Investment Companies Quarterly Review – Second Quarter 2020
It was a remarkable second quarter with global markets staging the sort of comeback few would have thought plausible, at the end of March. With some countries still battling the first wave of infection and others seemingly headed to a second, not to mention what happens when governments start to remove direct stimulus measures, uncertainty still abounds. Discounts narrowed sharply over the second quarter, with the rebound in share prices proving as dramatic as the March collapse. At 30 June 2020, the median discount was about 3.5% wider than the level one year ago.
Performance Data – Technology-focused strategies performed well right through the quarter. Commodity funds staged a comeback while Asia-Pacific funds performed very well.
Major news stories – Perpetual Income and Growth served notice to Invesco and Mark Barnett, and India Capital Growth received the backing it needed for continuation.
Money in and out – Scottish Mortgage’s soaring NAV has been attracting a plethora of new investors. While, in April, Supermarket Income REIT raised a remarkable £139.9m (it was targeting £75m).
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