by Dave Baxter, Investors Chronicle, October 4, 2024:
Markets have not exactly been moving sideways in 2024. The S&P 500 has returned nearly 15 per cent in sterling terms over the first nine months of the year, with the FTSE All-Share making more than 10 per cent. Equity fund investors have had plenty to enjoy, in these markets and elsewhere.
In such an environment, individual company and investment trust shares also tend to prosper, given they are often subject to higher levels of volatility. We saw that in the fund space back in 2020, when some trusts managed to make share price total returns in excess of 100 per cent.
The moves haven’t been quite so pronounced this year, but they are nevertheless significant. More than 10 trusts have made a return of more than 20 per cent so far this year. At the same time, however, multiple vehicles have suffered losses of more than 30 per cent. Such price action might encourage investors to either take profits on winners that seem to be running especially hard, or assess big fallers as potential bargains to be picked up.
We have outlined some of this year’s big movers below, and discuss some of the prominent buy and sell cases that stand out more generally. But as ever, deciding whether to buy or sell can be a highly personal decision and depend heavily on your exact circumstances.
Winners and losers
A nine-month period might be a very specific snapshot in time, but investors will certainly be aware of some big moves in 2024 so far. Take Seraphim Space (SSIT), which focuses predominantly on private companies with a link to space exploration. It has returned around 56 per cent. On the other end of the scale, the battered Gresham House Energy Storage (GRID) is down by more than 50 per cent..
James Carthew, head of investment company research at QuotedData, meanwhile notes that Tufton Oceanic Assets (SHIP) has “been doing a great job of improving the quality of its portfolio”.
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