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July Investment Companies Monthly Roundup

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Kindly sponsored by Baillie Gifford and Aberdeen Standard July 2021 Monthly roundup | Investment companies Kindly sponsored by Baillie Gifford and Aberdeen Standard Investments Winners and losers in June The old adage that what goes up must come down and vice versa appears to ring true this month as interestingly, the commodities & natural resources sector, which was the best performing in May, was the worst performing in June. The sector has backtracked on its 2021 rally as easing supply worries grow stronger along with monetary policy uncertainty. This has particularly affected gold and silver. The timetable for US interest rate rises appeared to move up despite the Federal Reserve saying that it thought inflation was transitory. This together with a rising dollar and China’s efforts to slow inflation meant some materials have also taken a hit. Similarly, the technology & media sector, which was the worst performing in May, was the best in June. Tech stocks led the way in June with the Nasdaq and S&P 500 hitting all-time highs towards the end of the month, as investors expect a robust earnings season while interest rates remain low. Meanwhile, emerging market names such as those in Latin America and India have performed well as central banks have been proactive in raising rates and sounding more hawkish tones which has helped lessen inflation concerns (see Appendix 1 for a breakdown of how all the sectors have performed this year). June’s median total share price return was 1.3% (the average was 1.4%) which compares with 0.4% in May. Readers interested in the most recent briefings from the industry can click here to access our economic and political roundup. Best performing sectors in June 2021 by total price return Median share Median NAV total Median discount Median sector Number of price total return return 30/06/21 market cap companies in the (%) (%) (%) 30/06/21 (£m) sector Technology & Media 7.1 8.2 (5.5) 1,166 3 Latin America 6.8 6.0 (12.6) 89 2 China / Greater China 5.3 5.4 (0.0) 551 3 Country Specialist 4.7 5.1 (15.3) 294 5 India 4.6 3.9 (12.8) 224 4 Source: Morningstar, Marten & Co. Note: inclusive of sectors with at least two companies. Note: many alternative asset sector funds release NAV performance on a quarterly basis Worst performing sectors in June 2021 by total price return Median share Median NAV total Median discount Median sector Number of price total return return 30/06/21 market cap companies in the (%) (%) (%) 30/06/21 (£m) sector Commodities & Natural Resources (8.3) 0.0 0.8 101 9 UK All Companies (3.3) (1.0) (0.6) 272 10 European Smaller Companies (0.7) 0.8 (7.9) 619 4 Private Equity (0.2) 0.0 (21.1) 309 21 Debt – Loans & Bonds 0.0 0.8 (2.0) 100 15 Source: Morningstar, Marten & Co. Note: inclusive of sectors with at least two companies. *many alternative asset sector funds release NAV performance on a quarterly basis Investment companies monthly roundup – July 2021 1 Kindly sponsored by Baillie Gifford and Aberdeen Standard Winners and losers continued… Best performing funds in total NAV (LHS) and price (RHS) terms over June 2021 Fund Sector (%) Fund Sector (%) UIL Flexible Investment 16.1 Chrysalis Investments Growth Capital 20.0 Baillie Gifford US Growth North America 14.7 Mobius Investment Trust Global Emerging Markets 16.1 Mobius Investment Trust Global Emerging Markets 12.3 NB Distressed Debt Debt - Loans & Bonds 15.8 Scottish Mortgage Global 11.8 Baillie Gifford US Growth North America 14.4 NB Distressed Debt Debt - Loans & Bonds 10.3 Gresham House Strategic UK Smaller Cos 12.9 Keystone Positive Change Global 9.7 Scottish Mortgage Global 11.6 Polar Capital Technology Technology & Media 9.6 Tufton Oceanic Assets Leasing 11.1 BB Healthcare Biotechnology & Healthcare 8.4 Alpha Real Trust Property - Debt 10.6 AVI Japan Opportunity Japanese Smaller Companies 8.3 CIP Merchant Capital Flexible Investment 10.4 Allianz Technology Technology & Media 8.2 Oakley Capital Investments Private Equity 10.3 Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 30/06/21 Worst performing funds in total NAV (LHS) and price (RHS) terms over June 2021 Fund Sector (%) Fund Sector (%) Golden Prospect Precious Metal Commodities & Natural (11.8) Secured Income Debt - Direct Lending (20.6) Resources Scottish Investment Trust Global (6.7) Golden Prospect Precious Commodities & Natural (17.2) Metal Resources CQS Natural Resources Growth Commodities & Natural (5.4) Augmentum Fintech Technology & Media (12.8) & Income Resources Odyssean Investment Trust UK Smaller Companies (4.8) Henderson Opportunities UK All Companies (12.6) BlackRock World Mining Trust Commodities & Natural (4.7) Symphony International Private Equity (10.8) Resources Geiger Counter Commodities & Natural (3.8) CQS Natural Resources Commodities & Natural (10.5) Resources Growth & Income Resources Ruffer Investment Company Flexible Investment (2.4) FastForward Innovations Private Equity (10.3) Miton UK Microcap UK Smaller Companies (2.3) BlackRock Energy and Commodities & Natural (9.4) Resources Resources Hipgnosis Songs Royalties (2.2) Geiger Counter Commodities & Natural (8.5) Resources JPMorgan Mid Cap UK All Companies (2.1) Miton UK Microcap UK Smaller Companies (7.6) Source: Morningstar, Marten & Co. Note: excludes trusts with market caps below £15m at 30/06/21 After a short blip, the flavours of the month for June were once again tech and growth, and relevant trusts such as Baillie Gifford US Growth, Scottish Mortgage, Polar Capital Technology and Allianz Technology delivered some of the best returns in both NAV and share price terms. Investors are piling back into tech-oriented growth stocks on diminishing worries about runaway inflation – though inflation is certainly still a concern on people’s minds. UIL’s NAV increase is largely down to a change in the way it values its investment in Somers. Meanwhile, Gresham House Strategic made gains after it committed to a strategic review and Mobius Investment Trust‘s focus on high quality and sustainable stocks meant it outperformed in COVID- Investment companies monthly roundup – July 2021 2 Kindly sponsored by Baillie Gifford and Aberdeen Standard hit emerging markets. AVI Japan Opportunities has been busy engaging with a number of investee companies. Sentiment towards Tufton Oceanic may have been benefiting from rising charter rates for ships. On the other hand, as highlighted previously, the rally in commodities appears to have come to a halt and many of the top performing funds in May, which sit in the commodities & natural resources sector, made losses in June. Golden Prospect Precious Metal, CQS Natural Resources and Geiger Counter were among the worst performers in both share price and NAV terms for June. Crude oil prices are holding onto gains but gold and palladium slumped while copper on the London metal Exchange saw its biggest weekly loss since March 2020. Other laggards in June included Miton UK MicroCap while Secure Income saw its share price fall in June by 20% after taking a knife to the valuations of its film financing portfolio. Augmentum Fintech fell after it announced a significant fundraise (see below). Moves in discounts and premiums More expensive (LHS) and cheaper (RHS) relative to NAV Fund Sector 30 31 May Fund Sector 30 June 31 May June (%) (%) (%) (%) Chrysalis Investments Growth Capital 19.3 (0.6) Secured Income Debt - Direct (26.8) (6.0) Lending Gresham House Strategic UK Smaller (4.8) (14.3) Augmentum Fintech Technology & 7.0 22.7 Companies Media Residential Secure Income Property - UK 4.1 (5.2) Henderson UK All Companies (13.4) (1.2) Residential Opportunities Phoenix Spree Property - 0.1 (8.3) BlackRock Energy Commodities & (9.4) 1.8 Deutschland Europe and Resources Natural Resources Oakley Capital Private Equity (9.7) (18.0) Jupiter Green Environmental (7.2) 3.6 Source: Morningstar, Marten & Co. Note: excludes alternative asset funds where there was no recorded change to the NAV over the month Chrysalis Investments enjoyed a huge turnaround from a small discount at the end of May to a premium just shy of 20% by the end of June. It announced a £75m investment in leading retirement platform Smart Pension, but the price move reflects hopes of an uplift in its end June NAV (the last published is as at 31 March). It is a similar story for Oakley Capital, which has had a run of good news recently. Gresham House Strategic also became more expensive last month as it saw its discount narrow – after seeing it swing out in May – likely on the back of the commitment to a strategic review, as mentioned earlier. Meanwhile, Secured Income has become a lot cheaper on the bad news about its film finance portfolio. In addition, its chief investment officer, Dawn Kendall took a temporary leave of absence, which was announced in May. She was due to return in mid-July but this has been extended to September. The bounce in UK stocks that began following November’s good news on vaccines may have paused, as is reflected in Henderson Opportunities’ widening discount. Augmentum Fintech’s high premium of 22% became cheaper in June, though is still trading higher than its NAV at 7%. The company revealed excellent results for the year to 31 March 2021 while also sharing details of an amendment to its investment policy and plans to raise £40m at 135.5p, then a 3.9% premium to NAV. Jupiter Green is back trading on a meaningful discount for the first time since last October. The board is supposed to keep this under control. Investment companies monthly roundup – July 2021 3 Kindly sponsored by Baillie Gifford and Aberdeen Standard Money raised and returned over June Money raised (LHS) and returned (RHS) over June in £m Fund Sector £m Fund Sector £m raised returned Digital 9 Infrastructure Infrastructure 190.0 Scottish Mortgage Global (73.0) Cordiant Digital Infrastructure 187.0 Alliance Trust Global (21.4) Infrastructure Polar Capital Global Financials 122.0 UK Mortgages Debt - Structured Finance (19.3) Financials Aquila Energy Efficiency Renewable energy 100.0 Witan Global (14.7) infrastructure HgCapital Trust Private Equity 37.1 Vietnam Enterprise Country Specialist (10.8) Source: Morningstar, Marten & Co.
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