Baillie Gifford China Growth (ticker: BGCG) was launched in 1907, and was known as F&C Pacific from 1984 to 2005 and then Witan Pacific from 2005 to 2020, before deciding to ditch its wider regional brief to focus on Chinese stocks. Its share price soared for the first six months under Baillie Gifford, with high investor demand causing its shares to trade at a large premium. But Chinese regulatory crackdowns and sluggish economic growth caused a savage reversal and resulted in a share price drawdown of over 70% by the end of 2023. After three years of underperforming its benchmark, BGCG ou...
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Fidelity China Special Situations (FCSS) was launched in 2010 and managed by Anthony Bolton for its first four years. Bolton beat his benchmark over his time in charge, largely thanks to a rally in his final year, before handing over to Dale Nicholls in April 2014. Under Nicholls, FCSS has generated an annualised NAV return of 8.4%, well ahead of the rather anaemic 4.1% a year produced by MSCI China. Like many Fidelity trusts, FCSS uses products such as CFDs to gear up its portfolio, typically to around 20% and also employs market hedges to try and dampen volatility. Its portfolio has a bias b...
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My notes this week include a link to my video about what the charts are suggesting and a disturbing prediction by the Swiss investor Felix Zulauf, whose track record when judging the market cycle has been exemplary in my experience. Following Alastair Laing's stint on the podcast last week, Nick Greenwood and Peter Hewitt will be on the next two weekly podcasts. Sebastian Lyon, the manager of Personal Assets and CEO of Troy Asset Management, has also been booked for a future Q and A. This week you can also find links to both the latest Investment Trusts Handbook and an interview about its co...
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Jonathan Davis Stuart Watson's fund profile this week looks in depth at Odyssean Investment Trust, a trust that I happen to own and like. The Q and A is with Hugh Yarrow, the manager of another impressively consistent performer, the Evenlode Equity Income fund (one of the few open-ended funds I own). Next week it will be the turn of Helen Steers, lead partner of the Pantheon International private equity trust, to make the case for that asset class. I am away this weekend so this notebook will be updated early next week.
Energy pries and renewables You would have to be hermit to have missed th...
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Jonathan Davis Stuart Watson's fund profile this week looks in depth at HG Capital Trust, a core component of the Money Makers model portfolios and a consistently strong private equity performer over many years. (I should mention that I am also a shareholder). The next Q and A is with Hugh Yarrow, the manager of another impressively consistent performer, the Evenlode Equity Income fund (one of the few open-ended funds I own). It will be published in a few days time.
Where we are in the market cycle Returning to the UK after two weeks of sunshine in France, at first sight not that much appea...
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China is a market that arguably investors can't afford to ignore although it remains a controversial choice for many people who question some of the country's business practices and its record on human rights. The AIC created a new sector for China / Greater China earlier this year and here we look at three trusts it contains, examining the different approaches they take.
When we decided to look at Chinese trusts for our latest fund profile, we didn't appreciate just how timely that choice would turn out to be. It's certainly been a rollercoaster ride for the sector this week. In short, the C...
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