Alice: This is impossible.
The Mad Hatter: Only if you believe it is.
We could have re-named this month’s catch-up “What’s Mad? What’s Not?”. Let’s start by taking a closer look:
- Index-linked gilts had a good month, because of inflationary expectations
- Long-dated gilts had a good month, because of deflationary expectations
- Gold had an even better month, because… err… everyone is confused?
- And who knows why an Absolute Return fund (for widows and orphans) sits in this top 10
Strange but true. Of course, someone out there will be able to convincingly rationalise this – it was always thus at the top of markets.
The Mad Hatter: Have I gone mad?
The Mad Hatter: I’m afraid so. You’re entirely bonkers. But I’ll tell you a secret. All the best people are.
Here’s the more sober “What’s Not?”:
- Latin America (sadly) burnt and battered. The Brazilian index is down 11.9% over the month.
- Investec Global Special Situations does have some Brazilian holdings but these didn’t drive the fund down – rather it was a few stock-specific hits that pulled the fund lower over the month.
- Schroders Global Energy has fallen by a surprise amount. We’re digging into the details with the fund manager to figure out why.
- Small caps have been under pressure, and one US fund features this month in the bottom 10.
We review energy funds, including this one from Schroders,
here.
FURTHER READING
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What's Hot
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Name
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Sector
|
Performance %
|
|
Merian Gold And Silver
|
Specialist
|
14.8
|
|
Investec Global Gold
|
Specialist
|
12.8
|
|
Smith & Williamson Global Gold & Resources
|
Specialist
|
12.5
|
|
BlackRock Gold & General
|
Specialist
|
12.3
|
|
Polar Capital UK Absolute Equity
|
Targeted Absolute Return
|
8.6
|
|
LF Ruffer Gold
|
Specialist
|
8.1
|
|
Janus Henderson Index-Linked Bond
|
UK Index Linked Gilts
|
6.7
|
|
Janus Henderson Inst Long Dated Gilt
|
UK Gilts
|
6.5
|
|
Baillie Gifford Active Index-Linked Gilt Investment
|
UK Index Linked Gilts
|
6.3
|
|
Vanguard UK Long Duration Gilt Index
|
UK Gilts
|
6.3
|
|
What's Not
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|
Name
|
Sector
|
Performance %
|
|
Brown Advisory Latin American
|
Specialist
|
-15.4
|
|
HSBC GIF Brazil Equity
|
Specialist
|
-14.8
|
|
Schroder ISF Global Energy
|
Global
|
-13.4
|
|
BlackRock GF Latin American
|
Specialist
|
-13.1
|
|
Barings Latin America
|
Specialist
|
-12.1
|
|
Invesco Latin American (UK)
|
Specialist
|
-11.8
|
|
JPM Brazil Equity
|
Specialist
|
-11.6
|
|
BNY Mellon Brazil Equity
|
Specialist
|
-11.5
|
|
Legg Mason IF Royce US Smaller Companies
|
North American Smaller Companies
|
-11.3
|
|
Investec Global Special Situations
|
Global
|
-11.2
|