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Weekend Roundup

Returns of selected markets over the last week and since 1st January. This week is sorted by the week. Sorted by the last year can be found at the end of this post.

Highlights: UK Inflation! The old saying that inflation is like toothpaste – once it’s out, it’s very difficult to get back in the tube seems apposite. May’s number came in at 8.7%, the same as April and above expectations of a drop to 8.3%. Core inflation accelerated to 7.1%. The Bank of England increased rates by 0.5% to 5.0%. It’s possible that we are near to maximum UK press hysteria, but with consumer confidence and spending on the up and a tight labour market, there may be more pain to come on the interest rate front. The wide discounts to NAV of investment trusts and low valuations of UK stocks suggest that much of the bad news is now discounted.

JIC Portfolio

The JIC Portfolio is down 9.3 per cent in 2023 v +1.5 per cent for the FTSE All-Share (TR) Index.

For the five years to 16th June 2023, it is up 47.0 per cent. Over the same period, the FTSE All-Share TR Index was up 14.6 per cent.

After what was a bad week for UK domestics, AIM All-Share is down 7.7 per cent this year, the FTSE 250 is down 4.2 per cent, and FTSE Small Cap is up 0.1 per cent.

JIC Funds' Portfolio

The Funds’ Portfolio is down 5.1 per cent this year v +5.8 per cent for the FTSE All-World (GBP, TR) Index.

It is up 21.6 per cent since inception in July 2020. Over the same period, the FTSE All-World GBP TR Index is up 32.1 per cent.

Big Movers over the last week

Positives: Brooks Macdonald +7.2%

Negatives: Harbour Energy -10.7 per cent, Polar Capital Holdings -9.3 per cent, Serica Energy -8.2 per cent, Glencore -7.4 per cent, BlackRock World Mining Trust -7.3 per cent, Howden Joinery -7.3 per cent, IG Design -6.9 per cent and Niox Group -6.5%.

New Three-Month/All-Time Highs last week

Brooks Macdonald

New Three-Month Lows

Blackrock World Mining, Harbour Energy, NextEnergy Solar Fund, RS Group, Howden Joinery, Sylvania Platinum, BH Macro Fund, BlackRock Energy & Resources & Income Trust, Next Energy Solar Fund, Schroder UK Mid Cap, Temple Bar Investments and VT Argonaut Absolute Return Fund.

Trades and News

IG Design results showed good improvement in margins and cash flow and confidence in the continued recovery of the business. NextEnergy Solar Fund confirmed its 11% increase in the dividend for the current year, giving a yield of 8.5%.

No trades in either portfolio.

Ex-dividends and Upcoming Events

On Monday, Polar Capital Holdings publishes results for the year ended 31st March - all eyes on the dividend.

Next Thursday, Serica Energy goes ex-dividend 14.0p per share.

Cash Holdings

0.2 per cent in the JIC Portfolio and 0.2 per cent in the Funds' Portfolio.

31.5 per cent of the JIC Portfolio comprises six commodity holdings – down from 32.7 per cent last week.

Have a great weekend.



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