bfs smaller companies dividend wins split cap accolade while jupiter split zero named winner of outstanding achievement (Group) award
The BFS Smaller Companies Dividend trust was the winner of the Investment Week split capital investment trust of the year award.
While the sector has been in turmoil this year, the judging panel felt this vehicle had demonstrated that the split cap structure could perform well even against a backdrop of falling markets.
Within the split cap sector itself zeros have come in for a large amount of negative publicity as seemingly safe and secure investments have in many cases produced negative returns for investors.
This year the panel decided to highlight those zeros which have produced positive returns for shareholders in each of the last three years and used this for its shortlist for the outstanding achievement award for use of structure. The eventual winner within this category was the Jupiter Split.
In the emerging markets including Asia sector Hugh Young's Aberdeen Asian Smaller Companies trust was winner while British Empire Securities picked up the accolade for the Global including US sector in recognition of manager John Waltons' strong long-term track record.
Atlantis Japan Growth topped the Japan sector and, the judges noted, used its ability to go anywhere in the market in search of returns, a strategy that has resulted in it beating all possible benchmark indices over the last three years.
The Gartmore Irish Growth trust was named best Europe trust, beating the likes of Fidelity European Assets and Fleming Continental Europe.
It stood out in the category for bringing significant real returns for investors at a time when most investors in Europe are seeing negative returns. In the UK Smaller Companies & Venture Capital sector Kleinwort Capital Trust took the award while accolade for best specialist trust was won by Merrill Lynch World Mining.
The judging process for the individual trust awards combined an initial quants screen with qualitative analysis from a panel made up of Nick Greenwood from Iimia, Derek Larcombe from Morgan Stanley Quilter, investment trust consultant Peter Metcalfe, Robert Ottley formerly of HSBC Investment Management, Investment Week's news editor, Robert Stock and editor, Mark Colegate.
The statistics used for the initial quants screen consisted of NAV data supplied by the AITC. The panel looked at discrete returns by all trusts over the three years to 31 August 2002. From these a shortlist was drawn up for each sector and questionnaires sent to all those trusts that made it through to the second stage. The panel used the answers received as the basis for picking the winner in each category.
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