A big performance from gold funds this month. UK funds most prominent amongst the duds.
Here’s the detail.
- Gold mining funds flew this month, benefitting from both a spike in the gold price and the fall in sterling.
- On our analysis gold has hit the upside target, and if so has a long way down…
- In contrast the fall in sterling may persist a while, but not enough to compensate for the latter.
- Sterling weakness/dollar strength has also pushed North American and tech funds into the top 10.
- The exception is the idiosyncratic Legg Mason Japan fund, a fund with an equally outstanding long term track record
Turning to the duds:
- Disappointing to see another Absolute Return fund at the bottom. Regulators etc take note.
- Damage amongst the crowd of UK funds isn’t terrible…
- …and might indicate emerging value in the UK. One for another day.
- India is having a pronounced breather…
- Yes, clear longer term potential, but global markets might drag it even lower in the short term.
Table 1: What's Hot
| Fund |
Sector |
Last Month Performance |
| Investec Global Gold |
Specialist |
16.74 |
| LF Ruffer Gold |
Specialist |
14.67 |
| BlackRock Gold & General |
Specialist |
12.28 |
| Smith & Williamson Global Gold & Resources |
Specialist |
12.28 |
| Janus Henderson Global Technology |
Technology & Telecommunications |
7.78 |
| Janus Henderson US Growth |
North America |
7.72 |
| BNY Mellon US Opportunities |
North America |
7.63 |
| Smith & Williamson North American Equity |
North America |
7.33 |
| Legg Mason IF Japan Equity |
Japan |
7.21 |
| Aberdeen North American Equity |
North America |
7.19 |
Table 2: What's Not
| Fund |
Sector |
Last Month Performance |
| LF Odey Absolute Return |
Targeted Absolute Return |
-3.65 |
| LF Miton UK Smaller Companies |
UK Smaller Companies |
-3.31 |
| Jupiter India |
Specialist |
-3.23 |
| Aberdeen UK Smaller Companies Equity |
UK Smaller Companies |
-3.22 |
| Neptune UK Mid Cap |
UK All Companies |
-3.11 |
| Barings Korea Trust |
Specialist |
-3.04 |
| Neptune India |
Specialist |
-2.88 |
| Standard Life Investments UK Equity Recovery |
UK All Companies |
-2.85 |
| Aviva Inv UK Listed Equity High Alpha |
UK All Companies |
-2.67 |
| JOHCM UK Equity Income |
UK Equity Income |
-2.42 |
Performance: 1/7/19-31/7/2019