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
Artemis UK Future Leaders plc GBP (AFL:LON), 374 | Fidelity Asian Values PLC GBP (FAS:LON), 513 | Schroder Asian Total Return Investment Company plc (ATR:LON), 464 | European Opportunities Trust PLC GBP (EOT:LON), 916 | Fidelity European Trust PLC GBP (FEV:LON), 408 | Finsbury Growth & Income Trust PLC (FGT:LON), 914 | BlackRock Throgmorton Trust PLC GBP (THRG:LON), 582 | Strategic Equity Capital plc (SEC:LON), 0 | Pacific Assets Trust PLC Shs GBP (PAC:LON), 0 | Blackrock Smaller Companies Trust PLC (BRSC:LON), 0 | Invesco Asia Dragon Trust PLC GBP (IAD:LON), 342 | MIGO Opportunities Trust PLC GBP (MIGO:LON), 340 | TR Property Investment Trust PLC Ordinary Shares Class GBP (TRY:LON), 332 | Diverse Income Trust PLC GBP (DIVI:LON), 102 | abrdn UK Smaller Companies Growth Trust PLC GBP (AUSC:LON), 518 | Baillie Gifford Shin Nippon PLC (BGS:LON), 118 | Schroder AsiaPacific Fund Plc (SDP:LON), 0 | Schroder Oriental Income Fund LTD GBP (SOI:LON), 0 | CT UK Capital and Income Investment Trust PLC GBP (CTUK:LON), 334 | Mercantile Investment Trust PLC (MRC:LON), 254 | Edinburgh Investment Trust PLC (EDIN:LON), 808 | JPMorgan Asia Growth & Income PLC GBP (JAGI:LON), 370 | Barings Emerging EMEA Opportunities PLC GBP (BEMO:LON), 0 | Chelverton UK Dividend Trust PLC GBP (SDV:LON), 142 | BlackRock Income and Growth Investment Trust PLC GBP (BRIG:LON), 205 | abrdn Asian Income Fund Limited (AAIF:LON), 214 | Henderson Far East Income LTD GBP (HFEL:LON), 217 | Schroder Income Growth Fund PLC GBP (SCF:LON), 307 | BlackRock Frontiers Investment Trust PLC (BRFI:LON), 158 | Invesco Global Equity Income Trust plc Global Equity IncomeGBP (IGET:LON), 0 | City of London Investment Trust PLC (CTY:LON), 482 | Henderson International Income Trust PLC GBP (HINT:LON), 0 | JPMorgan Claverhouse Investment Trust PLC (JCH:LON), 780 | North American Income Trust PLC GBP Ord.Shs (NAIT:LON), 318 | JPMorgan Emerging Markets Investment Trust PLC (JMG:LON), 111

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Best in class
Artemis UK Future Leaders plc GBP (AFL:LON), 374 | Fidelity Asian Values PLC GBP (FAS:LON), 513 | Schroder Asian Total Return Investment Company plc (ATR:LON), 464 | European Opportunities Trust PLC GBP (EOT:LON), 916 | Fidelity European Trust PLC GBP (FEV:LON), 408 | Finsbury Growth & Income Trust PLC (FGT:LON), 914 | BlackRock Throgmorton Trust PLC GBP (THRG:LON), 582 | Strategic Equity Capital plc (SEC:LON), 0 | Pacific Assets Trust PLC Shs GBP (PAC:LON), 0 | Blackrock Smaller Companies Trust PLC (BRSC:LON), 0 | Invesco Asia Dragon Trust PLC GBP (IAD:LON), 342 | MIGO Opportunities Trust PLC GBP (MIGO:LON), 340 | TR Property Investment Trust PLC Ordinary Shares Class GBP (TRY:LON), 332 | Diverse Income Trust PLC GBP (DIVI:LON), 102 | abrdn UK Smaller Companies Growth Trust PLC GBP (AUSC:LON), 518 | Baillie Gifford Shin Nippon PLC (BGS:LON), 118 | Schroder AsiaPacific Fund Plc (SDP:LON), 0 | Schroder Oriental Income Fund LTD GBP (SOI:LON), 0 | CT UK Capital and Income Investment Trust PLC GBP (CTUK:LON), 334 | Mercantile Investment Trust PLC (MRC:LON), 254 | Edinburgh Investment Trust PLC (EDIN:LON), 808 | JPMorgan Asia Growth & Income PLC GBP (JAGI:LON), 370 | Barings Emerging EMEA Opportunities PLC GBP (BEMO:LON), 0 | Chelverton UK Dividend Trust PLC GBP (SDV:LON), 142 | BlackRock Income and Growth Investment Trust PLC GBP (BRIG:LON), 205 | abrdn Asian Income Fund Limited (AAIF:LON), 214 | Henderson Far East Income LTD GBP (HFEL:LON), 217 | Schroder Income Growth Fund PLC GBP (SCF:LON), 307 | BlackRock Frontiers Investment Trust PLC (BRFI:LON), 158 | Invesco Global Equity Income Trust plc Global Equity IncomeGBP (IGET:LON), 0 | City of London Investment Trust PLC (CTY:LON), 482 | Henderson International Income Trust PLC GBP (HINT:LON), 0 | JPMorgan Claverhouse Investment Trust PLC (JCH:LON), 780 | North American Income Trust PLC GBP Ord.Shs (NAIT:LON), 318 | JPMorgan Emerging Markets Investment Trust PLC (JMG:LON), 111
- 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.