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3i Group, the £11bn private equity giant that recently regained its title as UK’s biggest investment trust, yesterday risked losing that status after its shares plunged 11%, a decline one analyst views excessive.
The extreme selloff in growth and technology stocks has wiped out the outperformance fund managers Stephen Paice and Moritz Sitte achieved after taking on the trust in 2019, but they remain confident their companies will grow when panic subsides.
UK stocks recoup this week’s losses after China boosts Asian markets overnight, while THG shares soar after takeover interest at the beleaguered e-commerce group.
Tom Slater, manager of top-performing global trust battered in the technology selloff, believes worst has passed for China investments but regrets prioritising its internet companies over their US rivals.
Elon Musk has hit out at S&P Dow Jones Indices, claiming that it has ‘lost credibility’ after the index provider dropped Tesla from its S&P 500 ESG index of sustainable stocks which is monitored by several leading funds.
Update: A profits warning by US department store Target has hit stocks in Wall Street and contributed to steep market falls in the UK and Europe.
If we are in a bear stock market, it means more bad news and writedowns for venture capital and early-stage private equity funds who until recently had been on a roll.
Finsbury Growth & Income manager Nick Train asks investors to put faith in his stocks’ high returns on capital as performance continues to lag and the shares drift to what one commentator calls an ‘extreme’ discount.
Dzmitry Lipski, head of fund research at broker Interactive Investor, recommends investors back the Baillie Gifford global flagship as a ‘satellite holding in a well-diversified portfolio’ after its shares halved in the past six months.
The FTSE 100 makes further gains as sterling moves off two-year lows on expectations for further interest rate rises from a Bank of England worried about 'apocalyptic' food inflation.
Real estate investment trust providing accommodation to homeless looks to raise £150m after 222,000 people, equivalent to the population of Liverpool, lost their homes in the pandemic.
Life Science real estate investment trust looks likely to tap investors for more cash after committing all the £383m it raised at its oversubscribed launch six months ago.
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