A collation of recent insights on markets and economies taken from the comments made by chairs and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.
RWC Partners took on responsibility for Temple Bar Investment Trust (TMPL) on 1 November 2020, and its appointment has coincided with a remarkable improvement in the fortunes of this UK equity income trust. Dramatic outperformance, a narrowing of the discount and a buzz around the resurgence of value-style investing mean that RWC has got off to a great start. However, the managers think that this is just the beginning of TMPL’s turnaround. They note that value-style investing often outperforms f
Bluefield Solar Income Fund (BSIF) is growing actively, supported by a wider mandate. Shareholders voted overwhelmingly in July 2020 in favour of proposals to expand the fund’s remit beyond solar. BSIF will apply what has been a very successful model since its launch in 2013 to the complementary technologies of wind and hydroelectric power. The expanded mandate also includes battery storage. A focus on optimising its portfolio over recent years, excellent conditions for solar generation and prol
In absolute terms, Montanaro UK Smaller Companies Trust (MTU) has been generating healthy returns for its shareholders; both the share price and the NAV are close to all-time highs. However, recently MTU has given up some of its earlier outperformance. As vaccines are rolled out, the end of lockdowns is finally in sight and we are all eager to get back to ‘normal’. Last November, the news that a number of vaccines were effective triggered a surge in stock markets and a sharp rotation from high q
Reflecting sustained strong demand for its strategy, CQS New City High Yield Fund (NCYF) has traded at an average premium to net asset value of 4.9% over the last five years. Whilst the discount to net asset value spiked out in the depths of last year’s market trough, it quickly bounced back and NCYF was until very recently trading at premiums in excess of 5%. However, it has drifted out to trade around par since February’s modest steepening of the yield curve (where the yield curve steepens, lo
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