The latest quarterly research by Winterflood throws up some emerging trends, yet to fully assess its ‘leaders and laggards’ you need to look beyond the headline numbers, Tim Cockerill, investment director at Rowan Dartington has warned.
Compared with their open-ended counterparts, in 11 out of 17 sub-sectors, the investment trusts outperformed, led, unsurprisingly, by property trusts.
But the worst relative underperformance came in the global equity income space, with Murray International continuing its disappointing run through its large exposure to the emerging markets, lagging the FTSE World and losing 7% in share price, 4% in NAV terms last year.
Obviously a quarterly view is extremely short-term, but it does raise awareness of some broader themes to keep on your investment radar.
For a more detailed look at the winners and losers in the closed-end space, and where the next opportunities lie, click here.
