Will Elon Musk at the DOGE get a grip on US government spending?
Market Overview
It was a positive week for UK equities as the pound weakened against the US dollar. October’s inflation came in higher than expected, while retail sales fell, adding to economic uncertainty. However, some relief came from falling government bond yields on both sides of the Atlantic.
Bitcoin continued its strong performance, hovering just below the $100,000 mark, while gold rebounded after its post-Trump election sell-off.
Portfolio Performance
JIC Portfolio
Weekly Performance: +2.4% (vs. +2.2% for the FTSE All-Share)
Year-to-Date: +10.9% (vs. +10.3% for the FTSE All-Share)
Five-Year Performance: +47.5% (vs. +32.5% for the FTSE All-Share Total Return Index)
Sector Comparisons (Year-to-Date):
AIM All-Share: -2.4%
FTSE 250: +7.7%
FTSE Small Cap (Ex Investment Co): +8.9%
JIC Funds’ Portfolio
Weekly Performance: +1.8% (vs. +2.2% for the FTSE All-World Total Return Index, GBP)
Year-to-Date: +11.6% (vs. +21.3% for the FTSE All-World Total Return Index, GBP)
Movers and Highlights
Top Movers (Over 5%)
Positives:
NGEx Minerals: +13.1%
International Petroleum Corp: +11.6%
Serica Energy: +8.8%
L&G Gold Mining ETF: +8.7%
VanEck Crypto & Blockchain ETF: +7.7%
Lundin Mining: +5.8%
Herald Investment Trust: +5.6%
Negatives:
Sylvania Platinum: -6.5%
New Highs
Three-Month Highs: PayPoint, Herald Investment Trust, Polar Capital Technology Trust
All-Time Highs: Argonaut Absolute Return Fund, JP Morgan American, NGEx Minerals
New Lows
Three-Month Lows: Luceco, Capita, NextEnergy Solar Fund
Key Developments
Results:
Polar Capital Holdings: Delivered robust results with a maintained interim dividend, offering an attractive 8.6% yield.
PayPoint: Posted solid results, though the stock saw some volatility before recovering by week’s end.
NextEnergy Solar Fund: Interim results met expectations, yet the market remains indifferent to its impressive 11.7% yield.
Trades:
No changes to the JIC Portfolio.
In the Funds’ Portfolio, the position in Polar Capital Global Healthcare Trust was sold, as Robert Kennedy's appointment as Health Secretary raised uncertainties.
Added to positions in:
Ranmore Global Equities Fund
Argonaut Absolute Return Fund
Pershing Square Holdings
BlackRock World Mining Trust
Outlook
The coming week promises to be busier on the news front. Check the calendar and dividend schedule HERE.
Comentarios