In QuotedData’s morning briefing 11 December 2020 –
- Over its half-year period to 31 October 2020, Atlantis Japan Growth (AJG) delivered a total NAV return of 27.3%. This compares with the TOPIX total return index of 7.3%. In the results release, it is noted that “the manager believes that Japan’s economy has bottomed out and has begun to recover from the COVID-19 pandemic and its unfortunate consequences. Transmission rate trends, particularly in Hokkaido and Tohoku, suggest viral risks remain. However, with a vaccine(s) on the horizon, arguably, for Japan, the worst has passed. Recent economic data points are, for the most part, trending higher. Retail goods sales have returned to pre-pandemic levels, automobile and electricals production is rebounding. Services sales remain depressed owing to weak hospitality demand.”
- JPMorgan European Smaller Companies (JESC) interim period to 30 September 2020 brought a total NAV return of 49.2%, outperforming the benchmark MSCI Europe (ex UK) small-cap index’s 34.9% return. JESC noted that “Top performers included Swiss and German online pharmacies, Zur Rose and Shop Apotheke, after the German government passed a law to mandate e-prescriptions; and Ipsen, the French pharmaceutical company, following positive newsflow regarding its drug pipeline. Detractors from performance included Swiss insurance companies Helvetia and Baloise, which suffered from the low-interest rate environment; and Alstria Office, the German office REIT, as working from home threatened demand for office real estate.”
We also have results from Polar Capital Technology and BlackRock Frontiers.