Kepler
Top 5 most bought investment trusts in September
Turning to the world of investment trusts, these were the most bought trusts last month:
most bought trusts
- Scottish Mortgage (SMT)
- BlackRock WorldMining (BRWM)
- Greencoat UK Wind (UKW)
- Alliance Trust (ATST)
- JPMorgan GlobalGrowth & Income (JGGI)
Source: Hargreaves Lansdown, AJ Bell, Bestinvest and interactive investor
Scottish Mortgage (SMT) held onto top honours as the most bought trust in September. The FTSE-100 listed trust remains a popular choice for investors seeking Magnificent Seven exposure, delivering a stellar 12% increase in NAV in the last month.
Josef Licsauer, analyst at Kepler Trust Intelligence, comments: “Investors had raised questions over the valuation of SMT’s unlisted portfolio but the trust’s exposure has fallen from close to its ceiling in 2023 to around 24% this year, on the back of the successful IPO of Tempus AI and strong performance in its public holdings.
“Added to this, its share buyback programme continues apace, with SMT having bought back one billion shares since March and executing the largest single-day buyback by a UK investment company of 311m in May 2024. While its discount has widened slightly in recent months, it remains significantly narrower than its 20%-plus discount in mid-2023.”
BlackRock World Mining (BRWM) soared into the charts but was narrowly pipped to the post for first place. After a challenging few months, BRWM has chalked up a 13% increase in NAV in the last month, helped in part by gold prices rising due to conflict in the Middle East, alongside a juicy dividend yield of more than 6%. The trust holds significant positions in large-cap miners Rio Tinto, Glencore and BHP which should benefit from the large increase in demand for commodities to meet net zero commitments.
The other three trusts, Greencoat UK Wind (UKW), JPMorgan Global Growth & Income (JGGI) and Alliance Trust (ATST) continued to curry favour with UK investors. Both JGGI and ATST have ticked up nicely in the last month, while investors took the opportunity to lock in the chunky 7% dividend yield on the slight dip in UKW.
And that brings the curtain down on trading in September. Uncertainty remains firmly on the menu, with investors hoping for a more positive UK GDP print for August and nervousness is starting to build over possible changes to tax relief in the Autumn Budget. On the other side of the Atlantic, all eyes will be on the next round of corporate earnings with companies facing mounting pressure to justify the lofty valuations of the S&P 500. It’s shaping up to be an interesting (if slightly stressful) month.
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