Investment Companies Roundup - December 2019
Following a lacklustre October, risk-appetite rose over November, reflected by both the level of the NAV and price returns as well as the prevalence of growth-focused funds in the tables. A relatively subdued median NAV return +0.8% likely reflects a degree of momentum returning, lifting ‘winners’ higher and pushing ‘losers’ lower. Sectorally, biotech strategies had a strong month, led by Biotech Growth and International Biotechnology. Broader healthcare strategies did well too, benefitting BB Healthcare and Worldwide Healthcare. Investors appear to be warming to the idea that irrespective of who triumphs in the 2020 US election, the impact on Medicare for all will be less pronounced than initially feared. It was a good month for UK equities with several UK smaller companies trusts, led by Montanaro UK Smaller Companies, JPMorgan Smaller Companies and Standard Life UK Smaller Companies, taking up positions in the outperformers table. Oryx International Growth had some good news as its holding in waste company, Augean soared on a positive trading update.
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