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What’s Hot? US trumps, Asia dumped

Posted by: Brian Dennehy
Membership level: Free
Despite the negative Trump headlines, if not a sense of some chaos, the US dominates the top performers in the last month, while Asia and emerging markets sunk.
 
Eight of the Top 10 funds are either US funds or are dominated by US holdings.  It is not yet clear that this is the beginning of a new break upwards in the US, and will will be very interesting to see if momentum lasts through July.
 
The exceptions in the Top 10 are Slater Growth and Liontrust UK Micro Cap.  The Slater fund has held on to sharp gains earlier in the month – it has a heavy technology and biotech exposure.  The Liontrust fund is interesting, seeking out opportunities even lower down the size scale than their excellent smaller companies fund – again a large tech exposure.
 
The bottom 10 is dominated by Asian and emerging market funds, with widespread worries over US rates rising, a stronger US dollar, and trade wars.  One poor month does not kill off “The Asian Century” – but is this an opportunity, or a more prolonged slowdown?  One for us to revisit in the next month.

What's Hot?

Name
Sector
Last Month Performance
Morgan Stanley Global Brands
 Global
4.52
Slater Growth
 UK All Companies
4.47
Baillie Gifford American B
North America
4.37
LF Miton US Smaller Companies 
 North American Smaller Companies
4.37
L&G UK Alpha Trust 
 UK All Companies
4.35
MFM Techinvest Technology
 Technology & Telecommunications
4.15
Schroder Global Cities Real Estate Income
Property
3.72
Investec Global Franchise R
Global
3.66
Liontrust UK Micro Cap
UK Smaller Companies
3.47
Troy AM Trojan Global Income
Global Equity Income
3.41

What's Not?

Name
Sector
Last Month Performance
Baring Korea Trust 
Specialist
-6.44
Baring German Growth Trust 
Specialist
-6.36
Marlborough Far East Growth 
Asia Pacific Excluding Japan
-5.90
Jupiter Asian 
Asia Pacific Excluding Japan
-5.69
Marlborough Emerging Markets
Global Emerging Markets
-5.61
M&G Global Emerging Markets 
Global Emerging Markets
-5.54
Neptune Emerging Markets 
Global Emerging Markets
-5.40
M&G Asian 
Asia Pacific Excluding Japan
-5.22
HSBC Asian Growth Ret 
Asia Pacific Excluding Japan
-5.15
Standard Life Invs Global Emerging Markets 
 Global Emerging Markets
-5.15
Topic: Fund analysis


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