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.
| Investment trust | Estimated NAV change from 1 April 2015 to the close of 8 April 2015 |
| Fidelity China Special Situations | 7.25% |
| JP Morgan Russian | 5.92% |
| Baring Emerging Europe | 5.44% |
| JP Morgan Chinese | 5.19% |
| Premier Energy and Water Trust | 4.89% |
| 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.”
