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Under the Bonnet

An update from the JOHCM UK Dynamic team in a month of record-breaking rallies in equity markets.

  • Alex Savvides
  • Tom Matthews
15 Dec 2020
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View PDF   Download PDF  
  • Despite historic moves in equity markets and marked changes in sector leadership on the back of news of successful Covid-19 vaccine trials, valuation dispersions in UK equity markets remain near 20-year highs on price-to-book-value and price-to-earnings.
  • The Fund performed strongly in November with almost all of the outperformance attributable to stock selection; two of the Fund’s holdings were bid for.  
  • The month saw further share price recoveries for the Fund’s real estate holdings and a similar change in fortunes for the Fund's media holdings.   
     

Disclaimer

For professional investors only. Past performance is no guarantee of future performance. The value of investments and the income from them may go down as well as up and you may not get back your original investment. The information contained herein including any expression of opinion is for information purposes only and is given on the understanding that it is not a recommendation. The Fund’s investment include shares in small-cap companies and these tend to be traded less frequently and in lower volumes than larger companies making them potentially less liquid and more volatile.

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