What’s Hot, What’s Not: Metals Very Hot, Asia Not [Fund Edition]

What’s Hot

• An outstanding month for gold funds, remembering that these are funds invested into gold miners…
• …to some degree they tend to be geared to the gold price e.g. if gold is up 1% they might be up anywhere from 2-5%.
• Metals generally have also done well (e.g. copper), as has oil.
• A couple of US Value-style funds give a hint of where the action will likely be in the years ahead.
• Though the UK small cap fund stands alone, it is good to see this sign of life from a premier small cap fund (literally and metaphorically).
• It is very interesting to see the appearance of JOHCM UK Equity Income, an accidental Value fund, holding some very cheap stocks from large to small cap.

What’s Not

• Nothing too terrible amongst the duds, not one dominant theme.
• Three small cap Japanese funds are having a breather (though in the case of the BG fund it has never really emerged from a horrible downturn).
• Stewart Investors are responsible for 3 Asian funds in the doldrums, and will no doubt be re-assessing strategy somewhat.
• The sole tech fund, from Liontrust, at least serves to illustrate that the only way is not up for tech – it’s a gentle reminder, so do take note before more damage is wrought.

What’s Hot

What’s Not

Fund performance 01/03/2024 – 28/03/2024. Funds <50m in size and ETFs excluded from the above research.

NOTE

We do this blog to simply highlight short term trends. These are not recommendations.