Today, we introduce our investment trust ratings. According to the quantitative screens we have selected in an attempt to highlight the best performers in the closed-ended universe, the trusts discussed here have been the best in their classes over the last five years. We have selected trusts using two different sets of criteria, aiming to identify the top performers for capital growth and for achieving a high and growing income. There are many rating systems for open-ended funds, but no quantitative-based system for investment trusts that is available to the average investor. While we cannot identify trusts which will perform well in the future – past outperformance is no guide to future out-performance – we hope these ratings will highlight the outstanding performers in the closed-ended universe and those managers who have best used the advantages of investment trusts to generate alpha. We are trying to reward consistent and long-term outperformance, and so we have decided to look over a five-year period. All data is as of the end of December 2018, sourced from Morningstar and JPMorgan Cazenove. We have looked at NAV total return performance and discount value has not been considered: the aim is to identify those trusts which have performed the best rather than highlight bargains.
30 Jan 2019
Best in class
Invesco Perpetual UK Smlr Cos Inv Tr (IPU:LON), 498 | Fidelity Asian Values (FAS:LON), 448 | Schroder Asian Totl Retrn Invstmt Co (ATR:LON), 521 | Jupiter European Opportunities Trust (JEO:LON), 726 | Fidelity European Values (FEV:LON), 284 | Finsbury Growth & Income Trust (FGT:LON), 862 | Blackrock Throgmorton Trust (THRG:LON), 765 | Strategic Equity Capital (SEC:LON), 233 | Pacific Assets Trust (PAC:LON), 344 | Blackrock Smaller Companies Trust (BRSC:LON), 1,666 | Invesco Asia Trust (IAT:LON), 396 | Henderson Eurotrust (HNE:LON), 1,445 | Miton Global Opportunities (MIGO:LON), 312 | TR Property Investment Trust (TRY:LON), 388 | JPMorgan Emerging Markets Inv Trust (JMG:LON), 0 | Diverse Income Trust (DIVI:LON), 101 | Standard Life UK Small Co's Tst (SLS:LON), 597 | Baillie Gifford Shin Nippon (BGS:LON), 250 | Schroder Asiapacific Fund (SDP:LON), 661 | JPMorgan European Investment Trust (JETI:LON), 138 | Schroder Oriental Income Fund (SOI:LON), 278 | BMO Capital & Income Inv Tst (BCI:LON), 287 | Mercantile Investment Trust (MRC:LON), 238 | Troy Income & Growth Trust (TIGT:LON), 71.9 | Edinburgh Investment Trust (EDIN:LON), 554 | Jpmorgan Asia Growth & Income Plc (JAI:LON), 0 | Baring Emerging Europe (BEE:LON), 727 | Chelverton Small Compans Dvdnd Trst (SDV:LON), 166 | Blackrock Income & Growth Invt Trust (BRIG:LON), 180 | Aberdeen Asian Income Fund (AAIF:LON), 235 | Henderson Far East Income (HFEL:LON), 340 | Schroder Income Growth Fund (SCF:LON), 282 | Seneca Global Income & Growth Trust (SIGT:LON), 168 | Blackrock Frontiers Inv Tst (BRFI:LON), 122 | Invesco Perpetual Select Trust - IVPG (IVPG:LON), 213 | City Of London Investment Trust (CTY:LON), 370 | Henderson International Income Trust (HINT:LON), 156 | JPMorgan Claverhouse Investment Trst (JCH:LON), 654 | North American Income Trust (NAIT:LON), 242
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William Heathcoat Amory
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8 pages
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Best in class
Invesco Perpetual UK Smlr Cos Inv Tr (IPU:LON), 498 | Fidelity Asian Values (FAS:LON), 448 | Schroder Asian Totl Retrn Invstmt Co (ATR:LON), 521 | Jupiter European Opportunities Trust (JEO:LON), 726 | Fidelity European Values (FEV:LON), 284 | Finsbury Growth & Income Trust (FGT:LON), 862 | Blackrock Throgmorton Trust (THRG:LON), 765 | Strategic Equity Capital (SEC:LON), 233 | Pacific Assets Trust (PAC:LON), 344 | Blackrock Smaller Companies Trust (BRSC:LON), 1,666 | Invesco Asia Trust (IAT:LON), 396 | Henderson Eurotrust (HNE:LON), 1,445 | Miton Global Opportunities (MIGO:LON), 312 | TR Property Investment Trust (TRY:LON), 388 | JPMorgan Emerging Markets Inv Trust (JMG:LON), 0 | Diverse Income Trust (DIVI:LON), 101 | Standard Life UK Small Co's Tst (SLS:LON), 597 | Baillie Gifford Shin Nippon (BGS:LON), 250 | Schroder Asiapacific Fund (SDP:LON), 661 | JPMorgan European Investment Trust (JETI:LON), 138 | Schroder Oriental Income Fund (SOI:LON), 278 | BMO Capital & Income Inv Tst (BCI:LON), 287 | Mercantile Investment Trust (MRC:LON), 238 | Troy Income & Growth Trust (TIGT:LON), 71.9 | Edinburgh Investment Trust (EDIN:LON), 554 | Jpmorgan Asia Growth & Income Plc (JAI:LON), 0 | Baring Emerging Europe (BEE:LON), 727 | Chelverton Small Compans Dvdnd Trst (SDV:LON), 166 | Blackrock Income & Growth Invt Trust (BRIG:LON), 180 | Aberdeen Asian Income Fund (AAIF:LON), 235 | Henderson Far East Income (HFEL:LON), 340 | Schroder Income Growth Fund (SCF:LON), 282 | Seneca Global Income & Growth Trust (SIGT:LON), 168 | Blackrock Frontiers Inv Tst (BRFI:LON), 122 | Invesco Perpetual Select Trust - IVPG (IVPG:LON), 213 | City Of London Investment Trust (CTY:LON), 370 | Henderson International Income Trust (HINT:LON), 156 | JPMorgan Claverhouse Investment Trst (JCH:LON), 654 | North American Income Trust (NAIT:LON), 242
- Published:
30 Jan 2019 -
Author:
William Heathcoat Amory -
Pages:
8 -
Today, we introduce our investment trust ratings. According to the quantitative screens we have selected in an attempt to highlight the best performers in the closed-ended universe, the trusts discussed here have been the best in their classes over the last five years. We have selected trusts using two different sets of criteria, aiming to identify the top performers for capital growth and for achieving a high and growing income. There are many rating systems for open-ended funds, but no quantitative-based system for investment trusts that is available to the average investor. While we cannot identify trusts which will perform well in the future – past outperformance is no guide to future out-performance – we hope these ratings will highlight the outstanding performers in the closed-ended universe and those managers who have best used the advantages of investment trusts to generate alpha. We are trying to reward consistent and long-term outperformance, and so we have decided to look over a five-year period. All data is as of the end of December 2018, sourced from Morningstar and JPMorgan Cazenove. We have looked at NAV total return performance and discount value has not been considered: the aim is to identify those trusts which have performed the best rather than highlight bargains.