This is not substantive investment research or a research recommendation, as it does not constitute substantive research or analysis. This material should be considered as general market commentary.
Kepler’s investment trust ratings seek to identify the top-performing closed-ended funds in the Growth, Income & Growth and Alternative Income categories. Our ratings are designed to capture attractive and persistent performance characteristics and to reward long-term success. In our view, quantitative ratings have value in drawing attention to the outstanding performers and can be a useful filtering tool. However, any fund selection process should consider qualitative factors and potential future correlations, too. We stress that our screens are purely quantitative, so allow us to set aside all personal biases and views – and all commercial relationships – and look at the universe in a purely objective way. Of the fifty-one trusts awarded a rating this year, only 59% of the trusts are clients of Kepler Trust Intelligence. This is up from last year’s 48%, but this is incidental and is perhaps a reflection of the growing number of trusts which are our clients.
Our three categories are intended to fit three common objectives for investors: capital growth, a growing income from a portfolio with capital growth potential, and a high income. This year’s winners of the ratings are presented below, along with a discussion of how last year’s rated trusts performed.
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