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Trading Updates  14/08/2019

Trading Update - August

Sold: Highbridge Multi Strategy Fund, HSBC and Schroder Asian Total Return

Sold: Highbridge Multi Strategy Fund

Highbridge Capital Management has decided to focus solely on credit strategies, and is exiting the Multi Strategy Absolute Return space. Having considered Highbridge’s proposals for the future of the investment trust we decided to exit the position.

Sold: HSBC

First half numbers saw HSBC abandoning the return targets for their US based business. The profitability of this business is negatively impacted by falling US interest rates. Their domestic Hong Kong bank ‘s profitability is being pressurised by start up banks which are beginning to chip away at HSBC’s franchise. Furthermore, there have been a number of high profile departures from the business in recent weeks which allied with the prolonged unrest in Hong Kong (and the Chinese authorities’ response to it) undermine confidence in the long term future of Hong Kong as a key financial hub.

Sold: Schroder Asian Total Return

We hold the managers of this investment trust in high regard but have decided to reduce our exposure to the Asia ex Japan equity region. The investment trust currently trades at a modest premium to Net Asset Value, however in any prolonged equity market downturn a sizeable discount could open up, resulting in share price underperformance versus its benchmark.

14 August 2019

Cornelian Investment Team

Trading Updates  11/09/2019

Trading Update - 11 September 2019

Further trades have taken place in the funds in September. Purchased: Allianz Strategic Bond Fund and Blackrock Emerging Markets Fund. Sold: Brown Advisory Latin American Fund and Vanguard Emerging Markets ETF and BT Group.

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Trading Updates  03/09/2019

Trading Update - 3 September 2019

Purchased: UDG Healthcare and Legal & General Multi-Asset Target Return Fund.

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