Fund Research

ScotGems

10 May 2018 View latest version

Disclosure – Non-substantive Research

This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. With this commentary, Kepler Partners LLP does not intend to influence your investment firm's behaviour. 

ScotGems was launched June last year, aiming to deliver long-term capital growth, by investing into smaller capitalisation companies operating in emerging markets all around the world. Managed by Stewart Investors, it will have a concentrated portfolio containing companies with a market cap of less than $2.5 billion.

The manager’s investment style is inherently conservative, focusing on the downside risks as well as on the upside potential of any investment. Capital preservation is deemed as important to the manager as capital growth.

For the first six months of its life, the trust struggled in relative terms, underperforming the MSCI ACWI benchmark from launch to the end of 2017 by -1.8%. However, 2018 has brought some welcome respite, with ScotGems outperforming the benchmark by 4.3%, delivering NAV returns of 2.5% to the end of April.

After reaching the heights of a 6% premium after launch, the trust has seen considerable discount volatility since then, and shareholders have found the  discount widening to a c.10% discount level, before narrowing, although the shares now trade at a discount of 7.8% at the time of writing.

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Fund History: ScotGems

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