Best performing trusts
Manchester and London, with its mega-cap, AI-focused technology portfolio, was the best performing trust in share price terms, and the biggest beneficiary of the tech rally. Its high allocation to the likes of Microsoft and Nvidia put it front and centre of the AI-frenzy, as well as the wider rally in growth stocks over Q4. Its impressive returns were compounded by increased demand for its shares in the latter months of 2023. For similar reasons, Polar Capital Technology and Allianz Technology Trust saw strong share price performance, compounding both their NAV returns with a narrowing discount. However, they lacked the high concentration of Manchester and London’s portfolio and thus benefited less from the rally.
The performance of JPMorgan Emerging Europe, Middle East, and Africa was less a reflection of its NAV returns, as it generated a mere 5.1% over the period, but a quirk of its previous life as a Russian equity strategy. With its previous portfolio having been effectively written down to zero, its share price rally reflects investors speculating on the potential value that they may one day be able to realise from the stranded Russian assets.
The rally in the airline leasing trusts was evidenced by the returns of Doric Nimrod Air Two and Amedeo Air Four Plus. However, DNA2, which has more exposure to the previous unloved A380, generated stronger NAV returns, at 32% versus 6%.
Nippon Active Value benefited from the double whammy of the broader rally in Japanese equities and within that the impact of further corporate governance reforms. Trust-specific factors included mergers with abrdn Japan and Atlantis Japan, its migration to a premium listing, and several of its activist campaigns bearing fruit over the year.
Pollen Street proposed to leave the investment trust sector and re-list as a commercial company. Its discount narrowed on the back of the proposal being passed in its October AGM.
India Capital Growth was the standout performer in a buoyant Indian market. It generated both the highest NAV and share price returns in the period in this market thanks to some good stock picking.
Literacy Capital was once again the winner within the private equity sector and was the only constituent to achieve double-digit NAV returns. Its performance can be placed at the feet of its management team, who made several profitable disposals over the year, often at impressive premiums to carrying value.
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