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Under the Bonnet

The last week of the month saw the first signs of an unwind in excessively bearish analyst and investor sentiment.

  • Alex Savvides
  • Tom Matthews
09 Jun 2020
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View PDF   Download PDF  
  • Global equity markets continued to rebound in May as investors’ bearish positioning was challenged by positive vaccine trial data (this time from Moderna), further global policy stimulus and high frequency data that suggested the decline in economic growth may have bottomed.
  • The Fund’s strong showing in the last week of the month reflects the first signs of an unwind in excessively bearish analyst and investor sentiment led by a number of strong trading updates from several portfolio holdings.
  • Shares in Stock Spirits were up 25% relative to the benchmark over the month (a two-year relative high) as interim results showed management successfully navigating the impact of Covid-19 and excise increases in their two main markets.
     

Disclaimer

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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