Editor’s letter
Issue 57 / December 2019
O
A QUESTION OF TRUST
Investment trusts prove
their worth
AGEING BULL
What awaits markets
in 2020?
STOCKING FILLERS
Experts’ investment
trust selections
Fund, Pension, Trust / Sector Profile / Stockpicker / What I Bought Last
ISSUE 57
CREDITS
TRUSTNET MAGAZINE IS
PUBLISHED BY THE TEAM
BEHIND TRUSTNET IN SOHO,
LONDON
WEBSITE: www.trustnet.com
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ne issue has
overshadowed
what has
otherwise been a
largely positive year
for UK investors.
While you probably
don’t need us to
tell you what that
issue was, you can
remind yourself of the
other major events
that helped sustain
another year of the
bull run in Cherry
Reynard’s review of
2019, and Rebecca
Jones’s more focused
look at the world of
investment trusts.
Elsewhere, Adam
Lewis and I go the
other way, as he runs
the rule over every
Anthony Luzio
Editor
T: 0207 534 7652
Photos supplied by iStock
Cover illustration: Javier Otero
Fund, pension, trust your pension may sound
simple, but matters have
become complicated
LF Miton US Opportunities,
Murray International and
Edinburgh Investment Trust
find themselves under the
spotlight this month
Javier Otero
Art direction & design
W: www.feedingcrows.co.uk
Sales
Richard Fletcher
Head of publishing sales
T: 0207 534 7662
Richard Casemore
Account manager
T: 0207 534 7669
Constance Candler
Account manager
T: 0207 534 7668
your pension, Monks
Investment Trust’s
Charles Plowden
names three life
insurers that look well-
placed to benefit from
Asia’s growing middle
class and Aviva’s Luca
Dal Mas reveals which
fund he is using to play
the European market.
From everyone at
Trustnet Magazine,
have a merry Christmas
and I will see you in the
new year.
Enjoy reading,
Anthony Luzio
Editor
Contents
CONTACTS:
Editorial
Gary Jackson
Editor (Trustnet)
T: 0207 534 7680
Rob Langston
News editor
T: 0207 534 7696
Eve Maddock-Jones
Reporter
T: 0207 534 7676
major sector for the
year ahead and I ask
the experts for their
investment trust
recommendations.
In our regular
columns, John Blowers
explains how the
lines have become
blurred between the
accumulation and
decumulation stages of
P. 34-39
40
Overshadowed A question of trust
Cherry Reynard rounds up
the world of investment in
2019 Proponents of investment
trusts were vindicated this
18
year as they avoided the
liquidity pitfalls that hit their
open-ended rivals, writes
Rebecca Jones
P. 4-13
Japan’s cutting edge
Praveen Kumar, manager
of Shin Nippon Investment
Trust and deputy manager of
the Baillie Gifford Japan Trust,
outlines the ingredients of
lasting success P. 20-27
P. 14-19 P. 28-33
Stocking fillers
Anthony Luzio asks three
analysts for their investment
trust picks for the year ahead
Ageing bull
Adam Lewis finds fund
managers and analysts in
cautiously optimistic mood
in his outlook for every major
region in 2020
P. 40-45
Data hub
2019 in numbers
P. 46-47
P. 48-55
Ensuring peace of mind
Monks Investment Trust’s
Charles Plowden names three
life insurers that look well-
placed to benefit from Asia’s
growing middle class
P. 56-57
What I bought last
Aviva’s Luca Dal Mas
reveals which long/short
fund he is using to play
the European market
P. 58-59
Muddying the waters
John Blowers says switching
from saving to spending in
20