Quill is delighted to congratulate clients, AVI Global Trust, AVI Japan Opportunity Trust, Capital Gearing Trust and Odyssean Investment Trust for their wins in the Citywire Investment Trust Awards 2022.
Over 70 investment companies were up for one of just 19 prestigious awards.
Awards are given to the closed-end funds on the London Stock Exchange with the best three-year performance in their categories to the end of August.
Investment trusts are ranked on their ‘information ratios’, rewarding funds with the best risk-adjusted growth in net asset value (NAV) against their benchmark index. This is a method used by analysts to calculate how much underlying investment return a trust gets for each unit of risk it takes against a stock market index.
In four private equity, infrastructure and property sectors, where investment trusts’ assets are valued less frequently, the information ratio does not work so well so performance is simply measured as the best NAV growth in the three-year period.
The August cut-off point meant the period of measurement did not include the stock market slump in September, or the more recent post-Budget selloff, which will affect the latest returns of all funds.
But that is not to detract from these worthy wins.
AVI Global Trust won the Global Equities category, up against the likes of MIGO Opportunities Trust, Oryx International Growth and Scottish Mortgage Investment Trust.
AVI Japan Opportunity Trust won over Atlantis Japan Growth Fund and Schroder Japan Growth Fund in the Japanese Equities category.
Joe Bauernfreund, chief executive officer and chief investment officer of Asset Value Investors said: “I am delighted AVI Global Trust has been recognised as Best Global Equities Trust. Our focus has been on buying good quality businesses trading at attractive valuations, and combining this with active engagement to unlock value at our portfolio companies; enabling them to thrive. The Trust’s unique and differentiated strategy continues to deliver consistent returns and we remain confident in our portfolio’s long-term prospects.
“AVI Japan Opportunities Trust was launched just four years ago so winning the Best Japanese Equities Trust is a wonderful validation of its investment strategy. The focus on building a concentrated portfolio of quality small-cap, cash-rich companies, combined with constructive shareholder activism, has unlocked significant value at a number of our holdings. We continue to find compelling opportunities and remain excited by the future prospects of the Trust.”
Odyssean Investment Trust won the UK Smaller Companies category beating JPMorgan UK Smaller Companies Investment Trust, Miton UK Microcap and Schroder UK Mid Cap.
Stuart Widdowson, portfolio manager at Odyssean Capital said: “We are delighted to have won the Citywire UK Smaller Companies Investment Trust of 2022 award. And we are especially honoured given such esteemed competition. These are challenging times for all investors but also probably times of opportunity for committed investors with a long-term investment horizon.”
Capital Gearing Trust won the Global Multi-Asset award beating Invesco Select Balanced Risk Allocation Fund Share Portfolio, Personal Assets, RIT Capital Partners and Ruffer Investment Company.
Peter Spiller, chief investment officer at CGAM said: “In a pool of impressive peers, I’m honoured for Capital Gearing Trust to be recognised as Global Multi-Asset Fund of the Year. The delicate balance of capital preservation and wealth generation is a responsibility we don’t take lightly and I was pleased to accept this on behalf of the entire team.”
Sam Emery, managing director of Quill said: “I am delighted – as are the whole Quill team – for these clients and their excellent and well-deserved wins in this very respected awards event.”
Photo credit: Alex Tecson for Citywire