Jonathan Davis This is the fourth of a new monthly feature for subscribers which highlights potential discount opportunities in the investment trust sector. The ideas draw on research from Kepler Intelligence, the investment trust research company, and represents the author's opinions, not ours.
Not a lot to write home about Options trader-turned-author Nassim Taleb has written before about how newspapers should, at least in theory, vary in length each day, writes David Kimberley of Kepler Intelligence. This may sound silly, but there is a logic to it. Some days nothing happens, other days a ...
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Stuart's fund profile this week features Cordiant Digital Infrastructure. You can watch a recording of Simon and myself discussing the investment trust sector in a recent half hour programme for Asset TV, although much of the ground we cover will, I think, already be familiar to you (link here). I should also mention again for new subscribers that our news and data page provides a comprehensive list of all investment trust news each week, with direct links to the relevant stock exchange announcements, saving you the trouble of having to track down each one individually.
Big picture There is ...
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It is a crazy world out there.
I liked this paragraph from Michael Hartnett in his latest market strategy note. "On June 8th 2020 New York City announced stage 1 "reopening" after 13-week COVID lockdown, permitting curbside pickup from retail outlets. If you had said then that two years later US retail sales would be up 67%, unemployment would fall by 17 million, inflation would surge from 0.1% to 8.3%, oil would soar from $12/b to $120/b, that a pandemic would be followed by war & famine, you would have been thought utterly mad; but that's what happened. 2020 marked a secular low in inf...
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Jonathan Davis This is the third of a new monthly feature for subscribers which highlights potential discount opportunities in the investment trust sector. The ideas draw on research from Kepler Intelligence, the investment trust research company. My view is that UK smaller companies trusts are certainly worth a look with their ratings at current levels, with Henderson Smaller Companies, Odyssean and Aberdeen UK Smaller Companies among my personal favourites. Note that style and gearing levels are an important differentiator in this sector and any progress depends on more favourable macro con...
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I have recorded a new video that runs through some current market charts and explains why I think that we are probably due a rally after the market declines of the first four months of the year. The video also includes some of the slides that Simon Elliott and I presented at the Mello Trusts and Funds event earlier this week. My thanks to all those present who came to the presentation, including several regular listeners to the Money Makers podcast.
Checking on the markets This is the link to the video recording. Please remember to press full screen mode (the symbol of four little arrows that...
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The past week has afforded an opportunity to catch up with the results of some of the best known equity investment trusts, including Scottish Mortgage and Finsbury Growth and Income. Stuart Watson's profile this week is of 3i Infrastructure, and there is a new contributor in the person of Reg Hoare, who explains the principles that underpin the management of his personal pension portfolio. Equity markets continue to fall in what increasingly looks like developing into a full-blown bear market, very much as I feared, with the S&P 500 down the thin end of 20% from its high.
Scottish Mortg...
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This is the second of a new monthly feature for subscribers which highlights potential discount opportunities in the investment trust sector. The ideas draw on research from Kepler Intelligence, the investment trust research company. We will be monitoring the results.
Is Vietnam a safe haven? Writing about any kind of investment opportunity is difficult at the moment, writes David Kmberley of Kepler (pictured left). To paraphrase that apocryphal Chinese expression, we live in interesting times and the extremely volatile macroeconomic environment we find ourselves in means its even trickier t...
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My notes include some further random thoughts. Stuart Watson's profile this week is of Blackrock Throgmorton, which you could argue has been the most successful of the many excellent small and midcap trusts in the last few years, but is now feeling the pressure of a falling asset values and what is by recent standards a rare discount. We also have another discount opportunity note.
Bear market blues The worst thing about bear markets is that they can appear so relentless. Yes, there are always rallies, which induce hope that the worst may be over. Yet once they become established, they do ...
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My notes include some further random thoughts on the nature of stock market bubbles: are we in one today? Stuart Watson's profile this week is of AEW UK, a small commercial property trust that has the distinction of being the only listed property trust not to have cut its dividend during the pandemic The latest portfolio review will be featured in a separate post.
The anatomy of bubbles As you will know, there has no shortage of commentary about the idea that we are living through a stock market bubble. My friend Sandy Nairn has written a whole book about it. I have mentioned the bubble idea ...
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My notes include some further random thoughts on topical issues. Stuart Watson's profile this week is of Pershing Square Holdings, the global investment trust founded by hedge fund manager Bill Ackman. I have also added a post for my latest podcast with the fund manager Peter Seilern, discussing some of the big picture issues (inflation, Ukraine, bond yields) that are contributing to volatility this year and seem particularly relevant.
Hard truths about the bond market 2022 is turning out to be one of the worst years on record for the bond markets, with analysts pointing out that bond perfor...
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