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What’s Hot?
- Tech funds are dominant, no surprise…
- …but with startling over-valuations this is looking uncomfortably like 1999.
- The North America funds which show are also dominated by large tech holdings.
- The sole Japan fund is all about the very large companies which populate the Nikkei 225 index and which have been heavily bought by overseas investors in recent weeks…
- …but so far the impact outside the big caps is limited.
What’s Not?
- China has struggled, with five funds showing.
- Perhaps more surprising is the three gold funds…
- …the gold price has moved with a little volatility, but gold mining funds have been much more volatile.
- An ESG fund also shows, not a surprise for a sector which increasingly looks like it was a marketing gimmick.
- Plus a Korean fund which is not helped by weakness in its close neighbour, China.
We didn’t normally draw any major conclusions in this column but… it feels like it wouldn’t be a shock if the performance differential between the US and China/Gold remained wide by the end of 2024… but in the opposite direction!
What’s Hot?
|
Name
|
Sector
|
Last Month’s
Performance %
|
| Jupiter India |
India/Indian Subcontinent |
8.67
|
| Janus Henderson Global Technology Leaders |
Technology & Technology Innovation
|
7.82
|
| Liontrust Japan Equity |
Japan
|
7.05
|
| Liontrust Global Technology |
Technology & Technology Innovation |
6.36
|
| Scottish Widows Japan Growth |
Japan
|
5.98
|
| Halifax Japanese |
Japan
|
5.61
|
| WS Blue Whale Growth |
Global
|
5.49
|
| FP Carmignac Global Equity Compounders |
Global
|
5.47
|
| Janus Henderson US Growth |
North America
|
5.47
|
|
MI Quilter Cheviot North American Equity TR
|
North America
|
5.19
|
What’s Not?
|
Name
|
Sector
|
Last Month’s
Performance %
|
|
Baillie Gifford China
|
China/Greater China
|
-12.29
|
|
Fidelity China
|
China/Greater China
|
-10.08
|
|
FSSA All China
|
China/Greater China
|
-9.81
|
|
Ninety One Global Gold
|
Specialist
|
-9.67
|
|
Allianz China A-Shares Equity
|
China/Greater China
|
-9.32
|
|
BlackRock Gold & General
|
Specialist
|
-8.94
|
|
Barings Korea Trust
|
Specialist
|
-8.42
|
|
Scottish Widows Global Environmental Solutions
|
Global
|
-8.36
|
|
Invesco China Equity (UK) TR
|
China/Greater China
|
-8.34
|
|
WS Ruffer Gold
|
Specialist
|
-7.98
|