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09 Jan 2023

2023 Recommendations


After a relatively difficult year in 2021, when the Investment Companies universe delivered a total return of +13% vs +17% for the FTSE All Share, the sector generated an even more disappointing performance last year. During 2022, NAVs and discounts were impacted by heightened investor caution, leading to a share price total return of -17%, notably underperforming the broader UK market, which was flat. Indeed, the Investment Companies sector was the leading detractor for the FTSE All Share by some margin.

Against this backdrop, only 12 (or 32%) of the 37 funds we recommended during 2022 outperformed in share price terms against relevant comparator indices during their time on the list. The number of outperformers rises to 21 (or 57%) when compared with relevant peer groups. To kick off 2023, we have introduced 15 new names, while removing 18 funds from our recommendations list. As a consequence, the list now consists of 33 names and can be broadly characterised as funds with proven managers, strong long-term performance records, defensive characteristics and/or downside protection, and funds that offer a value opportunity.

We estimate that the average discount of our recommended funds is 11.6%, with 11 of the names trading on double-digit discounts. We have retained our preference for larger and more liquid funds. The average market cap is £1.2bn, with all funds having a market cap above £100m. The average historical dividend yield of our recommended funds stands at 3.4%.