Looing first at the hot funds and sectors:
- Emerging markets is one of the star sectors in 2017 and continued to motor in July.
- Commodity-linked funds have struggled this year, though showed signs of life in recent weeks.
- Last but not least the Old Mutual UK Smaller Companies fund has a showing – it’s been a great year for this fund, continuing to undermine those inclined to believe the post-Brexit world is a cliff edge for the UK.
Turning to the laggards, some cautious investors will be sorely disappointed:
- Two Absolute Return again feature amongst the laggards.
- Ruffer Gold fund shows that not all commodities glistened this month.
- Those who think that investor salvation will come through infrastructure investment have received a rude shock as VT UK Infrastructure slumped….
- …As did other usually more reliable stalwarts – index-linked gilts, short dated bonds, and “blue chip” equities.
- And Neil Woodford has capped a poor year with another underwhelming month.
FURTHER READING
Table 1: What's Hot?
Manager
|
Fund
|
Sector
|
Last Month Performance
|
Baillie Gifford
|
Emerging Markets Growth
|
Global Emerging Markets
|
7.96
|
Baillie Gifford
|
Emerging Markets Leading Cos.
|
Global Emerging Markets
|
7.94
|
JPM
|
Natural Resources
|
Specialist
|
7.35
|
UBS
|
Global Emerging Markets Equity
|
Global Emerging Markets
|
7.09
|
First State
|
Global Resources
|
Global
|
6.92
|
Threadneedle
|
Latin America
|
Specialist
|
6.67
|
Aberdeen
|
Latin American Equity
|
Specialist
|
6.56
|
Invesco Perpetual
|
Latin American
|
Specialist
|
6.35
|
Old Mutual
|
UK Smaller Companies
|
UK Smaller Cos.
|
6.25
|
SLI
|
Global Emerging Markets Equity
|
Global Emerging Markets
|
6.07
|
Table 2: What's Not?
Manager
|
Fund
|
Sector
|
Last Month Performance
|
City Financial
|
Absolute Equity
|
Targeted Absolute Rtn
|
-3.67
|
Thesis
|
TM Sanditon UK Select
|
Targeted Absolute Rtn
|
-2.38
|
CF Ruffer
|
Gold
|
Specialist
|
-2.08
|
VT
|
UK Infrastructure Income
|
Specialist
|
-1.93
|
CF
|
Woodford Equity Income
|
UK Equity Income
|
-1.73
|
Rathbone
|
Blue Chip Income and Growth
|
UK Equity Income
|
-1.62
|
SJP
|
UK High Income
|
UK Equity Income
|
-1.44
|
M&G
|
Short Dated Corporate Bond
|
Sterling Corporate Bond
|
-1.36
|
L&G
|
Global Health & Pharma Index Trust
|
Global
|
-1.33
|
Vanguard
|
UK Inflation Linked Gilt Index
|
UK Index Linked Gilts
|
-1.23
|