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Willis Owen reveals the best and worst sectors and funds in November 2019

Posted by Adrian Lowcock in Press releases category on 02 Dec 19


  • Biotech the best performer in November
  • Gold equity and Latin American funds both suffer
Adrian Lowcock, Head of Personal Investing, Willis Owen says:

“Recession fears continued to ease in November as central banks actions; loosening monetary policy and cutting interest rates provided support to the economic outlook. The US-Chinese trade negotiations continued to drive optimism although there were occasional bumps in the round the hope is that a “phase one” trade deal remains achievable.

“The outlook for the UK changed notably, from an October of chaos and uncertainty, the announcement of a general election should have continued that uncertainty but as the poles through the month suggested that a clear conservative majority was possible. This would remove the stalemate over Brexit and the inability for parliament to make any decisions. The UK market looks attractive based on an improved outlook.”

“Biotech funds led by Pictet Biotech, topped the list best-selling funds in November having woken from a period of slumber. This appears to be a combination of a rising tide lifts all boats and a growing belief that no matter who wins the 2020 presidential election the impact of Medicare for all is not going to have as big effect on the biotech industry and first believed. Liontrust UK Opportunities and Liontrust UK Midcap presence in the top ten are an indication of the performance of the UK market, particularly in the more domestically focused mid and smaller companies.”

10 best-performing sectors

Investment Association Sector Percentage Return
Technology & Telecommunications 5.16
North American Smaller Companies 4.86
UK Smaller Companies 4.75
North America 4.18
European Smaller Companies 3.65
UK All Companies 3.58
UK Equity Income 3.18
Global 3.07
Japanese Smaller Companies 2.70
Europe Excluding UK 2.35
Source: FE Analytics, performance from 31st October to 30th November 2019 in pounds sterling on a total return basis 

10 best-performing funds

Funds Percentage Return
Pictet Biotech 13.65
Polar Capital Biotechnology 12.44
Candriam Equities L Biotechnology 12.2
Liontrust UK Opportunities 11.51
Baillie Gifford Global Discovery 10.94
Liontrust UK Mid Cap 10.69
AXA Framlington Biotech 10.49
Morgan Stanley US Growth 8.91
JPM US Small Cap Growth 8.78
Kames Global Sustainable Equity 8.54
Source: FE Analytics, performance from 31st October to 30th November 2019 in pounds sterling on a total return basis

 “Perhaps it is not surprising that as investors grew more confident and optimistic with regards to the outlook for the global economy, bonds had a tough month with global emerging maket bonds leading UK index linked bonds. In fact Global Emerging Markets was the only equity sector to feature in the bottom ten. 

“November saw further profit taking in gold funds as investors rotated back into risk assets. MFM Junior Gold once again featured at the top of the of the worst performers list along with LF Ruffer Gold.  Latin American funds dominated the worst performers list.  The Brazilian Real had a tough month. Disappointment in the progress being made by the Brazilian President Jar Bolsanaro hit the currency harder than the stockmarket but falls in both impacted returns from a Sterling investor perspective.

10 worst-performing sectors

Investment Association Sector Percentage Return
Global Emerging Markets Bond -0.9
UK Index Linked Gilts -0.79
UK Gilts -0.64
UK Property -0.63
Global Bonds -0.34
Property Other 0.01
Targeted Absolute Return 0.14
Sterling Corporate Bond 0.16
Sterling Strategic Bond 0.29
Global Emerging Markets 0.46
Source: FE Analytics, performance from 31st October to 30th November 2019 in pounds sterling on a total return basis

10 worst-performing funds

Funds Percentage Return
 MFM Junior Gold  -9.38
 BMO Global Equity Market Neutral  -6.67
 LF Ruffer Gold -6.53 
 Fidelity Emerging Market Debt -6.52
 Pictet Latin American Local Currency Debt  -6.43
 Threadneedle Property -6.34 
 Janus Henderson Latin American -5.2 
 Brown Advisory Latin American -5.16 
 ASI Latin American Equity -5.03 
 MFS Meridian Latin American Equity  -4.8 
Source: FE Analytics, performance from 31st October to 30th November 2019 in pounds sterling on a total return basis