![]() ![]() BH Macro has demonstrated why investing in hedge funds is not always an exercise in paying high charges to chasing the mirage of past performance. However, in my view, the stand-out stars have been BH Macro ( LSE: BHMG) and BioPharma Credit ( LSE: BPCR), which have returned 19.4% and 26.2% respectively. The traditional stalwarts in this category are Ruffer Investment Company ( LSE: RICA), Personal Assets ( LSE: PNL) and Capital Gearing Trust ( LSE: CGT), which are broadly flat so far this year. This area of the market is starting to look cheap unless the bottom falls out of demand as Amazon decides to scale back its growth ambitions. However, both have seen share prices fall, unlike most funds on this list. Urban Logistics recently revealed a record 29% NAV return, which contrasts starkly with worries about a downturn in demand for “big box” logistics spaces. The owners of logistics assets such as Warehouse Reit ( LSE: WHR) and Urban Logistics ( LSE: SHED) have also benefited from some very impressive NAV returns (18.1% and 18.3%). ![]() Riverstone Energy ( LSE: RSE), an investment trust that specialises in the energy industry, has returned 22.4% Also in the energy sector, Geiger Counter ( LSE: GCL), which invests in uranium stocks, has seen NAV growth of 31%. There is a lingering worry that some renewables funds will be clobbered with windfall taxes, but I think that is overstated. The battery-storage funds Gresham House Energy Storage ( LSE: GRID) and Harmony Energy Income ( LSE: HEIT) have also turned in some impressive gains (17.3% and 19.9% respectively), helped in part by the increased interest in energy security and stability and the move to net zero. These have year-to-date growth in net asset value (NAV) of 19.4%, 19.3%, 19%, 21.9%, 20.6% and 27.5% respectively, according to data from Numis. This includes renewables funds, such as Greencoat UK Wind ( LSE: UKW), Bluefield Solar ( LSE: BSIF), Foresight Solar ( LSE: FSFL), NextEnergy Solar ( LSE: NESF), Ecofin US Renewables ( LSE: RNEP) and JLEN Environmental Assets ( LSE: JLEN). The first group contains the funds that have benefited from very specific tailwinds offered by the current economic situation. ![]()
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