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QuotedData’s morning briefing 10 May 2021

headshot of Nick Train

In QuotedData’s morning briefing 10 May 2021 –

  • From last Friday: we had interim results from Finsbury Growth & Income (FGT) to 31 March 2021, including a 2.2% total NAV return and a 3.7% return to shareholders. Performance was below the benchmark FTSE all-share index return of 18.5%. However, manager, Nick Train noted that “when you look at that twelve-month period to end December 2020 the NAV total return was down 2.0%, while the all-share lost 9.8%. However, there is no getting away from the fact that once the vaccines were announced in November 2020 and citizens and investors began to see a path out of the lockdowns the portfolio started to lag its benchmark and this underperformance continued through the first three months of 2021. There are a number of reasons, but the most obvious is this: because the portfolio did not fall as much during the difficult times, there was less scope for a bounce once confidence recovered.”

We also have an intention to float announcement from Aquila Energy Efficiency, which is targeting a £150m raise to be deployed towards energy efficiency investments, and annual results from BlackRock Smaller Companies and Downing Strategic Micro-Cap.

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