This week's profile features Henderson Smaller Companies, managed by Neil Hermon, a UK equity trust with a consistently steady track record. Instead of a Q and A, this week I summarise the performance of five defensive investment trusts and create a new portfolio to track their performance.
Market thoughts The latest global fund manager survey suggests that the majority of professional fund managers are all now in a more bearish mood, with increased levels of cash, expectations of at least four interest rate rises from the Federal Reserve and notably overweight banks, energy and value stoc...
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Jonathan Davis This week's profile features Fidelity Special Values, managed by Alex Wright, a UK equity trust with a long track record, dating back to the days of Anthony Bolton. My Q and A is with Russell Napier, a historian and market strategist who made his name in Asia before returning to Edinburgh, where he is chairman of the MidWynd investment trust and Keeper of the splendidly named Library of Mistakes, a charitable project designed as a centre for the study of financial history, from which we can all learn, not least at a time like this.
Thoughts on the current market situation Th...
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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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Jonathan Davis As we move into 2022, and the range of content continues to expand, we are proposing to make some changes to the timing of the content we publish. Most will now be published as they are written and become available, with a summary email going out at the weekend. As noted last week I welcome comments and suggestions from readers, although we don't (and cannot) offer personal stock or portfolio advice. Stuart's profile this week features Finsbury Growth and Income, managed by Nick Train of Lindsell Train.
A recap on our approach As the number of subscribers to the Money Makers ...
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Jonathan Davis This week I am again writing these notes as a single item. This week you will also find separately a podcast interview with the managers of the Temple Bar investment trust, a recently added component of the Investment Trusts Handbook investment trust portfolio, plus some of my thoughts on topical issues and the normal weekly news and data section. This week I mostly concentrate on referencing a number of interesting comments from fund managers or other sources I know or monitor.
Market thoughts There are some signs from sentiment indicators that we may be heading, for what it ...
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A year on from the stock market's pandemic-inspired rout and for the first time since news of a successful vaccine trial broke in the autumn investors have started to cool on the post-Covid reflation trade, despite attempts by the Federal Reserve to cool concerns that the recovery will bring rising interest rates and higher inflation.
Jonathan Davis Where we are at the moment The chairman of the Federal Reserve, Jerome Powell, did his best to calm investors' fears about an imminent inflation/bond market crisis in his testimony to Congress this week. This comes after one of the worst months o...
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The signs of excess in the equity markets are accelerating, in the shape of IPOs jumping to huge premiums immediately after listing, historically narrow discounts on investment trusts and a surge in speculative trading in stocks. Amidst widespread expectations of a surge in growth in the wake of the pandemic, a recent focus of market analysts has been the risks associated with the $1.9 trillion stimulus package that President Biden is hoping to steer through Congress. Bond yields have broken through their 50 day and 200 day moving averages in what may be a harbinger of higher inflation ahead. ...
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Some thoughts on markets and investment trust performance. My own thoughts will alternate with more Q and As with leading professional investors in the weeks ahead.
Too much bullishness I wrote this heading before the weekend news of the new virus strain spreading rapidly across the UK, which has resulted in new lockdown measures, travel restrictions inside the country and the banning of travel to many Continental countries. For the UK in particular, still crawling in crablike fashion towards the end of the Brexit transition period without as yet putting a signature to an EU trade deal, this...
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