The Fund returned -0.1%* in January: a weak month for bonds and UK equities in particular.
Strongest positive contributions in January came from Other Structured notes at +1.1%, Discounted Assets +0.3%, as well as Structured Notes at +0.3%. Our biggest detractor this month came from Real Assets with a negative contribution of -1.5% as UK infrastructure sold off sharply.
| 12 months to: | Discrete Performance | Volatility |
| 31.01.2023 | 0.7% | 8.0% |
| 31.01.2022 | -1.9% | 9.4% |
| 31.01.2021 | 11.1% | 3.2% |
| 31.01.2020 | 3.6% | 19.2% |
| 31.01.2019 | 5.8% | 2.8% |
All data to 31/01/24. Data source: Bloomberg. DCF performance and volatility figures in this email relate to the C Share class, ISIN GB00B62HCL52 / 59bps Ongoing Charges Figure (OCF). The performance shown is net of all ongoing charges. Past performance is not a reliable indicator of future results. *The performance shown is for total return, net of all ongoing charges, mid-price as at 01 January 2024.January Highlights:
- During the month we increased our position in Tritax Eurobox due to its positive full year results and 9% fully covered dividend yield. We also increased our position in SDCL Energy Efficiency Income Trust with a dividend yield at 10.5% and very wide discount.
- We again had to trim our position in Yellow Cake due to its very strong performance and narrowed discount. We sold out of our position in our Air France 0.125% 2026 Conv Bond (EUR) as it was trading very close to par. Our US TIPS 2024 reached maturity having returned above 6% over the last year. Our 5x Nomura US CPI Inflation Option (USD) also matured, with a 79% return from original purchase.
Contact us
0203 418 0257
info@onekc.co.uk
References
Source: https://www.brooksmacdonald.com/insights/dcf-flash-report
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