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Under the Bonnet

A strong month for the Fund as we saw a marked pick-up in positive newsflow for our holdings. 

  • Alex Savvides
  • Tom Matthews
12 Nov 2020
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View PDF   Download PDF  
  • Outperformance over the month was driven by a marked pick-up in positive news flow amongst the Fund’s stocks and some tentative signs of a more favourable market backdrop.
  • M&A activity continued to pick up with a bid for McCarthy & Stone at a c. 45% premium and a bid for Urban & Civic in early November.
  • There were a number of other materially positive updates that were not recognised in the monthly performance numbers.

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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