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10 Jan 2022

2022 Recommendations


After its annus mirabilis in 2020, the Investment Companies sector turned in a more pedestrian performance last year. Indeed, after being one of the highest positive contributors to the FTSE All Share Index’s performance two years ago, it was one of the leading detractors last year.

In this environment our model portfolio outperformed for a fifth consecutive year, registering a rise of 14%, compared with +13% for our composite index and +13% for the FTSE All Share Closed End Investments Index. Since we launched our model portfolio in 2016, we have generated annualised performance of +13.0% compared with +9.6% for our benchmark.

During 2021 we recommended a total of 43 funds, of which 24 (or 56%) outperformed in share price terms against relevant comparator indices during their time on the list. At the start of this year we have introduced 12 new names, while making 15 disposals. As a consequence, our portfolio now consists of 35 names and can be broadly characterised as funds managed by proven managers with strong long-term performance records, and funds that offer a value opportunity.

We estimate that the average discount for our model portfolio is 2.3%, albeit six of the names are trading on double-digit discounts. We have retained our preference for larger liquid funds. The average market cap of the portfolio is £1,403m, with all funds having a market cap above £100m. The weighted average historical dividend yield on the portfolio stands at 2.5%.