Investment Companies Roundup - June 2018
Companies with US exposure and those with an unhedged exposure to the US dollar (which rose by c.2% against the UK pound), performed well over the month, in both NAV and share price terms. These include British & American, Baillie Gifford US Growth, Polar Capital Technology and Allianz Technology. The share price rise of EF Realisation reflected the performance of the company’s NAV. The share price of company’s largest holding, Lonestar Resources, a US shale gas company rose by c.35% in May, because of rising oil prices and dollar strength. Theshare price of biotech company, Syncona, rose on positive news on two of its investments, Blue Earth and Autolus. The share price of Leaf Clean Energy recovered from its fall in April, following the unsuccessful outcome of a court case in the US. Pershing Square successfully carried out a $300 million tender offer for its own shares and will list a US dollar share class on the London Stock Exchange.
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