspective on current market issues and opportunities. This week he looks at commodities, including gold.
Commodities - a long shunned asset class Market strategist Edmund Shing Stock markets have rebounded sharply over the last few weeks. The average US and European large-cap stock has recovered 12-14% since the end of September. At this point in time, the UK FTSE 100 index has now recov...
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Jonathan Davis, editor of the Investment Trusts Handbook, talks to Ben Rogoff, lead manager of the Polar Capital Technology Trust (ticker: PCT) since 2006. In a 35 minute Q and A we discuss the sharp sell off in the technology sector, how that will be affected by interest rates and other macro factors, why he is still holding an above average amount of cash in the portfolio, and the outlook for some of the biggest names in the tech sector, including Apple, Amazon, Tesla, Google, Meta (Facebook) and Netflix. The trust currently trades on a discount of around 7% and has a market cap of £2.7 bil...
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This is our weekly roundup of investment trust announcements, movers, and forthcoming dividend and ex-dividend dates. 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 F...
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Pantheon International (ticker: PIN) was one of the first private equity trusts to be launched in 1987, raising £12m in its IPO. Run by Pantheon Ventures, it has produced an impressive annualised NAV return of 12.4% over the last 35 years, which is just over four percentage points a year ahead of world equity markets, and its net assets are now £2.6bn. Originally preferring a fund-of-funds approach, it began co-investing several years ago and together with other direct secondary investments, this style now makes up around 40% of its portfolio. Pantheon's full underlying portfolio consists of a...
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Edmund Shing, Global Chief Investment Office for BNP Paribas and a longstanding contact of ours since the 1990s, will be contributing regularly to Money Makers in future, to provide a different professional perspective on current market issues and opportunities.
How to tell between a bear market rally, and a new bull market? Market strategist Edmund Shing Stock markets have rebounded sharply over the last few weeks. The average US and European large-cap stock has recovered 12-14% since the end of September. At this point in time, the UK FTSE 100 index has now recovered to flat for the year ...
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I plan to stick with a thoughts of the week approach for now and supplement that with periodic market and portfolio reviews, as well as resuming some longer Q and As with relevant fund managers and analysts, to supplement the rather shorter weekly investment trust podcast that will be the norm from here on. I hope that you are continuing to value and make use of the comprehensive trust profiles which my colleague Stuart Watson produces and find the data, news summaries and outside contributors helpful.
Thoughts of the week
It is uncomfortable still being bearish about equities when there i...
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Jonathan Davis, editor of the Investment Trusts Handbook, talks to Carlos Hardenberg, lead manager of the Mobius Investment Trust (ticker: MMIT). In a 35 minute Q and A we discuss events in Russia, China and Brazil and the outlook for emerging markets and the dollar. Carlos spent 17 years at Templeton Emerging Markets (ticker: TEM) before launching the new trust with Mark Mobius in 2018.
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Edmund Shing is Global Chief Investment Office for BNP Paribas and a longstanding contact of mine since the 1990s. He will be contributing regularly to Money Makers in future, to provide a wider range of perspectives on current market issues and opportunities. My aim is to bring together in one convenient location for the benefit of subscribers more of the writers whose work I follow on a regular basis and have found most helpful over the years. Needless to say, I won't always agree with their opinions but you can safely assume that they will be taking common sense.
Market strategist E...
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