What’s Hot
- Another outstanding month for metals and in particular Gold…
- …remembering that these funds invest into gold miners which tend to be geared to the gold price e.g. if gold is up 1% they could be up between 2-5%.
- The UK market is back in the spotlight, adding to last month’s standalone UK fund. There are now four UK funds across three different UK sectors in the Hot list.
- China continues to find its footing as figures in March suggested the economy had moved from contraction to expansion. This was good news for Chinese equity funds like Baillie Gifford China.
What’s Not
- Russia leads the duds but similar to last month, there isn’t one dominant theme.
- Disappointing performance for four Japanese funds as Japan continues to have a bit of a breather (though the Baillie Gifford fund has struggled since it’s horrible downturn from January 2022).
- Broader US market weakness is evident as both a large cap and a small cap US fund appears on the list.
- It’s noteworthy to see UK Gilts in the list highlighting the vulnerability of what many think are traditionally “safe assets”.
What’s Hot
|
Name
|
Sector
|
Last Month’s
Performance %
|
|
WS Amati Strategic Metals
|
Commodity/Natural Resources
|
17.20
|
|
WS Ruffer Gold
|
Specialist
|
12.75
|
|
BlackRock Gold & General
|
Specialist
|
11.19
|
|
Ninety One Global Gold
|
Specialist
|
9.92
|
|
WS Lancaster Absolute Return
|
Targeted Absolute Return
|
9.78
|
|
Thesis Stonehage Fleming Opportunities
|
UK All Companies
|
7.89
|
|
TM Tellworth UK Smaller Companies
|
UK Smaller Companies
|
7.32
|
|
abrdn UK Income Unconstrained Equity
|
UK Equity Income
|
7.09
|
|
Baillie Gifford China
|
China/Greater China
|
6.94
|
|
Schroder UK Smaller Companies
|
UK Smaller Companies
|
6.80
|
What’s Not
|
Name
|
Sector
|
Last Month’s
Performance %
|
|
Liontrust Russia
|
Specialist
|
-10.68
|
|
FSSA Japan Focus
|
Japan
|
-9.05
|
|
JOHCM Regnan Global Equity Impact
Solutions
|
Global
|
-7.61
|
|
Baillie Gifford Japanese Smaller Companies
|
Japan
|
-7.53
|
|
Morgan Stanley US Advantage
|
North America
|
-6.80
|
|
FTF Martin Currie Japan Equity
|
Japan
|
-6.34
|
|
AXA Framlington Biotech
|
Specialist
|
-5.98
|
|
Vanguard UK Long Duration Gilt Index
|
UK Gilts
|
-5.70
|
|
Fidelity Japan Equity Feeder
|
Japan
|
-5.61
|
|
Artemis US Smaller Companies
|
North American Smaller Companies
|
-5.21
|
Fund performance 01/04/2024 – 30/04/2024. Funds <50m in size and ETFs excluded from the above research.
NOTE
We do this blog to simply highlight short term trends. These are not recommendations.