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SHARES WE MAKE INVESTING EASIER NERVOUS ABOUT the MARKET? We Look at Assets That Could Offer Some Protection in Choppy Times CONFIDENT ABOUT the MARKET?

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SHARES WE MAKE INVESTING EASIER NERVOUS ABOUT the MARKET? We Look at Assets That Could Offer Some Protection in Choppy Times CONFIDENT ABOUT the MARKET? STOCKS | FUNDS | INVESTMENT TRUSTS | PENSIONS AND S AVINGS VO L 18 / I S S U E 06 / 15 F E B RUA RY 2018 / £4 .49 SHARES WE MAKE INVESTING EASIER NERVOUS ABOUT THE MARKET? We look at assets that could offer some protection in choppy times CONFIDENT ABOUT THE MARKET? Inside: All the details We scan for stocks going cheap on forthcoming IPOs following last week’s sell-off EDITOR’S VIEW Have IPOs been hit by stock market volatility? The window for new listings could still be open if markets remain calmer than early February 2018 arkets appear to have settled down at the secured £70m to help support its three lending time of writing (13 Feb) with the FTSE 100 businesses. It is involved in supply chain finance, M index holding still at 7,177. Volatility, as invoice finance and dynamic discounting. measured by the Vix index, has also halved at 25.61 The company also owns a 15% stake in consumer from its approximate 50 level last week. P2P lender Zopa – a business which may also soon While there is no guarantee that the latest be part owned by another forthcoming IPO. market sell-off has reached its bottom, the return Augmentum Fintech is hoping to secure up of more calm conditions is important for companies to £125m in new cash as part of a London stock trying to get their IPOs (initial public offerings) off market listing. The new money will be partially the ground. used to buy a portfolio of investments including a This is relevant as we’re told by many industry 7% stake in Zopa. people there is a big pipeline of companies preparing to join the London Stock Exchange – TWO INVESTMENT TRUST IPOS either on the Main Market or AIM. Irish industrial property investor Core Industrial REIT is hoping to secure up to €225m via a listing WHAT HAPPENS WHEN MARKETS ARE SHAKY? on AIM. It eventually wants to pay a 6% dividend IPOs are typically pulled when market conditions yield and deliver more than 12.5% total return are more volatile. Institutional investors are to shareholders each year. Baillie Gifford US nervous about backing companies if stock markets Growth Trust is hoping to raise £250m to invest are experiencing wild up and down movements. in companies based in the US or which conduct a They don’t want to be seen putting money into significant portion of their business in the country. a company if their investment could quickly Other UK stock market listings in the pipeline lose value. include Polarean Imaging, a medical sector Several IPOs were postponed in other global specialist scheduled to join AIM on 22 February. markets last week amid market jitters. These OnTheMarket’s (OTMP:AIM) IPO last week included Turkish fast food chain operator TFI (9 Feb) was somewhat ill-timed as it got caught Tab Food Investments, Argentine biotechnology up in the stock market sell-off. Having only raised firm Bioceres and Brazilian pharma group Blau just over half of its original fundraise target, the Farmaceutica. property portal then saw its share price fall 10% A sharp drop in equities markets also led to on its stock market debut. (DC) several companies pricing their shares below their initial IPO ranges, including airport operator OTHER CONFIRMED LONDON IPOS Corporation America Airports and power generator Chargemaster – electric vehicle charging Central Puerto. infrastructure IntegraFin – owner of IFA platform Transact IPO WINDOW STILL OPEN? Fastbase – website analytics group The latest sign that markets might have passed their worst implies that the IPO window is still open. RUMOURED LONDON MARKET IPOS Indeed, various companies have confirmed plans Aston Martin – carmaker Avast – antivirus software firm to proceed with their UK stock market listings. GEMS Education – private school operator TruFin says it will join AIM on 21 February, having 2 | SHARES | 15 February 2018 Take theroadless travelledwith somebody who knowsitwell. LET’STALKHOW. FIDELITYASIAN VALUES PLC So,ifyou wanttoexplorearoadlesstravelled,thenFidelity AsianValues PLCcould be just what you’re looking for. More than18,000 listed companies make theopportunity forinvestmentinAsiatruly immense.But with such Please note that past performanceisnot areliable diversity, howdoyou ensure youare settingoffon the indicatoroffuturereturns. Thevalue of investments cango right path? down as well as up andyou maynot getbackthe amount invested.Overseasinvestments are subject to currency ForNitin Bajaj, portfoliomanager of FidelityAsian Values fluctuations. Investments in small and emergingmarkets PLC, it’s aboutfindingthe smaller companies that are can be morevolatile thanother overseas markets. This primed to turn into theregion’swinners of tomorrow. investment trust mayinvest more heavily thanothersin Nitin’sapproach is quitesimple–helooks to invest in smaller companies,which can carry ahigher risk because attractively-valued, quality businesses that are runby theirshare prices maybemorevolatilethanthose of peoplehetrusts. larger companies. To find outmore, go to fidelity.co.uk/ PAST PERFORMANCE asianvalues or speaktoyour adviser. Jan 13 - Jan 14 - Jan 15 - Jan 16 - Jan 17 - Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 FidelityAsian Values 0.4% 24.0% -1.8% 42.9% 9.3% NetAsset Value FidelityAsian Values 1.0% 25.3% -2.9% 54.3% 7.4% Share Price MSCI AC Asia -6.3% 21.3% -13.4% 36.7% 27.0% ex Japan Past performance is notareliable indicator of futurereturns.Source:Fidelityand Morningstar as at 31 January2018 on abid-to-bid basis with income reinvested in GBP terms. ©2018 Morningstar Inc.All rights reserved. The latest annual reports and factsheets canbeobtained from our websiteatwww.fidelity.co.uk/its or by calling0800 41 41 10.The full prospectusmay also be obtained from Fidelity. Issued by Financial AdministrationServicesLimited,authorised and regulatedbythe Financial Conduct Authority.Fidelity, FidelityInternational,the FidelityInternational logoand Fsymbol aretrademarks of FIL Limited. UKM0218/21499/SSO/0518 Contents INTERACTIVE PAGES CLICK ON PAGE NUMBERS TO JUMP 15 February 2018 TO THE RELEVANT STORY EDITOR’S VIEW 02 Have IPOs been hit by stock market volatility? BIG NEWS 06 Tesco could go head-to-head with Aldi and Lidl on price, claims media report BIG NEWS 06 Shock as highly respected small cap fund manager pushed out 06 BIG NEWS STORY IN NUMBERS GREAT IDEAS UPDATES 07 Sterling slides as 10 Dividend kings 16 Our Great Ideas Brexit fears resurface and other stories portfolio outperforms in numbers in choppy waters BIG NEWS 07 Analysts get behind GREAT IDEAS SMALLER COMPANIES cyber security firm 12 FTSE 100 chemicals 18 What the big Sophos firm Croda is a Tanzanian resource highly desirable upgrade means for BIG NEWS investment Aminex and Solo Oil 08 Which are the best and worst performing GREAT IDEAS TALKING POINT stocks following the 14 Invest in the 20 Stock markets suffer market sell-off? future with Atlantis as central banks take Japan Growth economies off life support securities, derivatives or positions with spread betting organisations that they have an interest in should first clear their writing with the editor. If the editor DISCLAIMER agrees that the reporter can write about the interest, it should be disclosed to readers at the end of the story. Holdings by third parties including families, trusts, IMPORTANT self-select pension funds, self select ISAs and PEPs and nominee accounts are included in such interests. Shares publishes information and ideas which are of interest to investors. It does not provide advice in relation to investments or any other financial matters. 2. Reporters will inform the editor on any occasion that they transact shares, Comments published in Shares must not be relied upon by readers when they derivatives or spread betting positions. This will overcome situations when the make their investment decisions. Investors who require advice should consult a interests they are considering might conflict with reports by other writers in the properly qualified independent adviser. Shares, its staff and AJ Bell Media Limited magazine. This notification should be confirmed by e-mail. do not, under any circumstances, accept liability for losses suffered by readers as a result of their investment decisions. 3. Reporters are required to hold a full personal interest register. The whereabouts of this register should be revealed to the editor. Members of staff of Shares may hold shares in companies mentioned in the magazine. This could create a conflict of interests. Where such a conflict exists it 4. A reporter should not have made a transaction of shares, derivatives or spread will be disclosed. Shares adheres to a strict code of conduct for reporters, as betting positions for seven working days before the publication of an article that set out below. mentions such interest. Reporters who have an interest in a company they have written about should not transact the shares within seven working days after the 1. In keeping with the existing practice, reporters who intend to write about any on-sale date of the magazine. 4 | SHARES | 15 February 2018 Contents 22 44 INVESTMENT TRUSTS MONEY MATTERS 40 Are there any 43 Are you self investment trusts employed? It’s time MAIN FEATURE going cheap after the to think about your 22 Nervous about market sell-off? retirement the market? MONEY MATTERS UNDER THE BONNET 44 How will working 28 We expect more part-time after investors will flock 30 retirement age affect to litigation financier your pension? Burford Capital WEEK AHEAD FEATURE 47 Financial results and 30 Confident about ex-dividends over the market? the coming week FUNDS INDEX 36 These two funds 49 Index of companies place a big emphasis and funds in this issue on avoiding losers WHO WE ARE BROKER RATINGS EXPLAINED: EDITOR: DEPUTY NEWS Daniel EDITOR: EDITOR: We use traffic light symbols in the magazine to illustrate Coatsworth Tom Sieber Steven Frazer broker views on stocks. @SharesMagDan @SharesMagTom @SharesMagSteve FUNDS AND REPORTER: REPORTER: CONTRIBUTORS Green means buy, Orange means hold, Red means sell.
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