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Investor Confidence Returns But Market Views Are Divided

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  • The index has increased by 18 points this month, up to 76
  • Confidence has increased in the North American sector, remained the same in the European and Global Emerging sectors, and fallen in the Asia Pacific and Japanese sectors
  • It has risen the most in the UK sector and fallen the most in the Japanese sector.
  • Confidence in UK Economic growth has fallen by 5 points, to 35

Recovery In Investor Confidence

Investor confidence has recovered this again month, after hitting the worst score on record earlier this quarter. Relative political stability in the UK and decisive action from both the UK and US central banks has helped restore some positivity – with confidence in the UK and US markets rising the most. But it is not all rosy – with confidence having fallen in the Asia Pacific and Japanese sectors.

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Inflation remains a significant hurdle for investors to clear when seeking real returns, and the macro outlook is challenged. China is entering yet another lockdown, and consumer and companies are facing sky-high bills as everything from milk to petrol, leather to bricks is rising in value.

This divided view is reflected in the most bought funds and investment trusts through November, as investors split their trades between money market cash funds and risk-on growth-style US equity funds. Mining and energy trusts remain popular as ever, as investors look to ride the continued impact of the Russia-Ukraine war on commodity prices.

Investor Confidence

Top Funds, November 2022 (net buys alphabetical)

abrdn Sterling Money Market
Baillie Gifford American
BlackRock Cash
BlackRock Global World Energy
JPM US Equity Income
Man GLG Japan CoreAlpha
Royal London Short Term Money Market
Stewart Inv Indian Subcontinent Sustainability
TB Guinness Global Energy
Vanguard Sterling Short-Term Money Market

Top Investment Trusts, November 2022 (net buys, alphabetical)

Riverstone Energy
City Of London Investment Trust
BH Macro
Finsbury Growth & Income Trust
Ruffer Investment Co
Greencoat UK Wind
BlackRock World Mining Trust
Capital Gearing Trust
Molten Ventures
HG Capital Trust

Article by Emma Wall, Head of Investment Analysis and Research