BlackRock World Mining (ticker: BRWM) was launched in 1993 making it the oldest sector-specialised equity trust. It has been managed by Evy Hambro since 2000 with Olivia Markham joining him as co-manager in 2015. From its IPO up to the end of 2022, BRWM had produced an annualised return of 9.8%, around half of that coming from reinvested income, versus 8.5% for its reference index. However, it has been a very volatile ride with the trust losing half its value in its first few years and around three-quarters more recently from 2010 to 2015. BRWM has a concentrated portfolio with around half of ...
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Commodities for the long run? The latest Global Investment Returns Yearbook from the London Business School academics Dimson, Marsh and Staunton, out this week, has some important insights into the behaviour of commodities as an asset class, which, they point out, have some potentially invaluable diversification and inflation-hedging properties. Here are some of their conclusions on this topic, based on their extensive historical data set which stretches back to the nineteenth century:
Individual physical/spot commodities have provided low long-run returns since 1900 with an average annuali...
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