Investment Companies Quarterly Review – Third Quarter 2020
Performance Data – Out of a total of 327 investment companies (we excluded funds with market caps below £15m), third-quarter median total NAV and market returns amounted to 2.2% and 1.8% (the equivalent first-quarter figures were 13.4% and 18.8%). By in large it was another good quarter for markets, with the technology sector having a particularly strong August before finally slowing down over September.
Major news stories – Witan Pacific became Baillie Gifford China Growth, taking the number of pure-China funds to three. Greencoat UK Wind launched a major fundraise, subsequently raising £400m. Elsewhere, JPMorgan Brazil lost its continuation vote and Secured Income published wind-down proposals.
Money in and out – Around £630m was raised in net terms over the third quarter, once again led by sectors providing alternative income. Towards the end of the quarter, there were signs that the market for new issues was returning with a vengeance, with several funds hoping to launch.
Discounts and premiums – Across all 327 investment companies, the median level of discount, at the quarter-end, increased by (0.5%) to (10.7%). Many sectors remain under strain and in the case of many alternative asset sectors, the more periodic reporting of NAV means that the true impact of the pandemic will become clearer at the year-end.
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