The report, published 16 June, showed that UK smaller companies-focused mandates accounted for the majority of best-performing funds in NAV terms for the quarter.
Marwyn Value, Acorn Income, BlackRock Smaller Companies, Small Companies Dividend, Invesco Perpertual UK Smaller, Aberforth Geared Income and Strategic Equity Capital all made the top 10.
While Fidelity China Special Situations took first place with a net asset value increase of 11.2%, Marwyn Value was hot on its tail with 10.8%, followed by Acorn Income and BlackRock Smaller Companies on 10.5% and 10.2% respectively.
Strategic Equity Capital, Acorn Income and BlackRock Smaller Companies also featured in the quarter’s best-performers in price terms, exhibited increases of 21.3%, 15.3% and 15.1% respectively.
ARC Capital fared best, rising 56.3% following a couple of legal battles being ruled in its favour, with trading on the trust subsequently suspended until 2014 accounts have been finalised.
PME African Infrastructure, Trading Emissions and Aseana Properties were not far behind on 46.8%, 29% and 26.9% respectively, with Strategic Equity Capital’s 21.3% rise completing the top five. Both PME and Trading Emissions are currently in the process of liquidating their investments.
QuotedData believes that the strong performance within UK small-caps may have stemmed from the end of uncertainty over UK governance following a decisive Conservative victory in May’s General Election.
On the other side of the investment coin, poor NAV performance for Duke Royalty – formerly Praetorian Resources – has culminated in change of direction for the trust, with its mandate shifting from a commodities focus to targeting royalty streams in property-rich businesses.
Duke Royalty registered negative NAV of 43.7% in Q2, while Ottoman Fund and Dolphin Capital fared slight better on -34.6% and -21.6% respectively, with the latter’s slide contributed in part by having €1.5m (£1.04m) in Greek bank accounts. Juridica and Geiger Counter were fourth and fifth-worst with decreased of 15.7% and 14.9% respectively.
Invista European Real Estate suffered most in price terms, dropping half its worth, while Tejoori and Tau Capital were not much better on -45.3% and -33.4% respectively.
Duke Royalty and Juridica’s NAV drops saw them feature fourth and sixth in the negative price performance table, registering -26.4% and -23.4%, either side of Orgio Partners, which forfeited 25% of its worth.
The results exhibit a difficult quarter for commodity and Asian property funds in particularly, which QuotedData attributed to investor nervousness over an impending US interest rate rise and decelerating economic growth in China.
