EDITOR’S LETTER
Issue 17 / April 2016
What the critics need to remember
NET GAIN
Can tech trusts
reproduce their
stellar gains?
SMOKE &
MIRRORS
Pensions vs the
Lifetime ISA
GETTING
ON BOARD
Bringing
investment trusts
up to date
ISSUE 17
CREDITS
TRUSTNET MAGAZINE (FORMERLY
INVESTAZINE) IS PUBLISHED BY
THE TEAM BEHIND FE TRUSTNET IN
SOHO, LONDON.
WEBSITE: WWW.TRUSTNETDIRECT.COM
EMAIL: [email protected]
CONTACTS:
Anthony Luzio
Editor
T: 0207 534 7652
D
evoting the front cover to reminding you it
is unwise to judge an investment vehicle on
one year’s performance may seem like a
waste of time – especially if the trust
concerned has the word “patient” in its title.
However, journalists love a good headline, even
when the real story is too complicated to fit into a
65-character sentence, and with the biggest investment trust launch
ever in the UK – Woodford Patient Capital Trust – finding itself in
negative territory after its first year, many publications rushed to beat
their peers to the story without waiting to find out the reasons behind
the underperformance.
Over the page, a number of analysts give their view on the trust’s first
year – and unsurprisingly give short shrift to anyone who tries to draw
conclusions about buying or selling from a disappointing 12 months.
Technology trusts could be said to be suffering from the opposite
problem, with P/E ratios in the sector rocketing – on page 8, Chris
Menon looks at which managers are capable of steering clear of
the value traps. Meanwhile, Cherry Reynard takes a step back and
investigates how the investment trust universe as a whole has brought
itself up to date, while I find out why the AIC Global sector requires
more research than its open-ended equivalent.
In our regular columns, John Blowers asks whether you would
be better off putting your money in a Lifetime ISA or a pension,
Amandine Thierree explains why FE Research is using HSBC Open
Global Property in 12 of its 15 portfolios, while David Coombs reveals
which three quality US stocks he is backing.
Enjoy reading,
Art direction & design
Javier Otero
W: www.feedingcrows.co.uk
Editorial
Gary Jackson
Editor (FE Trustnet)
T: 0207 534 7680
Alex Paget
News editor
T: 0207 534 7697
Daniel Lanyon
Senior reporter
T: 0207 534 7640
Lauren Mason
Reporter
T: 0207 534 7625
Anthony Luzio
Editor
Trustnet Magazine
Sales
Richard Fletcher
Head of publishing sales
T: 0207 534 7662
Richard Casemore
Account manager
T: 0207 534 7669
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Photoshot
Cover illustration: Javier Otero
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