Though they have enjoyed a strong rebound over the course of 2017, uncertainty continues to dog UK smaller companies as a result of increasingly poor economic data and ongoing – and seemingly futile – Brexit…
The best stockpickers in the universe
Background Last year was a shocker for active managers. Nine out of ten of them failed to beat their benchmarks according to the annual S&P Dow Jones review of active management. Fund managers are an…
2016: The year active management failed?
The active versus passive debate has raged on for more than a decade now as costs of trackers continue to fall. While much of the debate is merely a matter of opinion, the increased focus…
Into the wilderness…
While we are typically a ‘glass half full’ bunch, recent developments around the world might have left many investors feeling slightly negative in their outlook for global markets. Let’s start with President Trump. Yes, though…
Analysis: What next for European ITs?
Our analysis shows that European investment trusts have in recent years delivered strong returns to investors from their current discount, but risks abound in 2017... Background In September last year we examined European investment trusts…
Value: The beginning of a New Era?
2016 is obviously going to be remembered as a year of great change from a political point of view, but it also could go down as the end of the great bond bull market, which…
A review of 2016: A test of endurance…
2016 is certainly a year that will go down in the history books – for both the right and wrong reasons. Apart from a swathe of celebrity deaths, we’ve had Brexit, the still surreal rise…
Property makes a comeback
Background In August this year we published a review of the property sector (Hot property) as discounts widened markedly in the wake of the UK’s referendum on membership of the European Union. Funds and investment…
Fortune favours the brave
It is well known that technology funds offer the potential for punchy returns, but they are also regarded as very volatile investments - a characteristic that we were reminded of last week when 'The Donald'…
Europe: A contrarian investor’s view…
The UK’s referendum on membership` of the European Union has produced very little, so far, in terms of concrete change – instead it seems to have become the most bitterly fought contest to see who…
Funds for heavy weather
Markets have recovered since the UK referendum, but the impact of the UK’s historic vote on the underlying economy will not be apparent until data begins to come through in the later part of this…
Hot property
Background Unless you’ve been in a cupboard for the last month or so you will be aware that property funds have taken a beating since the surprise result of the EU referendum in June. By…
Beyond Brexit: Why China may be a bigger threat to economic stability…
The intensity of the British media’s focus on Brexit since Friday’s surprise result has few precedents in recent times, and it is understandable, however the rest of the world still exists – and it was…
Broken Britain
The United Kingdom, according to S&P, faces at least three and a half years of 'slowed economic growth' when they announced on Monday night that Britain's credit rating had been slashed by two notches to…
Troy Income & Growth Investment Trust
Summary Troy Income & Growth (TIGT) is relatively concentrated portfolio of around 40 stocks, with a focus on blue chip UK listed companies which have strong franchises and sustainable dividend growth. The trust’s objective is…
Ruffer Investment Company
Summary Ruffer Investment Company is an unusual investment trust focused squarely on absolute returns. It invests primarily in ‘long only’ assets – equities and bonds – but also uses currencies and derivatives as part of…
Viva la revolucion
Gold, oil and house prices have, at different times, all been viewed as a one way bet by British investors, but the goldbugs hoping for a rebound have been disappointed for many years and those forecasting…