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.
Today, we are announcing the next step in the evolution of our model portfolios. Broadening them out into three shortlists, we have identified our preferred trusts for achieving three different investment outcomes: capital growth, income and growth, and high income. In terms of our selection, we have been agnostic as to the current state of the cycle or market environment. We haven’t tried to pick trusts which we think will do well in the short term, but which should outperform their indices over the long run and generate good absolute and relative returns.
We have, though, implemented a traffic light system designed to show where we view the best opportunities within the three spaces. A green light is intended to highlight either attractive discounts, strategies which we think are well suited to the markets in the next six months or trusts where corporate actions or other catalysts are creating opportunities. Green lights reflect where we would be increasing our allocations and red where we might be reducing. However, strategies we lose confidence in over the long run will not be “red-lighted”, but removed from the lists entirely.
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