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What’s Hot? What's Not? - Through the looking glass

Posted by: Brian Dennehy
Membership level: Free
 
Alice:   This is impossible.
The Mad Hatter:   Only if you believe it is.
 
We could have re-named this month’s catch-up “What’s Mad? What’s Not?”. Let’s start by taking a closer look:
  • Index-linked gilts had a good month, because of inflationary expectations
  • Long-dated gilts had a good month, because of deflationary expectations
  • Gold had an even better month, because… err… everyone is confused?
  • And who knows why an Absolute Return fund (for widows and orphans) sits in this top 10
Strange but true. Of course, someone out there will be able to convincingly rationalise this – it was always thus at the top of markets.
 
The Mad Hatter: Have I gone mad?
The Mad Hatter: I’m afraid so. You’re entirely bonkers. But I’ll tell you a secret. All the best people are.
 
Here’s the more sober “What’s Not?”:
  • Latin America (sadly) burnt and battered. The Brazilian index is down 11.9% over the month.
  • Investec Global Special Situations does have some Brazilian holdings but these didn’t drive the fund down – rather it was a few stock-specific hits that pulled the fund lower over the month.
  • Schroders Global Energy has fallen by a surprise amount. We’re digging into the details with the fund manager to figure out why.
  • Small caps have been under pressure, and one US fund features this month in the bottom 10.
We review energy funds, including this one from Schroders, here.
 
FURTHER READING

 

What's Hot
Name
Sector
Performance %
Merian Gold And Silver
Specialist
14.8
Investec Global Gold
Specialist
12.8
Smith & Williamson Global Gold & Resources
Specialist
12.5
BlackRock Gold & General
Specialist
12.3
Polar Capital UK Absolute Equity
Targeted Absolute Return
8.6
LF Ruffer Gold
Specialist
8.1
Janus Henderson Index-Linked Bond
UK Index Linked Gilts
6.7
Janus Henderson Inst Long Dated Gilt
UK Gilts
6.5
Baillie Gifford Active Index-Linked Gilt Investment
UK Index Linked Gilts
6.3
Vanguard UK Long Duration Gilt Index
UK Gilts
6.3
 
What's Not
Name
Sector
Performance %
Brown Advisory Latin American
Specialist
-15.4
HSBC GIF Brazil Equity
Specialist
-14.8
Schroder ISF Global Energy
Global
-13.4
BlackRock GF Latin American
Specialist
-13.1
Barings Latin America
Specialist
-12.1
Invesco Latin American (UK)
Specialist
-11.8
JPM Brazil Equity
Specialist
-11.6
BNY Mellon Brazil Equity
Specialist
-11.5
Legg Mason IF Royce US Smaller Companies
North American Smaller Companies
-11.3
Investec Global Special Situations
Global
-11.2
Topic: Sector analysis


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