– M&A impetus meant the biotechnology and healthcare sectors shone during a decent end to 2023 for investment companies, according to the monthly winners and losers list from QuotedData on Monday.

QuotedData said that “over USD30 billion worth of takeovers” in December helped support the health and biotech sector, noting the Nasdaq biotechnology index surged 12% that month.

Elsewhere, supportive US economic data, featuring more robust jobs growth than expected and little inflation surprise, aided ‘soft-landing’ hope also supported investment firms.

Globalworth Real Estate Investments Ltd was among the best performers in a decent month for property in December. Overall, though, it was a “lacklustre” year for the sector, amid inflation and interest rates worries, QuotedData said.

“While there were plenty of financial headlines over 2023, inflation was still the main influence on markets. Rates of inflation are well below their 2022 peaks, but it was only towards the end of October 2023 that it became clear that interest rates had peaked,” the research house said.

Also struggling last year were firms exposed to China, typified by a difficult month in December, amid a tepid economic outlook for the Asian super-power.

QuotedData added: “Despite the uncertainty that prevailed for much of 2023, it was a strong year for the global equity market, with the MSCI all countries world index ending up 20% higher than it started. The big driver of this was [artificial intelligence], the catalyst for the rise of the ‘magnificent 7’  the seven largest US tech companies which drove the broader US market over the year.

“Going into 2024, there are questions as to whether the hype around AI will be sustained, will economies tip into recession, and what impact will elections have.”

The following were the best and worst performing London-listed investment companies in December, excluding trusts with market capitalisations below GBP15 million:

Five best performing funds in NAV terms with % change:

Biotech Growth Trust PLC 15.7

Chelverton UK Dividend Trust PLC 15.3

Bellevue Healthcare Trust PLC 15.1

International Biotechnology Trust PLC 14.7

RTW Biotech Opportunities Ltd 14.4

Five worst performing funds in NAV terms with % change:

JPMorgan China Growth & Income PLC (5.1)

Baillie Gifford China Growth Trust PLC (4.2)

abrdn China Investment Co Ltd (4.0)

Henderson Far East Income Ltd (2.6)

Fidelity China Special Situations PLC (1.4)

Five best performing funds in price terms with % change:

Crystal Amber Fund Ltd 24.2

Globalworth Real Estate Investments 22.3

Bellevue Healthcare 22.0

Triple Point Energy Transition PLC 19.3

Petershill Partners PLC 18.6

Five worst performing funds in price terms with % change:

Livermore Investments Group Ltd (11.0)

Macau Property Opportunities Fund Ltd (9.0)

ICG-Longbow Senior Secured UK Property Debt Investments Ltd (8.1)

CQS Natural Resources Growth & Income PLC (7.8)

JPMorgan China Growth & Income PLC (7.1)

Source: QuotedData. Full details at http://www.quoteddata.com