What's Hot? What's Not? Gold rocks, UK emerging value?

Fri 02 Aug 2019

By Brian Dennehy

Access Level | public

What's Hot What's Not


hot not
Here’s the detail.
  • Gold mining funds flew this month, benefitting from both a spike in the gold price and the fall in sterling.
  • On our analysis gold has hit the upside target, and if so has a long way down…
  • In contrast the fall in sterling may persist a while, but not enough to compensate for the latter.
  • Sterling weakness/dollar strength has also pushed North American and tech funds into the top 10.
  • The exception is the idiosyncratic Legg Mason Japan fund, a fund with an equally outstanding long term track record
Turning to the duds:
  • Disappointing to see another Absolute Return fund at the bottom. Regulators etc take note.
  • Damage amongst the crowd of UK funds isn’t terrible…
  • …and might indicate emerging value in the UK.  One for another day.
  • India is having a pronounced breather…
  • Yes, clear longer term potential, but global markets might drag it even lower in the short term.


Table 1: What's Hot

Fund Sector Last Month Performance
Investec Global Gold  Specialist  16.74
LF Ruffer Gold   Specialist  14.67
BlackRock Gold & General   Specialist  12.28
Smith & Williamson Global Gold & Resources   Specialist  12.28
Janus Henderson Global Technology   Technology & Telecommunications  7.78
Janus Henderson US Growth   North America  7.72
BNY Mellon US Opportunities  North America  7.63
Smith & Williamson North American Equity   North America  7.33
Legg Mason IF Japan Equity   Japan  7.21
Aberdeen North American Equity   North America  7.19

Table 2: What's Not

Fund Sector Last Month Performance
LF Odey Absolute Return   Targeted Absolute Return  -3.65
LF Miton UK Smaller Companies   UK Smaller Companies  -3.31
Jupiter India   Specialist  -3.23
Aberdeen UK Smaller Companies Equity   UK Smaller Companies  -3.22
Neptune UK Mid Cap   UK All Companies  -3.11
Barings Korea Trust   Specialist  -3.04
Neptune India   Specialist  -2.88
Standard Life Investments UK Equity Recovery   UK All Companies  -2.85
Aviva Inv UK Listed Equity High Alpha   UK All Companies  -2.67
JOHCM UK Equity Income   UK Equity Income  -2.42

Performance: 1/7/19-31/7/2019



What's Hot What's Not


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