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Independent wades into IPOs

Independent Investment Trust’s results for the year that ended on 30 November 2014 show it beating the FTSE All-Share Index but lagging the FTSE World Index, returning 10.4% on NAV vs. 4.7% for the UK market and 13.7% for the global index. The discount didn’t change much and so the return to shareholders was 10.6%.

Interestingly, Independent say that they have been reorganising their portfolio and now almost a quarter of the portfolio is invested in companies that listed or relisted in 2014 (which they say they have done very well out of) and they have a much bigger bet on technology and telecommunications – 27%, up from 11%. Baidu, now the fund’s largest holding falls into both of those categories. They cut their exposure to oilfield service companies in response to falling oil prices but this exposure did take a bit off their return for the year.

 

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