The FSA Spy market buzz – 3 May 2024
Catholic principles investment, Brown Advisory and ESG, Robotics and automation fun, China’s little bounce, Frontier investing excitement, Zero downside in wonderland, Bambu’s demise and much more.
Both funds have maintained relatively attractive coupon yields but the capital outcomes have been universally challenging, which is unsurprising given the backdrop of China’s property sector. Fidelity has delivered a return of -40.95% year-to-date and -14.22% last year, while for Income Partners, their figures are -37.35% and -8.23% respectively.
Fidelity has suffered more due to its greater exposure to the China property sector, although that exposure has been managed lower and cash management has helped. In contrast, Income Partners has a reasonable long-term track record, performing well relative to its peers and the index in three and five-year periods.
1-year returns have been more challenging for Income Partners, although Poole notes that the team has stuck to their process and managed downside volatility well.
Discrete calendar year performance
Fund/Sector |
YTD* |
2021 |
2020 |
2019 |
2018 |
Fidelity |
-40.95% |
-14.22% |
6.99% |
11.95% |
-4.67% |
Income Partners |
-37.35% |
-8.23% |
10.75% |
8.44% |
-6.81% |
Catholic principles investment, Brown Advisory and ESG, Robotics and automation fun, China’s little bounce, Frontier investing excitement, Zero downside in wonderland, Bambu’s demise and much more.
Part of the Mark Allen Group.