Investment trusts see dramatic NAV change

Investment trusts see dramatic NAV change

Investment trusts experienced dramatic net-asset-value changes over a period of five working days, analysis from Investec has shown.

The four-page Investec research note, Closed-end Funds Daily, dated 9 April, used Datastream estimates of NAV from 1 April 2015 to the close of 8 April 2015.

According to these, Fidelity China Special Situations saw a 7.25 per cent increase, while Invista European Real Estate Trust’s NAV decreased by 1.47 per cent.

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Investment trustEstimated NAV change from 1 April 2015 to the close of 8 April 2015
Fidelity China Special Situations7.25%
JP Morgan Russian5.92%
Baring Emerging Europe5.44%
JP Morgan Chinese5.19%
Premier Energy and Water Trust4.89%
JZ Capital Partners-0.8%
NB Global Floating Rate Income Fund-0.93%
Geiger Counter-1.13%
Invista European Real Estate Trust-1.47%

Source: Investec using Datastream NAV estimates

Matthias Siller, who manages Barings Emerging Europe, said the Russian equity market, FX, sovereign and corporate bonds performed well.

Matthew Sutherland, head of product management, Asia, for Fidelity Worldwide Investment, noted that H shares, to which the Fidelity China Special Situations Fund has exposure, had attracted flows from mainland Chinese investors.

When asked about the Geiger Counter changes, Craig Cleland, head of corporate development for CQS Asset Management, pointed to a general commodity malaise persisting in the market.

Adviser view

Tim Cosway, partner at London-based Holden and Partners, said: “Judging from the Investec figures, these are quite dramatic NAV moves, but this is part of the ups and downs of investment.”