Trustnet Magazine 57 December 2019 | Page 2

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 EMAIL: editorial@fefundinfo. com 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