Returns of selected markets over the last week and since 1st January. This week is sorted by the week. Sorted by the last year can be found at the end of this post.
Further to last weekend’s roundup, due to popular demand, I will be showing year-to-date numbers for the two portfolios.
Highlights: The Bank of England increased rates by 0.25 to 4.5 per cent, making twelve meetings in a row that it has increased rates. It seems all at sea with its forecasts. Now it believes the UK will avoid recession, and inflation will take longer to tame due to high food price inflation. In the US, jobless claims rose, leading to fears of recession and a sell-off in industrial metals. US Treasury yields also dropped, with the market clearly thinking the Fed’s job is done.
Not so good news ahead of summer holidays: Sterling dropped against the $US to 1.245. The BOE, Governor’s press conference, did not go well with markets. He should be doing his utmost to talk sterling up – it would help to bring down inflation and minimise the need for further rate hikes.
I thought this week's podcast from Merryn Talks Money was excellent. It's HERE
JIC Portfolio
The JIC Portfolio is down 7.7 per cent in 2023 v +5.3 per cent for the FTSE All-Share (TR) Index
For the five years to 12th May 2023, it is up 51.3 per cent. Over the same period, the FTSE All-Share TR Index was up 19.1 per cent.
AIM All-Share is down 1.7 per cent this year, the FTSE 250 is up 1.8 per cent, and FTSE Small Cap is up 1.3 per cent.
JIC Funds' Portfolio
The Funds’ Portfolio is down 0.2 per cent this year v +4.3 per cent for the FTSE All-World (GBO, TR) Index.
It is up 27.9 per cent since its inception in July 2020. Over the same period, the FTSE All-World GBP TR Index is up 30.3 per cent.
Big Movers over the last week
Positives: Niox +8.0 per cent, Gulf Keystone +7.1 per cent and ME Group +6.4 per cent
Negatives: SDI Group -14.8 per cent, Global X Copper Miners -6.1 per cent and NextEnergy Solar Fund -5.0 per cent
New Three-Month/All-Time Highs last week
Niox, VT Argonaut Absolute Return Fund, Renew Holdings and Polar Capital Global Healthcare Trust.
New Three-Month Lows
BlackRock Energy & Resources Income, BlackRock World Mining, NextEnergy Solar Fund, Kistos and SDI Group.
Trades and News
In the Funds’ Portfolio, I added a new position in Schroder UK Mid Cap Fund, funded by the sale of L&G Gold Miners ETF.
In the JIC Portfolio, I added to my positions in SDI Group and Harbour Energy.
Harbour Energy published Q1 results, SDI released a year-end update, Lucara Diamond Corp released Q1 results, and NextEnergy Solar Fund declared an 11 per cent increase in the dividend for 2023.
Ex-dividends and Upcoming Events
Ecora Resources went ex-dividend 1.75p on Thursday.
Next Thursday, Next Energy Solar Fund goes ex-dividend 1.88p per share.
MeGroup paid its 3.0p dividend yesterday.
Interim results from Renew Holdings on Tuesday and an update from NIOX on Thursday. Based on last year’s announcements, I expect 2022 results from Kistos and interim results from ShoeZone.
Cash Holdings
0.9 per cent in the JIC Portfolio and 1.0 per cent in the Funds' Portfolio.
39.6 per cent of the JIC Portfolio comprises eight commodity holdings – up from 38.3 per cent last week.
Have a great weekend.
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