QuotedData you with provides access to research on Investment Companies, Investment Trusts and Mining companies. Our aim is to provide you all the information you might need to make your own investment decisions. We cannot offer you advice on your investments.
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David Batchelor
- David Batchelor
Fidelity Emerging Markets – The long and short of emerging markets
Fidelity Emerging Markets Limited (FEML) gives investors access to a wide range of emerging market shares. The managers have a flexible approach, investing in companies of all sizes and spreading investments across different countries and sectors. A key feature is the use of both long and short positions, allowing the fund to benefit from opportunities in both strong and weaker companies. Performance has been strong over the past year, supported by favourable conditions for emerging markets. ...
Global Opportunities Trust – Cash pile grows as valuations climb
Strong performance from Global Opportunities Trust’s equity portfolio drove solid NAV growth in 2025. Shareholders also benefited as the trust’s discount to NAV narrowed, though it remains wide. Noting higher valuations in the portfolio and broader market, the manager took profits and increased cash, leaving the trust ready to act if markets fall. The trust is no longer self-managed, which should allow greater flexibility with the use of both gearing and derivatives. Currently, the manager...
Richard Williams
- Richard Williams
Lindsell Train Investment Trust – Durability in times of volatility
Market volatility at the start of 2025 – brought about by tariff uncertainty and the release of the Chinese AI model DeepSeek – provided an interesting snapshot into the potential performance of the companies that Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), invest in during times of market stress. The durability and resilient cash flows, which are hallmarks of LTL investments, proved popular with investors, with many holdings recording large share price g...
European Opportunities Trust – European winners, global exposure
European Opportunities Trust (EOT) remains the most growth-focused fund in its peer group. This is at a time when there are increasing signs of this style of investing coming back into favour, as inflation remains under control and interest rates trend down. More widely, Europe seems to be coming back on to the radar of investors, not least because of the policy whiplash that has accompanied Donald Trump’s second presidency, and its impact on the US market. Nonetheless, the managers are not simp...
Caledonia Investments – Public matters
On 24 June Caledonia Investments (CLDN) hosted a public companies spotlight event, where the managers presented in detail on the company’s global portfolio of publicly listed investments. This element of the portfolio has a strategic allocation of between 30% and 40% of net asset value (NAV), currently making up 33%. Around 30 companies are held across two portfolios, with a capital portfolio accounting for 72% of the total and income 28%. The target return is 10% per annum for the capital portf...
David Batchelor
- David Batchelor
Fidelity Emerging Markets – The long and short of emerging markets
Fidelity Emerging Markets Limited (FEML) gives investors access to a wide range of emerging market shares. The managers have a flexible approach, investing in companies of all sizes and spreading investments across different countries and sectors. A key feature is the use of both long and short positions, allowing the fund to benefit from opportunities in both strong and weaker companies. Performance has been strong over the past year, supported by favourable conditions for emerging markets. ...
Global Opportunities Trust – Cash pile grows as valuations climb
Strong performance from Global Opportunities Trust’s equity portfolio drove solid NAV growth in 2025. Shareholders also benefited as the trust’s discount to NAV narrowed, though it remains wide. Noting higher valuations in the portfolio and broader market, the manager took profits and increased cash, leaving the trust ready to act if markets fall. The trust is no longer self-managed, which should allow greater flexibility with the use of both gearing and derivatives. Currently, the manager...
Richard Williams
- Richard Williams
Lindsell Train Investment Trust – Durability in times of volatility
Market volatility at the start of 2025 – brought about by tariff uncertainty and the release of the Chinese AI model DeepSeek – provided an interesting snapshot into the potential performance of the companies that Lindsell Train Investment Trust (LTI) and its manager, Lindsell Train Limited (LTL), invest in during times of market stress. The durability and resilient cash flows, which are hallmarks of LTL investments, proved popular with investors, with many holdings recording large share price g...
European Opportunities Trust – European winners, global exposure
European Opportunities Trust (EOT) remains the most growth-focused fund in its peer group. This is at a time when there are increasing signs of this style of investing coming back into favour, as inflation remains under control and interest rates trend down. More widely, Europe seems to be coming back on to the radar of investors, not least because of the policy whiplash that has accompanied Donald Trump’s second presidency, and its impact on the US market. Nonetheless, the managers are not simp...
Caledonia Investments – Public matters
On 24 June Caledonia Investments (CLDN) hosted a public companies spotlight event, where the managers presented in detail on the company’s global portfolio of publicly listed investments. This element of the portfolio has a strategic allocation of between 30% and 40% of net asset value (NAV), currently making up 33%. Around 30 companies are held across two portfolios, with a capital portfolio accounting for 72% of the total and income 28%. The target return is 10% per annum for the capital portf...
Economic & Political Roundup - March 2016
”‹A collation of recent insights on markets and economies taken from the comments made by Chairmen and investment managers of investment companies – have a read and make your own minds up. Please remember that nothing in this note is designed to encourage you to buy or sell any of the companies mentioned.
Expansion boosts bottom line
”‹Caledonia Mining (Caledonia) produced 23,300oz (23koz) of gold in H1 2016, a 14% increase on H1 2015, indicating that its investment in infrastructure to expand production is already bearing fruit. The company is on schedule to produce around 50koz of gold in 2016 (2015: 43koz).
Diverse renewables exposure
Since its launch in March 2014, John Laing Environmental Assets Group (JLEN) has built up a diverse portfolio of wind, solar, anaerobic digestion, waste and wastewater projects. It uses most of the revenue from these to pay its dividends (currently a yield of 5.9%) and the balance goes to reinvest in new projects, to help maintain the long-term value of the portfolio when adjusted for inflation. JLEN is targeting an internal rate of return between 7.5% and 8.5% (net of fees and expenses) on its ...
Quality small cap focus
Strategic Equity Capital (SEC’s) managers believe the current portfolio consists of very high quality smaller companies. The high cash balances that built up in 2016, on the back of events such as the e2v technologies takeover, have, largely, been redeployed. Cash drag and the fund’s focus have held back returns over the past year (see page 12). However, investment activity (detailed on page 10) has generated encouraging initial returns. Longer term, the detailed private equity derived process, ...
Sounding a note of caution
”‹Fidelity Special Values (FSV) is managed with a contrarian style (it focuses on stocks which are out of favour with other investors, yet show potential for change). It benefited from the Trump reflation trade (see page 14), as value stocks (stocks that that tend to trade at low valuations relative to their fundamentals) rallied strongly, but, as the market has reset its expectations, value has moved out of favour as investors have refocused on growth. With market valuations close to all-time h...
Reasons to be cheerful
”‹Fidelity Japanese Values (FJV) has recovered strongly this year as investors have refocused their attention on growth stocks (those that tend to increase in capital value). Japanese corporate earnings have recovered sharply from their low and while yen strengthening, on the back of regional political events, is a potential challenge, FJV’s manager says that an uptick in the global cycle has helped Japan to expand beyond its potential growth rate. The trust’s manager, Nicholas Price, observes t...
Two years on and all is well
”‹Since Nitin Bajaj’s appointment in April 2015, Fidelity Asian Values (FAS) has markedly outperformed its peer group and benchmark. This is despite relative performance suffering this year, as large-cap stocks (which dominate the index and where FAS is underweight) have outperformed smaller companies (FAS’ absolute returns have nonetheless been very strong). Over the long term, Nitin expects this to reverse with the trust benefiting.