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Under the Bonnet

Increasing signs the market is beginning to recognise the undervaluation of some of the Fund’s holdings was aided by another period of strong earnings updates in May.

  • Alex Savvides
  • Tom Matthews
14 Jun 2021
View PDF   Download PDF  
View PDF   Download PDF  
  • Global equity markets were initially sent lower in May triggered by concerns of rising inflation although markets later took solace in economic data that demonstrated inflation was not yet impacting growth.
  • The Fund's outperformance in May was solely attributed to stock selection, with increasing signs the market is beginning to recognise the undervaluation of some of the Fund’s holdings.
  • The offer from Blackstone for St Modwen Properties (the third property asset of the Fund to be bid for in seven months) at a 21% premium is evidence of this.  

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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