Given that my overall investment value has pretty much gone nowhere recently I decided to have a closer look at what was performing and what was not during the first six months of the year, and there were a few surprises.
Not unsurprisingly, natural resources have performed poorly. JP Morgan Natural Resources was the worst, down 9.92%, but the others weren't much better.
However, the worst performer for me was Aberdeen Asian Smaller Companies, down 10.38%. About half the fall is due to a widening in the discount to NAV from about 5% to 10%. Roughly comparable investments have done rather better (Pacific Assets for example, has returned 6.59% over the period.) Not sure why AAS out of favour at the moment. Morningstar rates it 5* and gave it a
puff piece back in February .
Another surprise was Aberdeen New Thai. It's fallen 7.3% versus the SET's fall of .54% (currency adjusted). As
this graph shows, the underperformance has been over the last couple of months. The issue isn't a widening discount to NAV. Probably unfortunate stock selection, but not sure.
In Infrastructure my two holdings have gone in opposite directions. Lazard Global Listed Infrastructure is up 5.0%, whilst First State Global Listed Infrastructure is down 1.3%.
On the positive side, Europe has done well, with Henderson European Focus doing best, up 8.2%.
My two best performers, however, were Independent Investment Trust, up 16.72%, and JP Morgan European Smaller Companies up a satisfying 18.67%, both unexpected.
Anyway, six month performance means very little. Certainly nothing there to make me change my strategy. However, it would be nice to get back to more normal markets and to see a bit more growth.
What's been working/not working for you this year?